Delhi, 17 October (H.S.): Indian benchmark indices staged a remarkable recovery on Friday, shaking off a weak start to trade firmly in the green by mid-morning. After opening lower due to subdued global cues, the BSE Sensex and NSE Nifty 50 surged as investors assessed strong corporate earnings and found encouragement in declining crude oil prices.
Opening Bell and Swift Recovery
The market began the day on a cautious note, with the 30-share BSE Sensex opening down by as much as 135 points at 83,331.78 and the NSE Nifty 50 dropping 38 points to 25,546.85. The initial dip was attributed to weakness in Asian markets and fresh US-China trade tensions .However, the losses were short-lived. Aided by strong buying interest in several heavyweight stocks, the indices quickly erased their morning losses.
By 11:00 AM, the Sensex had bounced back, trading around 83,541, up 74 points, while the Nifty 50 climbed 15 points to trade at 25,600. The Sensex even recovered over 600 points from its intraday low.
Market Movers and Sectoral Trends
The recovery was largely driven by gains in consumer goods, auto, and energy stocks.
Top Gainers: Major gainers on the Nifty included Asian Paints, Reliance Industries, Maruti Suzuki, ITC, and Bharti Airtel, which rose between 0.3% and 3%. Asian Paints was a standout performer, gaining over 3% .
Top Losers: The IT sector faced pressure, with the Nifty IT index falling over 1%.
Stocks like Wipro, HCL Technologies, Infosys, and Tech Mahindra were among the top drags on the benchmark indices.
Broader markets showed a mixed trend, with the Nifty MidCap 100 index trading flat, while the Nifty SmallCap 100 index saw modest gains.
Key Factors Influencing the Market
Several factors contributed to the market’s volatile session:
Corporate Earnings: Investors are closely watching the second-quarter earnings season, with major companies like Reliance Industries scheduled to report their results. Positive results from some firms have helped boost sentiment.
Global Cues: While weak signals from Asian markets initially dampened spirits, a drop in Brent crude oil prices to around $60 per barrel provided some relief.
Investor Sentiment: Market experts noted that the underlying market tone remains resilient.
According to analysts, strong technicals and short-covering by traders are supporting the current upward momentum. The upcoming festival season is also expected to keep spirits bullish.
Hindusthan Samachar / Jun Sarkar
