Nifty, Sensex Snap 4-Day Winning Streak; Nifty IT Tops Gainer

Market Update at 4:15 PM: On Wednesday, October 8, Indian equity benchmark indices closed lower, snapping a four-day winning streak. The Nifty 50 opened on a flat note, tracking cues from Asian markets, and jumped to its Intraday high in early trade. However, profit-booking in the latter part of the session led the Nifty to close in negative territory.

At the close, the Nifty 50 declined 62.15 points, or 0.25 per cent, to settle at 25,046.15, while the Sensex slipped 153.09 points, or 0.19 per cent, to end at 81,773.66. Reliance Industries and HDFC Bank were major drags on the indices amid profit-booking pressure.

Heavyweight financials and banking stocks also edged lower, with the Nifty Financial Services and Nifty Bank indices falling 0.39 per cent and 0.42 per cent, respectively. Both sectors had seen gains over the last six sessions, aided by RBI measures to boost bank lending and positive pre-earnings updates from major banks for the September quarter.

In contrast, the Nifty IT index was the only sector to record gains, surging 1.51 per cent ahead of TCS’s Quarterly Results scheduled for Thursday. TCS shares rose 1.8 per cent, supporting the sector rally.

Among individual stocks, Tata Motors fell over 2 per cent for the fourth consecutive session, after its luxury car unit Jaguar Land Rover reported Q2 wholesale and retail volumes down 24.2 per cent and 17.1 per cent, respectively. Titan Company gained 4.3 per cent following an 18 per cent growth in domestic sales in the September quarter. Salzer Electronics was locked in a 20 per cent Upper Circuit after winning a patent for a compact high-voltage safety device. Saatvik Green Energy rose 2.5 per cent after securing Solar module orders worth Rs 488 crore and Rs 219 crore.

Key contributors to Nifty 50 gains included Infosys (+26.31 points), Titan Company (+13.21 points), and Tata Consultancy Services (+12.87 points). On the downside, Reliance Industries (-25.83 points), HDFC Bank (-17.65 points), and Mahindra & Mahindra (-13.10 points) weighed on the index.

The broader markets ended in red. The Nifty Midcap 100 index declined 0.73 per cent, while the Nifty Smallcap 100 closed up 0.52 per cent, ending a four-day winning streak. Market breadth favoured declining stocks, with 1,864 advancing, 1,250 declining, and 93 unchanged out of 3,207 stocks traded on the NSE.

A total of 98 stocks touched their 52-week highs, while 94 hit their 52-week lows. Additionally, 103 stocks were locked in upper circuits, whereas 51 were in Lower Circuits.

Market Update at 12:30 PM: The benchmark Indian equity indices gave up early gains and were trading lower during intra-day deals on Wednesday. At 11:30 AM, the BSE Sensex was down 208 points or 0.25 per cent at 81,718, while the NSE Nifty declined 75 points or 0.30 per cent to 25,033.

Titan Company emerged as the top gainer on the Sensex, rising 4 per cent intraday after releasing its business update for the second quarter of FY26. The update boosted investor sentiment toward the stock amid expectations of strong festive season performance.

Other major gainers on the Sensex included Infosys, Tata Consultancy Services (TCS), Tech Mahindra, and Bharti Airtel, each advancing up to 2 per cent. In contrast, Power Grid, Tata Motors, Bharat Electronics (BEL), Mahindra & Mahindra (M&M), and Reliance Industries (RIL) were the top laggards, slipping by up to 1.33 per cent.

In the broader market, the Nifty Midcap 100 and Smallcap 100 indices fell 0.34 per cent and 0.41 per cent, respectively, indicating mild profit booking across mid and Small-Cap stocks.

Among sectors, the Nifty IT index gained 1.2 per cent on the NSE, supported by buying in Large-Cap IT firms. The Nifty Pharma and Metal indices also moved higher by 0.4 per cent each. On the downside, the Nifty Realty index slipped 0.36 per cent, while the Nifty PSU Bank index was down 0.27 per cent.

