Nifty trades above 22,500 level; IT shares rally
Market participants will monitor global cues, key US inflation data, the ongoing September-quarter earnings season and foreign institutional investor (FII) flows.
IT shares rebounded after declining in the past trading session. The rally was driven by a combination of factors, including better-than-expected September-quarter results from TCS and HCL Technologies, a slowdown in the AI trade and the US dollar's appreciation against the rupee, which supported IT stocks.
At 10:25 IST, the barometer index, the S&P BSE Sensex surged 471.26 points or 0.66% to 72,397.67. The Nifty 50 index rose 155.75 points or 0.70% to 22,519.10.
In the broader market, the BSE 150 Midcap Index rose 0.33% and the BSE 250 Smallcap Index declined 0.32%.
The market breadth was negative. On the BSE, 1,806 shares rose and 1,929 shares fell. A total of 267 shares were unchanged.
The rupee edged higher against the dollar. The partially convertible rupee was hovering at 95.1950 compared with its close of 95.7850 during the previous trading session. Brent crude for December 2026 settlement dropped $1.27 or 1.19% to $105.38 a barrel.
Economy:
IMF has raised India's growth forecast to 7% for both FY27 and FY28. Its earlier estimates were 6.4% and 6.7%, respectively. Strong domestic demand and services activity are supporting growth. The International Monetary Fund (IMF) has raised its global growth forecast for 2026 to 3.1%. Its inflation forecast for 2026 remains 4.7%. For 2027, the forecast has risen to 4.1%, from July's 3.9%.
The IMF said India?s growth outlook was supported by favourable demographic dynamics, a large and expanding domestic market, and continued structural reforms, despite higher global oil prices and geopolitical uncertainties. India remains among the fastest-growing major economies.
Buzzing Index:
The Nifty IT index jumped 3.15% to 29,243.70. The index shed 0.79% in the past trading session. Rally was driven by a confluence of factors, including better-than-expected Q2 results of TCS and HCL Tech, a slowdown in AI trade and the dollar's rise against the rupee is driving the IT stocks higher.
Tata Consultancy Services (up 5.16%), HCL Technologies (up 4.96%), Mphasis (up 3.72%), Tech Mahindra (up 2.94%) and Wipro (up 2.94%), LTM (up 2.89%), Infosys (up 2.33%), Oracle Financial Services Software (up 2.32%), Coforge (up 2.08%) and Persistent Systems (up 1.8%) advanced.
Stocks in Spotlight:
Kalpataru Projects International (KPIL) rose 0.76%. The company announced that it has secured new orders and letters of comfort worth approximately Rs 2,031 crore in its power transmission and distribution (T&D) business across domestic and international markets.
Vikran Engineering jumped 13.28% after the company announced that its wholly owned subsidiary, NOPL Solar Projects, had signed a Rs 2,941.19-crore loan agreement with IREDA to partly finance a solar power project in Maharashtra.
Powered by Capital Market - Live News