Sensex rebounds 250 points from day’s low, Nifty nears 25,900 amid upbeat global cues
Positive trends in global markets, easing crude prices, and a stronger rupee lifted investor sentiment on Friday, helping benchmark indices recover from early losses.
India, Oct 31 : Indian equity markets bounced back strongly on Friday, reversing early declines to end higher amid positive global trends and renewed buying in heavyweight stocks.
The BSE Sensex climbed over 250 points from the day’s low, reaching 84,712.79, while the NSE Nifty advanced past the 25,850 mark to trade at 25,872.25.
Key factors behind market rebound
1) Positive global cues:
Asian markets traded in the green, with South Korea’s Kospi and Japan’s Nikkei 225 gaining ground. Wall Street futures also hinted at a positive opening, providing support to domestic equities.
“Global markets are trading mixed this Friday morning, reflecting investor caution after US indices closed lower overnight. Investors remain guarded as they assess the Federal Reserve’s latest policy signals and await economic data for direction,” said Ponmudi R, CEO of Enrich Money.
2) Crude price drop:
Brent crude, the global oil benchmark, slipped 0.65% to USD 64.58 per barrel. The fall in oil prices typically benefits India, a major crude importer, and helps improve investor sentiment in equities.
3) Rupee appreciation:
The Indian rupee gained 5 paise to trade at ₹88.64 per US dollar in early deals, aided by a weaker greenback and lower crude prices. However, foreign fund outflows and selective profit booking capped further gains.
Technical outlook
According to Anand James, Chief Market Strategist at Geojit Financial Services, the Nifty’s trend is showing signs of consolidation despite intraday recovery.
“Yesterday’s dips extended to our downside marker of 25,886, indicating underlying bearishness. We may see initial upswings today capped near 25,960, followed by possible downward moves. A direct rise above 25,960 could delay or negate a fall toward 25,700–25,400,” he noted.
As global cues remain steady and domestic fundamentals strong, market experts expect short-term volatility to continue but see long-term momentum intact for Indian equities.
(Disclaimer: Investment views expressed by analysts are their own and do not reflect those of Moneycontrol. Investors should consult certified financial advisors before making investment decisions.)
