The benchmark indices closed in the green on Monday as the 30-share BSE Sensex stood at 81,790.12, registering a jump of 582.95 points and the Nifty50 ended at 25,077.65, climbing 183.40 points.
Earlier today, the markets had opened on a muted note before rising eventually. Market sentiment this week is governed by a mix of factors including the anticipated domestic macroeconomic data, corporate earnings, as well as global developments.
The top gainers included TCS, TechMahindra, Eternal, Axis Bank and Bajaj Finance, and among the laggards were stocks like ICICI Bank, Asian Paints, Tata Motors, ITC and NTPC.
Additionally, the second-quarter results season will take centre stage as IT major Tata Consultancy Services (TCS) kicks off the earnings calendar on October 9, according to analysts.
Further, foreign portfolio investors (FPIs), who remained net sellers through September, will also be closely monitored. FPIs withdrew Rs 23,885 crore (approximately $2.7 billion) from Indian equities last month, taking year-to-date outflows to Rs 1.58 lakh crore ($17.6 billion).
IT Sector In Focus
The broader tone of the IT sector will be set by the upcoming TCS results, according to market watchers, and this is navigating a challenging environment by global layoffs, which is a steep $100,000 H-1B visa fee hike, and the proposed 25 per cent outsourcing tax by the Trump administration.
“After recent corrections, investor confidence was reinforced by the Reserve Bank of India’s optimistic growth outlook,” said Vinod Nair, Head of Research at Geojit Financial Services.
