Nifty trade above 23,050 in early trade; breadth negative
At 09:30 IST, the barometer index, the S&P BSE Sensex, jumped 667.93 points or 0.90% to 74,520.83. The Nifty 50 index added 188.55 points or 0.82% to 23,077.60.
In the broader market, the BSE 150 MidCap Index rose 0.17% and the BSE 250 SmallCap Index fell 0.21%.
The market breadth was negative. On the BSE, 1,410 shares rose and 1,662 shares fell. A total of 224 shares were unchanged.
FPIs sold shares worth Rs 54636.85 crore in October through 16 October 2026. This follows net selling of Rs 45,536.89 crore in September 2026, while FPIs were net buyers of Rs 17,366 crore in August 2026.
Stocks in Spotlight:
L&T Technology Services jumped 10.68% after the company reported a 53.5% jump in consolidated net profit to Rs 548 crore in Q2 FY27 compared with Rs 351.8 crore in Q1 FY27. Net sales increased 3.41% YoY to Rs 3,040.4 crore in Q2 FY27.
Indian Renewable Energy Development Agency (IREDA) shed 0.70%. The company reported a marginal 0.5% rise in consolidated net profit to Rs 552.14 crore in Q2 FY27, compared with Rs 549.33 crore in the corresponding quarter last year. Total income grew 14.03% year-on-year (YoY) to Rs 2,345.84 crore during the quarter.
Numbers to Track:
The yield on India's 10-year benchmark federal paper rose 0.26% to 7.401 compared with the previous session close of 7.391.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 94.7350 compared with its close of 94.9125 during the previous trading session.
MCX Gold futures for 4 December 2026 settlement fell 0.12% to Rs 1,46,341.
The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.07% to 101.77.
The United States 10-year bond yield rose 0.08% to 5.123.
In the commodities market, Brent crude for December 2026 settlement jumped $1.66 or 1.53% to $110.75 a barrel.
Global Markets:
Asian equity indices opened higher on Wednesday led by gains in Japan and South Korea, as renewed optimism over artificial intelligence (AI) investments supported sentiment following the previous session's sell-off.
Asian technology stocks had come under pressure on Tuesday amid concerns over heavy AI infrastructure spending and rising financing costs. Investors are assessing corporate earnings to determine whether substantial investments in AI will translate into sustainable growth.
Sentiment received a boost from Super Micro Computer's stronger-than-expected preliminary revenue guidance for Q1 FY27. The company expects revenue of $18.5 billion to $19.5 billion, up from its earlier forecast of $14.5 billion to $15.5 billion and above analyst expectations of around $15 billion. It also raised its gross margin outlook to 12%-12.5% from 10.4%-10.8%, citing a more favourable customer and product mix.
Meanwhile, Japan's exports rose 16.7% year-on-year in September, marking the 13th consecutive month of growth. However, the increase fell short of market expectations. Exports to the US climbed 22.9%, while shipments to China increased 8.6%. Japan's trade deficit narrowed to 536.6 billion yen.
Overnight, US equity markets ended mixed on Tuesday, 20 October 2026. The Dow Jones Industrial Average advanced 1.02% to 52,495.88, while the S&P 500 gained 0.28% to 7,712.57. The Nasdaq Composite edged down 0.02% to 26,424.82 as weakness in technology stocks offset gains elsewhere.
Healthcare and industrial stocks supported the Dow's advance as investors assessed corporate earnings and reassessed valuations of technology companies. Concerns over the cost and potential returns from AI-related investments continued to influence market sentiment.
SpaceX shares rose over 8% in extended trading after third-quarter revenue surged 161% year-on-year to $14.58 billion, while net income reached $4.4 billion against a loss of $1.1 billion a year earlier. Strong demand for AI computing capacity drove AI revenue up more than ninefold. Meanwhile, Netflix fell 6% on concerns over slowing revenue growth.
On the economic front, US housing starts fell 5.2% month-on-month in September, while building permits declined 0.2%. Single-family housing starts dropped 4.6% to an annualised rate of 859,000 units. Single-family permits fell 4% to 845,000, their lowest level in three-and-a-half years, signalling continued weakness in the housing sector.
Meanwhile, crude oil prices rose on Wednesday amid renewed concerns over supply disruptions in the Middle East. Brent crude gained 85 cents to $109.64 a barrel. Prices had fluctuated on Tuesday following conflicting reports about progress in US-Iran diplomatic efforts. Continued threats to energy infrastructure and shipping routes kept supply risks in focus.
Corporate earnings are expected to remain a key driver of global markets this week. Investors will assess whether earnings growth can support equity valuations amid elevated borrowing costs and uncertainty over AI spending. Developments in the Middle East and movements in crude oil prices are also likely to influence sentiment.
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