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Below the Quote on Market Commentary (closing) for 09th October 2026 by Pabitro Mukherjee, Deputy Vice President-Research, Bajaj Broking

Market Closing Commentary 

Benchmark indices staged a strong recovery, witnessing a sharp intraday surge supported by buying in IT stocks following TCS's quarterly earnings announcement. Positive momentum extended to the broader market, with broad-based buying supporting the rebound after the recent selling pressure.

The Nifty 50 closed 1.30% higher at 22,520.45, while the Sensex gained 1.23% to close at 72,472.

On the sectoral front, all sectors ended in positive territory. IT, FMCG, Auto and Banking were the key gainers, while Pharma, Energy and Metal posted relatively modest gains.

The broader market also witnessed healthy buying interest, with the Nifty Midcap 100 rising 1.56% and the Nifty Small cap 100 gaining 0.54%.

Nifty

Index formed a strong bullish candle which remained contained inside previous session price range signaling strong pullback from the April 2026 lows of 22,182. Nifty in the process snapped its eight weeks decline and closed the week marginally higher.

The recent rebound after an eight-week losing streak is encouraging, but the modest weekly gains are not sufficient to confirm a sustained recovery. At this stage, the move appears to be an initial relief rally, and the market needs stronger price action and supportive macroeconomic developments to establish a durable uptrend.

In the coming session only a move above 22,600 will open further pullback towards 22,800 and 23,100 levels. Failure to move above 22,600 will signal corrective consolidation in the range of 22,200-22,600.

 
Bank Nifty

Bank Nifty formed a bullish candle with a higher high and a higher low signalling strong pullback after previous session corrective decline. Bank Nifty continue to outperform the Nifty and closed the week near the week’s high of 55,419.30.

Going ahead, a follow through up move above 55,500 will signal extension of the pullback towards 55,900 and 56,200 levels in the coming sessions being the recent breakdown area.

Failure to move above 55,500 will signal some consolidation in the range of 54,000-55,500 levels in the coming sessions.

Index has key short-term support at 53,500-54,000 being the confluence of the last month low and the key retracement of the previous up move

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