Sensex Rises 990 Points, Nifty 50 Gains 1.46% as IT Stocks Advance and Oil Prices Ease

Market Update at 2:15 PM: The Indian benchmark equity indices, the Sensex and Nifty 50, traded higher on Friday, supported by gains in IT shares and softer oil prices during the Asian trading session.

As of 2:08 PM on October 9, the Sensex rose 990.45 points, or 1.38 per cent, to 72,583.69. The Nifty 50 advanced 325.60 points, or 1.46 per cent, to 22,557.40.

Tata Consultancy Services (TCS), Apollo Hospitals Enterprise and Max Healthcare Institute were the Top Gainers in the Nifty 50 index, supporting the market's upward movement.

In the broader markets, the Nifty MidCap index gained 1.18 per cent, while the Nifty SmallCap index rose 0.16 per cent, indicating gains across Mid-Cap and Small-Cap stocks.

Among sectoral indices, the Nifty IT and Nifty FMCG indices recorded the strongest gains. In contrast, the Nifty Metal and Nifty Pharma indices were the biggest decliners.

Market Update at 11:45 PM: The Indian benchmark equity indices, the Sensex and Nifty 50, traded higher on October 9, supported by gains in information technology (IT) shares and softer oil prices during the Asian session.

As of 11:39 AM, the Sensex rose 789.17 points, or 1.10 per cent, to 72,382.41, while the Nifty 50 gained 260.80 points, or 1.17 per cent, to 22,492.60.

Tata Consultancy Services (TCS), Apollo Hospitals Enterprise and Max Healthcare Institute were the top gainers in the Nifty 50 index.

In the broader markets, the Nifty MidCap index advanced 0.54 per cent, while the Nifty SmallCap index declined 0.17 per cent, indicating mixed performance among broader market segments.

Among sectoral indices, the Nifty IT and Nifty FMCG indices recorded the strongest gains. In contrast, the Nifty Metal and Nifty Pharma indices were the biggest decliners.

Market Update at 09:30 AM: Indian benchmark indices, the Sensex and Nifty 50, opened higher on Friday as oil prices softened during the Asian trading session, supporting positive sentiment in the domestic equity market.

As of 9:18 AM, the Sensex rose 371.71 points, or 0.52 per cent, to 71,964.95. The Nifty 50 gained 121.80 points, or 0.55 per cent, to 22,353.60.

Tata Consultancy Services (TCS), Apollo Hospitals Enterprise and Max Healthcare Institute were the top gainers in the Nifty 50 index during early trade.

In the broader markets, the Nifty MidCap index advanced 0.54 per cent, while the Nifty SmallCap index declined 0.17 per cent, indicating mixed performance across broader market segments.

Pre-Market Update at 7:40 AM: GIFT Nifty indicated a firm start for domestic equities, trading at 22,355 at 6:59 AM IST on October 9. The indicator was 123.2 points, or 0.55 per cent, above the previous Nifty 50 close of 22,231.80.

The positive pre-market indication follows a sharp decline in the previous session, when the Nifty 50 fell 371.25 points, or 1.64 per cent. Global cues remained cautious, with technology-led weakness on Wall Street and major Asian indices trading lower.

Tata Consultancy Services (TCS) has opened the Q2 FY27 earnings season with a 4 per cent quarter-on-quarter increase in net profit to Rs 13,884 crore. Revenue rose 1.3 per cent sequentially to Rs 73,188 crore, while annualised artificial intelligence (AI) revenue reached USD 3.1 billion. The company reported a total contract value of USD 9.6 billion and declared a second interim Dividend of Rs 12 per share. Its results offer an early indication of trends in the IT services sector, which also faces regulatory uncertainty in the U.S.

The U.S. Department of Labor has suspended the processing of new and pending PERM labour-certification applications for companies, including Infosys, TCS, Wipro, HCL and Cognizant, amid an investigation into alleged H-1B programme abuse. The move does not cancel existing H-1B status but delays an employer-sponsored green-card route. The development could remain relevant for major Indian IT exporters with substantial U.S. workforces.

