The Indian stock markets kicked off the day on a positive note, with both the Nifty and Sensex opening in the green. As of 9:30 am, the Nifty was trading at 24,423.30 points, up by 107 points or 0.44%, while the Sensex stood at 80,164.68 points, marking a gain of 267 points.
In early morning trade, leading stocks like LTI Mindtree showed a significant rise of over 2%, setting a positive tone for the IT sector. Other notable gainers included Tech Mahindra, Tata Steel, BPCL, and Bajaj Finance. Conversely, stocks such as Power Grid, HDFC Life, Apollo Hospitals, Dr. Reddy’s, and HDFC Bank experienced some downward pressure.
Market observers noted that HCL Tech is slated to announce its Q1FY25 results later today, which could influence further movements in the IT sector. Nifty IT and media sectors led the gains, each showing an uptick of over 1% in early trading.
Commenting on market dynamics, Aditya Gaggar, Director of Progressive Shares, emphasized that as long as the Nifty holds above the level of 24,200, the uptrend remains intact. He highlighted 24,460 as a critical resistance level to watch.
Mr. Gaggar also provided insights into sectoral movements, noting the momentum in gas stocks such as Petronet and the strengthening uptrend in sugar stocks like Balrampur Chini and Dalmia Sugar within the FMCG sector.
Regarding specific sectors, he expressed optimism on SunTV in the media segment and suggested caution in the pharma sector due to potential profit booking amid an overall bullish trend. He also highlighted the resurgence of PSE (Public Sector Enterprises) stocks, citing breakout patterns in companies like Engineers India, GMDC, MRPL, and SJVN.
Meanwhile, IT giant TCS released its Q1FY25 results, surpassing market expectations. Siddhesh Mehta, Research Analyst at SAMCO Securities, noted TCS’s robust performance with a constant currency revenue growth of 4.4% in Q1FY25, up from 2.2% in the previous quarter. Despite macroeconomic uncertainties, TCS demonstrated sequential growth across major markets. The stock opened positively, trading at Rs 4,018.8, up by 2.42%.
As the day progresses, market participants are keenly observing earnings announcements and sectoral movements, poised to respond to developments shaping the financial landscape.
