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Sensex and Nifty Rebound as IT Stocks Lead Rally
Indian share prices rose strongly after falling for two days.
The Sensex and Nifty both finished more than 1% higher.
Technology shares led the gains, especially Tata Consultancy Services, after it reported higher profits.
Shares in several other sectors also rose.
Lower oil prices helped make investors feel more hopeful.
But foreign investors had recently sold many Indian shares, and uncertainty around the world remained a concern.
One report gave Brent oil at $102.90 a barrel, while another quoted $103.25.
Analysts said it was too early to know whether the rise would continue.
On October 9, the Sensex rose 879.09 points (1.23%) to 72,472.33, while the Nifty gained 288.65 points (1.30%) to 22,520.45.
IT shares led the advance: Nifty IT gained more than 3%, and TCS climbed 4.23% after reporting a 15% rise in July–September net profit.
All NSE sectoral indices finished higher, with gains also reported in FMCG, auto, banking and media shares.
Brent crude was reported at $102.90 a barrel after a 1.32% decline in one account, and at $103.25 at the time of reporting in another.
Analysts cited buying after recent losses, TCS results and softer oil as support, while foreign investor selling and global uncertainty remained risks.
- Who
- Investors in Indian markets; Tata Consultancy Services was among the leading gainers.
- What
- The Sensex and Nifty rebounded, gaining 1.23% and 1.30%, respectively.
- Where
- Indian stock markets.
- When
- Friday, identified in one report as October 9.
- Why
- Reports cited buying after recent declines, TCS results, gains in IT stocks and softer crude prices; they also noted broader buying across sectors.
Reasons for optimism
Reasons for caution
Whether the rebound can last
Reasons for optimism
The rally followed TCS’s results, strength in IT shares, buying after recent declines and easing crude prices.
Reasons for caution
Analysts said continued foreign investor selling and global uncertainty remained risks; institutional buying, earnings and stable oil would affect whether gains persist.
Currency and market pressures
Reasons for optimism
One analyst said softer crude and a firmer rupee supported equities.
Reasons for caution
Another account said the rupee remained near 96.7 per dollar and close to its record low of 97.12, with foreign outflows, expensive oil and elevated US bond yields exerting pressure.
Key facts
- Sensex close
- 72,472.33, up 879.09 points (1.23%).
- Nifty close
- 22,520.45, up 288.65 points (1.30%).
- TCS share gain
- 4.23%.
- TCS net profit
- ₹13,884 crore for July–September, up 15%.
- Nifty IT
- Rose more than 3%.
- Brent crude
- One report quoted $102.90 a barrel, down 1.32%; another quoted $103.25 at the time of reporting.
- Previous session
- The prior day, the Sensex fell 1,045.46 points and the Nifty fell 371.25 points.
Quotes
Vinod Nair
Head of Research at Geojit Investments Ltd
“Domestic equities staged a relief rally, supported by value buying and short covering after the recent sharp correction. IT stocks outperformed on the back of a strong start to the Q2 earnings season and rising confidence in AI-driven revenue opportunities.”
telegraphindia.com
Sources
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