The Indian equity market managed to put the brakes on its eight-day fall after closing marginally higher yesterday. Analysts across the board are anticipating a relief rally in the market as the selloff in recent times has turned conditions oversold. However, underlying scepticism also lingers over the sustainability of any relief rally from hereon given that several sentiment dampening global headwinds still persist. Historical data may come to the rescue at the current juncture, offering some relief as an analysis of previous daily price returns by JM Financial suggests that the seldom occurrences of the Nifty closing in the negative territory for 8-or more consecutive sessions have been followed by a rebound in the index on a one-month as well as three-month basis. Now while underlying caution may persist, the benchmark Nifty can still make a sustainable gradual recovery, if history repeats itself. The total booking value stands at Rs 8,472 crore (ex-showroom price). International brokerages Citi Research and Nomura issued bullish calls following the development. M&M ( Rs 2,841, -3.45%) Shares fell despite the auto player seeing an overwhelming response for its new electric SUVs, the XEV 9e and BE 6. Senco Gold (Rs 332, -7.2%) Shares tanked since Q3 show. Despite the high volatility in gold prices, which surged 22 percent year-on-year and 20 percent since April 2024, consumer demand remained robust. \”We are likely to achieve a 7-8 percent EBITDA margin in Q4 and beyond, supported by our strong brand positioning and operating leverage,\” said the management.