The Reserve Bank of India (RBI) will conduct a 10-day variable-rate reverse-repo (VRRR) auction worth Rs 1.5 lakh crore on October 9 to absorb surplus liquidity from the banking system. Bidding is scheduled between 9:30 AM and 10:00 AM IST, with the funds maturing on October 19. Banking-system liquidity surplus stood at around Rs 4.24 lakh crore as of October 7. Banks, non-banking financial companies and bond-market participants will monitor the impact of the liquidity operation.

The Goods and Services Tax (GST) Council has proposed a 5 per cent GST rate without input-tax credit for specified delivery services supplied through e-commerce operators. The proposal covers non-courier and non-postal delivery services offered through these platforms. If implemented, the measure could affect tax costs across parts of the e-commerce, quick-commerce, food-delivery and Logistics ecosystem.

U.S. equities ended mixed overnight. The Dow Jones Industrial Average gained 0.10 per cent to close at 51,231.64, while the S&P 500 declined 0.47 per cent to 7,765.36. The Nasdaq fell 1.25 per cent to 27,193.34, reflecting pressure on technology shares.

Asian markets were broadly weak in early trade. Japan’s Nikkei declined 1.07 per cent, Hong Kong’s Hang Seng fell 1.43 per cent and the Shanghai Composite was down 0.79 per cent. European markets had also closed lower in the previous session, with Germany’s DAX declining 1.18 per cent and France’s CAC 40 losing 0.51 per cent. The FTSE 100 ended unchanged.

Brent crude traded at USD 103.62 per barrel as of 7:00 AM IST on October 9, down 0.48 per cent. West Texas Intermediate (WTI) crude was at USD 92.52 per barrel, lower by 0.21 per cent. Brent crude remaining above USD 100 per barrel is an important consideration for India as a major oil importer. Elevated energy costs could affect oil marketing companies, airlines, paints, tyres, chemicals and other crude-sensitive businesses.

Gold rose 0.70 per cent to USD 4,162.99, while silver gained 1.23 per cent to USD 59.88. The Dollar Index was marginally lower at 102.045. The rupee traded around Rs 96.78 per U.S. dollar, unchanged from its previous level. The U.S. 10-year Treasury yield eased by 0.004 percentage points to 5.231 per cent.

Foreign institutional investors (FIIs) were net sellers of Rs 12,943.58 crore, while domestic institutional investors (DIIs) were net buyers of Rs 10,703.11 crore in the latest available data. The contrasting flows highlight continued domestic buying amid foreign outflows. India VIX rose 9.94 per cent to 15.27, indicating higher expected volatility without signalling the direction of the market.

On October 8, the Nifty 50 closed at 22,231.80, down 371.25 points, or 1.64 per cent. The index moved between an Intraday high of 22,599.05 and a low of 22,179.90. The Sensex fell 1,045.46 points, or 1.44 per cent, to close at 71,593.24, after touching an intraday high of 72,693.97 and a low of 71,327.75.

Among stocks to watch, TCS reported Q2 FY27 net profit of Rs 13,884 crore, up 4 per cent quarter-on-quarter and 15 per cent year-on-year. Revenue increased 11.2 per cent year-on-year to Rs 73,188 crore, while annualised AI revenue reached USD 3.1 billion. Its reported total contract value of USD 9.6 billion, AI revenue update and Rs 12-per-share interim dividend will remain in focus alongside the U.S. PERM-processing restrictions affecting major IT employers.

JSW Steel reported a 5 per cent year-on-year increase in consolidated crude-steel production to 7.27 million tonnes in Q2 FY27. Indian operations produced 7.07 million tonnes, also up 5 per cent from a year earlier. Capacity utilisation in Indian operations stood at 88 per cent during the quarter and improved to around 90 per cent in September as the Vijayanagar Blast Furnace 3 ramped up. Consolidated crude-steel production for the first half of FY27 rose 4 per cent to 13.86 million tonnes.

P N Gadgil Jewellers reported a 22.4 per cent year-on-year increase in Q2 revenue, while retail sales grew 31.1 per cent. The company plans to open 23 new stores in FY27. Its business update provides an indication of demand across gold, diamond and silver jewellery ahead of the festive season.

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

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