IT Stocks Power Dalal Street Higher as Sensex, Nifty Extend Rally
What Happened
Indian equity benchmarks closed higher on 16 October 2026, extending gains for a second consecutive session. The BSE Sensex rose 413.66 points (0.56%) to 74,729.27, while the NSE Nifty 50 gained 148.80 points (0.65%) to close at 23,146.15. IT stocks led the rally after strong earnings updates, with Tech Mahindra, TCS, and Infosys among the top gainers. Gains in technology shares offset weakness in select FMCG and energy stocks, including Reliance Industries.
Key Takeaways
The market's momentum was driven largely by optimism around the IT sector, which responded positively to quarterly earnings and deal-flow commentary. Broader sentiment was also supported by softer bond yields and a stronger rupee, although elevated crude oil prices and inflation concerns remain key risks.