Market Update: Sensex Rebounds 650 Points From Day’s Low, Nifty Turns Green; Metal, Pharma Stocks Lead Gains

Stock Market Today: The domestic equity markets staged a sharp intraday recovery on Monday, October 26, after opening lower and slipping into deep losses, with buying at lower levels helping the Sensex reclaim the 73,000 mark and the Nifty move into positive territory.

At 10:42 am, the BSE Sensex was trading at 73,165.11, up 41.28 points, or 0.06%. The index had fallen to an intraday low of 72,514.57 earlier in the session, before recovering 651 points from the day’s low. It had closed at 73,123.83 on Friday.

The NSE Nifty was trading at 22,603.40, up 3.40 points, or 0.02%, after recovering from an intraday low of 22,387.35. The index had opened at 22,524.40, compared with its previous close of 22,600.

Why Are Sensex, Nifty Recovering?

The recovery

comes after four consecutive sessions of losses, which had increased the possibility of value buying at lower levels. The sharp rebound from the morning lows suggests that investors are selectively buying stocks after the recent correction, although the sustainability of the recovery remains uncertain.

Sectoral buying in metal, pharmaceutical, healthcare and oil and gas stocks also supported the rebound. The Nifty Metal index rose 1.06%, while the Nifty Pharma, Nifty Healthcare and Nifty Oil & Gas indices gained 0.78%, 0.57% and 0.76%, respectively. The Nifty Realty index advanced 0.52%.

However, the rebound remained uneven, with continued weakness in several heavyweight stocks and sectors. The Nifty Bank declined 0.43%, while the Nifty FMCG and Nifty IT indices fell 0.80% and 0.70%, respectively. The Nifty PSU Bank index was down 0.63%.

Broader markets also recovered, with the Nifty Midcap 100 gaining 0.21% and the Nifty Smallcap 100 rising 0.28%. The Nifty Next 50 was up 0.30%.

Top Gainers And Losers

Among Sensex constituents, Adani Ports was the top gainer, rising 2.35%, followed by Kotak Mahindra Bank, up 1.98%, and Eternal, which advanced 1.56%. IndiGo gained 1.12%, while Tata Steel rose 0.84%.

On the other hand, Infosys fell 1.61%, making it the biggest laggard among the stocks shown on the Sensex heatmap. Asian Paints declined 1.30%, while Hindustan Unilever and HCL Technologies lost 1.08% and 1.12%, respectively. Maruti Suzuki fell 0.87%.

India VIX Rises Nearly 5%

Despite the recovery in benchmark indices, market volatility remained elevated. The India VIX, which measures expected near-term volatility in the Nifty, rose 4.83% to 17.68, indicating continued caution among traders.

Investors will continue to monitor global market cues, crude oil prices, geopolitical tensions in the Middle East and developments around the US Federal Reserve’s interest-rate outlook. These factors remain important risks for Indian equities, particularly given concerns over imported inflation and foreign investor outflows.