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Indian stocks rebound after six-month low as crude falls
The Nifty 50 rose 0.60% to 22,555.75 on Monday, after eight straight weeks of declines and fresh relief from softer US jobs data.
Indian benchmark stocks rebounded on Monday, October 5, after the Nifty 50 hit a six-month low and logged its longest weekly losing streak in 25 years, with lower crude oil prices and easing worries about aggressive US monetary tightening helping sentiment, LiveMint Markets reported.
The Nifty 50 gained 0.60% to 22,555.75, while the Sensex rose 0.66% to 72,382.47. The rebound followed eight consecutive weeks of declines driven by sustained foreign selling, elevated crude oil prices, and a sharp rise in global bond yields.
Market tone improved further after softer-than-expected US jobs data reduced expectations of a Federal Reserve rate hike later this month. The drop in crude prices also offered some relief to emerging-market equities, according to the report.
Even so, analysts stayed cautious about whether the move signals a sustained recovery or a short-term bounce from oversold conditions, with risks cited around high bond yields and ongoing foreign selling. Geojit Investments' Chief Investment Strategist Dr V K Vijayakumar said valuations have become more attractive, though he warned about elevated crude prices, LiveMint Markets added.
Latest closeWTI crude $91.26 ▼1.7%|Sensex 71,909.70 ▼0.8%