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Equity benchmarks sustain gains; trade near day’s highs
Oct-09-2026

Indian equity benchmarks continued to trade firmly in the early afternoon session, hovering near the day's highs. The Sensex surged more than 700 points, while the Nifty reclaimed the 22,450 mark as investors scooped up shares at lower valuations following Thursday's sell-off. Cooling crude oil prices provided significant relief to domestic equities. Buying interest in IT and FMCG stocks further supported market sentiment. Meanwhile, the Indian rupee appreciated against the US dollar, aided by a slight weakening of the greenback and likely intervention by the Reserve Bank of India (RBI).

In stock-specific action, shares of Tata Consultancy Services (TCS) surged after the IT major reported strong September-quarter results, driven by accelerating AI-related revenue and growth in its international business.

On the global front, Asian markets were trading mixed after US President Donald Trump signaled that any potential military action against Iran would be paused until after the midterm elections.

The BSE Sensex is currently trading at 72342.52, up by 749.28 points or 1.05% after trading in a range of 71739.49 and 72502.92. There were 27 stocks advancing against 3 stocks declining on the index.

The top gaining sectoral indices on the BSE were IT up by 2.28%, TECK up by 1.61%, FMCG up by 1.47%, Auto up by 1.00% and PSU up by 0.91%, while Telecom down by 0.32% and Energy down by 0.05% were the only losing indices on BSE.

The top gainers on the Sensex were TCS up by 5.17%, ITC up by 3.13%, Infosys up by 3.00%, Adani Ports & SEZ up by 2.97% and HCL Technologies up by 2.63%. On the flip side, ICICI Bank down by 0.47%, Reliance Industries down by 0.18% and Bharat Electronics down by 0.12% were the few losers.

Meanwhile, the GST council, at its 57th meeting, has recommended a series of reforms, primarily covering registration, returns, refund and adjudication; clarifications regarding applicability of Goods and Services Tax (GST) on supply of certain goods and services; and other measures for trade facilitation and streamlining compliances in GST. During the meeting, the council has recommended removal of arrest provisions under GST by omission of section 69 of CGST Act, 2017 and the monetary threshold for prosecution to be raised from Rs 1 crore to Rs 5 crore. Further, it recommended reducing the general penalty from Rs 25,000 to Rs 10,000. Additionally, it has approved in-principle optional scheme for small consumer-facing businesses with turnover up to Rs 5 crore.

Moreover, the council has recommended measures for smoother movement of goods across states by making amendments in section 68, section 129 and section 130 of the CGST Act, 2017, so that a conveyance carrying goods can be intercepted only on specific intelligence and with the authorisation of an officer not below the rank of Joint Commissioner, inspection and further action for detention or seizure can be taken when either the supplier, or the recipient, is located or registered in the State where interception is being made, where no e-way bill has been generated, or the conveyance is not carrying any document to show the origin or destination of the goods, as the case may be, the goods can be inspected, detained or seized, irrespective of the jurisdiction and provision of confiscation of goods/conveyances under section 130 of CGST Act not applicable in respect of goods/conveyances in transit.

Besides, it has recommended simplifying GST registration for small sellers on e-commerce platforms by insertion of rule 14B in the CGST Rules, 2017, to provide for a simple mechanism for registration for small suppliers making supplies of goods through Electronic Commerce Operators (ECOs), in States/UTs, where they do not have physical presence, and where they intend to pass on ITC not more than Rs 2.5 lakh per month, excluding stock transfers between distinct persons, by declaring the warehouse of an ECO in that State/UT, as their Principal Place of Business (PPoB). To facilitate export of services, it recommended omission of sub-clause (v) of clause (6) of section 2 of the IGST Act, 2017, so as to remove the condition of supplier and recipient of services not being establishments of a distinct person, under Explanation 1 to section 8 of the IGST Act, 2017, for a supply of services to qualify as an ‘export of services’. This will facilitate refunds for Indian services providers in respect of services supplied to/through their foreign offices/branches and thus will promote export of services from India.

Other key reforms recommended by the GST council includes, wider eligibility for input tax credit and refunds, further simplification of registration and compliance processes, faster refunds to improve working capital for businesses, common standards for GST notices and proceedings and wider eligibility for input tax credit and refunds.

The CNX Nifty is currently trading at 22473.05, up by 241.25 points or 1.09% after trading in a range of 22294.75 and 22534.40. There were 45 stocks advancing against 5 stocks declining on the index.

The top gainers on Nifty were TCS up by 4.19%, Eicher Motors up by 3.57%, Apollo Hospital up by 3.12%, ITC up by 2.94% and HDFC Life Insurance up by 2.24%. On the flip side, BSE down by 1.48%, JSW Steel down by 0.73%, Reliance Industries down by 0.42%, Tata Consumer Products down by 0.09% and Bharat Electronics down by 0.01% were the top losers.

Asian markets were trading mixed; Hang Seng advanced 356.21 points or 1.5% to 24,142.00, Jakarta Composite gained 21.23 points or 0.35% to 6,052.51 and Shanghai Composite strengthened 6.86 points or 0.18% to 3,818.76. On the other hand, Nikkei 225 slipped 17.11 points or 0.02% to 69,025.00 and Straits Times fell 7.4 points or 0.14% to 5,405.56.
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