Indian stock markets rebounded on October 28, 2024, ending a five-day losing streak, driven by the robust performance of ICICI Bank.
The Nifty 50 index increased by 1.01 percent, closing at 24,424.7 points, while the Sensex index rose by 1.13 percent to 80,303.46 points.
This recovery follows a significant decline, with the Nifty 50 index dropping approximately 7.5 percent from its September peak, largely due to persistent foreign selling and a lackluster earnings season.
Bank of Baroda, India's second-largest state-owned lender, also saw a notable increase, rising by 5.6 percent on the back of strong recoveries, steady loan growth, and improved asset quality.
Other significant stock movements included Shriram Finance, which gained seven percent after announcing strong quarterly results, and Bandhan Bank, which climbed 8.5 percent after exceeding profit estimates.