The Nifty 50 index rebounded to 22,493.15 on Friday, recovering from an 18-month low of 22,231.80 recorded the previous day, according to thehindubusinessline.com. The BSE Sensex also rose 806.08 points to 72,399.32, reversing losses from its 32-month low of 71,593.24. The rally was driven by strong performances in IT and consumption stocks, with the Nifty IT sector gaining over 3% in morning trade.
The rebound followed a sharp sell-off on Thursday that wiped out around ₹11 lakh crore from the Indian stock market amid crude oil price volatility, rising US bond yields, and RBI's monetary tightening, as reported by livemint.com. Tata Consultancy Services (TCS) led the IT sector surge, jumping nearly 6% after reporting a 15% year-on-year rise in consolidated net profit to ₹13,884 crore for the July-September quarter. Other IT firms like Infosys, Wipro, and Tech Mahindra also saw gains, contributing to the overall market recovery.
Experts noted that the Indian stock market was in an oversold zone and expected a bottom soon, although the Nifty 50 might slip below the 22,000 support level before stabilizing, per livemint.com. The Nifty IT index was the best-performing sectoral index on Friday, while the Oil & Gas sector lagged. The advance-decline ratio of 46:4 on the Nifty reflected broad market participation in the recovery, with 2,195 stocks advancing on the BSE against 1,955 declining, according to thehindubusinessline.com.
TCS’s strong quarterly results, including annualized AI-related revenue reaching $3.1 billion and crossing 10% of total revenue, underscored the IT sector’s resilience, thehindubusinessline.com reported. The market's next significant test will be whether the Nifty 50 can sustain levels above 22,400 amid ongoing global economic uncertainties.