Indian equity benchmarks staged a recovery on Friday, October 9, after oil prices eased and US President Donald Trump signalled a pause in potential military strikes against Iran, offering some relief to investors following Thursday's steep sell-off. The previous session's market rout had wiped out more than ₹10 lakh crore in investor wealth.
The Sensex climbed as much as 688 points, or 0.96%, to an intraday high of 72,281.58, while the Nifty 50 advanced 217 points, or 1%, to 22,449.40.
Among individual stocks, Tata Consultancy Services (TCS), Infosys, HCL Technologies and Tech Mahindra rallied as much as 5%, helping the Nifty IT index climb more than 3%. Eternal, Bharat Electronics, Reliance Industries, ICICI Bank, Trent, Mahindra & Mahindra and IndiGo bucked the broader recovery, falling as much as 2%. Nifty FMCG gained nearly 1%, while the pharma and oil and gas indices declined close to 1%.
Friday's gains came after a punishing session on Thursday, when the market rout erased more than ₹10 lakh crore in investor wealth. The scale of the previous decline left investors assessing whether the latest recovery could provide a more sustained opportunity to rebuild positions.
The rebound was supported by a combination of lower crude prices, reduced immediate fears of military escalation and strength in technology stocks following TCS's quarterly results.