Indian stock markets staged a strong recovery on Friday, October 9, as the Sensex surged nearly 879 points and the Nifty 50 climbed above the 22,500 mark. Buying in information technology, fast-moving consumer goods and automobile shares, along with easing crude oil prices, helped investors regain some confidence after Thursday’s sharp sell-off.
The BSE Sensex rose 879.09 points, or 1.23%, to close at 72,472.33. The NSE Nifty 50 gained 288.65 points, or 1.30%, to settle at 22,520.45. The rebound helped the benchmark indices recover a significant portion of the previous session’s losses and brought some relief to investors after a difficult stretch for equities.
The rally was broad-based, with 46 of the 50 Nifty stocks ending in positive territory. Apollo Hospitals, ITC, Eicher Motors, Tata Consultancy Services (TCS) and HCL Technologies were among the leading gainers. BSE, Reliance Industries, JSW Steel and Cipla were among the few stocks that finished lower.
Apollo Hospitals was the top Nifty 50 gainer, rising 4.72%. ITC advanced 4.31%, while Eicher Motors gained 4.17%. TCS climbed 3.85%, and HCL Technologies added 3.38%, reflecting strong buying interest across several heavyweight stocks.
Information technology shares were among the main drivers of the recovery. The Nifty IT index rose 3.02%, recording its strongest session in six weeks, as investors responded positively to TCS’s quarterly results and looked for opportunities in a sector that has faced prolonged pressure.
Other sectoral indices also advanced. The Nifty FMCG index gained 2.2%, while the Nifty PSU Bank index rose 1.63%. The Nifty Auto and Nifty Private Bank indices climbed 1.42% and 1.32%, respectively.
On the other hand, the Nifty Oil and Gas index was the only major sectoral index to finish in the red, slipping 0.09%. Among individual stocks, BSE fell 1.43%, Reliance Industries declined 0.65%, JSW Steel lost 0.61%, and Cipla dropped 0.44%.
TCS played a key role in improving sentiment towards technology shares. India’s largest IT services company reported September-quarter results that showed it was maintaining profitability despite continued investment in artificial intelligence and challenging demand conditions.
The company’s operating margin remained steady at 24%, while annualised AI-related revenue increased nearly 20% quarter-on-quarter to $3.1 billion. Investors viewed the results as a sign that the company was managing the shift towards AI-led services while protecting its margins.
TCS shares gained 3.85% on Friday, marking their biggest percentage rise in six weeks. The company’s performance also helped lift other major IT stocks, including Infosys and HCL Technologies.
The broader IT sector has been under pressure amid concerns that artificial intelligence could change traditional billing models and put pressure on prices. However, growing demand for AI-related services has also created new business opportunities. Investors appeared encouraged by signs that established IT companies are adapting to these changes.
A softer outlook for crude oil prices provided another boost to domestic equities. Oil prices had risen sharply amid tensions in the Gulf region and concerns about possible disruptions to global energy supplies. On Friday, easing oil prices helped reduce some of the immediate pressure on investor sentiment.
US President Donald Trump’s comments ruling out near-term strikes on Iran also contributed to a more positive mood in the market, according to the day’s market updates.
Lower crude prices are important for India because the country relies heavily on imported oil. A sustained rise in energy costs can increase the import bill, put pressure on the rupee, fuel inflation and raise expenses for businesses. Any easing in oil prices can therefore support expectations for corporate earnings and economic growth.
Investors also drew comfort from a recovery in global cues and softer bond yields. These developments helped encourage bargain buying after Thursday’s heavy losses.
Market recovers after Thursday’s sell-off
Thursday’s session had been particularly difficult for investors. The Sensex plunged 1,045.46 points, or 1.44%, to close at 71,593.24, while the Nifty slipped to 22,232. The decline was driven by concerns over higher interest rates, rising crude oil prices, a weakening rupee and persistent selling by foreign investors.
The sell-off erased more than ₹10 lakh crore in market value from BSE-listed companies, highlighting the extent of the pressure on equities.
Friday’s rebound helped the market end its longest weekly losing streak in 25 years. The Sensex and Nifty posted weekly gains of approximately 0.8% and 0.4%, respectively, after declining over the previous eight weeks.