SENSEX rises nearly 350 points, NIFTY50 reclaims 25,250 led by HDFC Bank, SBI; TCS falls after Q2 earnings

The Indian equity benchmarks moved higher on Friday, October 10, led by gains in index heavyweights like HDFC Bank, State Bank of India, Reliance Industries, Larsen & Toubro, ITC and Power Grid. The SENSEX rose as much as 347 points and NIFTY50 index reclaimed its important psychological level of 25,250.

As of 9:46 am, the SENSEX was up 338 points at 82,511 and NIFTY50 index rose 95 points to 25,279.

The markets have been witnessing buying interest since the start of this week after data showed that foreign institutional investors turned net buyers in Indian markets after a long spell of remaining net sellers.

Foreign institutional investors bought shares worth ₹1,308 crore on Thursday while domestic institutional investors bought shares worth ₹864 crore, data from the National Stock Exchange showed.

Global market update

Meanwhile, most of the Asian markets were trading lower following a dip in the US markets after investors turned cautious of expensive valuations following the recent rally in US stocks.

Japan's Nikkei fell 0.75%, Hong Kong's Hang Seng declined 0.93%, Singapore's Straits Times declined 0.32% and China' Shanghai Composite dropped 0.12%.

Overnight, US stocks edged lower on Thursday as investors turned cautious of stretched valuations after the recent run up which took the Wall Street to record highs.

The S&P500 fell 0.28%, tech heavy Nasdaq declined 0.08% and Dow Jones Industrial Average declined 0.52%.

Sectoral landscape and broader markets

Ten of 15 major sector gauges compiled by the National Stock Exchange were trading higher led by the NIFTY Realty index's 1% gain. NIFTY PSU Bank, Bank, Financial services, Oil & Gas and Consumer Durables indices also rose around 0.5%.

On the flipside, metal and select IT shares were facing sessling pressure. Metal stocks declined on account of profit booking while IT index was under pressure after the country's largest IT company Tata Consultancy Services on Thursday said that its headcount fell by nearly 20,000 employees in a quarter, a number 66 per cent more than the planned layoffs the company had announced, as it realigns workforce amid changed business dynamics.

According to Q2 FY26 data on its website, the company's headcount has dropped to 5,93,314 on September 30 compared to 6,13,069 on June 30, down by 19,755 people.

The Mumbai-based IT company reported a consolidated net profit of ₹12,075 crore in the second quarter of the current financial year, marking an annual increase of 1.4% from ₹11,909 crore in the same period last year. On a sequential basis, however, TCS' net profit declined 5.4% from ₹12,760 crore in the previous quarter.

Broader markets were largely in line with the benchmark indices as NIFTY Midcap 100 index rose 0.3% and NIFTY Smallcap 100 index advanced 0.44%.

NIFTY50 gainers and losers

Power Grid was top gainer in the NIFTY50 index, the stock rose 1.4% to ₹290. Adani Ports, ONGC, Axis Bank, State Bank of India, NTPC, Bharat Electronics and SBI Life also rose between 0.8-1.3%.

On the flipside, Tata Steel, JSW Steel, Hindalco, Mahindra & Mahindra, Tech Mahindra and Shriram Finance were among the laggards in the NIFTY50 index.

The overall market breadth was positive as 2,370 shares were advancing while 897 were declining on the BSE.