Sensex, Nifty open marginally higher; IT stocks lead gains

Mumbai, Oct 8 (IANS) The Indian stock markets opened slightly higher on Wednesday amid mixed movement in key stocks on Dalal Street.

The Sensex rose 63 points or 0.08 per cent to 81,990, while the Nifty gained 16 points or 0.06 per cent to trade at 25,124 in early deals.

Titan emerged as the top gainer on the Sensex, rising around 4 per cent intra-day after the company released its Q2 FY26 business update.

Other major gainers included Infosys, TCS, Tech Mahindra, HCL Tech, Asian Paints, and Trent, which climbed up to 2 per cent.

On the other hand, Tata Motors, Power Grid, BEL, HUL, Sun Pharma, and Kotak Bank were among the top losers, slipping up to 1 per cent.

In the broader markets, performance remained subdued. The Nifty MidCap index rose 0.19 per cent, while the Nifty SmallCap index was up 0.23 per cent.

Among sectoral indices, IT stocks led the gains, with the Nifty IT index advancing 1.2 per cent on the NSE.

The Nifty Pharma and Metal indices also moved up by 0.4 per cent each. However, Nifty Realty and Nifty PSU Bank indices were under pressure, falling 0.36 per cent and 0.27 per cent, respectively.

Analysts said the market is likely to remain stock-specific this week as investors track Q2 earnings updates and global cues.

"The ongoing mild rally in the market has support from institutional investment. FIIs turning buyers yesterday is a positive development,” market experts added.

“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," they added.

“Given the prevailing uncertainty and heightened volatility, traders are advised to maintain a cautious ‘buy-on-dips’ stance, particularly in leveraged positions,” as per the experts.

Market experts said that fresh long positions should be considered only if the Nifty sustains above the 25,250 mark.

--IANS

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