Indian stocks recover some losses as Sensex gains 879 points

Sensex and Nifty rose by more than 1% after two sessions of declines. IT shares and softer oil prices supported the rebound.

The BSE Sensex rose 879.09 points, or 1.23%, to close at 72,472.33 on Friday, October 9. The NSE Nifty 50 gained 288.65 points, or 1.30%, to finish at 22,520.45. The Sensex touched 72,669.20 during the session.

ITC led Sensex constituents with a 4.78% gain, followed by Tata Consultancy Services (TCS), up 4.23%. TCS reported a 15% increase in net profit for July to September, to 138.84 billion rupees. Adani Ports, Infosys, HCL Tech, Larsen & Toubro and HDFC Bank were among other notable gainers. Reliance Industries fell.

All BSE sectoral indices closed higher. The IT index rose 2.91% and Focused IT gained 2.96%. Hospital and FMCG indices advanced 2.46% and 2.02%, respectively. The BSE MidCap Select index added 1.59%, while SmallCap Select rose 0.56%. A total of 2,516 stocks advanced, 1,867 declined and 227 were unchanged.

Brent crude fell 1.32% to $102.90 a barrel. Analysts cited by The Hindu linked the rebound to bargain buying after a sell-off, TCS’s results and reduced concerns about an imminent escalation between the United States and Iran. Those comments describe the market reaction, rather than establish where prices will move next.

For the week, the Sensex gained 562.63 points, or 0.78%, and the Nifty rose 98.5 points, or 0.43%. A day earlier, the indices had fallen sharply: the Sensex lost 1,045.46 points and the Nifty 371.25. Exchange data showed foreign institutional investors sold shares worth 129.44 billion rupees on Thursday.