Indian markets snapped a six-day losing streak and closed higher today, October 8. Sensex closed at 81,634.81, up 584.81 points (0.72%) while Nifty ended up 217.40 points (0.88%) at 25,013.15. Nifty managed to hold onto the 25,000 levels following buying across most sectors, except for metals. All other sectoral indices closed in the green with auto, bank, oil & gas, healthcare, capital goods, realty up by 1 to 2 per cent.

The positive streak was seen as investors factored in the Assembly election results (Haryana and J&K) and waited for the October RBI monetary policy expected tomorrow, Wednesday. The last few sessions had seen the benchmarks bleed what with negative news from the Middle East as tensions between Iran and Israel escalated leading to (foreign institutional investors) FIIs selling shares worth $6 billion and causing major turmoil in the Indian markets.

Yesterday, October 7, the Indian stock market had downed the shutters with a sharp decline for the sixth consecutive day, causing investors to lose ₹25 lakh crore in six days. The benchmark indices of Sensex and Nifty fell by 1%, while the stocks of small and medium companies rocketed downwards.

The market was expected to open lower this morning but after a knee-jerk reaction, it continued to move up as the day progressed.

Source: Media Reports