Benchmark stock market indices began Thursday’s session on a positive note, supported by gains in frontline IT stocks. The S&P BSE Sensex rose 154.21 points to 83,888.46, while the Nifty 50 gained 47.45 points to 25,866.80 in early trade.
The uptick comes despite a recent downtrend in the IT sector, with investors stepping in to buy after the recent correction. An hour into the session, Tata Consultancy Services led the Sensex gainers with a rise of 1.19%. Infosys followed with a 1.09% gain, while HCL Technologies advanced 0.87%. Hindustan Unilever and Tech Mahindra also traded in positive territory.
On the downside, InterGlobe Aviation declined 2.02%, emerging as the top laggard. Bharat Electronics, Trent, Mahindra and Mahindra and NTPC also witnessed selling pressure.
According to Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, a key takeaway from the latest Q3 earnings season is the resurgence of mid and smallcap stocks. Improved earnings momentum and expectations of continued growth have brought these segments back onto investors’ radar.
Institutional investors are reportedly engaging in selective accumulation of mid and smallcaps. Even mutual funds, which had earlier raised concerns about stretched valuations in these segments, are gradually turning optimistic.
However, valuation gaps remain significant. Nifty is trading at around 20 times FY27 estimated earnings, whereas the NSE midcap and smallcap indices are valued at approximately 28 and 24 times FY27 earnings, respectively. This disparity suggests that the current market environment favours selective stock picking rather than broad-based buying.
Sectorally, prospects appear favourable for financials, automobiles, capital goods, pharmaceuticals and hotels, indicating that earnings visibility will likely play a crucial role in driving market direction going forward.
Overall, while the broader indices posted modest gains, the underlying trend reflects a nuanced market — one where valuation comfort in largecaps coexists with renewed enthusiasm, but higher risk, in mid and smallcaps.
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