India's headline indices Nifty 50 and Sensex started the October 9 session on a positive note, with gains in IT segment lifting the sentiment. The market will now turn its focus to the earnings season, which TCS will start today onwards.
At 09:15 a.m., the Sensex was up 104.33 points or 0.13 percent at 81,877.99, and the Nifty was up 32.75 points or 0.13 percent at 25,078.90. About 172 shares advanced, 116 shares declined, and 25 shares unchanged.
The Nifty Pharma pack rallied nearly one percent, while the healthcare index gained also recorded smart gains. The realty pack surged 1.3 percent, while the IT, media, and oil & gas indices were also in the green. On the flip side, the FMCG, auto, and consumer durables sectors saw some weakness, to trade with mild losses.
All eyes will be on the IT services large-cap TCS that is kicking off India Inc's earnings season for the September quarter. The expectations from TCS are varied, with some brokerages expecting low single-digit profit growth, while some expect profit growth of up to 9.6 percent YoY.
"Overall Q2 earnings are likely to remain pedestrian and, therefore, the market will be looking more at the developments in the real market for goods like automobiles and consumer electronics," said VK Vijayakumar, Chief Investment Strategist, Geojit Investments.
He added that there are encouraging reports of robust demand for these goods and this will translate into good results from Q3 and beyond. Digital platform companies have been displaying resilience in recent days. The market is giving support to these segments on expectations of a long runway of sustained growth for these stocks.
From a technical standpoint, a sustained move above 25,150 could open the door for an upside toward 25,200–25,250. "On the downside, immediate support is placed around 24,950–24,900, which may serve as potential accumulation zones for long positions. Overall, the index is expected to remain range-bound between 24,900 and 25,200 in the near term," said Amruta Shinde, Technical & Derivative Analyst, Choice Broking.
Shinde added that given the prevailing uncertainty and heightened volatility, traders are advised to maintain a cautious “buy-on-dips” approach, particularly in leveraged positions. "Booking partial profits on rallies and using tight trailing stop-losses remain prudent. Fresh long positions should be considered only if the Nifty sustains above the 25,250 mark. While the broader trend remains cautiously bullish, close monitoring of key breakout levels and global market developments will be essential in the sessions ahead."
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