Sensex jumps 905 points, Nifty reclaims 22,900; IT, banking stocks rally

The key equity indices ended sharply higher on Thursday, snapping a two-session losing streak. Buying across sectors, led by IT and banking stocks, lifted sentiment after the US Federal Reserve kept interest rates unchanged. Buying by foreign portfolio investors (FPIs) on Wednesday also boosted investor confidence. The Nifty closed above 22,900, while the Nifty MidCap and SmallCap indices gained around 0.6% each. All NSE sectoral indices ended higher except the Nifty Auto and Nifty Cement indices.

The S&P BSE Sensex surged 905.01 points or 1.24% to 74,151.04. The Nifty 50 index jumped 237.90 points or 1.05% to 22,936.75. In the past two consecutive trading sessions, the Sensex and the Nifty dropped 0.49% and 0.24%, respectively.

Adani Ports & SEZ (up 6.29%), Kotak Mahindra Bank (up 4.32%) and Eternal (up 3.63%) boosted the Nifty higher today.

In the broader market, the BSE 150 MidCap Index rose 0.60% and the BSE 250 SmallCap Index added 0.69%.

The market breadth was strong. On the BSE, 2,654 shares rose and 1,716 shares fell. A total of 225 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 6.43% to 15.20.

Numbers to Track:

In the commodities market, Brent crude for the December 2026 settlement declined $1.38 or 1.24% to $110.26 a barrel.

The yield on India's 10-year benchmark federal paper declined 0.55% to 7.399 compared with previous session close of 7.440.

In the foreign exchange market, the rupee edge higher against the dollar. The partially convertible rupee was hovering at 95.2700 compared with its close of 95.2800 during the previous trading session.

MCX Gold futures for the 4 December 2026 settlement fell 0.32% to Rs 1,43,243.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.02% to 102.21.

The United States 10-year bond yield fell 1.03% to 4.999.

Global Market:

European shares traded higher on Thursday, 29 October 2026. Investors are assessing corporate earnings and the US Federal Reserve's decision to hold interest rates steady, while awaiting the European Central Bank's policy announcement.

Most Asian indices ended lower on Thursday, as concerns over technology-sector valuations, disappointing reactions to major US corporate earnings and elevated crude oil prices weighed on investor sentiment.

Investors assessed the latest technology earnings alongside the Federal Reserve's decision to keep interest rates unchanged. Semiconductor stocks drew support from gains in US chipmakers, while concerns about the cost of AI infrastructure and the returns on investment remained in focus. Alphabet's post-market earnings miss added uncertainty ahead of further results from major technology companies.

US stocks ended higher on Wednesday, after the Federal Reserve kept its benchmark interest rate unchanged. The Dow Jones Industrial Average rose 97.53 points, or 0.19%, to 52,475.10. The S&P 500 gained 21.37 points, or 0.28%, to 7,743.97, while the Nasdaq Composite advanced 72.04 points, or 0.27%, to 26,549.85.

The Fed maintained its target range at 3.75%-4.00% in a 10-2 vote. It upgraded its assessment of economic activity but said inflation remained elevated. Governors Lisa Cook and Beth Hammack dissented, preferring a 25-basis-point rate increase. Markets subsequently raised the implied probability of a December rate hike to 85%, from 78.3% a day earlier, according to CME FedWatch data.

Microsoft shares gained more than 4% in extended trading after the company reported stronger-than-expected cloud revenue. Azure growth accelerated to 48% in its fiscal first quarter, beating its previous guidance and supporting optimism about demand for cloud computing and AI services. Investors will continue to assess Microsoft's capital expenditure and data-centre investment plans.

Alphabet shares fell more than 7% in after-hours trading after its third-quarter results missed analysts' expectations. Revenue rose 25% year on year to $127.58 billion, below the $127.97 billion forecast. Net income fell to $26.17 billion from $34.98 billion a year earlier, while earnings per share came in at $2.12, below estimates of about $3.01. An $8.7 billion loss on equity investments weighed on reported earnings.

Google Cloud remained a bright spot, with revenue surging 103% to $30.7 billion, driven by demand for AI infrastructure and enterprise services. However, investors remained concerned about the scale of capital expenditure and the returns from AI investment.

Investors are awaiting US third-quarter GDP, September personal income and spending figures, and the Personaonsumption Expenditures price index on Thursday. The PCE index is the Federal Reserve's preferred inflation gauge. Initial jobless claims are also due.

Stocks In Spotlight:

Hero MotoCorp declined 4.09%. The two-wheeler major's adjusted net profit increased 42.21% to Rs 1,861.33 crore from Rs 1,308.89 crore a year earlier. Sequentially, adjusted net profit rose 31.79% from Rs 1,412.36 crore in Q1 FY27. Net sales increased 22.52% year on year to Rs 14,970.50 crore from Rs 12,218.39 crore. Revenue rose 14.05% quarter on quarter from Rs 13,126.35 crore in Q1 FY27.

