Indian Equity Indices Near Record Highs Amid IT Sector Gains

Indian frontline equity indices are trading near record highs, buoyed by gains in heavyweight IT stocks such as Infosys, Wipro, TCS, and Tech Mahindra. This surge follows a positive revision of revenue guidance for FY25 by Accenture.

As of 9:49 a.m., the Sensex rose 94 points, or 0.11%, reaching 85,930, while the Nifty increased by 46 points, or 0.18%, to 26,262. Both indices set new all-time highs of 85,966 for the Sensex and 26,271 for the Nifty in early trade.

The broader market trend remains positive, with 1,448 shares advancing and 824 shares declining on the National Stock Exchange (NSE). Midcap and smallcap stocks also showed strong performance, with the Nifty Midcap 100 index up 148 points, or 0.25%, at 60,618, and the Nifty Smallcap 100 index rising 96 points, or 0.51%, to 19,359.

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Among sectoral indices, IT, PSU Bank, Auto, Pharma, FMCG, Metal, Private Bank, and PSE were the major gainers, while sectors like Fin Services, Realty, Media, Energy, and Infra lagged behind.

Hardik Matalia, a derivative analyst at Choice Broking, noted, “After a positive opening, Nifty can find support at 26,100, followed by 26,000 and 25,900. On the upside, 26,300 presents immediate resistance, followed by 26,350 and 26,400.”

In the Sensex pack, top gainers included Infosys, Tech Mahindra, Wipro, HCL Tech, TCS, Sun Pharma, Tata Steel, Titan, IndusInd Bank, Tata Motors, JSW Steel, and SBI. Conversely, Power Grid, L&T, Bharti Airtel, M&M, Maruti Suzuki, ICICI Bank, and HDFC Bank experienced losses.

Asian markets are trading briskly, with gains in Tokyo, Shanghai, Hong Kong, and Bangkok, while Seoul and Jakarta are in the slight red. The US markets closed positively on Thursday.

Market experts highlighted a notable trend of large-cap stocks outperforming mid and small-caps, particularly over the last five trading days, during which the Nifty appreciated by 2.85% compared to a mere 0.6% rise in the small-cap index. This trend suggests that smart money is shifting from mid and small-cap stocks to large-caps, which could enhance market resilience.

Foreign institutional investors (FIIs) turned net buyers, purchasing equities worth Rs 629.96 crore on September 26, while domestic institutional investors continued their buying spree with purchases totaling Rs 2,405 crore on the same day.