Nifty 50 gave up most of its intraday gains on Tuesday, October 7, which also marks the weekly expiry session, while Sensex was up 140 points. Investors are looking towards the upcoming earnings season for their next set of cues.
At close, the Sensex was up 161.86 points or 0.20 percent at 81,951.98, and the Nifty was up 34.35 points or 0.14 percent at 25,112.00. About 1686 shares advanced, 2119 shares declined, and 122 shares unchanged.
The World Bank has raised India’s GDP growth forecast for FY26 to 6.5 percent from its earlier estimate of 6.3 percent projected in June, citing resilient domestic demand. However, it revised its FY27 growth outlook downward by 20 basis points to 6.3 percent.
On the sectoral front, buying interest was notably strong in Oil & Gas, Financial Services, Banking, Construction, and Consumer Durables, which led the sectoral gains. Conversely, weakness persisted in Media, Consumer Goods, and select stocks, marking them as the day's laggards.
Going ahead, VK Vijayakumar, Chief Investment Strategist, Geojit Investments believes that the ongoing mild rally in the market has the potential to gain momentum. The FII selling in India is slowly declining since the sharp appreciation in other markets has pushed up their valuations and the valuation differential between India and other markets has come down.
"The steady inflows into mutual funds, particularly the SIP inflows, is a strong support to the market. The combined effect of the Budget income tax cut, GST cuts and low interest rate regime can impart resilience to India’s GDP growth, and corporate earnings in FY27 can smartly pick up to about 15 percent. The market will start discounting this soon. Time for investors to turn positive. Since there is huge short position in the market any positive news can trigger short-covering, further aiding the rally," he added.
From a technical perspective, the Nifty decisively breached the key resistance at 25,200, potentially paving the way toward the 25,500 mark, while immediate support rests at 25,000. Similarly, Bank Nifty faces resistance at 56,500, and a breakout above this level could propel it toward 57,000, with the nearest support positioned at 56,200, said Ashika Institutional Equities.
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