Stock Market Today Highlights, Oct 6: Sensex Ends 685 Points Higher, Nifty at 22,776; Pharma, Oil & Gas Shares Outperform

• The Ministry of Defence (MoD) has signed a Rs 661.5 crore contract with BrahMos Aerospace Pvt. Ltd. for the procurement of BrahMos Fire Control Systems and Launchers for Indian Navy warships.

• The procurement has been awarded under the Buy (Indian-IDDM) category and was signed in the presence of Defence Secretary Rajesh Kumar Singh.

• The project has a minimum 68% indigenous content and is expected to support participation from Indian industries, including MSMEs.

• The contract is expected to generate employment over the next three years and further strengthen India's indigenous defence manufacturing ecosystem.

• The BrahMos missile system serves as the Indian Navy's primary surface-to-surface missile (SSM) platform for maritime strike operations and is capable of engaging land and sea targets at extended ranges with supersonic speed.

• The development is aimed at enhancing India's maritime security and defence capabilities.

• Bondada Engineering said Battery Energy Storage Systems (BESS), defence and data centres are emerging as key sunrise sectors for the company.

• The company said its integrated manufacturing plant is expected to become operational in FY28.

• Bondada Engineering expects its existing capacity to double in FY28, supporting future growth plans.

• The company said it has identified multiple land parcels for upcoming projects.

• Management noted that defence project revenues are contributing to both growth and margins.

• Bondada Engineering added that project execution remains on track despite prevailing headwinds.

• Barclays told NDTV Profit that there is no need for the RBI to deliver a hawkish rate hike at the upcoming policy meeting.

• The brokerage noted that market instruments are currently pricing in more than a 25 basis points rate hike.

• Barclays expects liquidity tightening and monetary tightening to co-exist in the current environment.

• The brokerage expects the RBI to keep its policy stance unchanged.

• Barclays expects the central bank to raise interest rates by 25 basis points in the policy announcement.

• Capacite Infraprojects has received a Letter of Acceptance (LoA) from Chennai Metro Rail Ltd.

• The company has secured an order worth Rs 369 crore from Chennai Metro Rail.

• The contract is for construction work near Thirumangalam Metro Station.

• Tata Power Solaroof, a rooftop solar solutions business of Tata Power Renewable Energy Ltd. (TPREL), reported 88,397 rooftop solar installations in Q2 FY27, up 33% year-on-year from 66,447 installations in the corresponding quarter last year.

• The company added 426 MWp of rooftop solar capacity during the quarter, registering a 15% year-on-year growth compared to 369 MWp in Q2 FY26.

• During H1 FY27, Tata Power Solaroof installed more than 1.68 lakh rooftop solar systems, marking a 50% year-on-year increase from 1.13 lakh installations in the year-ago period.

• Rooftop solar capacity additions in the first half of FY27 stood at 801 MWp, up 25% from 639 MWp installed during the corresponding period of FY26.

• The company said the growth reflects strong demand for rooftop solar solutions across residential and commercial segments.

• Tech Mahindra has expanded its partnership with Google Cloud to scale Gemini Enterprise capabilities across its workforce and support growing enterprise demand for production-ready AI solutions.

• The company will roll out the 'Build with Gemini' programme to more than 12,500 associates globally, providing hands-on training in building, securing and governing AI agents using Gemini Enterprise, Agent Runtime, Agent Gateway and Model Armor.

• Tech Mahindra said the initiative strengthens its portfolio of agentic AI solutions, industry-specific offerings and deployment capabilities across sectors including telecom, financial services, manufacturing and retail.

• Associates completing the programme will earn a Google Cloud Skill Badge, further enhancing the company's AI-skilled talent pool.

• The company said the initiative is aligned with its 'AI Delivered Right' strategy, aimed at helping clients move from AI experimentation to large-scale deployment and measurable business outcomes.

• The announcement was made as part of Tech Mahindra's ongoing collaboration with Google Cloud to drive enterprise AI adoption.