Asian Paints rose 0.76%. The paint major reported a 7.45% increase in consolidated net profit to Rs 1,067.6 crore in Q2 FY27 compared with Rs 993.59 crore in Q2 FY26. Revenue from operations climbed 16.92% YoY to Rs 9,953.89 crore in Q2 FY27.

United Spirits raliled 5.06%. On a consolidated basis, the company's net profit declined 7.76% to Rs 428 crore, while net sales rose 2.87% to Rs 3264 crore in Q2 September 2026 over Q2 September 2025.

Jupiter Wagons jumped 6.66% after the company secured an order worth Rs 1,140 crore, including taxes, from the Ministry of Railways for the manufacture and supply of 2,583 BOXNHL and BOXNS wagons. These open-top freight wagons are used to transport bulk commodities such as coal and iron ore.

Birlasoft surged 11.89% after the IT services company reported a 37.5% year-on-year increase in consolidated profit after tax (PAT) to Rs 159.6 crore in Q2 FY27. However, PAT declined 0.8% quarter on quarter from Rs 161 crore in Q1 FY27. Revenue from operations rose 6.6% year on year to Rs 1,416.2 crore from Rs 1,328.9 crore. Revenue increased 2.7% sequentially from Rs 1,379.4 crore in Q1 FY27.

Symphony rose 1.70% after the company reported a 41.18% year-on-year increase in consolidated net profit to Rs 24 crore in Q2 FY27 from Rs 17 crore in Q2 FY26. Sequentially, net profit declined 40% from Rs 40 crore in Q1 FY27. Revenue from operations increased 30.95% year on year to Rs 275 crore from Rs 210 crore. However, revenue declined 27.25% quarter on quarter from Rs 378 crore in Q1 FY27.

Pidilite Industries rose 2.33%. The company's standalone net profit rose 10.4% to Rs 647 crore on a 21.7% increase in net sales to Rs 3,982 crore in Q2 FY27 over Q2 FY26. Revenue growth during the quarter was aided by underlying volume growth (UVG) of 10.7%. EBITDA stood at Rs 811 crore in Q2 FY27, registering a growth of 0.5% compared with Rs 807 crore in Q2 FY26. EBITDA margin declined to 20.4% from 24.7% in the corresponding quarter of the previous year.

V-Guard Industries jumped 7.90% after the company reported a 71.04% year-on-year increase in consolidated net profit to Rs 111.67 crore in Q2 FY27 from Rs 65.29 crore in Q2 FY26. However, net profit declined 14.26% quarter on quarter from Rs 130.25 crore in Q1 FY27. Revenue from operations increased 38.18% year on year to Rs 1,852.89 crore from Rs 1,340.92 crore. Revenue rose 2.33% sequentially from Rs 1,810.65 crore in Q1 FY27.

Initial Public Offer (IPO):

BLS Polymers received bids for 2,85,12,13,700 shares as against 1,19,00,000 shares on offer, according to stock exchange data at 16:36 IST on 29 October 2026. The issue was subscribed 239.60 times.

The issue opened for bidding on 27 October 2026 and will close on 29 October 2026. The price band of the IPO is fixed between Rs 142 and 150 per share. An investor can bid for a minimum of 100 equity shares and multiples thereof.

SFC Environmental Technologies received bids for 13,09,69,080 shares as against 1,41,59,744 shares on offer, according to stock exchange data at 16:36 IST on 29 October 2026. The issue was subscribed 9.25 times.

The issue opened for bidding on 27 October 2026 and will close on 29 October 2026. The price band of the IPO is fixed between Rs 313 and 330 per share. An investor can bid for a minimum of 45 equity shares and multiples thereof.

M. K. Sons Fine Jewels received bids for 1,37,39,817 shares as against 1,19,00,000 crore shares on offer, according to stock exchange data at 16:36 IST on 29 October 2026. The issue was subscribed 1.15 times.

The issue opened for bidding on 28 October 2026 and will close on 30 October 2026. The price band of the IPO is fixed between Rs 153 and 162 per share. An investor can bid for a minimum of 91 equity shares and multiples thereof.

Bombay Coated & Special Steels received bids for 4,37,39,332 shares as against 1,65,33,012 shares on offer, according to stock exchange data at 16:36 IST on 29 October 2026. The issue was subscribed 2.65 times.

The issue opened for bidding on 29 October 2026 and will close on 2 November 2026. The price band of the IPO is fixed between Rs 78 and 82 per share. An investor can bid for a minimum of 182 equity shares and multiples thereof.

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