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HomeNewsBusinessMarketsTaking Stock | Bulls break two-day losing run; Sensex up 405 pts, Nifty nears 19,550

Taking Stock | Bulls break two-day losing run; Sensex up 405 pts, Nifty nears 19,550

The market breadth was in favour of gainers. Around 2,178 shares advanced, 1,361 shares declined and 121 shares were unchanged

October 05, 2023 / 16:08 IST
Market

Sensex, Nifty snap two day losing streak on October 5

The equity benchmarks snapped two-day losing streak to shut shop on a positive note on October 5 amid a recovery in global markets. A marginal pullback of US treasury yields and the dollar index also helped revive investors’ sentiment.

At close, the S&P BSE Sensex was up 405.53 points or 0.62 percent at 65,631.57 and the Nifty50 was up 108.20 points or 0.56 percent at 19,544.30.

The market breadth was in favour of gainers, thanks to the advance in smallcap index. Around 2,178 shares advanced, 1,361 shares declined, and 121 shares were unchanged.

Throughout the day, the Sensex benchmark hit an intra-day high of 65,753 levels, whereas Nifty50 touched an intra-day high of 19,576 levels.

Commenting on Thursday's market trends, Vinod Nair, head of research at Geojit Financial Services said, "The positive signal from the PMI data and correction in crude prices boosted the market sentiment. Reduction in foreign institutional investors (FIIs) selling and a rebound in sectors like bank and IT shares was also seen. Regarding RBI policy, the market expects the interest rate to be hold-on as external demand outlook indicates muted trend fearing disinflationary trend in the future."

ALSO READ: Q2 earnings to be the next catalyst; IT may see more downgrades: Andrew Holland 

Stocks and sectors

The top leaders of Nifty50 were Larsen & Toubro, Bajaj Auto, Titan, TCS, and Infosys. The top laggards were Power Grid, Hindalco, NTPC, Tata Consumer Products, and Cipla, which declined in the range of 0.5-1.2 percent.

IndexPricesChangeChange%
Sensex80,983.31715.69 +0.89%
Nifty 5024,836.30225.20 +0.92%
Nifty Bank55,347.95712.10 +1.30%
Nifty 50 24,836.30 225.20 (0.92%)
Wed, Oct 01, 2025
Biggest GainerPricesChangeChange%
Tata Motors718.3538.15 +5.61%
Biggest LoserPricesChangeChange%
UltraTechCement12,095.00-127.00 -1.04%
Best SectorPricesChangeChange%
Nifty Bank55347.90712.10 +1.30%
Worst SectorPricesChangeChange%
Nifty PSU Bank7499.20-27.55 -0.37%

Among sectors, Nifty IT closed with the most gains – up 1 percent, followed by Nifty Auto, Nifty Infrastructure, and Nifty Bank indices. On the flipside, Nifty PSU Bank, Nifty Pharma, and Nifty Metal indices lost up to 0.5 percent.

Broader indices, meanwhile, closed on a mixed note. The S&P BSE Midcap index closed flat below 0.03 percent, while the S&P BSE Smallcap index rose 0.6 percent.

Among individual stocks, Ashoka Buildcon, Coromandel International, Force Motors, JK Tyres, among others hit fresh 52-week highs. On the other hand, Adani Total Gas and Navin Fluroine scrips sunk to 52-week lows.

Outlook for October 6

Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty rose on October 05 forming a bullish island reversal. A move below 19,458 could nullify this formation. Nifty could now face resistance in the 19,665 - 19,734 band, while 19,333 could offer support once 19,458 is breached.

Ajit Mishra, SVP - Technical Research, Religare Broking

Market participants should not read much into a single day rebound and wait for the Nifty to reclaim the short term moving average (20 EMA) for sustained recovery. At present, select IT majors are at the forefront, while others are playing supportive roles on a rotational basis. We need improvement in the broader participation to change the market course. Amid all, it is prudent to keep a check on leveraged positions and prefer index majors over others.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Lovisha Darad Lovisha is passionate about domestic and global equity market development. She writes stories exclusively on equities from a fundamental perspective, gathering insights from niche market gurus.
first published: Oct 5, 2023 03:40 pm

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