Benchmark equity indices continued their winning streak for a fifth consecutive session on Wednesday, supported by optimism around second-quarter business updates and sustained institutional inflows.
The S&P BSE Sensex opened firm and was trading 159.69 points higher at 82,086.44 around 9:22 am, while the NSE Nifty50 advanced 39.15 points to 25,147.45. Broader market indices also mirrored the positive sentiment, with most trading in the green.
Shares of Tata Group companies were in focus amid reports of growing divisions within Tata Trusts over governance and board-related matters.
Among sectoral indices, IT stocks led the gains, with Infosys, TCS, Tech Mahindra, and HCLTech rising in early trade. Titan emerged as the top gainer on the Sensex, surging over 3.5 percent.
Dr VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, “The ongoing mild rally in the market has support from institutional investment. FIIs turning buyers yesterday is a positive development. But it is too early to say that this trend will sustain. The out-performers this year like the U.S., Japan, Hong Kong, South Korea and Brazil have momentum in their favour. But since the valuation differential between India and other markets has come down, FIIs may view India more favourably.”
He added that the upcoming results season, beginning October 9, will bring significant market activity. “Since most of the results of large players are already discounted by the market, the management commentary and guidance will be closely watched. There are reports of unprecedented demand and sales of automobiles and consumer durables in this festival season. These will be reflected only in the Q3 results. So watch out for the high-frequency data from the real markets,” he noted.
Anand James, Chief Market Strategist at Geojit Financial Services, said that volatility emerged after Nifty tested the 25,200 level. “A hammer candlestick pattern formed yesterday reflects our concerns. As maintained earlier, expect sideways moves or a slip towards 25,030–25,000, unless we see a direct rise above 25,200. We do not expect an outright reversal though,” he added.
