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Why the Nifty’s 5 October 2026 Gap-Up Faded: IT and HDFC Bank Weighed

The Nifty and Sensex were near flat at midday on 5 October 2026 after opening sharply higher, with IT heavyweights and HDFC Bank among the reported drags.
From TheFinanceBase Team2 min to read
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Indian stocks gave back most of their early gains on Monday, 5 October 2026, as declines in IT heavyweights and HDFC Bank offset strength elsewhere. At the report’s 12:25 p.m. snapshot, the Nifty 50 was up 0.13% and the Sensex 0.10%—near flat after opening more than 150 points higher. Those are intraday readings, not closing levels.

What happened after the opening surge?

The Business Line report carried by TradingView News said the Nifty 50 and Sensex opened more than 150 points higher, then surrendered most of those gains by midday. At 12:25 p.m. on 5 October, the Nifty stood at 22,451.60, up 29.65 points (0.13%); the Sensex was at 71,982.16, up 72.46 points (0.10%). The figures describe the report’s intraday snapshot and are not verified closing values.

Which shares and sectors weighed on the indexes?

The report identified selling in IT heavyweights and HDFC Bank as a counterweight to gains in financial and consumer shares.

  • HCL Technologies fell 3.39% to ₹1,200.90.
  • Infosys fell 2.26% to ₹1,011.60.
  • HDFC Bank fell 2.55% to ₹702.80.

These share prices and percentage moves are from the 5 October session snapshot reported by Business Line, not current quotes. PSU banks and broader financials were described as sources of support. Nifty Consumer Durables was reported as the strongest sectoral index, while Nifty Pharma was the weakest.

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Did the wider market confirm the benchmark picture?

The report described a sharp reversal in Bank Nifty: it had surged more than 600 points in early trade, then gave back nearly all of that advance by the time covered. It also reported negative BSE market breadth, with 2,365 declining shares against 1,889 advancing shares. These are figures attributed to the report, not independently verified exchange data.

Why were crude oil and the rupee in focus?

In its account of the day’s market backdrop, the report cited MCX Crude Oil down 2.71%, WTI crude down 1.40% near $90 a barrel, and the rupee near ₹96.20 per dollar. It presented rupee weakness and elevated energy prices as concerns for India’s import bill and inflation outlook. That context may help explain the caution in the report’s framing, but it does not establish that either move caused the Nifty’s retreat.

What technical levels did the report cite?

Sudeep Shah, Vice President, Technical and Derivatives Research at SBI Securities, described options positioning that included meaningful call writing at the 22,500 and 22,600 Nifty strikes, alongside substantial put-side open interest at 22,400 and 22,300. The report quoted him: “…meaningful call writing witnessed across 22,500 and 22,600 strikes,”

Shah placed immediate Nifty support at 22,320–22,340 and resistance at 22,630–22,650. For the Sensex, he cited support at 71,600 and resistance at 72,500. These were analyst observations for the 5 October report, not current market levels or a prediction.

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What policy event was approaching?

The report said investors would be watching the Reserve Bank of India Monetary Policy Committee decision scheduled for 7 October 2026. It described a 25-basis-point rate hike as widely expected at the time. That was a pre-decision expectation reported on 5 October, not confirmation of the committee’s eventual decision.

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