Several stocks demonstrated strong upward momentum on October 8, driven by technical breakouts and sustained buying interest. Brooks Laboratories emerged as the top performer, rising 9.72% to ₹67.75 and trading above all key moving averages including the 30-day SMA of ₹61.75, 50-day SMA of ₹61.38, 150-day SMA of ₹62.04, and 200-day SMA of ₹65.01. Tarapur Transformers gained 8.14% to ₹13.82, trading above its 30-day SMA of ₹12.78 and 50-day SMA of ₹13.68, though it remains below the 150-day SMA of ₹19.15 and 200-day SMA of ₹21.44.
Fino Payments Bank advanced 5.49% to ₹143.07, trading above the 30-day SMA of ₹135.63 but marginally below the 50-day SMA of ₹143.89 and 150-day SMA of ₹143.42. The stock remains below its 200-day SMA of ₹166.02, indicating mixed momentum signals. Conversely, some momentum stocks faced selling pressure, with Shree OSFM Mobility declining 14.50% to ₹47 and trading below all major moving averages including the 30-day SMA of ₹54.97, 50-day SMA of ₹56.34, 150-day SMA of ₹63.68, and 200-day SMA of ₹67.79.
Central Public Sector Enterprises (CPSEs) faced significant selling pressure with the BSE CPSE index hitting a 52-week low, falling 1.3% on Thursday's intraday deals. According to Business Standard, a total of 13 stocks from the CPSE index hit their respective 52-week lows, including major names like Oil and Natural Gas Corporation (ONGC), NTPC, Bharat Dynamics (BDL), Bharat Electronics (BEL), and Indian Oil Corporation (IOC). Other affected stocks included Power Grid Corporation, NMDC, IREDA, IRFC, RCF, RVNL, SJVN, and Mazagon Dock Shipbuilders, with these stocks down up to 3% in intraday deals. At 10:26 AM, the BSE CPSE index was down 1.2%, compared to a 0.51% decline in the BSE Sensex, while the CPSE index underperformed the market by 7% in the past month against a 4.4% fall in the benchmark index.
Analysts at ICICI Securities expect the July to September 2026 quarter (Q2FY27) to remain muted for defence PSUs, with revenue growth ranging from flat to lower double digits, aligning with historical trends. However, private players could showcase strong execution with 10-50% revenue YoY growth, departing from historical patterns. For oil marketing companies, Elara Capital expects a combined loss of ₹5,900 crore in Q2FY27E against a profit of ₹17,900 crore a year ago, as gross marketing margins turn to losses of ₹24/litre and ₹2/litre respectively. The ₹3,000 crore LPG subsidy support by the government since November 2025 would end from October until fresh subsidy measures are announced.
