From The Economic Times · Debaroti Adhikary · · 3m
Market Rebounds After 8-Week Streak
Sensex jumps 473 points as 6 factors drive rebound.
In brief
Sensex jumps 473 points as 6 factors drive rebound. Indian stock market rebounded after eight-week losing streak with Sensex rising 473 points to 72,382 and Nifty above 22,550. Originally reported by The Economic Times.
Market closes green after 8-week streak
The Indian stock market closed in the green on Monday, with the Sensex and Nifty finding relief after recording losses for eight straight weeks, the longest streak in 25 years.
Sensex gains 473 points to 72,382
The Sensex gained around 473 points to close at 72,382, while the Nifty 50 rose around 134 points to end the session at 22,556.
Nifty Smallcap and Midcap indices rise
Broader markets also recorded gains, with the Nifty Smallcap 100 and Nifty Midcap 100 indices rising up to 0.7%.
ITC leads Sensex gains
ITC shares jumped over 4% to lead gains on the Sensex, while Eternal, Bharti Airtel, Bajaj Finance, Adani Ports and ICICI Bank shares rose over 2% each.
HCL Tech shares fall 4%
Bucking the trend, HCL Tech shares plunged around 4%, while HDFC Bank, Sun Pharma, Infosys and Asian Paints shares fell 1-2%.
HDFC Bank appoints Anup Bagchi as CEO
HDFC Bank has appointed ICICI Bank veteran Anup Bagchi as its Managing Director and CEO, with the Reserve Bank of India approving his appointment for a three-year term from October 27 onwards.
Oil prices dip below $102
Oil prices dipped below $102 per barrel as higher crude exports from the Middle East and plans by G7 nations to release oil stocks added to supply.
Fed rate hike probability drops
The probability of a rate hike by the Federal Reserve during the American central bank’s October meeting has fallen to around 20% after the US economy added fewer jobs than expected.
Rupee rises 5 paise
As a result of the easing oil prices and Fed rate hike bets, rupee rose 5 paise to 96.20 against the US dollar in early trade.
Bond yields decline
Bond yields cooled down slightly after soaring to multi-decade highs last week, with the 30-year US bonds standing at around 5.6%.
Market rebound driven by 8-week streak
Today’s gains may also have been driven by value buying after Sensex and Nifty reported an eight-week long losing streak, the longest in 25 years.
What lies ahead for Dalal Street
While investors find some relief as the bulls finally make a comeback on Dalal Street, caution is still warranted due to elevated oil prices and bond yields.
What it means
Indian stock market rebounded after eight-week losing streak with Sensex rising 473 points to 72,382 and Nifty above 22,550.
