Nifty hits 23,777; Sensex jumps 3,000 points in 3 days
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- Nifty closed at 23,777 within an intraday range of 23,618–23,862, while Sensex climbed over 700 points intraday and roughly 3,000 points across three sessions driven by sectoral rotation and short covering after the recent sharp correction
- IT stocks led the rebound, with Jio Financial Services jumping 4.6% and Tech Mahindra and Eternal advancing 3–3.5%, while defensives like Cipla, Hindustan Unilever, and Coal India saw mild selling pressure that capped broader gains
- Gaurav Garg of Lemonn Markets Desk credited improving global cues and crude stabilizing near $102 per barrel for the recovery, noting that easing oil-inflation fears helped sentiment after recent volatility triggered by the Iran conflict
- Vishnu Kant Upadhyay of Master Capital Services flagged the 23,850–24,000 band as critical resistance, citing heavy call writing there, and said a decisive breakout could push Nifty toward 24,200–24,300 where the 21-day EMA sits
- Vinod Nair of Geojit Investments called the rally 'largely driven by opportunistic buying following the recent sell-off, along with short covering,' questioning whether the move is a structural reversal or merely a technical bounce
- The Nifty's prior fall from around 26,350 to near 23,200 had pushed it into oversold territory, making a rebound likely—but geopolitical risks from the Iran situation, elevated crude, and continued rupee weakness remain near-term overhangs
- Investors are awaiting guidance from the US Federal Reserve and European Central Bank on the interest rate trajectory, with any shift in global liquidity conditions seen as a key driver of foreign flows into emerging markets like India
Why it matters: The Sensex's 3,000-point, three-day surge follows a steep fall from ~26,350 to ~23,200, making this a textbook oversold rebound rather than a confirmed trend reversal. With Nifty stalled at the 23,850–24,000 resistance band and crude still hovering near $102 amid unresolved Iran tensions, the rally's durability hinges on Fed and ECB cues that will steer foreign flows into India.
