Sensex jumps 879 points, Nifty reclaims 22,500 as IT stocks rally

The key equity benchmarks ended sharply higher on Friday, snapping a two-session losing streak. Easing crude oil prices and improved global sentiment boosted investor appetite following Thursday?s steep selloff. US President Donald Trump?s decision to rule out a military strike on Iran before the 3 November midterm elections eased immediate concerns over further escalation in the Middle East. Sentiment was further supported by strong buying in IT stocks after Tata Consultancy Services reported its Q2 FY27 results. The Nifty closed above the 22,500 mark, while all sectoral indices on the NSE ended higher except the Nifty Oil & Gas index.

The S&P BSE Sensex jumped 879.09 points or 1.23% to 72,472.33. The Nifty 50 index added 288.65 points or 1.30% to 22,520.45.

ITC (up 4.31%), Infosys (up 2.65%) and HDFC Bank (up 2.17%) boosted the Nifty higher today.

In the broader market, the Nifty MidCap 150 Index jumped 1.37% and the Nifty SmallCap 250 Index rose 0.49%.

The market breadth was strong. On the NSE, 2,182 shares advanced, while 1,391 declined and 111 remained unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term declined 6% to 14.36.

Numbers to Track:

In the commodities market, Brent crude for December 2026 settlement declined $1.34 or 1.29% to $102.94 a barrel.

The United States 10-year bond yield rose 0.40% to 5.250.

The yield on India's 10-year benchmark federal paper advanced 0.18% to 7.302 compared with the previous session close of 7.289.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 96.7200 compared with its close of 96.8800 during the previous trading session.

MCX Gold futures for 4 December 2026 settlement rose 1.01% to Rs 1,51,115.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.02% to 102.12.

Global Market:

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 ended 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.

Stocks in Spotlight:

Tata Consultancy Services (TCS) jumped 3.85% after the company reported 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 rose 1.3% QoQ and 11.2% YoY to Rs 73,188 crore during the quarter. Revenue growth in constant currency (CC) stood at 0.5% QoQ.

International revenue grew 1.2% QoQ in constant currency, led by growth in banking, financial services and insurance (BFSI), manufacturing, and technology & services. BFSI revenue grew 2.5% QoQ in constant currency, while manufacturing and technology & services grew 3.1% each.

Hexaware Technologies surged 5.98% after the company announced a multi-year partnership with Anthropic, becoming a Preferred Partner in the Claude Partner Network. Under the partnership, Hexaware will integrate Anthropic's Claude AI models into two of its platforms, Zerovity, an AI-native engineering platform, and AgentVerse, an agent development and governance platform with more than 600 pre-built agents.

NCC rose 4.23% after the company secured a road construction order worth Rs 1,286.03 crore from Hyderabad Growth Corridor. The order involves the construction of Radial Road-2 from the Outer Ring Road near Budwel to Nacharam on NH-167N, covering Package-1 from Budwel to Shabad in Telangana. The contract value is Rs 1,286.03 crore, excluding GST.

P N Gadgil Jewellers rose 2.01% after the company reported a 22.4% year-on-year increase in revenue in Q2 FY27, despite the shift in the Navratri festive period to the third quarter. The retail segment recorded 31.1% year-on-year growth, supported by same-store sales growth of 25.5%. The franchise business grew 34.7%, while e-commerce revenue declined 83.6% following a strategic reduction in low-margin gold coin sales and a shift towards higher-margin jewellery products.

SML Mahindra shed 0.52%. The company reported a 31.9% year-on-year increase in commercial vehicle sales to 1,071 units in September 2026, compared with 812 units sold in the corresponding month last year.

Pace Digitek added 2.87% after the company received a letter of intent (LoI) from BSES Rajdhani Power (BRPL) for developing a 57.5 MW/115 MWh standalone battery energy storage system (BESS) in Delhi.

Powered by Capital Market - Live News