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Nifty rises for a second day as short covering follows selloff

The rebound lifted the Sensex more than 0.3% and Nifty about 0.3%, after both indexes extended an eight-week losing streak into the prior week.

Reported · Written up by our desk · Asia

Indian benchmark stocks edged higher on Tuesday, October 6, with the Nifty rising for a second consecutive session as short covering emerged after a recent heavy selloff, according to LiveMint Markets.

The Sensex rose over 200 points, or 0.3%, to a day high of 72,594.21, while the Nifty gained 72 points, or 0.3%, to 22,628.10. In the prior session, the Nifty snapped a four-session losing streak, rising 133 points to close at 22,555, with the index gaining around 1% across the two sessions combined.

LiveMint Markets said the rebound was supported by easing concerns around crude oil prices and signs of renewed diplomatic efforts in the US-Iran conflict, though geopolitical uncertainty remained an overhang for investors.

Oil prices steadied after falling nearly 2% on Monday, with Persian Gulf exports picking up and Saudi Arabia cutting prices to indicate improving supply conditions. Brent crude was trading near $100 a barrel as the market recovery unfolded.

Latest closeWTI crude $89.70 ▼1.6%|Brent $100.73 ▼1.5%|Sensex 72,382.47 ▲0.7%

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