Indian equity benchmarks opened the week on a firm note but could not hold on to their early gains on Monday. Selling in IT, FMCG and bank stocks pulled both indices well below their intraday highs.
The Sensex opened about 370 points higher at 72,842.90, while the Nifty 50 rose to 22,627.50. The start followed a strong close on Friday, when the Sensex ended at 72,472.33, up 1.23%, and the Nifty settled at 22,520.45, up 1.30%. By mid-morning, though, the indices had erased their gains from the day’s high as IT, FMCG and bank shares weighed. Business Standard reported that the Sensex was about 600 points off its peak, with the Nifty hovering near 22,500 and PSU banks adding to the pressure.
Why the early optimism
The positive opening had some support. The rupee opened strongly against the dollar, and Gift Nifty pointed to a mildly constructive start with some relief from softer crude prices. Friday’s rally was led by IT stocks after TCS’s quarterly numbers, and the Nifty ended an eight-week losing streak, recovering from the April 2026 low of 22,182.
Cautions remain
Foreign investors are still a worry. FIIs offloaded equities worth Rs 3,568.90 crore on October 9. Global risks also persist, with Asian markets staying volatile as investors braced for the earnings season amid swings in oil prices linked to attacks on shipping and airports in the Gulf. Analysts say continued FII selling could cap the upside, while buying in IT and other heavyweights may support the indices.
Earnings today
On the results calendar, HCL Technologies, ICICI Prudential Asset Management Company, RBL Bank and Swaraj Engines announce their Q2 earnings today. HCL Tech’s numbers will be closely watched for cues on the IT sector’s direction after TCS set the tone last week.
Investments in securities markets are subject to market risk. This report is for information only and is not investment advice.
Add Business Connect magazine to your Google News feed