CHENNAI: On Thursday (Oct 9), Indian equity markets closed with positive momentum, reflecting investor optimism ahead of the upcoming earnings season and supported by favorable global cues. The BSE Sensex rose by 398.44 points, or 0.49 percent, closing at 82,172, while the NSE Nifty50 gained 136.15 points, or 0.55 percent, ending at 25,182.15. Both indices closed at their highest levels in over a week, indicating a strong finish to the trading session.
The IT sector was a key contributor to the market's gains, with stocks like HCL Technologies and Tata Consultancy Services (TCS) advancing by around 2 percent each. Metal stocks rebounded sharply, with the Nifty Metal index rising by 2.04 percent, driven by supply disruptions in global mining operations, particularly at Indonesia's Grasberg mine. Mid-cap and small-cap indices also posted gains, reflecting broad-based investor confidence.
Among individual stocks, Lupin rose 3.6 percent following the announcement of a new manufacturing facility in the United States, while Prestige Estates Projects gained 3.5 percent after reporting strong quarterly sales growth. Global markets provided a supportive backdrop, with Asian indices trading higher and investor sentiment boosted by optimism surrounding artificial intelligence developments and expectations of further interest rate cuts by the US Federal Reserve.
Market participants are closely monitoring the upcoming corporate earnings season for further direction. Investor attention is also turning to initial public offerings (IPOs), with LG Electronics' IPO receiving strong subscription interest.