Nifty Reclaims 23,000 as IT and Banking Stocks Lead a Sharp Rally in Mumbai

Update: Sensex and Nifty close near the day's highs

Updated 10:37 UTC, Thursday: Indian shares closed near their highs for the day. The Sensex ended up 2.11 percent at 74,315.61, and the Nifty 50 gained 1.66 percent to close at 22,997.35, just below the 23,000 mark it had reclaimed during the session, The Hindu BusinessLine reported in its closing summary. The rupee strengthened 0.1 percent to 95.055 against the US dollar, helped by a weaker dollar, lower oil prices and the rally in shares. Of the 3,667 stocks traded, 1,343 advanced and 2,218 declined, while 69 hit 52 week highs and 83 hit 52 week lows. The closing figures confirm the rally described below, led by technology and banking shares even as much of Asia fell.

Indian stocks rallied hard on Thursday, October 15, even as markets across Asia fell. The Nifty 50 rose 421.65 points, or 1.86 percent, to 23,044.35 from its previous close of 22,622.70, reclaiming the 23,000 mark. The Hindu BusinessLine reported the Sensex up 1,535.44 points, or 2.11 percent, at 74,317.33 in early afternoon trade in Mumbai.

IT and banks did the heavy lifting

Technology and financial shares led the move. BusinessLine said Bharti Airtel was the top Nifty gainer, up 3.98 percent, with Tech Mahindra up 3.69 percent, and the Nifty IT index was the best performing sector index. Outlook Money reported Infosys, Tata Consultancy Services and HCL Technologies each gained around 3 percent, helped by optimism after HCL Technologies quarterly results. Upstox put the Nifty IT index up 2.8 percent intraday and said IT stocks have gained nearly 11 percent in the last five sessions on strong September quarter earnings and AI revenue growth.

Oil, the rupee and the Jio IPO helped

Outlook Money said Brent crude fell nearly 2 percent to 104 dollars a barrel and West Texas Intermediate fell 1.09 percent to 94.05 dollars, easing import cost worries for India. The rupee strengthened to around 94.98 against the dollar, a four week high, with support from the Reserve Bank of India. Upstox said sentiment also drew support from the International Monetary Fund raising its India growth forecast to 7 percent for 2026, and from Reliance Industries as its Jio Platforms IPO, priced at 1,065 to 1,119 rupees a share, opens for subscription on October 21.

A rally against the global tide

The move stood out because the backdrop was poor. Outlook Money noted hotter than expected US inflation, with prices up 3.7 percent in September from 3.4 percent in August, sent the Nasdaq down 1.88 percent and pushed Asian markets lower on Thursday, with Japan and South Korea hit hard. Nestle India limited gains on the Nifty, falling 3.93 percent after its quarterly results, BusinessLine said.

What happens next depends on the earnings still due on Thursday, including Wipro and Tech Mahindra, and on whether foreign investors return after weeks of selling. For now, buyers have taken back 23,000.