• Brent crude declined 1% to $99.20 per barrel.

• The slide takes Brent back below the $100-a-barrel mark after recent gains driven by supply and geopolitical concerns.

• Crude prices remain in focus for Indian markets due to their impact on inflation, the rupee and the country's import bill.

• Bajaj Auto will announce its Q2 FY27 financial results on Oct. 27.
• The company disclosed the earnings announcement date in an exchange filing.
• Investors will track the company's performance across domestic and export markets during the quarter.

• H.G. Infra Engineering said the Bengaluru Tax Department has dropped a tax demand worth Rs 94 crore.
• The withdrawal of the demand provides relief to the company.

• Axiscades Technologies has incorporated a new step-down subsidiary, XIDA Deeptech.

• The subsidiary has been established to focus on businesses in electronics, semiconductors, artificial intelligence (AI) and deep-tech domains.

• The company disclosed the incorporation in an exchange filing.

• The move is aimed at expanding Axiscades' presence in emerging technology-led sectors.

• The Insurance Brokers Association of India (IBAI) has opposed IRDAI's proposed distribution reforms and sought the intervention of Prime Minister Narendra Modi.

• IBAI has flagged proposed commission caps across more than 30 insurance products and distribution channels and opposed the proposed one-third reduction in insurers' Expense of Management (EoM) limits.

• The brokers' body said the insurance distribution ecosystem supports more than 83 lakh professionals and warned that the proposed changes could put the livelihoods of around 10 lakh people at risk.

• IBAI cautioned that tighter commission caps could lead to job losses across sales, service and claims functions, and may weaken the viability of independent insurance brokers.

• The association also warned that stringent caps could revive off-book payments within the industry.

• IBAI has sought retention of the 2023 EoM framework until 2028, opposed hard caps on commissions and called for a comprehensive impact assessment before implementation of new rules.

• The brokers' body has requested a meeting with the Prime Minister ahead of the Oct. 25 consultation deadline.

• IBAI has also sought an extension of the timeline for submitting recommendations on the consultation paper to December-end, instead of the October deadline currently proposed by the regulator.

• Max Estates reported Q2 pre-sales of Rs 2,100 crore, compared with Rs 156 crore in the year-ago period.

• The company said pre-sales were aided by 'Max One', which contributed Rs 584 crore during the quarter.

• Q2 collections stood at Rs 560 crore.

• The company said it is preparing for new project launches in Noida and Gurugram during Q3 and Q4.

• The business update was disclosed in exchange filings.

• Religare Enterprises has appointed Gaurav Sharma as its Chief Technology Officer (CTO).
• The company disclosed the appointment in a regulatory filing.
• Sharma will lead the company's technology function and digital initiatives.

• Shakti Pumps (India) has secured orders worth Rs 112.2 crore from Maharashtra State Electricity Distribution Co. Ltd. (MSEDCL).
• The orders are for the supply of solar photovoltaic (PV) pumping systems.

• Abneesh Roy of Nuvama Institutional Equities said consumer companies could benefit from operating leverage, while the sector may deliver high single-digit EBITDA growth.

• The brokerage expects Marico to see an expansion in gross margins and said it is not unduly concerned about EBITDA growth trends across the consumer sector.

• Nuvama maintains a positive view on Trent, citing its larger scale in the apparel market and expecting the company's growth momentum to continue.

• Among staples, the brokerage's preferred picks are Marico, Radico Khaitan and United Breweries (UBL).

• Nuvama is also positive on Tata Consumer Products, Hindustan Unilever (HUL), Nykaa and Honasa Consumer.

• The brokerage has a negative view on ITC, citing the impact of price hikes.

• Nuvama expects consumer companies to benefit from the festive season in Q3, providing support to demand and earnings growth.

• Dabur India said it expects consolidated revenue growth in double digits for the second quarter.

• The company said its India FMCG business sustained its growth momentum, with domestic FMCG revenue also expected to grow in double digits.

