Mumbai, India – The Indian stock market displayed resilience today, with benchmark indices Sensex and Nifty exhibiting positive momentum amidst mixed global cues. The Sensex edged up by approximately 50 points, while the Nifty surpassed the 25,100 mark, reflecting cautious optimism among investors.
The S&P BSE Sensex closed at 81,926.75, a gain of 136.63 points, or 0.17%. The NSE Nifty 50 ended the day at 25,108.30, climbing 30.65 points, or 0.12%. This marks the fourth consecutive session of gains for the Indian market.
Titan Soars on Strong Q2 Update
Titan Company Ltd. emerged as a prominent gainer, with its shares rising by 3% following a strong business update for the second quarter. The consumer business of the Tata Group-managed jewellery and watchmaker experienced a growth of 20% in Q2, which ended in September. The company added 55 stores during the July-September quarter, bringing its total retail network to 3,377 stores. The jewellery division, contributing over three-fourths of Titan's revenue, reported a 19% growth in the domestic market, adding 34 stores. This growth was attributed to larger ticket sizes amidst rising gold prices, offsetting a slight decline in buyer counts. Titan's stock has demonstrated a robust performance, increasing by approximately 10% in the last month, outperforming the BSE Sensex, which rose by only 4.5%. Today, Titan shares rose as much as 4.23% to ₹3,562 apiece on the NSE.
Tata Motors Dips Amidst Demerger Developments
In contrast, Tata Motors experienced a decline of 1%. After market hours on October 7th, Tata Motors shares closed at Rs 698.15 apiece, down by 2.01% on BSE. The stock's decline may be attributed to profit booking after gains made following the announcement of its 1:1 demerger ratio and record date to identify eligible shareholders. The stock is set to split by 1:1 by next week. The luxury car brand Jaguar Land Rover (JLR) is restarting production today after a cyberattack. Despite today's dip, Tata Motors shares have recovered significantly in the past six months, climbing nearly 18.6%.
Global and Domestic Factors Influencing Market
The Indian market's positive trajectory is supported by optimism surrounding the Reserve Bank of India's new lending reforms and encouraging corporate updates ahead of the September-quarter earnings season.
Globally, Asian markets traded higher, while US stocks ended lower, with the S&P breaking its seven-day winning streak. Gift Nifty, an early indicator for domestic equity indices, indicated a positive start for the Nifty 50 index.
Other Market Observations
- Broader markets also showed positive trends, with the mid-cap index up 0.4% and the small-cap index gaining 0.6%.
- Financial stocks rose by 0.5%, continuing their winning streak for the sixth day.
- Dabur India reported that recent GST reforms, lowering rates on key FMCG categories, will boost affordability and demand across 60% of its India business in Q2 FY26.
Analyst Recommendations for Tata Motors
According to Trendlyne data, the consensus recommendation from 27 analysts for Tata Motors Ltd. is HOLD. The average target price for Tata Motors is ₹766.63 apiece, signaling a potential upside of nearly 10%. Emkay Global has a BUY recommendation with a target price of ₹750.
