Nifty opened 76 points lower and plunged to an intraday low of 22,387, only to rally 300 points in the first half‑hour and finish near the day’s high at 22,753, a 153‑point lift from the previous close.
Sectoral performance was uneven: Nifty Metal, Cement, Pharma and Healthcare posted gains, while Nifty Media and Consumer Durables slipped. Among the top gainers were Dr. Reddy’s Laboratories, JSW Steel and BSE, whereas Shriram Finance, Tata Consumer Products and Bajaj Finance lagged.
Broader market recovery is evident as the Nifty Midcap 100 rallied 1.2% and the Nifty Smallcap 100 climbed 1.4%. Brent crude futures traded at roughly $115 a barrel, below the six‑month high of $117, and the rupee weakened to 95.19 against the dollar.
Technical observers see immediate support around 22,800–22,850 and a next resistance at 23,000–23,100. A breakout above 22,800 would confirm a bullish reversal, while a fall below 22,372 could expose the index to 22,100–22,200 support.
The September‑quarter earnings calendar is heating up with Tata Steel, Tata Capital, Waaree Energies and United Breweries slated to report next Tuesday, adding another layer of volatility to the near‑term outlook.
Nagaraj Shetti of HDFC Securities noted that the Nifty’s short‑term trend appears mildly positive, calling a decisive move above 22,800 a potential catalyst for further buying. Hitesh Rathi of Angel One highlighted 22,500–22,380 as immediate support, while Vatsal Bhuva of LKP Securities warned that the 22,400 zone remains critical for sustaining momentum.