Stock Markets Extend Gains; Nifty Reclaims 22,700 Mark, Sensex Jumps Over 600 Points

New Delhi, Oct 6 : Indian stock markets extended their gains for the second consecutive session on Tuesday, with the Nifty reclaiming the 22,700 mark and the Sensex rising more than 600 points, supported by broad-based buying and positive global cues.

At the close of trading, the Sensex gained 685.34 points, or 0.95 per cent, to settle at 73,067.81, while the Nifty advanced 220.35 points, or 0.98 per cent, to 22,776.10.

The broader market also remained firm, with the Nifty Midcap index rising 1 per cent and the Smallcap index gaining 1.5 per cent.

Among sectoral indices, Nifty Realty declined 0.7 per cent, Nifty IT fell 0.6 per cent and Nifty PSU Bank slipped 0.3 per cent. In contrast, Nifty Bank, Consumer Durables, Energy, Infrastructure, Media, FMCG, Metal, Pharma, Oil & Gas, Private Bank and Telecom indices gained between 0.5 per cent and 2 per cent.

On the Nifty, Trent, Kotak Mahindra Bank, HUL, HDFC Life and Jio Financial were among the major gainers. Coal India, Tech Mahindra, Max Healthcare, ITC and Infosys were among the prominent losers.

More than 100 stocks touched their 52-week lows during the session, including Max Healthcare, IOC, Bharti Hexacom, Bikaji Foods, Bombay Burmah, Max Financial, NSDL and Avenue Supermarts.

Among individual stocks, Dabur India gained nearly 3 per cent following double-digit growth, while IndusInd Bank rose nearly 3 per cent after releasing its second-quarter business data. Trent shares surged 12 per cent, while Axis Bank gained 2 per cent.

The Indian rupee ended 12 paise lower at 96.42 against the US dollar, compared with Monday's close of 96.30.

Vinod Nair, Head of Research at Geojit Investments Ltd, said crude oil prices slipped below the USD 100 mark following a large G7 stockpile release, while alternative pipeline supplies helped offset disruptions to vessel movements through the Strait of Hormuz.

He said the decline in crude prices, coupled with strong second-quarter business updates from financial and retail companies and supportive global cues, improved investor sentiment and helped markets rebound from oversold levels.

"Domestically, attention now shifts to the Q2 earnings season for silver lining amidst weak sequential expectations due to elevated input costs," Nair said.

He added that large-cap stocks remain relatively better placed, supported by attractive valuations and their stronger ability to absorb cost pressures. Investors, however, remain cautious ahead of the RBI's policy decision, with focus on the central bank's inflation outlook and guidance on further policy tightening.