Indian equities rebounded after two losing sessions as a strong TCS earnings report, gains in technology stocks and softer crude prices helped the Sensex climb 879 points and the Nifty reclaim 22,500.
Indian shares staged a sharp recovery on Friday, October 9, as bargain hunters returned after two straight sessions of losses and the benchmark indices were lifted by technology stocks and lower crude prices. The Sensex climbed 879.09 points, or 1.23%, to close at 72,472.33, while the Nifty added 288.65 points, or 1.30%, to finish at 22,520.45, reclaiming the 22,500 mark. During the session, the Sensex briefly rose more than 1,075 points before easing from the day’s high.
Tata Consultancy Services drove much of the advance after reporting a 15% rise in net profit for the July-September quarter to ₹13,884 crore. Business Standard reported that revenue increased 11.2% to ₹73,188 crore, reinforcing optimism around the sector at a time when investors are watching for signs that artificial intelligence spending could support future growth. TCS shares jumped more than 4%, while ITC, Infosys, HCL Tech, Larsen & Toubro, Adani Ports and HDFC Bank were among other notable gainers. Reliance Industries was the only blue-chip decliner in the session.
The rebound also reflected a softer tone in global energy markets. Brent crude fell 1.32% to $102.9 a barrel, easing some of the inflation pressure that had weighed on sentiment in the previous session. Market participants quoted by The Hindu said the move helped restore appetite for risk after a steep sell-off on Thursday, when the Sensex fell 1,045.46 points and the Nifty dropped 371.25 points. Broader markets joined the advance on Friday, with the BSE MidCap Select index rising 1.59% and the SmallCap Select index gaining 0.56%. All BSE sectoral indices ended in positive territory, led by focused IT, IT, hospitals and FMCG.
The recovery came against a mixed international backdrop. Asian markets were uneven, with Japan’s Nikkei 225 finishing slightly lower, while Shanghai and Hong Kong closed higher. European shares were trading firmer and US markets had ended mostly lower a day earlier. Exchange data showed foreign institutional investors sold equities worth Rs 12,943.58 crore on Thursday, underscoring that foreign flows remained a headwind even as domestic buying helped steady the market. For the week, however, the Sensex still ended higher and the Nifty managed a modest weekly gain.
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