Nifty 50 Touches 26,100 Mark; Sensex Rises 130 Points, Bank Nifty Hits Record High

On Thursday, October 23, Indian benchmark indices extended their winning streak for the sixth consecutive session. After a gap-up opening, the Nifty 50 nearly touched an Intraday high of 26,100 before witnessing profit booking at higher levels, which trimmed gains. The index eventually closed below the 25,900 mark.

At the close, the Nifty 50 rose by 22.80 points or 0.09 per cent to settle at 25,891.40, while the Sensex gained 130.05 points or 0.15 per cent to end at 84,556.40. Both indices are now around 1.5 per cent below their record highs. Meanwhile, India’s volatility index, India VIX, jumped 3.5 per cent during the session.

The market rally was broad-based, led mainly by IT stocks amid expectations of a potential trade deal with the US and an improvement in earnings outlook. Out of 11 sectors, 8 ended in positive territory. The Bank Nifty index touched a fresh all-time high of 58,555.15 before closing slightly lower at 58,100, up 0.12 per cent. The Nifty IT index advanced 2.2 per cent, supported by a 3.8 per cent surge in Infosys shares after some promoter and affiliated entities decided not to participate in the company’s share buyback.

Textile makers and shrimp exporters also gained as expectations of lower US tariffs lifted sentiment, providing Indian exporters a competitive edge over peers in Vietnam and Bangladesh. However, the broader markets underperformed, with both the Nifty Midcap and Smallcap indices closing marginally in the red.

Among individual stocks, Gulshan Polyols surged over 8 per cent after securing an order worth Rs 1,185 crore to supply ethanol to oil marketing companies under the ethanol-blended petrol programme.

In the Nifty IT space, Infosys led the rally, helping the sector record its second-largest intraday gain of October and a one-month high. Conversely, the Nifty Pharma index declined 0.15 per cent, dragged by losses in Ajanta Pharma, Cipla, Biocon, and Wockhardt, each falling over 1 per cent.

The top contributors to Nifty’s gains were Infosys (+41.31 points), Tata Consultancy Services (+14.09 points), and Axis Bank (+10.18 points). On the downside, Bharti Airtel (-19.96 points), Reliance Industries (-25.38 points), and ICICI Bank (-27.53 points) acted as major drags.

Market breadth remained positive, with 1,308 advancing stocks against 1,802 declines and 92 unchanged out of 3,202 traded on the NSE. A total of 121 stocks hit 52-week highs, while 32 touched 52-week lows. Additionally, 85 stocks were locked in Upper Circuits and 42 in Lower Circuits.

Disclaimer: The article is for informational purposes only and not investment advice.