Indian Benchmark Indices Open Higher on Thursday; IT Stocks Lead Gains

Market Update at 10:30 AM: Indian benchmark indices opened higher on Thursday as hopes of renewed foreign investment supported market sentiment. Investors were also encouraged by gains in information technology stocks ahead of Quarterly Results.

The Nifty 50 was up 0.11 per cent at 25,074.3, while the BSE Sensex added 0.15 per cent to 81,900, as of 9:15 a.m. IST.

Foreign portfolio investors (FPIs) ended their 10-day selling streak earlier this week, turning net buyers on Wednesday and continuing the trend on Thursday. This inflow of foreign capital provided additional support to the market.

Most of the major sectors advanced, led by IT stocks, which gained 0.2 per cent. India's largest IT company, Tata Consultancy Services (TCS), rose 0.2 per cent ahead of its quarterly earnings announcement.

The positive start reflects cautious optimism among investors, balancing foreign inflows with anticipation of corporate results, especially from the IT sector.

Pre-Market Update at 7:30 AM: Equity benchmark indices Sensex and Nifty 50 are expected to open higher on Thursday, October 9, tracking gains in global markets as geopolitical tensions in the Middle East eased following a ceasefire agreement between Israel and Hamas. At 7:12 AM, the GIFT Nifty was trading at 25,151, up 58 points, indicating a positive start for domestic equities.

IT stocks are likely to remain in focus as investors await the Q2 FY2026 earnings report of Tata Consultancy Services (TCS), which will be announced later today. In early trade, Asian markets were trading higher, while U.S. indices closed mostly in the green overnight, with the S&P 500 and Nasdaq hitting record closing highs.

On Wednesday, October 8, Foreign Institutional Investors (FIIs) were net buyers of Indian equities worth Rs 81.28 crore, marking their second consecutive day of buying. Domestic Institutional Investors (DIIs) were also net buyers, purchasing equities worth Rs 329.96 crore, extending their buying streak to 31 consecutive sessions.

On October 8, Indian markets ended lower, snapping a four-day winning streak. The Nifty 50 declined 62.15 points, or 0.25 per cent, to close at 25,046.15, while the Sensex slipped 153.09 points, or 0.19 per cent, to 81,773.66. Reliance Industries and HDFC Bank were among the major drags. Sectorally, financials and banking stocks saw profit booking, with Nifty Financial Services down 0.39 per cent and Nifty Bank down 0.42 per cent after six straight sessions of gains. The Nifty IT index was the only sectoral gainer, rising 1.51 per cent ahead of TCS’s results, with TCS shares gaining 1.8 per cent. Broader markets underperformed, as Nifty Midcap and Nifty Smallcap indices fell over 0.50 per cent each.

U.S. markets ended higher on Wednesday, supported by strength in technology stocks. The Nasdaq led the gains, driven by artificial intelligence-linked stocks. The Dow Jones Industrial Average was nearly flat, down 1.20 points at 46,601.78, while the S&P 500 rose 39.13 points, or 0.58 per cent, to 6,753.72. The Nasdaq Composite advanced 255.02 points, or 1.12 per cent, to 23,043.38, marking new record highs for both the S&P 500 and Nasdaq. The latest FOMC minutes reflected a divided view among Fed officials, with discussions focused on inflation control and signs of a softening labor market.

The U.S. dollar traded near six-week highs, with the dollar index steady at 98.77. Gold prices witnessed mild profit booking in Asian trade after hitting new records. On Wednesday, front-month gold futures rose 1.7 per cent to close at USD 4,043.40 per ounce — a fresh all-time high. On October 8, gold futures on MCX surged by Rs 2,098, or 1.73 per cent, to settle at Rs 1,23,209 per 10 grams.

Crude oil prices fell on Thursday as the ceasefire between Israel and Hamas reduced geopolitical risk premiums. WTI crude futures dropped to around USD 62 per barrel, while Brent crude slipped below USD 66 per barrel.

For today, RBL Bank will remain on the F&O ban list.

Disclaimer: The article is for informational purposes only and not investment advice.