Sensex and Nifty Rebound on Easing Oil Prices and Positive Global Cues

Indian benchmark indices, the Sensex and Nifty, opened higher on October 5, driven by easing US monetary tightening concerns and a drop in oil prices. The Sensex surged 595.47 points, or 0.83%, to 72,505.17, while the Nifty climbed 167.85 points, or 0.75%, to 22,589.80. This positive momentum followed an eighth consecutive weekly decline for both indices, pressured by foreign selling and elevated crude oil prices.

Crude oil prices slipped as Middle East exports increased and the Group of Seven nations released oil stocks, easing supply concerns. Brent crude futures fell 0.34% to $101.90 a barrel, and US West Texas Intermediate crude dropped 0.68% to $90.49 a barrel. Additionally, IT shares gained after Accenture reported stronger-than-expected annual revenue growth, with TCS and Infosys rising over 1.5%. Accenture's shares surged 22% on October 1, boosting sentiment in the sector.

Global markets also contributed to the positive outlook, with Asian stocks gaining as investors reduced bets on aggressive Federal Reserve rate hikes. The US jobs data showed slower-than-expected growth, lowering the chances of a rate hike this month to 22% from 64% a week earlier. HDFC Bank's shares rose 1% after announcing Anup Bagchi as its new CEO, succeeding Sashidhar Jagdishan.

Technical analyst Gaurav Udani noted that the Nifty's gap-up start was encouraging, but sustaining gains would be crucial. Immediate support is seen around 22,450-22,500, with resistance at 22,750-22,850. A sustained move above 22,850 could extend the recovery towards 23,000, though volatility remains a risk.