Nifty and Sensex Open Higher, Realty and Metal Stocks Lead Gains; Tata Share Price Q2 Earnings in Focus

Tata Share price Q2 Earnings in Focus

After a choppy trading session, the Indian stock market started strong on October 10, with both the Nifty and Sensex showing positive momentum, primarily driven by gains in realty and metal stocks. The markets are now shifting their focus to the Q2 earnings season, which kicks off today with Tata Consultancy Services (TCS), India’s largest IT firm, set to release its quarterly results.

As of 9:20 AM, the Sensex was up 244.93 points, or 0.30%, to reach 81,712.03, while the Nifty rose 80.00 points, or 0.32%, to hit 25,062.00. Market breadth was positive, with 1,763 shares advancing, 491 declining, and 125 remaining unchanged.

Kranthi Bathini, Director of Equity Strategy at WealthMills Securities, commented, “Even as we begin the day in green, the market remains in a consolidation phase as investors adopt a wait-and-watch approach due to ongoing escalations in the Middle East.” Bathini emphasized that despite global uncertainties, investor sentiment toward India remains positive, with strong inflows of foreign direct investment (FDI).

Tata Share Price, Adani and More Key Stocks in Focus

Among individual stocks, Adani Enterprises is in the spotlight as it launches the first tranche of its qualified institutional placement (QIP) offering, aiming to raise up to $500 million. The company plans to launch a second QIP in the coming months, with a total fundraising target of Rs 16,600 crore (approximately $2 billion), as approved by the board in May.

Tata Consultancy Services (TCS) will also garner significant attention today as it announces its Q2 earnings. Investors are particularly interested in how demand recovery and the Generative AI (Gen AI) pipeline have impacted the company’s performance, especially after rival Accenture reported a strong surge in demand for Gen AI projects. According to market reports, TCS is expected to post 2.1% sequential revenue growth and 7.1% year-on-year growth, bringing its total revenue to approximately Rs 63,938 crore.

Mid and Small Cap Gains

The broader market also showed signs of strength, with mid-cap and small-cap indices rising 0.4% and 0.6%, respectively. Despite concerns over rich valuations, both segments have significantly outperformed the Nifty since the start of the year. The India VIX, a gauge of market volatility, cooled down by 1.3%, dropping to the 14 levels, indicating reduced market anxiety.

Key Levels to Watch for Nifty and Bank Nifty

According to Hardik Matalia, Derivative Analyst at Choice Broking, Nifty may find support at 24,950, followed by 24,850 and 24,700. On the upside, 25,100 could serve as immediate resistance, with 25,200 and 25,300 being key levels to watch.

For Bank Nifty, Matalia noted, “The index could find support at 50,800, followed by 50,500 and 50,200. If it advances, 51,200 will be the first resistance, followed by 51,400 and 51,500.”

Top Gainers and Losers

In early trading, L&T, NTPC, Bharat Electronics, Axis Bank, and Bajaj Auto were the top gainers on the Nifty. On the losing side, Adani Enterprises, Tata Motors, Apollo Hospitals, Infosys, and HUL saw declines.

Sector Performance

All sectors opened higher, led by realty and metal stocks, which saw notable gains. The Nifty IT index traded slightly in the green, with investors eagerly awaiting TCS’s Q2 results.

As the markets gear up for the earnings season, the performance of blue-chip stocks like TCS and major fundraising efforts by companies like Adani Enterprises will be closely monitored, with global factors and domestic developments shaping investor sentiment.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Always consult a certified expert before making any investment decisions.

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