INSUBCONTINENT EXCLUSIVE:
Stocks also got a boost as investors deployed a buy-the-dip strategy following a 5 per cent fall over the previous six sessions
Heavyweights HDFC Bank and Reliance Industries were the biggest contributors to Sensex gains.
At close, the Sensex was up 584.81 points,
or 0.72 per cent, at 81,634.81, and the Nifty soared 217.40 points, or 0.88 per cent, to settle at 25,013.20
previous six trading sessions, the Sensex and Nifty declined by 5.6 and 5.4 per cent, respectively, amid almost Rs 40,000 crore pullout by
foreign portfolio investors (FPIs)
Despite short-term volatility, markets typically regain momentum in the medium term
The pullback by the FPIs has exacerbated this correction, but a key point of strength is the significant cash reserves held by domestic
institutional investors and retail investors
recovery in the Chinese markets lasted for an average of two months before it resumed the downtrend, which pushed it to the oversold
earnings season, which kicks off this week, will determine the market trajectory
Investors will also be keenly tracking the minutes of the Fed meeting, which will be released on Wednesday, along with jobs and inflation
Traders should consider using this recovery to lighten positions and remain selective for long trades
We continue to favour IT and pharma stocks for their resilience and recommend careful stock selection in other sectors," said Ajit Mishra,
biggest contributor to index gains
Overall, market breadth was weak, with 3,024 stocks advancing and 923 declining.First Published: Oct 08 2024 | 8:30 PMIST
