Sensex, Nifty inch up ahead of Q2 earnings season

In terms of the broader markets, the S&P BSE mid-cap index slipped by a mere 0.04 per cent, while the small-cap index gained 0.62 per cent.

The GST Council last week offered relief to exporters and small and medium businesses.

"Sentiment turned cautious as earnings season for the July-September quarter kicks off this week with over 30 companies scheduled to report their Q2 numbers".

The Sensex of the BSE, which opened at 31,862.20 points, was trading at 31,828.56 points (at 1.04 p.m.), higher by 14.34 points or 0.05 per cent from Friday's close at 31,814.22 points. The gauge had gained 222 points on Friday.

The wider Nifty50 of the National Stock Exchange (NSE) reclaimed the psychologically important 10,000-mark intra-day to touch a high of 10,015.75 points. On October 12, TCS is all set to announce its earnings for the July-September quarter. "Upcoming IIP numbers and inflation data will also have a crucial impact on the market, especially with the weak growth forecasts and persisting GST hurdles", said Anand James, Chief Market Strategist, Geojit Financial Services Ltd.

Major Sensex gainers on Monday were: Coal India, up 1.81 per cent at Rs 281.45; Hindustan Unilever, up 1.37 per cent at Rs 1,222; Dr. Reddy's Lab, up 1.34 per cent at Rs 2,409.75; Kotak Bank, up 1.34 per cent at Rs 1,051; and Adani Ports, up 1.16 per cent at Rs 393.40.

On the flip side, ONGC fell 1.8 percent on the buzz that it may sell some of its stake in Indian Oil Corp to institutional investors.

Stocks of automakers stepped on gas, driven by buying support on hopes of a pick-up in demand during the ongoing festive and wedding season. Both indexes posted two-week closing highs.



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