Sensex recovers 500 points, Nifty reclaims 22,700 as value buying lifts markets

Indian benchmark indices Sensex and Nifty significantly pared losses on September 29, with the Sensex recovering 500 points from its day's low and Nifty reclaiming the 22,700 level, driven by value buying and easing volatility. Value buying emerged as markets entered oversold territory, while India VIX eased from 14.77 to 14.04, indicating reduced nervousness. At 11:31 am, Sensex was down 198 points at 72,573.68, and Nifty was down 55 points at 22,724.90. Analysts noted that Nifty must decisively trade below 22,600 for further weakness, with support at 22,650–22,550 and resistance at 22,800. Rising US treasury yields and elevated crude oil prices continue to weigh on sentiment, though oversold conditions may trigger a near-term technical rebound.