Nifty above 22,700 as financial, chemical and oil & gas stocks gain
The Nifty traded above the 22,700 mark. Among sectoral indices, all except Nifty IT traded in the green. Nifty Financial Services, Nifty Chemicals and Nifty Oil & Gas were the top gainers. Crude oil prices steadied after falling nearly 2% earlier in the day, with Brent crude futures trading at around $100 a barrel.
At 13:22 IST, the S&P BSE Sensex rose 536.03 points, or 0.74%, to 72,918.50, while the Nifty 50 index gained 157.15 points, or 0.70%, to 22,712.90.
In the broader market, the Nifty MidCap 150 index rose 0.76% and the Nifty SmallCap 250 index advanced 0.96%.
Market breadth remained strong. On the NSE, 2,325 shares rose, while 1,156 shares declined. A total of 112 shares were unchanged.
Economy:
The World Bank raised India?s FY27 GDP growth forecast to 7.1% from 6.6%, citing resilient domestic demand and strong momentum in consumption, investment and exports. Investment and exports grew around 12% in Q1 FY27, while services remained the largest driver of domestic growth. The bank also raised its 2026 South Asia growth forecast to 6.9% from 6.3%, while lowering the forecast for the region excluding India to 3.6% from 4.1%. Higher energy prices and El Ni?o remain key risks to the outlook.
Meanwhile, India?s services sector strengthened in September, with the seasonally adjusted HSBC India Services PMI Business Activity Index rising to 55.2 from 54.1 in August, marking the strongest growth since June. However, the average growth during Q2 FY27 was the weakest since the quarter ended March 2022. The improvement was supported by stronger domestic demand, while export business continued to expand at a slower pace. Input-cost pressures eased to a 10-month low, reducing the need for price increases, while service providers? expectations for future activity improved for the second consecutive month.
Buzzing Index:
The Nifty IT index was down 1.14% at 27,978, despite gains in global technology stocks overnight. Concerns over AI-driven disruption to traditional IT services continued to weigh on Indian IT stocks.
Among its components, Tech Mahindra (down 2.26%), Infosys (down 1.32%), Coforge (down 1.21%), Tata Consultancy Services (down 1.2%), Mphasis (down 1.14%), LTM (down 0.97%), Persistent Systems (down 0.88%), Wipro (down 0.78%), HCL Technologies (down 0.56%) and Oracle Financial Services Software (down 0.08%) slumped.
Stocks in Spotlight:
Trent surged 11.83% after the company reported strong revenue growth for the second quarter and the first half of FY27, supported by continued expansion across its retail formats.
The company's standalone revenue from operations, excluding GST, rose 23% year on year to Rs 5,788 crore in Q2 FY27 from Rs 4,724 crore in Q2 FY26. Revenue for the first half of FY27 increased 21% to Rs 11,454 crore from Rs 9,505 crore in the corresponding period a year earlier. Trent crossed the 1,000-store milestone for its Zudio format during the quarter. As of 30 September 2026, the company's portfolio stood at 1,342 stores across Westside, Zudio and other lifestyle brands.
BGR Energy Systems hit the upper circuit of 5% after the company entered into a Master Restructuring Agreement with National Asset Reconstruction Company (NARCL). NARCL is acting through India Debt Resolution Company under the agreement to restructure BGR Energy's outstanding debt.
Steamhouse India hit an upper limit of 10% after the company reported strong growth in consolidated profit for Q1 FY27. Consolidated net profit rose 80.25% YoY and 30.12% QoQ to Rs 18.34 crore in Q1 FY27. Revenue from operations increased 13.35% YoY but declined 7.10% QoQ to Rs 128.62 crore. The company said the YoY revenue growth was primarily driven by a 46.07% increase in steam sales.
Global Market:
US stock futures traded higher on Tuesday, 6 October 2026, signalling a positive opening on Wall Street. Dow futures were up around 289 points.
European shares rose towards one-week highs, led by healthcare stocks after Genmab reported positive drug-trial results, while euro zone bond yields eased after a recent surge.
Asian stocks traded higher, tracking an overnight rally on Wall Street led by technology and artificial intelligence-linked stocks. Mainland Chinese markets remained closed for a holiday.
US stocks ended higher on Monday, with the Nasdaq Composite closing at a record high as technology stocks gained. The Dow Jones Industrial Average rose 0.18% to 51,267.90, while the S&P 500 gained 0.66% to 7,773.95. The Nasdaq advanced 1.05% to 27,477.31.
AI-linked stocks led the gains. Nvidia rose 2.12% to a record closing high, while Microsoft, Meta Platforms and Tesla also advanced. Nvidia's market capitalisation rose to about $5.76 trillion.
US Treasury yields remained elevated despite the equity rally. The 10-year Treasury yield rose to around 5.31%, its highest level since April 2002, while the 30-year yield climbed to around 5.69%.
Crude oil prices steadied on Tuesday after falling nearly 2% on Monday, as increased Middle East exports and supply commitments eased concerns over shortages. Brent crude settled at around $100.32 a barrel on Monday.
The Federal Reserve's minutes from its September 15-16 meeting are due on Wednesday, 7 October, and will be watched for clues on policymakers' views on inflation, employment and the future path of interest rates.
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