Sensex jumps 845 points, Nifty reclaims 22,500 as IT stocks climb
The key equity benchmarks extended their gains in afternoon trade, as easing crude oil prices and improved global sentiment lifted investor appetite following Thursday?s sharp selloff. Sentiment also received a boost from strong buying in IT stocks after Tata Consultancy Services reported its Q2 FY27 results. The rebound helped the Nifty reclaim the 22,500 mark, although elevated oil prices and persistent foreign investor outflows continued to pose risks.
At 13:23 IST, the S&P BSE Sensex jumped 845.14 points, or 1.18%, to 72,438.38, while the Nifty 50 rose 277.10 points, or 1.25%, to 22,508.90.
In the broader market, the Nifty MidCap 150 index gained 1.21%, while the Nifty SmallCap 250 index advanced 0.14%.
Market breadth remained positive. On the NSE, 2,041 shares advanced, while 1,414 declined and 98 remained unchanged.
ITC (up 4.35%), TCS (up 4.09%), Apollo Hospitals (up 3.70%), Eicher Motors (up 3.52%) and Adani Ports & SEZ (up 3.31%) were the top gainers among the Nifty 50 constituents.
BSE (down 1.82%), Reliance Industries (down 0.44%) and JSW Steel (down 0.15%) were among the laggards.
ITC rose as investors bought the stock following its sharp decline on Thursday, when shares fell around 4% after a block deal worth approximately Rs 9,395 crore. A GQG-linked fund sold 36.51 crore shares, while Fidelity and major Indian mutual funds bought stakes.
Tata Consultancy Services rose after reporting a 4.01% quarter-on-quarter (QoQ) and 14.98% year-on-year (YoY) increase in consolidated net profit to Rs 13,884 crore in Q2 FY27. Revenue increased 1.3% QoQ and 11.2% YoY to Rs 73,188 crore during the quarter, while constant-currency revenue growth stood at 0.5% QoQ. Annualised artificial intelligence (AI) revenue reached $3.1 billion in Q2 FY27, accounting for more than 10% of the company's revenue.
Buzzing Segment:
The Nifty Bank index rose 1.23% to 55,184.50. Among the constituents of the Nifty Bank index, HDFC Bank (up 1.91%), Kotak Mahindra Bank (up 1.86%), Federal Bank (up 1.74%), State Bank of India (up 1.38%) and Canara Bank (up 1.37%) were the top gainers. Other gainers included IDFC First Bank (up 1.34%), Axis Bank (up 1.32%), Bank of Baroda (up 1.09%), Punjab National Bank (up 0.75%) and Yes Bank (up 0.54%).
On the other hand, IndusInd Bank declined 0.27%, emerging as the sole laggard in the index.
Global Cues:
European shares advanced on Friday, as oil prices retreated after US President Donald Trump said Washington would not attack Iran before the 3 November midterm elections.
In a social media post on Thursday, Trump said the US was having ?productive discussions? with Iran and ruled out an attack before the midterm elections, while reiterating that the blockade would remain in force. He also claimed that 22 million barrels of oil had passed through the Strait of Hormuz in a single night, a figure that could not be independently verified.
The comments came amid reports that the Pentagon had prepared plans for a possible three-day strike campaign targeting Iran's missile and drone capabilities, energy facilities and command centres. The prospect of military action had fuelled concerns over oil supply disruptions and pushed crude prices higher in the previous session.
Asian shares traded mixed, tracking overnight losses on Wall Street as technology stocks came under pressure amid renewed concerns over artificial intelligence (AI) spending. Markets in South Korea and Taiwan remained closed for holidays.
US stocks ended mixed on Thursday. The Dow Jones Industrial Average rose 0.10% to 51,231.64, while the S&P 500 declined 0.47% to 7,765.36. The Nasdaq Composite fell 1.25% to 27,193.34, marking its steepest one-day decline since mid-August as technology and semiconductor stocks led the losses.
Technology stocks came under pressure after reports that OpenAI told investors its annualised revenue was around $50 billion at the end of September, below the previously circulated figure of $68 billion. However, the difference reportedly reflects varying revenue calculation methods: the higher figure included gross revenue generated through cloud partners, while the $50 billion figure excluded such revenue. The discrepancy therefore does not necessarily indicate a slowdown in OpenAI's underlying sales.
Among major technology stocks, Nvidia fell 2.94%, Advanced Micro Devices declined 3.90%, Broadcom dropped 4.35%, Microsoft slipped 1.35%, Intel lost 5.34%, Micron Technology declined 4.79% and Oracle fell 5.5%. The selloff reflected investor concerns over the scale of investment in AI infrastructure and the pace at which companies may generate returns from that spending.
Investors are now turning their attention to the start of the US third-quarter earnings season next week, with results from major banks expected to provide fresh clues about corporate performance and the health of the broader economy.
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