13-Oct-2026 15:59
Benchmarks end sharply higher; IT shares rebound
The key equity indices ended with substantial gains on Tuesday, supported by a stronger rupee following recent Reserve Bank of India measures and a decline in Brent crude prices, although oil remained above $100 a barrel. The Nifty closed above 22,700 level.
Market participants will monitor global cues, key US inflation data, the ongoing September-quarter earnings season and foreign institutional investors (FII) flows.
Barring Pharma index all the sectoral indices on the NSE were traded in green with IT, realty and auto shares leading the rally.
As per provisional closing data, the S&P BSE Sensex jumped 1,109.10 points or 1.54% to 73,033.78. The Nifty 50 index climbed 358.60 points or 1.60% to 22,721.95.
In the broader market, the Nifty Midcap 150 Index rose 0.97% and the Nifty Smallcap Index 250 increased 0.34%.
The market breadth was strong. On the BSE, 2,128 shares rose and 1,418 shares fell. A total of 98 shares were unchanged.
In the commodities market, Brent crude for December 2026 settlement tumbled $2.16 or 2.03% to $104.49 a barrel.
Economy:
The 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.
IPO Update:
HD Fire Protect received bids for 7,17,60,535 shares as against 1,84,20,492 shares on offer, according to stock exchange data at 15:30 IST on 13 October 2026. The issue was subscribed 3.90 times.
The issue opened for bidding on 13 October 2026 and will close on 15 October 2026. The price band of the IPO is fixed between Rs 258 and 271 per share. An investor can bid for a minimum of 55 equity shares and multiples thereof.
Buzzing Index:
The Nifty IT index jumped 5.22% to 29,830.10. The index shed 0.79% in the past trading session. The 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.
HCL Technologies (up 7.94%), Tata Consultancy Services (up 6.45%), Mphasis (up 4.78%), Tech Mahindra (up 4.69%) and LTM (up 4.58%), Coforge (up 4.46%), Wipro (up 4.2%), Infosys (up 4.03%), Persistent Systems (up 3.4%) and Oracle Financial Services Software (up 2.35%) advanced.
HCL Technologies rallied 7.94% after the company reported consolidated net profit increased 10.99% to Rs 5,132 crore in Q2 FY27 as compared with Rs 4,624 crore in Q1 FY27. Revenue from operations increased 3.01% quarter on quarter to Rs 35,620 crore in Q2 FY27 as compared with Rs 34,579 crore in Q1 FY27.
Stocks in Spotlight:
Indian Bank jumped 3.19% after the public sector lender announced that its board will meet on 15 October 2026, to consider a fund-raising plan.
Polycab India fell 1.83% after the National Stock Exchange (NSE) announced that the stock would be excluded from the futures and options (F&O) segment with effect from 30 December 2026.
Bandhan Bank jumped 9.31% amid reports of a potential stake sale in Bandhan Financial Services, the bank's promoter entity. Abu Dhabi-based International Holding Company (IHC) and First Abu Dhabi Bank are reportedly in early-stage discussions to acquire a stake in the promoter entity. Bandhan Financial Services is reportedly exploring the sale of a 25%-32% stake to strategic investors. The stake held by GIC and IFC is estimated to be worth $500 million-$600 million.
RBL Bank dropped 7.55% despite reporting strong Q2 FY27 results. On a standalone basis, the bank reported a 170% YoY and 90% QoQ increase in net profit to Rs 481.8 crore in Q2 FY27, compared with Rs 178.5 crore in Q2 FY26 and Rs 253.7 crore in Q1 FY27. Net interest income (NII) rose 37% YoY and 29% QoQ to Rs 2,131 crore in Q2 FY27 from Rs 1,551 crore in Q2 FY26 and Rs 1,654 crore in Q1 FY27. Net interest margin (NIM) improved to 4.61% from 4.51% in Q2 FY26 and 4.13% in Q1 FY27.
Global Market:
Dow Jones futures were up 377 points on Tuesday, indicating a positive opening for US stocks, as investors assessed the technology-led selloff, upcoming inflation data and the start of the third-quarter earnings season.
European shares traded higher on Tuesday, showing resilience despite the global technology selloff. European equities have less exposure to large, pure-play AI technology companies than the Nasdaq and Asian semiconductor markets, leaving them less vulnerable to concerns over elevated AI valuations and intensifying competition in the chip industry.
Asian markets ended mixed, with South Korean technology stocks extending losses amid concerns over intensifying Chinese competition in the semiconductor industry. Samsung Electronics and SK Hynix came under pressure after reports that China's ChangXin Memory Technologies (CXMT) was advancing its higher-density DRAM technology, raising concerns about competition in the global memory-chip market.
Chinese automakers also faced pressure after September retail sales weakened, while investors assessed elevated crude oil prices, geopolitical tensions and the outlook for global economic growth. South Korean equities faced additional concerns over the possibility of higher interest rates to narrow the gap with US rates, amid persistent household debt and default risks.
Wall Street ended mixed on Monday as investors awaited corporate earnings and key US economic data. The Dow Jones Industrial Average gained 195.60 points, or 0.38%, to close at 51,850.55. The S&P 500 fell 4.30 points, or 0.06%, to 7,807.24, while the Nasdaq Composite declined 120.27 points, or 0.44%, to 27,245.90. Technology and semiconductor stocks weighed on the broader market, while energy shares benefited from higher oil prices.
Crude oil prices remained elevated amid concerns over global energy supplies following attacks on Saudi Arabia and uncertainty surrounding a proposed Russia-Ukraine energy truce. Oil prices and geopolitical developments remain key factors for investors, given their potential implications for inflation and central-bank policy.
Investors are focused on the September US Consumer Price Index (CPI), scheduled for Wednesday, 14 October, followed by the Producer Price Index (PPI) and retail sales data on Thursday, 15 October. The readings will be closely watched for their implications for the Federal Reserve's monetary policy, particularly as higher energy costs risk prolonging inflationary pressures.
The US third-quarter earnings season is also gathering pace, with major banks, including JPMorgan Chase, Goldman Sachs, Citigroup and Wells Fargo, due to report results this week. Investors will assess the results for signals on consumer spending, lending demand, credit quality and the broader economic outlook.
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