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Below the Quote on Market Closing Comment Oct 5,2026 from Ajit Mishra, SVP – research, Religare Broking

"Markets witnessed a strong recovery on Monday, taking a breather from the recent corrective trend and gaining over half a percent. After a gap-up opening, the benchmark indices remained in a range through the session and eventually held on to most of their gains. The Nifty reclaimed the 22,500 mark, while the Sensex settled around the 72,380 level.

On the sectoral front, FMCG, energy and banking led the recovery, supported by strength across select counters following positive quarterly business updates. Pharma and IT lagged after their recent phase of relative outperformance. The broader market also participated in the recovery, with both midcap and smallcap indices gaining nearly half a percent each.

Global cues turned relatively supportive as crude oil prices eased from recent highs, with Brent hovering around $102 a barrel, providing some relief on the inflation front. Softer-than-expected US jobs data also reduced expectations of aggressive monetary tightening by the US Federal Reserve, supporting risk appetite across emerging markets. However, the US 10-year Treasury yield remains elevated, while the rupee continues to hover above the ?96 per dollar mark. Persistent foreign selling also remains a key overhang.

From a technical perspective, the Nifty has shown signs of a relief recovery after testing the crucial long-term support zone around 22,400–22,600. Going ahead, the 22,650–22,800 zone is likely to act as the immediate hurdle, followed by 23,000–23,200. Although the recent recovery is encouraging and the market remains oversold, the broader trend remains cautious. The current rebound should be approached selectively, with a preference for stock-specific opportunities rather than aggressive index-level exposure."

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