CHENNAI: Indian equity markets opened on a mildly positive note on Monday, October 6, with support coming mainly from banking and financial stocks. The mood was cautiously optimistic as investors tracked upcoming IPOs and movements in the rupee.
At 9:15 a.m., the BSE Sensex was up about 0.08% at 81,274.79, while the Nifty 50 gained 0.09% to trade around 24,916.55. Among the major sectoral indices, banking led the early gains with an increase of about 0.4%. The mid-cap and small-cap segments also saw modest strength in early trade.
Market sentiment was supported by strong quarterly loan growth reported by major lenders. HDFC Bank posted nearly 10% growth in advances, and Kotak Mahindra Bank reported around 15% growth in net disbursements. These figures lifted confidence in the broader financial sector, which carries significant weight in benchmark indices.
Investors also focused on the Tata Capital IPO, which opened for subscription on Monday. Analysts said the listing could attract substantial institutional flows, while upcoming IPOs such as LG Electronics India are expected to add further depth to the market in the coming weeks.
On the currency front, the Indian rupee hovered near its record low of ₹88.80 per dollar. Traders noted likely intervention by the Reserve Bank of India (RBI) through state-run banks to limit volatility. The central bank’s action helped stabilize market sentiment despite global pressures.
Global cues were mixed as most Asian markets traded flat to slightly positive. Analysts warned that the week could be volatile, with October 6, 7, and 9 identified as potential high-movement days due to key data releases and global developments.
Technically, the Nifty managed to hold above its 50-day moving average, seen as a short-term support zone. Analysts placed key support levels at 24,750–24,600 and resistance around 25,000–25,200.
Despite the early uptick, foreign investor outflows and a weak rupee remain areas of concern. Analysts said upcoming corporate earnings will play a decisive role in sustaining momentum, especially if valuations are to remain justified.
Overall, Indian markets began the week on a steady note, with selective strength in banks and financials offsetting external pressures. Traders are expected to remain cautious as they watch earnings announcements, IPO trends, and global cues over the next few sessions.