• Home and Personal Care revenue is expected to register double-digit growth during the quarter.

• Dabur said its hair oils and shampoos portfolio is likely to deliver growth in the high teens.

• The company expects Q2 FY27 to mark its fourth consecutive quarter of double-digit growth.

• The business update was disclosed in exchange filings.

• Jio Platforms is likely to seek a valuation of around Rs 11 lakh crore ($114 billion) in its proposed initial public offering, according to a Bloomberg report.

• The company is said to be planning to open its IPO in the week of Oct. 19 and complete the listing before Oct. 30, though the timeline remains subject to change.

• At the proposed valuation, the IPO would be worth around $3.4 billion, making it potentially India's largest-ever IPO, surpassing the record set by Hyundai Motor India's 2024 offering.

• Bloomberg reported that Jio has completed initial demand assessments and is expected to begin investor meetings on valuation and pricing this week.

• The telecommunications and digital services arm of Reliance Industries had filed draft papers in June for an issue of up to 270 million new shares, equivalent to about 2.93% of post-issue equity capital.

• The proposed valuation is lower than earlier estimates that had ranged between $130 billion and $170 billion, amid a weaker equity market environment.

• Jio's main rival Bharti Airtel currently has a market valuation of about $116 billion, while parent Reliance Industries is valued at around $169 billion, according to Bloomberg.

BGR Energy has entered into a Master Restructuring Agreement with National Asset Reconstruction Company (NARCL), acting through India Debt Resolution Company, for the restructuring of outstanding debt of Rs 3,736 crore.

The frontline indices surged past the highs of the previous two trading sessions, supported by a nearly 5% decline in India VIX. Nifty has maintained a steady upward trajectory and is currently trading near the day’s high.

For Nifty 50, the zone of 22,510 – 22,530 will act as a crucial support, while the resistance lies in the zone of 22,820 – 22,840. On the downside, if the index slips below the level of 22,510, then the next support is placed in the zone of 22,340 – 22360, said Sudeep Shah, Vice President - Technical and Derivatives Research at SBI Securities.

In an event of a surge above 22,840, he believes the index can experience an extension of the rally towards 22,990.

On the options front, meaningful call writing witnessed across 22,700 and 22,800 strikes. On the put side, 22,600 has a substantial open interest, followed by 22,500 strike.

For Sensex, support is at 72,400, while resistance is at 73,300.

The World Bank has raised its GDP growth forecast for India for FY27 to 7.1% from 6.6% earlier. South Asia’s growth is expected to be at 6.9% this financial year.

The bank said high energy prices and El-Nino pose risk to FY27 growth estimates.

Varun Beverages share price declined amid a sudden surge in trading volumes. 

Around 0.40 million shares of Varun Beverages changed hands on BSE at Rs 436.5 apiece, taking the total transaction value to Rs 17.46 crore.

Puneet Pal, Head- Fixed Income, PGIM India Mutual Fund expects RBI to raise the policy repo rate by 25 bps and also change the monetary policy stance. Though the market has a consensus view on a 25 bps rate hike, its split on a change in stance and Pal believes that given the worsening global macro, narrowing of interest rate differentials with rest of the world, increasing probability of higher inflation going ahead, it will be not of way to change the monetary stance along with the start of the rate hiking cycle.

Indian government bonds fell, as investors expected the Reserve Bank of India’s (RBI) upcoming monetary policy to be hawkish, with an estimated repo rate hike. The benchmark 6.94% 2036 bond yield was at 7.2213%, after ending at 7.2108% in the previous session.

Indian bond yields have gained by a cumulative of 45 basis points in the past seven weeks, its longest such streak in over a year.
 

• Transrail Lighting has secured new orders worth Rs 412 crore in its core Transmission & Distribution (T&D) business.
• The orders strengthen the company's order book in the power transmission and distribution segment.

The Nifty IT index declined over 1%, with all its constituents trading in the red. Tech Mahindra, Coforge, LTM, Infosys and Tata Consultancy Services (TCS) were the top index losers.

