Mumbai: Indian equities extended their opening gains on October 9, with the Sensex climbing over 664 points as strong buying in information technology shares lifted sentiment despite persistent foreign fund outflows and concerns over elevated crude prices.
At 10:04 am IST, the Sensex traded at 72,257.60, up 664.36 points, or 0.93 per cent, according to the market snapshot. The index touched an intraday high of 72,338.57 after opening at 71,776.67.
The Nifty opened at 22,314.95, gaining 83.15 points, or 0.37 per cent. This was its opening reading, while the snapshot showed only Sensex data.
IT stocks lead gains
The Nifty IT index surged more than 3 per cent to 28,604.75 in early trade. Buying followed a US government announcement concerning the Permanent Labor Certification Program, or PERM, according to the IANS report.
The Nifty MidSmall IT & Telecom index also advanced more than 2 per cent to 9,825.85. FMCG, media, healthcare, realty and private banking indices rose up to 1 per cent in early deals.
Foreign selling clouds outlook
Despite the rebound, analysts remained cautious about the immediate market outlook. Elevated oil prices and high US bond yields continued to weigh on sentiment, encouraging investors to sell into rallies.
Foreign institutional investors sold equities worth Rs 12,943 crore on Thursday, while domestic institutional investors bought shares worth Rs 10,703 crore, cushioning part of the pressure.
Also read: Nifty Loses 2,149 Points In 8 Weeks, Bear Market Fears Rise
Foreign investors have sold equities worth Rs 36,210 crore through exchanges in October so far. Analysts said attractive valuations, particularly among large companies, might not immediately reverse these outflows.
Nifty levels to watch
Technical analysts identified the 22,290–22,350 zone as an immediate hurdle for the Nifty. A sustained move above this band could open the way towards 22,440–22,600.
On the downside, 22,140 was flagged as a level to monitor, with the 22,050 region also in focus following the recent correction.
Global signals remained mixed, with weakness in US technology shares and Middle East tensions weighing on confidence. Some easing in US bond yields offered limited relief, leaving investors watching whether the morning recovery could withstand continued overseas selling and broader uncertainty through the trading session.
