Mumbai: Indian stock markets staged a strong recovery on Monday, October 26, after witnessing heavy selling pressure during early trading. The BSE Sensex and NSE Nifty 50 bounced back from their intraday lows as investors returned to buying, supported by easing crude oil prices and positive global cues.
At 3:32 pm, the Sensex was trading at 73,606.75, gaining 482.92 points or 0.66 percent. The Nifty 50 stood at 22,753.20 at 3:31 pm, rising 153.20 points or 0.68 percent.
Nifty Recovers Nearly 366 Points From Day's Low
The Nifty opened at 22,524.40 and slipped to an intraday low of 22,387.35 before recovering sharply. It later touched 22,753.20, reflecting renewed buying interest.
The Sensex also witnessed a strong turnaround. After opening at 72,990.04, the benchmark fell to 72,514.57 before climbing to an intraday high of 73,606.75.
Bargain Buying Supports Recovery
Investors stepped in to purchase shares at lower valuations following four consecutive sessions of losses.
Last week, the Nifty declined around 2.4 percent, while the Sensex lost approximately 2.2 percent. The correction encouraged bargain hunting across several stocks.
Easing Crude Oil Prices Bring Relief
Brent crude prices eased to around USD 114.50 per barrel from nearly USD 117 on Friday.
Lower oil prices helped reduce concerns about India's import costs and inflation. However, supply risks persisted following Houthi attacks on Saudi Arabia.
Foreign Investor Buying Lifts Sentiment
Foreign institutional investors purchased Indian equities worth a net Rs 887.65 crore on Friday.
Although foreign investors have withdrawn Rs 48,056 crore from Indian equities in October so far, their return as buyers during two trading sessions last week provided some relief.
Positive Global Cues Boost Markets
Gains across Asian stock markets and stronger US equity futures also supported domestic sentiment.
The recovery indicated renewed investor interest at lower levels, although elevated crude prices and geopolitical tensions continued to pose risks to market stability.
