Tata Steel Leads Early Gains; Sensex Pares Rally

Markets opened higher today, with the Sensex up about 300 points at roughly 72,770-72,800 against Friday’s close of 72,472.33. The Nifty opened above 22,590, ahead of Friday’s close of 22,520.45. Easing crude (Brent down about 1.45% to around $103) and a sharp rupee rally helped the open. The gains didn’t hold, though. By 10 AM the Sensex was about 600 points off its day’s high and the Nifty was back near 22,500, as IT, FMCG and bank stocks weighed, with PSU banks a drag.

is the standout stock. It led the Sensex gainers in early trade with a gain of about 0.95%, helped by its September-quarter production and delivery update. Other early gainers: M&M, Bharat Electronics, Trent, Bajaj Finance, L&T and TCS. Trent is still riding last week’s strong Q2 update. Broader markets are doing better than the headline indices. Nifty Midcap is up about 0.44% and Smallcap about 1.04%. HCL Technologies reports Q2 results today, along with ICICI Prudential AMC and RBL Bank, so IT and financials may move on those numbers. Foreign selling continues. FIIs sold about ₹3,569 crore of shares on Friday, and an upcoming inflation reading is another risk.