Sensex Gains 1,534 Points as Nifty Nears 23,000

By the October 15 close, the Sensex had climbed 1,533.72 points to 74,315.61, and the Nifty had gained 374.65 points to 22,997.35, just shy of 23,000. The jump came despite sharp falls across Asian markets. It was a striking split: India’s biggest shares rallied, while smaller-company stocks finished lower. ^1,8

Gains built through the session after a quiet start. Technology, private bank and auto shares led, with Tech Mahindra up 4.61 per cent and ICICI Bank up 4.17 per cent. Reliance Industries rose 4.03 per cent after its telecom and digital arm, Jio Platforms, set an IPO price range that could raise about Rs 30,213 crore. Brent crude fell more than 2 per cent, while the rupee extended its rise to a fifth session. ^1,2,14

The gap between large and smaller shares matters: the rally lifted headline indexes, but did not mean investors were buying widely. The Nifty midcap index fell 0.5 per cent and the smallcap index lost 1.3 per cent; more shares fell than rose. Investors were also reacting to a sell-off in overseas technology stocks after US inflation rose to 3.7 per cent in September. Some analysts said this could make Indian shares more attractive to foreign investors, but a shift in those flows was not yet clear. ^3,5,6

Foreign investors’ next moves and company results will help show whether the rally can last. Geojit Investments research head Vinod Nair pointed to second-quarter earnings, wider participation, and stable oil prices and the rupee as key conditions. Meanwhile, Jio Platforms’ IPO subscription is set for October 21 to 23, giving investors a near-term measure of interest in a major new share sale. ^2,4