On Tuesday, October 8, India's key stock indices, SENSEX and NIFTY, ended their six-day losing streak with a sharp rebound, driven by strong performances from index heavyweights such as HDFC Bank, Reliance Industries, and Mahindra & Mahindra.
The NIFTY50 gained 217.4 points, or 0.88%, closing above the 25,000 mark at 25,013. This marks a significant recovery, as the index managed to remain in positive territory throughout the session, oscillating between an intraday high of 25,044 and a low of 24,756.8.
Strong gains across sectors
The rebound in the stock market was bolstered by value buying in sectors like media, banking, pharma, auto, IT, and realty. On the other hand, metal shares saw a decline. Tata Group's Trent Ltd was the biggest gainer on NIFTY, surging 7.95% after positive market commentary.
Bharat Electronics Ltd (BEL) followed closely, rallying 5.29% due to a ₹500-crore order win. Meanwhile, Adani Enterprises and Adani Ports also delivered impressive performances, rising by 4.94% and 4.86%, respectively.
For those looking to invest in stocks, this rebound could signal an opportunity to re-enter the market or build on existing portfolios. Keeping an eye on sectors that showed resilience, such as banking and pharma, might prove beneficial for long-term stock investment strategies.
SENSEX follows suit
Similarly, the benchmark SENSEX surged by 584 points, or 0.72%, to close at 81,634, with 19 of its constituents ending in the green. This broad-based recovery indicates a potential shift in market sentiment, making it a great time to consider whether to invest in stocks while the momentum builds.
Key takeaways
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