The S&P BSE Sensex climbed 121.48 points, or 0.15%, to 81,328.65 at the open, while the NSE Nifty50 gained 44.20 points, or 0.18%, starting the day at 24,938.45. At around 9:50 AM, Sensex traded 247 pts or 0.3% higher at 81,452, whereas Nifty50 rose 66 pts or 0.27% to 24,960.
Shares of Bajaj Finance, Axis Bank, Bajaj Finserv, TCS and HCL Technologies led gains on the 30-stock Sensex, rising between 0.5% and nearly 2%.
Bank stocks drove the rally, with the sector up 0.44% following strong loan growth in the September quarter. HDFC Bank reported a 10% rise in advances for July-September, while Kotak Mahindra Bank saw a 15% increase in net loan disbursals during the period.
Broader market segments were more subdued, with mid-caps up 0.1% and small-caps gaining 0.3%.
Last week, both the Nifty and Sensex rose roughly 1%, buoyed by gains in banks and metals, alongside growing investor bets on a U.S. Federal Reserve rate cut later this month.In corporate news, Tata Capital, set to launch India’s largest IPO of 2025, opens for subscription today, with a price band set between Rs 310 and Rs 326 per share.
ETMarkets.comTop gainers in early trade on October 6.
Expert views
“The positive sentiments triggered by the growth-stimulating monetary policy face headwinds from the continuing FII selling, but can be sustained by positive news on growth and corporate earnings for FY27, said Dr VK Vijayakumar, Chief Investment Strategist, Geojit Investments, adding that growth is likely to remain strong, assisting in corporate earnings growth of above 15% in FY27.
“The market will be looking forward to a positive resolution of the U.S.-India trade tensions. A trade deal can turn out to be a trigger for a rally in the market. We will have to wait and watch for developments on this front,” said Vijayakumar.
“Fresh money flowing to the market is chasing domestic consumption themes like automobiles, financials and banking, telecom, aviation, metals, cement and digital platform companies. This trend is likely to sustain. The Q1 data on credit and deposit growth from Kotak Mahindra Bank look impressive,” Vijayakumar added.
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Global Markets
Japanese stocks surged more than 4% to an all-time high on Monday after fiscal and monetary dove Sanae Takaichi was elected leader of the ruling party, setting her on course to become Japan’s first female prime minister.
The Nikkei jumped as much as 4.3% to 47,734.04 in early trading, fueled by expectations of aggressive fiscal stimulus. Elsewhere in Asia, markets were subdued with many holidays: Hong Kong’s Hang Seng fell 0.3%, Australia’s benchmark eased 0.1%, and mainland China, South Korea, and Taiwan were closed. U.S. S&P 500 futures pointed 0.2% higher after the cash index hit a record high on Friday.
Gold climbed above $3,900 to a record high, and bitcoin surged to a lifetime peak of $125,653 on Sunday, with investors increasingly turning to alternative assets amid U.S. government shutdown concerns. Bitcoin was trading around $123,590 on Monday.
FII/DII Tracker
On the institutional front, Foreign Institutional Investors (FIIs) sold equities worth a little over Rs 1,583 crore on October 3, while Domestic Institutional Investors (DIIs) were net buyers to the tune of Rs 489.76 crore.
Crude impact
Oil prices gained around 1.5% on Monday after OPEC+ announced a smaller-than-expected boost in monthly production, easing some supply concerns. Analysts, however, say near-term upside may be limited by soft demand prospects.
Brent crude futures climbed 91 cents, or 1.4%, to $65.44 a barrel by 0315 GMT, while U.S. West Texas Intermediate rose 89 cents, or 1.5%, to $61.77.
Rupee vs Dollar
The Indian rupee rose 5 paise to 88.74 against the U.S. dollar in early Monday trade, remaining close to a record low. IPO inflows and expectations of central bank support are expected to provide some cushion against pressure from hedging mismatches this week.
The dollar index, which tracks the greenback against a basket of major currencies, was at 98.02.
(with inputs from agencies)
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