Equity benchmarks opened higher on Wednesday, partially reversing Monday’s sharp sell-off. | Photo Credit: iStockphoto

Equity benchmarks opened higher on Wednesday, partially reversing Monday’s sharp sell-off, with the Nifty 50 trading at 23,097.80, up 208.85 points or 0.91 per cent, and the Sensex at 74,636.53, gaining 783.63 points or 1.06 per cent, as of 9.38 am. The Nifty had closed at 22,888.95 on Monday, while the Sensex ended at 73,852.90.

IT stocks led early gains, with Infosys rising 3.25 per cent to ₹1,167.45 and TCS climbing 2.60 per cent to ₹2,524.90, buoyed by renewed global interest in artificial intelligence-related stocks. UltraTech Cement added 2.49 per cent to ₹10,915.00, Reliance Industries gained 2.11 per cent to ₹1,227.40, and ICICI Bank rose 1.99 per cent to ₹1,408.50. On the losing side, Bajaj Finance fell 1.67 per cent to ₹941.40, BEL declined 0.64 per cent to ₹374.80, Trent slipped 0.52 per cent to ₹2,876.60, HDFC Life shed 0.29 per cent to ₹543.90, and Bajaj Finserv edged down 0.27 per cent to ₹1,695.40.

Positive global cues provided the opening catalyst. Wall Street closed higher on Tuesday, with the Dow Jones gaining 1.02 per cent and the S&P 500 rising 0.28 per cent, while the Nasdaq ended nearly flat at,0.02 per cent. Asian markets extended gains on Wednesday, with South Korea’s KOSPI surging over 4 per cent and Japan’s Nikkei adding 1.3 per cent. The US 10-year bond yield softened to 5.116 per cent.

...”With Brent crude prices and US bond yields remaining elevated, the market is likely to remain under pressure. The sell on rally market construct will continue in the near-term,” said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, adding that improving earnings growth, fair valuations of large-caps and strong domestic liquidity would support the market on declines. ...”Despite the external headwinds, this is a stock picker’s market now,” he said.

Monday’s session saw the Nifty fall 257 points and the Sensex shed 876 points as weak quarterly results from major private lenders triggered selling. The Private Bank index fell 1.85 per cent, while PSU Banks outperformed with a 2.50 per cent gain. India VIX climbed 5.33 per cent to 14.7725, reflecting elevated caution. The pre-Dussehra advanced weekly options expiry amplified intraday selling as traders settled positions early.

On October 19, foreign institutional investors were net sellers to the tune of ₹1,148 crore, while domestic institutional investors supported the market with net purchases of approximately ₹3,200 crore. ...”DII inflows have offered a cushion against FII selling, but sustained recovery will depend on renewed buying participation and improved sectoral breadth,” said Sachin Gupta, VP, Technical Research at Choice Broking.

The ongoing Q2 earnings season is shaping market direction, with private banks under scrutiny and PSU banks displaying resilience. ...”The Q2 results season has started on a positive note and some positive surprises are likely in the broader market. The market action, going forward, will be more stock-specific and results-sensitive,” Vijayakumar said.

Crude oil prices remain a persistent concern, with WTI trading around $98–99 a barrel and Brent hovering near $110. Geopolitical tensions involving Iran and the Strait of Hormuz add to the uncertainty. Optimism over a potential India–US trade deal offers partial support.

Technically, the Nifty faces resistance at 23,150–23,200, with key support at 22,800. A move above 23,200 could open the way towards 23,300–23,500, while a break below 22,800 risks deeper losses. For Bank Nifty, 56,000 remains the immediate resistance and 55,000 the critical support level.

Published on October 21, 2026