After a muted started, the Nifty 50 index reclaimed the 25,100 in the afternoon session on October 9, while Sensex gained roughly 250 points to trade near the 82,000 mark, led by a smart rally in the pharma pack.
At 12:12 p.m., the Sensex was up 239.63 points or 0.29 percent at 82,013.29, and the Nifty was up 95.40 points or 0.38 percent at 25,141.55. About 1674 shares advanced, 1954 shares declined, and 160 shares unchanged.
Among sectors, the pharma segment outperformed, following a report that suggested U.S. President Donald Trump administration would not impose tariffs on generic drugs from foreign countries. This move could bring significant relief to Indian pharmaceutical companies.
Further, 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.
The Nifty has now carved out a broad trading range between 25,200 and 24,900. "As long as it remains within this band, a choppy and range-bound phase is likely to persist,” said Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.
From a technical standpoint, he added that Nifty continues to hover around the psychological mark of 25,000, with multiple layers of support aligning nearby. On the upside, unless the index decisively clears the 25,200–25,250 resistance band, sellers are expected to maintain their grip.
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