Sensex Soars 905 Points to 74,151 as Nifty Nears 23,000 in Broad Market Rebound
Sensex jumped 905 points to 74,151.04 and Nifty closed at 22,936.75 on 29 October as banking and consumer stocks led a broad rebound after the US Fed held rates.
A 905-point rebound
Indian stock markets staged a strong recovery on Thursday, 29 October 2026, snapping a two-session losing run. The 30-share BSE Sensex jumped 905.01 points, or 1.24 per cent, to close at 74,151.04, while the 50-share NSE Nifty settled 237.90 points, or 1.05 per cent, higher at 22,936.75, within touching distance of the 23,000 mark.
The rebound followed the United States Federal Reserve's decision on Wednesday to hold interest rates steady at 3.75 to 4 per cent. That decision, already covered by MagnetDaily, steadied global markets and encouraged fresh buying in Mumbai, even though the Fed described inflation as elevated and two of its members had preferred an immediate rate rise.
What led the rally
Buying was broad, but banking and consumer stocks did the heavy lifting. Adani Ports emerged as the biggest gainer among Sensex constituents, rising more than 5 per cent after reporting an 18 per cent increase in consolidated net profit for the September quarter, to about Rs 3,682 crore. Kotak Mahindra Bank, Power Grid, Eternal, Bajaj Finance, State Bank of India, Hindustan Unilever, Titan, NTPC, Bharat Electronics and Infosys also closed in positive territory.
Among sectoral indices, Nifty Realty rose 2.75 per cent, Nifty FMCG gained 2.34 per cent and Nifty PSU Bank added 2.20 per cent. The broader market joined in: the Nifty Midcap 100 ended up 0.99 per cent and the Nifty Smallcap 100 rose 0.95 per cent. The India VIX, a gauge of expected near-term volatility, fell about 6.9 per cent to 15.13, a sign that nervousness eased during the session.
The exceptions
Not everything rose. Trent, Maruti Suzuki, Tech Mahindra and HDFC Bank were among the laggards, and Nifty Auto was the main sectoral exception, slipping 0.24 per cent. The rupee also stayed weak, near 95.2 to 95.4 per dollar, even as Brent crude eased more than 1 per cent from Wednesday's spike above 115 dollars a barrel.
That mix is worth noting for what comes next. A one-day rebound after a weak run — benchmarks had fallen in six of the previous seven sessions, according to market reporting — is not yet a trend change. Traders took comfort from the Fed pause, a heavy earnings calendar that has so far leaned positive for large companies, and slightly cooler oil prices. Whether the rally holds will depend on the earnings due on 30 October and on whether foreign investors, who were net buyers for a second straight session on Wednesday at Rs 872 crore in provisional data, keep buying.