Mumbai: Indian stock markets closed higher for a second consecutive session on Friday, October 16, as strong buying in IT shares and positive global cues sustained the recovery.
The benchmark BSE Sensex advanced 413.66 points, or 0.56 per cent, to 74,729.27. Nifty gained 148.80 points, or 0.65 per cent, to finish at 23,146.15. Sensex touched an intraday high of 74,778.78, rising 463.17 points.
Top Gainers: Tech Mahindra Leads
Tech Mahindra jumped 8.45 per cent, leading Sensex gainers after its September quarter earnings impressed investors.
The company reported a 32.74 per cent increase in consolidated net profit to ₹1,585.6 crore for Q2 FY27. Strong volumes, cost savings and rupee depreciation supported operating performance.
TCS, Infosys, Bharti Airtel, Mahindra & Mahindra, Bajaj Finance and HCLTech were also among the major winners.
InterGlobe Aviation, Reliance Industries, Asian Paints and Bharat Electronics featured among the biggest laggards.
IT Earnings Support Market Recovery
Geojit Investments’ research head Vinod Nair attributed the advance to sustained IT buying, strong quarterly results and encouraging management commentary. Softer crude prices and rupee appreciation also provided additional support.
Religare Broking’s Ajit Mishra similarly identified technology earnings as the primary driver, with other sectors supporting the rebound.
SEBI Revises Closing Auction Framework
SEBI’s revised Closing Auction Session framework also remained in focus. The regulator specified a ten-minute auction from 3:30 pm to 3:40 pm, while stock and index derivatives trading would continue until 3:45 pm, subject to exceptions.
Settlement of expiring derivatives contracts will use volume-weighted average prices from the final 30 minutes of continuous trading.
Global Markets And Foreign Flows
Asian benchmarks in South Korea, Japan, Shanghai and Hong Kong ended higher. European markets traded largely positive, following overnight gains on Wall Street.
Brent crude eased 0.30 per cent to $105.6 per barrel. However, foreign selling remained a concern: FIIs offloaded ₹5,285.37 crore on Thursday.
Friday’s gains extended Thursday’s rally, when Sensex surged 1,533.72 points and Nifty climbed 374.65 points.
