New Delhi, Oct. 5: The Indian stock market advanced on Monday, October 5, as easing crude oil prices and reduced concerns over aggressive US monetary tightening lifted investor sentiment after an eight-week losing streak.
At 10:06 am IST, the Nifty 50 rose 0.56% to 22,545.25, while the BSE Sensex gained 0.62% to 72,359.72. The benchmarks had recorded eight consecutive weekly declines through Friday, marking their longest losing streak in 25 years.
The rebound followed weaker-than-expected US jobs data, which reduced expectations of a Federal Reserve rate hike later this month. A pullback in crude oil prices also supported sentiment towards emerging-market assets.
However, analysts cautioned that the recovery could be a technical rebound after the recent sharp correction.
Stock Market Today: Financial and IT Shares Lead Gains
Financial stocks led Monday’s advance after several lenders reported positive quarterly business updates. Banking and financial indices gained around 0.8% each, while the public sector bank index climbed 1.7% as of 10:06 am.
Among individual stocks, HDFC Bank rose 1% after naming Anup Bagchi as its next chief executive for a three-year term. Punjab National Bank gained 2.8% after reporting 14.8% growth in global advances during the September quarter.
Bank of Baroda advanced 2.5% after reporting 18% growth in quarterly advances. Bajaj Finance gained 4.3% after announcing an 11% year-on-year increase in new loans booked during the September quarter.
The Nifty IT index also rose 1.1%. Analysts at PhillipCapital viewed Accenture’s stronger-than-expected revenue growth, bookings and outlook as a neutral-to-positive signal for Indian IT companies.
Thirteen of the 16 major sectoral indices traded higher. Small-cap and mid-cap stocks also advanced, reflecting a broader improvement in market sentiment.
Despite Monday’s gains, investors remain cautious after weeks of pressure from foreign fund outflows, elevated crude oil prices and rising global bond yields.
Market participants will continue tracking global interest-rate expectations, oil prices, quarterly business updates and domestic economic signals to assess whether the rebound can sustain momentum.
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