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Stock Market Rebounds: Nifty Crosses 22,800, Bank Nifty Jumps 850 Points
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CNBC Awaaz•30-09-2026, 13:14
Stock Market Rebounds: Nifty Crosses 22,800, Bank Nifty Jumps 850 Points
- •Stock market decline halted with Nifty crossing 22,800 and Bank Nifty up by 850 points.
- •Buying at lower levels and an 'oversold' market condition contributed to the rebound.
- •India VIX fell by about 2% to 13.17, indicating reduced panic in the market.
- •According to Shrikant Chouhan of Kotak Securities, Nifty's key support is 22,600, with recovery to 22,850-23,000 possible if it stays above this level.
- •Pharma and healthcare sectors remained under pressure, while BSE shares fell and Wipro rose by 2.5%.
Key Questions Answered
The market recovery was driven by five main reasons: bargain hunting at lower levels after an oversold market condition, reduced panic indicated by a falling India VIX, and crucial support near the 22,600 level for the Nifty index.
While the overall market traded near day's highs, pharma and healthcare sectors remained under pressure, with Nifty Pharma falling 0.9% and Healthcare dropping 1.7%. Additionally, BSE shares fell about 3% after replacing Wipro in the Nifty 50, whereas Wipro gained 2.5%.
Continuous selling by foreign institutional investors remains a major area of concern, leading analysts to conclude that it is still premature to label the current market surge as a sustainable rally.
