Nifty snaps four-day losing streak at 22,753 as metals and pharma lead a late rebound

Indian shares started the week in the red and finished it, for one day at least, in the green. The Nifty 50 closed at 22,753.20, up 153.20 points (0.68%). The Sensex ended at 73,606.75, up 482.92 points (0.66%).

That ended a four-session losing streak. Last week the Nifty fell 2.36% and the Sensex 2.15%.

• Nifty 5022,753.20, +153.20 pts (+0.68%). Opened at 22,524.40 and touched 22,387.35 before recovering.
• Sensex73,606.75, +482.92 pts (+0.66%). Day's low 72,514.57, so it climbed 1,092.18 points from the bottom and closed at its high.
• Midcap / SmallcapNifty Midcap 100 +1.19%, Nifty Smallcap 100 +1.38%. Both ended seven-day losing runs.
• Breadth2,262 stocks rose, 1,895 fell and 186 were unchanged, per HDFC Sky. 37 of the 50 Nifty stocks gained.
• India VIX17.13, up 1.6%, after touching 18.00 during the day.

New to the indices? See how the Sensex and Nifty work.

A morning slide, an afternoon recovery

The day began badly. Gift Nifty pointed to a weak start, and early on declining stocks outnumbered gainers roughly two to one on the NSE. The worries were familiar: Brent crude near six-month highs, tension in the Middle East and caution ahead of the US Federal Reserve's meeting this week.

Buyers stepped in later. Analysts described it as value buying after a sharp fall, concentrated in metals, pharma, oil and gas and select heavyweights. An analyst at HST Wealth called it "an initial stabilisation rather than a broad reversal," pointing to the lack of strong follow-through in bank stocks.

Most sectors ended higher. FMCG, media and consumer durables were the laggards.

Who moved the market

• Dr Reddy'sUp 6.62%, the top Nifty gainer, leading a broad pharma rally.
• JSW SteelUp 6.28% as metal stocks led the day. Tata Steel and Hindalco also rose.
• Shriram FinanceDown 4.62%, the worst Nifty performer. It cut its FY27 AUM growth guidance to 15–17% from 18%, citing a weak monsoon and borrower stress, which outweighed a better-than-expected Q2 profit. At one point it was down 6.55% at ₹810.20 on the BSE, an 11-month low.
• Results moversIndian Overseas Bank rose nearly 6% after Q2 net profit grew 56% to ₹1,912 crore. Mangalore Refinery jumped 12.5%.

Oil, the rupee and foreign money

Brent crude traded around $115 a barrel during Indian hours ($115.08 in futures trade, per PTI), easing from a near six-month high of about $117. Houthi attacks on Saudi Arabian targets have kept supply fears alive. Read what $100-plus oil does to India.

The rupee settled 29 paise lower at ₹95.22 to the dollar (provisional), its third straight fall and 84 paise lost over three sessions. High oil prices and importer dollar demand weighed on it.

Foreign investors have flip-flopped. Domestic institutions bought on every session last week, including ₹3,235.36 crore on Friday, while foreign institutions were net buyers of ₹887.65 crore that day after heavy selling midweek.

For why this pattern matters, see FPIs sell, DIIs buy.

What to watch this week

• US FedMeets on 27–28 October. A hawkish message could strengthen the dollar and weigh on flows into India. The ECB and Bank of Japan also decide this week.
• Jio PlatformsLists on 28 October after India's biggest-ever IPO. Our explainer covers the issue.
• Q2 resultsTVS Motor, Asian Paints, Trent, Sun Pharma, Bharat Electronics, Indian Oil, GAIL and Bank of Baroda are due this week.
• DataSeptember industrial production on 28 October; fiscal deficit and forex reserves on 30 October.
• IPOsEAAA India Alternatives (₹1,200 crore) is open until 28 October; SFC Environmental, BLS Polymers, M K Sons Fine Jewels and Bombay Coated and Special Steels follow.

On the charts, LKP Securities' Vatsal Bhuva sees support near 22,330–22,400 and resistance at 23,000, with 22,800 the level to clear first. The last daily update is here.

Educational content only, not investment advice.