Stock market recap: On 15 October, Indian equities closed firmly higher with Nifty gaining 1.66% to 22,997, led by a strong rally in IT stocks. TCS, Infosys, HCL Tech, and Tech Mahindra have gained up to 12% more than three sessions as investors rotated money out of costly overseas AI stocks.
Brent crude easing to about $104 and the rupee firming to 94.92 also lifted sentiment. Heavyweights Reliance, Bharti Airtel, and ICICI Bank, optimism about Q2 earnings, and short covering on Sensex expiry day added to the gains.
However, hot US inflation revived bets on a Fed rate hike, Asian markets were weak, and foreign investors kept selling. PSU Banks and metals came under pressure, while Nestle, Canara Bank, and Yes Bank fell on stock-specific news, capping further upside.
Buy: Billionbrains Garage Ventures Limited (current price: ₹198)
Dalal Street turned firmly bullish on Thursday. Nifty 50 opened with a gap-up, holding above the previous close all session, and finished close to its high. The index opened at 22,671.30, touched a high of 23,056.40, a low of 22,637.40, and closed at 22,997.35, up 374.65 points (+1.66%). Breadth was strong, with 41 stocks advancing and only 8 declining. Tech Mahindra (+4.75%), ICICI Bank (+3.80%), and Reliance (+3.44%) led the gains. Nestle India (-7.76%) fell sharply despite strong Q2 numbers, followed by Adani Enterprises (-0.83%) and Trent (-0.72%). A decisive close above the 21-SMA supports a possible double bottom near 22,150.