• Amit Modak, of PNGS Reva, told NDTV Profit that the first half is seasonally strong as it precedes the festive period, and the company reported 75% growth in its jewellery business in H1 FY27.

• Modak said the ongoing Middle East crisis remains a concern, while rising inflation could weigh on consumer demand going forward.

• The company expects H2 growth of 35-40%, consistent with seasonal trends in the jewellery business.

• PNGS Reva expects gross margins of 30-32%, EBITDA margins of around 27%, and PAT margins of 20-22% on a sustainable basis.

• The company is targeting 50% revenue growth in FY27, excluding the impact of gold prices.

• Modak said higher marketing expenses related to new Exclusive Brand Outlets (EBOs) could put some pressure on PAT margins in the near term.

• Amber Enterprises India has incorporated a new wholly owned subsidiary, Amber Digital Technologies, in India.

• The newly incorporated entity will focus on the manufacturing of mobile phones.

• The company disclosed the incorporation of the subsidiary in an exchange filing.

• The move marks Amber Enterprises' entry into the mobile phone manufacturing segment through the new subsidiary.

• Ola Electric said founder Bhavish Aggarwal has created a pledge on 4.32% stake in the company.

• The pledge creation was disclosed in an exchange filing.

• The HSBC India Services PMI rose to 55.2 in September, up from 54.1 in August, indicating stronger expansion in the services sector.

• The HSBC India Composite PMI, which combines manufacturing and services activity, increased to 55.9 in September from 54.3 in the previous month.

• The latest PMI data points to an improvement in overall business activity, supported by stronger momentum across the services economy.

APL Apollo Tubes share price gained over 2% after HDFC Securities upgraded its rating on the stock to ‘Buy’ from ‘Add’ earlier and raised the target price to Rs 2,350 from Rs 2,070 earlier, given its robust earnings traction. 

The brokerage firm expects the company to deliver consolidated volume, EBITDA and Adj PAT CAGR of 14%, 16% and 20% respectively over FY26-29E.

Srit India shares made a decent Dalal Street debut. The stock was listed at Rs 148.00 apiece on the NSE, a premium of 13.85% to the issue price of Rs 130 per share. On BSE, the stock was listed with a premium of 7.54% at Rs 139.80 apiece.

Shah Investor’s Home shares make a muted debut in the Indian stock market today. The stock was listed at Rs 171.00 apiece on BSE and NSE, a premium of 2.40% to the issue price of Rs 167 per share.

Trent, Kotak Mahindra Bank, BSE, Jio Financial Services and Axis Bank were the top gainers on the Nifty 50 index, while Tech Mahindra, Max Healthcare Institute, Apollo Hospitals Enterprise, TCS and Infosys were the top index losers.

Trent share price hits 10% upper circuit after the Tata Group company reported Q2 revenue growth better than expected despite festive season shift. The company’s revenue growth accelerated to 23% from 16-20% in past five quarters.

Trent’s standalone revenue rose 23% YoY to Rs 5,788 crore. It added 10 Westside and 11 Zudio stores in Q2, taking the total store count at 1,342 as of September 30.

Morgan Stanley maintained ‘Overweight’ rating on Trent shares with a target price of Rs 3,406 apiece on strong Q2 beat.

Citi maintained a ‘Sell’ call with a target price of Rs 2,950, as it remains cautious on weak revenue per sq. ft. trend and see impact of cannibalisation and competition.

Trent, Kotak Mahindra Bank, Hindustan Unilever, Axis Bank and Reliance Industries were the top gainers on Sensex, while Tech Mahindra, Mahindra & Mahindra (M&M), Eternal and Infosys were the top index losers. 

Sensex Heatmap

Among sectors, gains were seen in Nifty Metals, Nifty Private Bank, Nifty Media, Nifty FMCG, while Nifty Auto, Nifty Pharma and Nifty IT indices saw selling pressure.

