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Nifty rebounds after eight-week losing streak, as oil risks remain
Nifty rose 1.3% on Friday, while Bank Nifty gained 1.36%, even as Brent stayed above $100 and WTI above $90.
Sumeet Bagadia said the Nifty 50’s chart pattern is signaling improving short term sentiment, after the index ended an eight week losing streak with a rebound on Friday, October 9.
According to LiveMint Markets, the Nifty rose 1.30% and the Sensex gained 1.23%, with Bank Nifty recovering 1.36%, as the rally was led by IT stocks following Tata Consultancy Services’ September quarter results and buying extended to FMCG, auto and financial shares.
Bagadia pointed to derivatives conditions, saying PCR at 0.98 suggests a balanced setup and that India VIX eased to 14.375, indicating reduced volatility.
Still, LiveMint Markets cited a challenging macro backdrop, with Brent above $100 per barrel and WTI above $90, and it noted that persistently high oil prices could weigh on inflation, India’s import bill and the rupee, while foreign investor selling remained an overhang.
Latest closeWTI crude $91.10 ▲3.2%|Brent $103.93 ▲3.7%|VIX 15.41 ▲2.2%