Indian benchmark indices opened on a positive note on September 29, snapping a six-day losing streak, though the session remained largely flat. Support came in from IT, auto, pharma, and metal stocks. The rebound follows last week’s nearly 3 percent fall when tariffs and visa hike news dampened sentiment.
Around morning, the Sensex rose 240.87 points, or 0.30 percent, to 80,667.33, while the Nifty gained 81.50 points, or 0.33 percent, to 24,736.20. Market breadth was positive, with 2,011 shares advancing, 1,099 declining, and 168 remaining unchanged.
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Broader indices also edged higher, with the Nifty Midcap 100 and Nifty Smallcap 100 snapping their five-day losing streak. India VIX, however, rose another 2 percent, reflecting continued nervousness in the market.
On the sectoral front, IT stocks provided some support, breaking their six-day losing run. Shares of TCS, Infosys, Wipro, and Tech Mahindra gained ground after being hit last week by the H1-B visa fee hike news and Accenture’s weak FY26 guidance.
Pharma stocks also rebounded, ending a five-day losing streak. Sun Pharma, Divi’s Lab, Cipla, and Dr Reddy’s Labs led the gains. Sentiment was lifted by China’s move to reduce import duty on Indian drugs to zero from 30 percent, a step that could soften the blow from US President Donald Trump’s 100 percent tariffs on branded and patented drugs.
Given the prevailing volatility, analysts advised caution. Amruta Shinde, Technical and Derivative Analyst at Choice Equity Broking, said: “A breakdown below 24,500 could trigger a decline toward 24,400 (200-day EMA) and further to 24,180. On the upside, resistance is placed at 24,750, 24,880, and 25,000. Unless these levels are reclaimed, the short-term bias will remain negative.”
VK Vijayakumar, Chief Investment Strategist at Geojit Investments, echoed this view, noting that broader market weakness is likely to continue amid elevated valuations. He added that investors can selectively accumulate largecaps in automobiles, banking, telecom, capital goods, and cement. Weakness in pharma, he said, offers a buying opportunity since India’s generic exports will not be impacted by US tariffs on patented and branded medicines.
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