Broader markets supported the upward momentum, as the Nifty Smallcap 100 and the Nifty Midcap 100 indices traded 0.1% higher each.

The Indian stock market opened higher on Tuesday, tracking upbeat global market cues. The Sensex gained 125.58 points, or 0.17%, to open at 72,508.05, while the Nifty 50 opened 47.50 points, or 0.21%, higher at 22,603.25.

The Bank Nifty index opened at 54,901.30, up by 187.20 points, or 0.34%.

The Indian rupee opened flat at 96.31 per dollar on Tuesday as against its previous close of 96.30.

Nifty 50 formed a small bullish candle on the daily chart with upper and lower shadow. 

“This market action indicates a formation of high wave type candle pattern. This signal bounce back in the market amidst volatility. The bearish chart pattern like lower tops and bottoms is intact on the daily timeframe chart and present bounce back could be in line with the new lower top formation in the market,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

According to him, further upside from here could face strong overhead resistance around 22,800 levels, where one may expect emergence of selling pressure from the lower highs. Immediate support is placed at 22,400 levels.

Rentomojo Q1 Update:

• Net profit falls 38.6% YoY to Rs 7.8 crore
• Revenue rises 51.1% to Rs 126 crore
• EBITDA rises 53.5% YoY to Rs 51.5 crore
• EBITDA margin at 40.8% versus 40.1% YoY
• One-Time Cost of Rs 11.4 crore in Q1

Operational Metrics 

• Items ordered up 27.6% QoQ
• Purchase displaced up 34.2% QoQ
• Average occupancy up 234 bps QoQ
• Average revenue per item up 6.8% QoQ
   

Angel One Q2 Business Updates:

• Average Daily Orders up 0.1% YoY at 5.6 million 
• Number Of Orders up 1.7% YoY at 366.5 million 
• Gross Client Acquisition falls 14% to 1.5 million from 1.7 million YoY 
• Client Base up 17.3% at 40 million from 34.1 million YoY
• Overall ADTO On Notional Turnover at Rs 45,134 billion
• Overall ADTO On Option Premium Turnover at Rs 2,640 billion
• Overall ADTO On Option Premium Turnover up 91% YoY 
   

The equity shares of SRIT India and Shah Investor’s Home will be listed on the Indian stock market today.

Adani Power and Druk Green Power Corp., Bhutan’s state-owned utility, has signed the shareholders agreement for setting up a 770 MW Chamkharchhu Hydropower Project (Chamkharchhu HEP) in Thimpu, Bhutan. Both the companies shall jointly incorporate a public company (with 49:51 shareholding) in Bhutan, to undertake the said project. Initially, the Project Company shall issue 4.9 Million Shares to Adani Power and 5.1 Million Shares to DGPC at a value of BTN 100 per share.

US stock market ended higher on Monday, with the Nasdaq notching a record high close, lifted by Nvidia and Microsoft shares.

The Dow Jones Industrial Average rose 0.18% to 51,267.90, while the S&P 500 gained 0.66% to end the session at 7,773.95. The Nasdaq closed 1.05% higher at 27,477.31.

Asian stock market traded higher on Tuesday, tracking overnight rally on Wall Street, led by gains in AI-linked stocks. Japan’s Nikkei 225 rose 0.38%, while the Topix added 0.31%. South Korea’s Kospi gained 0.31% and the Kosdaq rallied 2.17%. Hong Kong’s Hang Seng index futures indicated a higher opening. Mainland China markets are closed for a holiday.

The trends on Gift Nifty signal a mildly positive start for the Indian benchmark indices, Nifty 50 and Sensex, today. The Gift Nifty was trading around 22,650 level, a premium of nearly 30 points from the Nifty futures' previous close.

The Indian stock market is expected to remain steady on Tuesday, tracking gains in global markets, supported by easing crude oil prices. Sentiment still remains cautious over elevated global bond yields and persistent geopolitical uncertainty.