Indian stock market witnessed a sharp rebound from the last-day debacle in early trade on Friday, October 9, amid an uptick in IT and banking and finance heavyweights. Last seen, BSE Sensex was up 511.50 points or 0.71 per cent to 72,104 as compared to the last closing of 71,593.24. Nifty50 was quoted at 22,381.35, up 149.55 points or 0.67 per cent.
Top Losers And Gainers
TCS rose over 4 per cent on a strong Q2 earnings report. Meanwhile, other IT stocks, including Infosys, Tech Mahindra, and HCL Tech, were among the top gainers from the Sensex basket. Adani Ports, HDFC Bank, SBI, Tata Steel, Trent, and Axis Bank were also trading significantly higher.
On the other hand, BEL, Reliance, ICICI Bank, and Mahindra & Mahindra were trading lower.
3 Top Factors Behind Stock Market Rebound Today
1-Buying In IT Stocks
All major IT heavyweights, including TCS, Infosys, Tech Mahindra, and others, traded higher, boosting the Indian stock market. TCS was up over 4 per cent on strong Q1 earnings reports.
2- Value Buying
The stock market corrected significantly in the past two sessions due to global headwinds, higher crude prices and the outcome of the RBI MPC. Investors might jump in to buy at lower values. The buying is seen in the broader market
3- A decline In Crude Prices
A nearly 1.5 per cent decline in crude oil prices gave a breath of relief to the Indian market as well. Last seen, Brent Crude, the global benchmark index, was down 1.46 per cent to $102.8 per barrel. Meanwhile, WTI Crude prices were at $90.28, down 1.32 per cent.