Stock market today: TCS to declare quarterly results, auto, pharma, FMCG lag in early trade

Both indices, Nifty and Sensex opened the day in green, with Nifty trading at 24,352.90 points, up by 28 points, while Sensex was trading at 79,996.62, up by 71 points as of 9:28 am today.

All broad market indices opened the day in green, except for India VIX, which fell by 1.28% during early trade. Tata Steel, ICICI Bank, TCS, Tata Motors and Titan took lead in early morning trade, while ITC, HDFC Bank, Divis Labs, Mahindra and Mahindra and Bajaj Auto were amidst the laggards.

Auto, FMCG, pharma, realty and healthcare indices opened the day in red, while IT, media, PSU banks and consumer durables managed to get an early lead. Anand Rathi, TCS and GNA Axle will be declaring their Q1FY25 results during the day.

Mr. Aditya Gaggar, Director of Progressive Shares notes that yesterday, mid and smallcaps led correction dragged the index lower to settle trade at 24,324. At a record level, he sees a bearish engulfing candle on the daily chart which indicates a potential reversal of the trend. But, as he explains, to confirm a reversal, a convincing move below 24,200 is a must. Till then uptrend will remain intact.

"On the other hand, a level of 24,460 will be considered an immediate hurdle. At present, BankNifty is around a make-or-break level point of 52,100. In case of a reversal, it is likely to soar to 52,600; on the other hand, a sustainable move below 52,100 will drag the Index towards 51,900. In yesterday's trade, buying traction was seen in the Insurance stocks, we believe the momentum will continue going forward as well. We continue to remain bullish on the FMCG and pharma sectors. Quarterly earnings of Q1FY25 can add to stock-specific volatility in the markets", he continued.

Sameet Chavan, Head Research, Technical and Derivative - Angel One explains that currently, prices remain elevated and are trading within a range, suggesting that market participants are awaiting a catalyst for decisive movements.

"Going ahead, the upcoming results season could potentially provide such a catalyst; any disappointing results within heavyweights might finally trigger the overdue price correction. Yesterday, the trading range was observed between 24140-24100 on the downside and 24460-24500 on the upside, marking key levels for the weekly expiry. Traders should monitor these levels closely and adjust their strategies accordingly. Earlier in the week, there was notable activity in the Pharma and FMCG sectors, whereas yesterday, paint and Insurance stocks were leading the charge. Focusing on the daily thematic trends can offer opportunities for outperformance", he advises.