SENSEX and NIFTY50 rebound from intraday lows as NIFTY reclaims 24,700 mark, led by Axis Bank and ICICI Bank

The Indian equity benchmark opened Friday’s session with a sharp gap-down, hitting a two-month low. However, buying interest emerged at lower levels, helping the major indices recover most of their losses. The NIFTY50 index rebounded 150 points from its intraday low, reclaiming the 24,700 mark. Despite this strong recovery, both the NIFTY50 and SENSED were trading slightly lower by 0.12% and 0.18%, respectively. On the other hand, the Nifty Bank outperformed, gaining 0.85% and bucking the overall trend. Meanwhile, the India VIX remained nearly unchanged.

On Friday, the NIFTY50 showed market breadth, with 34 stocks advancing and 16 declining. However, the broader market breadth remained weak, as 1,318 stocks declined while 1,030 advanced. Both the Nifty Midcap 100 and Nifty Smallcap 100 indices were in red, down by 0.12% and 0.47%, respectively. Among the sectoral indices, most were trading in positive territory, led by gains in Nifty Metal (+1.21%) and Nifty Bank (+0.85%). On the other hand, Nifty IT declined by 1.54%.