Benchmark indices Sensex and Nifty pared their losses on October 22 due to various reasons, including value buying.
At 9:54 am, the Sensex was down 390.86 points or 0.53% at 73,318.83, and the Nifty was down 165.45 points or 0.73% at 22,645.90. About 969 shares advanced, 2,329 shares declined, and 184 shares were unchanged.
Value buying emerged from lower levels on October 22 after a gap-down opening of up to 1%.
Foreign investors bought Indian shares worth Rs 1,022 crore on Wednesday, according to provisional data. This would be their second session of buying in three. DIIs also maintained their buying stance, recording net purchases of around ₹1,614 crore. Buying support from both foreign and domestic institutions provided a positive counterbalance to the recent weakness in the broader market.
Nifty needs to trade below 22,560 for further bearishness to emerge in the market, said analysts.