Business News | Sensex Surges over 480 Points, Nifty Settles at 22,753 Amid Buying in Metals, Pharma
Get latest articles and stories on Business at LatestLY. The Indian equity markets ended higher on Monday with Sensex surging over 480 points and Nifty settling above 22,750 level. This rally was supported by selective buying in metals, pharmaceuticals and healthcare, rather than a decisive improvement in overall sentiment.
Mumbai (Maharashtra) [India], October 26 (ANI): The Indian equity markets ended higher on Monday with Sensex surging over 480 points and Nifty settling above 22,750 level. This rally was supported by selective buying in metals, pharmaceuticals and healthcare, rather than a decisive improvement in overall sentiment.
Sensex ended at 73,606.75, up 482.92 points or 0.66 per cent against the previous close of 73,123.83. Nifty settled at 22,753.20, up 153.20 points or 0.68 per cent against the previous close of 22,600.
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All broad market indices settled in the green. Amongst sectors, most indices ended in the green with healthcare, metal and pharma emerging as top gainers rising over a per cent each. Meanwhile, FMCG, media, consumer durables and chemicals ended in the red.
On BSE, Eternal, Adani Ports, Kotak Bank, Trent, ITC, Indi Go, Bharti Airtel, Tata Steel, Reliance, BEL, M&M, NTPC, Axis Bank, LT, ICICI Bank, Tech Mahindra among others were the top gainers. Bajaj Finance, HDFC Bank, Sun Pharma, HCL Tech, Power Grid, Maruti among others were the top drags.
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On NSE, Dr Reddy, JSW Steel, BSE, Max Health, Adani Ports, Eternal, Kotak Bank, Hindalco, Coal India, Grasim, Reliance, Bharti Airtel, Indi Go, Trent, Tata Steel, Infosys, ICICI Bank, Tech Mahindra, NTPC among others were the top gainers. Shriram Finance, Bajaj Fiance, HDFC Life, Sun Pharma, HCL Tech, TMPV, M&M, Power Grid among others were the top losers.
At the time of reporting, Brent crude was trading at around USD 114.65 per barrel while crude oil was trading at around USD 101.07 per barrel.
Vikram Kasat, Chief Business Officer, Advisory and Dealing at PL Capital, said, “Elevated crude oil prices, with Brent around USD 115 per barrel, and the rupee weakening to Rs 95.19 against the US dollar continue to pose risks to inflation, corporate margins and foreign investor flows.”
“While gold and silver remain important indicators of global risk appetite, investors must also monitor currency movements and energy-price volatility,” Kasat said, adding, “Going forward, the sustainability of the rebound will depend on quarterly earnings, developments in West Asia and the US Federal Reserve’s policy outlook. Investors should remain selective, prioritising companies with strong earnings visibility, resilient balance sheets and reasonable valuations.”
Market analyst Vipin Dixena said, “Today’s rebound is encouraging, but it is too early to conclude that the market has established a durable bottom.”
“From a fundamental perspective, the correction is gradually creating opportunities, but investors should distinguish between stocks that have become cheaper and businesses that are genuinely undervalued. The ongoing quarterly earnings season will be crucial in determining whether current stock prices adequately reflect these risks,” he said.
“Nifty's ability to sustain above 22,600–22,700 will be important for confirming further recovery. Immediate resistance lies around 22,700–22,800, while 22,400–22,300 is an important support zone to monitor. A sustained move above resistance could improve short-term sentiment, whereas a breakdown below support could bring renewed selling pressure. These levels should be treated as reference zones rather than guaranteed turning points,” as per Dixena. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)