Market Update at 10:15 AM: India’s equity benchmarks opened little changed on Wednesday, following a four-day streak of gains, as financial stocks paused after a rally fueled by optimism over strong pre-earnings updates and the Reserve Bank of India’s (RBI) lending reforms.

The Nifty 50 eased 0.01 per cent to 25,105.15, while the BSE Sensex added 0.06 per cent to 81,977.69 as of 9:16 a.m. IST. Nine of the 16 major sectors logged gains at the open, while broader small-cap and Mid-Cap indices traded largely flat.

Heavyweight financials and banking stocks fell about 0.3 per cent each, after posting gains over the last six sessions. Last week, the RBI allowed banks to fund acquisitions and raised the cap on loans for buying shares at initial public offerings (IPOs) as part of measures to boost lending.

Positive pre-earnings updates from banks for the September quarter further supported the market. These factors contributed to the Nifty 50 and Sensex rising about 2 per cent each over the past four sessions.

Pre-Market Update at 7:30 AM: Equity benchmark indices Sensex and Nifty 50 are expected to open flat on Wednesday, October 8, following mixed global cues. At 7:06 AM, the GIFT Nifty was trading at 25,212, down by 12 points, indicating a subdued start for domestic equities.

In global developments, Union Minister for Commerce and Industry Piyush Goyal stated that India and the United States continue to hold talks on the proposed bilateral trade agreement (BTA) to meet the November 2025 deadline. Meanwhile, British Prime Minister Keir Starmer has begun a two-day visit to India with over a hundred delegates from the business, culture, and academic sectors to boost cooperation under the recently signed trade deal.

Back home, markets are keeping a close watch on pre-quarterly business updates ahead of the Q2 FY26 earnings season. Analysts expect Indian equities to trade within a range in the near term, with movements likely to be stock-specific and influenced by sectoral trends, festive demand, and upcoming earnings announcements.

In early trade, Asian markets were trading higher, while U.S. markets closed lower overnight as the S&P 500 snapped its seven-day winning streak.

On Tuesday, October 7, Foreign Institutional Investors (FIIs) turned net buyers after ten consecutive sessions of selling, purchasing equities worth Rs 1,440.66 crore. Domestic Institutional Investors (DIIs) were also net buyers for the 30th straight session, investing Rs 452.57 crore.

On October 7, the Nifty 50 extended gains for the fourth session, closing 34.35 points or 0.12 per cent higher at 25,108.30, while the Sensex rose 136.63 points or 0.17 per cent to 81,926.75. Financial stocks led the gains, supported by positive pre-earnings updates and recent RBI lending reforms. Among sectoral indices, six of eleven ended higher, with Nifty Financial Services and Bank Nifty up 0.24 per cent each. HDFC Bank and ICICI Bank gained nearly 1 per cent each, aiding the uptrend.

Broader markets outperformed, as both Nifty Midcap and Nifty Smallcap indices ended higher. Investor interest was also visible in the primary market, where Tata Capital and LG Electronics India issues opened for subscription.

US markets ended lower on Tuesday as investors booked profits after recent gains. The Dow Jones Industrial Average fell 91.99 points or 0.20 per cent to 46,602.98. The S&P 500 dropped 25.69 points or 0.38 per cent to 6,714.59, while the Nasdaq Composite declined 153.30 points or 0.67 per cent to 22,788.36.

Japanese real wages fell 1.4 per cent year-on-year in August, marking the eighth consecutive month of decline, reflecting pressure on household purchasing power. The U.S. dollar strengthened to its highest level in six weeks, with the dollar index rising 0.50 per cent to 98.616.

Gold prices surged to a new all-time high, nearing the USD 4,000 per ounce mark. Spot gold rose 0.3 per cent to USD 3,995.14 per ounce, after hitting an intraday high of USD 3,999.09. On the MCX, gold futures settled at Rs 1,21,111 per 10 grams, up by Rs 862 or 0.72 per cent.

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

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