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From the BSE Sensex, JSW Steel, Bajaj Finserv, Tata Steel, and Titan were the top gainers, rising 1-2%. Infosys, Bajaj Finance, NTPC and Tata Motors also opened higher. On the other hand, HUL, Bharti Airtel, Axis Bank, L&T, and Nestle opened in the red.

According to Sandip Sabharwal, there is no rush to buy HDFC Bank as its CASA picture does not look good, margin squeeze could be worse than expected, and the NPA picture is uncertain. Sabharwal believes that domestic-oriented sectors like aviation and hotels will continue to perform well. He also suggests caution in technology and commodities sectors, while mentioning that cement may face cost pressures. He advises short-term investors to consider cash.

India VIX was down by 6.17% from 11.65 to 10.94 levels on Thursday. Volatility has been hovering in a choppy manner with absence of strength to the bulls.

Dipan Mehta believes that the stock with the most potential in the digital arena is Zomato, as it is on track to profitability. Mehta also mentions that the US yield movement is impacting markets in Asia. He expects a quiet period in the domestic market until October, when corporate earnings will have a more significant impact on stock prices. Mehta also discusses the upcoming credit policy, stating that it is likely to be a non-event.

The strong inflows from DIIs was offset by the outflows from FIIs and this saw benchmark indices shedding more than 2% in September.

The MCX December gold futures were trading at Rs 56,730 per 10 gram, up by Rs 122, or 0.22%. Meanwhile, December Silver futures were trading at Rs 66,999 per kg, higher by Rs 231 or 0.35%.

Bond yields, which move inversely to prices, have surged due to expectations that interest rates will remain high because of a resilient economy, as well as concerns over rising fiscal deficits and increases in U.S. government bond supply.

Equity indices rebounded sharply on Thursday after sliding for the past two sessions. The 30-share BSE Sensex climbed 405 points to settle at 65,631, while Nifty advanced 109 points to end at 19,545.

The current losses in long-maturity debt more than double the next biggest slump in 1981, when then Fed Chair Paul Volcker’s campaign to break the back of inflation drove 10-year yields to almost 16%. It also surpassed the 39% average loss in seven US equity bear markets since 1970, including last year’s 25% slump in the S&P 500 when the Fed started to lift rates from near zero.