Indian equity benchmarks surged on Thursday, 15 October, with the SENSEX climbing 1,548 points to 74,316 and the NIFTY50 reaching an intraday high of 23,056 before closing 1,534 points higher at 22,997. The rally was driven by gains in heavyweight names such as ICICI Bank, HDFC Bank, Reliance Industries, Bharti Airtel, Infosys, Axis Bank and Tata Consultancy Services. The positive sentiment followed Jio Platforms’ announcement of IPO dates, a decline in crude prices, and a rebound in Indian IT shares after a fall in South Korean tech stocks.

Eleven of the 15 major indices compiled by the National Stock Exchange finished higher, led by the NIFTY IT index which gained 1.8%. The NIFTY Auto, Financial Services, Private Bank, Bank, Oil & Gas and Realty indices also rose between 0.7% and 1.8%. In contrast, FMCG, media, PSU bank and consumer durable shares experienced selling pressure. The NIFTY Midcap 100 fell 0.4% and the NIFTY Smallcap 100 dropped 1.31%, reflecting weaker performance in smaller‑cap segments.

Among individual stocks, IDBI Bank fell 8% as Fairfax Financial Holdings announced plans to acquire a 60.72% stake for about ₹53,000 crore, marking the largest foreign investment in an Indian bank and a milestone in the country’s banking privatisation drive. The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, approved Fairfax’s subsidiary M/s 10955230 Canada Inc as the strategic buyer for the government’s 30.48% stake (₹26,620 crore) and Life Insurance Corporation of India’s 30.24% stake (₹26,440 crore). Yes Bank shares plunged 20% after the Supreme Court set aside the lender’s plea to write off ₹8,415 crore of Additional Tier‑1 bonds.

Tech Mahindra led the NIFTY50 gains, rising 4.75% to close at ₹1,650. Other notable winners included ICICI Bank, Reliance Industries, Bharti Airtel, BSE, HCL Technologies, Mahindra & Mahindra, Maruti Suzuki and HDFC Bank, which climbed between 2.27% and 3.8%. On the downside, Nestle India, Adani Enterprises, Trent, Shriram Finance, Bharat Electronics, ONGC, Adani Ports and Larsen & Toubro were among the biggest losers in the index. Overall market breadth remained negative, with 2,218 shares ending lower against 1,343 rising on the NSE.

The rally defied weak global cues, with the market turning positive after Jio Platforms announced the dates for the country’s largest IPO. A decline in crude prices and a rebound in Indian IT shares, following a fall in South Korean tech stocks, also lifted sentiment. The combination of these factors helped the benchmarks surge, despite broader market breadth remaining negative. The article is provided for informational purposes only and should not be considered investment advice.