SENSEX, NIFTY50 snap four-day losing streak led by ICICI Bank, Reliance Industries

The Indian equity benchmarks snapped their four-day losing streak on Monday, October 5, on the back of value buying and short covering rally after markets went into an oversold zone, analysts said.

The SENSEX rose as much as 722 points and NIFTY50 index touched an intraday high of 22,622 led by gains in index heavyweights like ICICI Bank, Reliance Industries, Bharti Airtel, ITC, Larsen & Toubro, Bajaj Finance and Eternal.

The SENSEX ended 472 points higher at 72,382 and NIFTY50 index advanced 134 points to close at 22,556.

Asian markets ended higher after yield on the 10-year treasury dropped to 5.28%. Japan's Nikkei rose 2.45% and Hong Kong's Hang Seng index advanced 0.3%.

Back home, 12 of 15 major sector gauges compiled by the National Stock Exchange (NSE) ended higher led by the NIFTY FMCG index's nearly 2% gain. Consumer Durables, Realty, PSU Bank, Media, Metal, Bank and Financial Services indices also rose between 0.4% and 1.5%.

On the other hand, pharma, healthcare and select IT shares faced selling pressure.

Broader markets also witnessed buying interest as NIFTY Midcap 100 index rose 0.7% and NIFTY Smallcap 100 index advanced 0.5%.

PSU banking shares ended higher after they reported strong credit growth in second quarter of the current financial year.

The measure of government-owned banks on the National Stock Exchange (NSE), NIFTY PSU Bank index, advanced as much as 2.2% to hit an intraday high of 8,117 led by gains in Canara Bank, Bank of India, Bank of Baroda, and Punjab National Bank.

FSN E-Commerce Ventures, the parent company of Nykaa, soared by as much as 6.03% to hit an intraday high of ₹344.55 per equity share, as it witnessed continued growth momentum in Q2 FY27, with consolidated gross merchandise value (GMV) expected to be close to the thirties.

ITC was top gainer in the NIFTY50 index, the stock surged 5% to close at ₹269 after global investment bank Citi said that earnings downgrade cycle is largely over and risk-reward is favourable despite near term pressures.

BSE, Tata Motors PV, Shriram Finance, Bajaj Finance, Bharti Airtel, Eternal, NTPC, Adani Ports, TCS, Adani Enterprises and ICICI Bank also rose between 1.6% and 4.4%.

On the flip side, HCL Tech, Max Healthcare, HDFC Bank, Apollo Hospitals, Asian Paints, Infosys, Sun Pharma, Nestle India, SBI Life, Cipla and HDFC Life were top losers in the NIFTY50 index.

The overall market breadth was neutral as 1,745 shares ended higher while 1,846 closed lower on the NSE.