On Friday, October 16, the SENSEX rose as much as 0.62% to reach an intraday high of 74,778.78, while the NIFTY50 surged 0.7% to touch a session peak of 23,149.85. At 1:17 PM, the S&P BSE SENSEX advanced 342.96 points, or 0.46%, to trade at 74,658.57, and the NSE’s NIFTY50 stood at 23,117.55, reflecting a 120.20‑point, or 0.52%, jump. The gains were supported by buying in information technology stocks and value buying across the market.

Tech Mahindra led the rally, with shares rallying as much as 8.9% to hit an intraday high of ₹1,776.50 on the NSE. The company reported a consolidated net profit of ₹1,586 crore in Q2 FY27, up 8.2% quarter‑on‑quarter from ₹1,465 crore in Q1 FY27 and up 33% year‑on‑year. Its board also recommended a 1:1 bonus issue, with bonus shares expected to be credited by December 15. Other top winners included Tata Consultancy Services, Infosys, Bharti Airtel and Mahindra & Mahindra.

Wipro shares advanced as much as 6.5% to hit an intraday high of ₹185.45 on the NSE, driven by slightly better‑than‑expected overall Q2 earnings. Citibank noted that Wipro delivered better‑than‑expected earnings in the July‑September quarter of FY27, exceeding muted expectations. The company’s IT services business segment revenues are expected to be in the range of $2,571 to $2,625 million in the third quarter of FY27, though experts predict a weak outlook in the upcoming period.

Jio Financial Services Ltd saw its shares fall as much as 2.7% to an intraday low of ₹213.11 after reporting a 51% decline in consolidated net profit to ₹340.44 crore for the September quarter, hit by higher expenses. The company posted a net profit of ₹695 crore in the year‑ago period. Total income rose about 70% to ₹1,699.41 crore in Q2 FY27 from ₹1,002.40 crore in the corresponding quarter of the previous fiscal year, while interest income rose to ₹1,257.68 crore from ₹392.37 crore year‑ago.

InterGlobe Aviation, the parent company of IndiGo, declined as much as 3.4% after extending the cancellation of flights to Saudi Arabian cities until October 24 amid the evolving situation in the Gulf country. Akasa Air also extended the suspension of all flights to and from Riyadh until October 24 and Jeddah until October 21 due to the prevailing security situation in the Middle East.

The NIFTY50 index was bolstered by buying in the shares of Tech Mahindra, Tata Consultancy Services, Infosys, Bharti Airtel and Mahindra & Mahindra, which were among the top winners. On the other hand, the top losers included InterGlobe Aviation, BSE Ltd, Max Healthcare Institute, Tata Consumer Products and Jio Financial Services. Capital market stocks such as BSE Ltd, National Stock Exchange, Angel One, Nuvama Wealth Management, HDFC Asset Management Company and Billionbrains Garage Ventures traded mixed on Friday, October 16, as market regulator SEBI revised the framework for the Closing Auction Session, changing trading timings and settlement price methodology for stock and index derivatives contracts.