On Thursday, October 15, the Indian equity benchmark indices surged, with the S&P BSE SENSEX up 1,376.16 points, or 1.89%, to 74,158.05, and the NSE NIFTY50 trading at 23,016.5, a rise of 393.8 points, or 1.74%. The rally was propelled by strong gains in banking, IT and oil and gas stocks. Tech Mahindra shares climbed as much as 4%, reaching an intraday high of ₹1,637.50 ahead of its September quarter earnings. The market’s positive tone was reflected in trading volumes exceeding 48 million equity shares across NSE and BSE combined.

IDBI Bank experienced a sharp decline, falling more than 7% as investors reacted to the Union Cabinet’s approval of a strategic sale of a 60.72% stake in the institutional lender to Canada‑based Fairfax Financial. The transaction involves the sale of a 30.48% stake held by the government and a 30.24% stake held by Life Insurance Corporation of India (LIC), with Fairfax paying ₹81 per share, above the benchmark fair value of ₹75.99 set by two independent valuation agencies. The government and LIC will jointly retain a 34% stake in the restructured entity.

Reliance Industries (RIL) shares rallied 3%, touching an intraday high of ₹1,209.80 after the unveiling of Reliance Jio’s IPO details. Jio Platforms Ltd set a price band of ₹1,065 to ₹1,119 per share, potentially raising about ₹30,213 crore at the top of the range, making it India’s largest IPO. The IPO will open for subscription on Wednesday, October 21, and close on Friday, October 23, with anchor investor bidding scheduled for Monday, October 19, as per regulatory filings.

CEAT, the tyre‑making firm, saw its shares slip 5% to an intraday low of ₹4,438 after reporting a 40% decline in consolidated net profit to ₹112 crore for the quarter ended September 30, 2026‑27 (Q2 FY27). The company’s revenue from operations rose 26% to ₹4,762 crore, while EBITDA fell 9% year‑on‑year to ₹457 crore, and the margin contracted to 9.60% from 13.33% YoY. The previous fiscal year’s Q2 profit was ₹186 crore.

Tata Technologies shares surged more than 8% early in trading, reaching an intraday high of ₹807.55, before settling lower in the afternoon. The company reported a 3.5% YoY growth in consolidated net profit to ₹171.44 crore for Q2 FY27, up from ₹165.50 crore in the same quarter of FY26. Consolidated revenue from operations rose 28.37% YoY to ₹1,698.80 crore, and operating revenue in USD terms reached $177.9 million, up 19.1% YoY.

Nestlé India shares fell 9% in the afternoon despite reporting healthy growth. The FMCG major posted a standalone net profit of ₹1,027 crore for Q2 FY27, a 36% jump from ₹753 crore a year earlier, and revenue from operations grew 20% YoY to ₹6,788 crore. EBITDA rose 31% to ₹1,614 crore, with the margin expanding to 23.78% from 21.83% in Q2 FY26. The decline was attributed to pressure on profit margins amid rising food inflation and input costs.