Indian markets surge over 2% as IT earnings and Jio IPO buzz drive Sensex past 74,300

Indian benchmarks rallied over 2% on Thursday, with the Sensex hitting 74,330 and the Nifty 50 climbing to 23,056, as strong IT earnings and buzz around Reliance Jio’s IPO lifted sentiment. The 30‑stock Sensex rose more than 1,500 points, while the Nifty added about 433 points, reclaiming the key 23,000 level. Vinod Nair, head of research at Geojit Investments, said better technology earnings, a stable rupee and easing bond yields drove the move. He noted that robust IT results and expectations of solid Q2 earnings kept profit outlook positive despite a tough global backdrop. IT giants TCS, Infosys, HCL Technologies and Tech Mahindra extended gains for a third day, helped by HCL Tech’s better‑than‑expected results. V K Vijayakumar, chief investment strategist at Geojit, added that a recent pull‑back in AI‑linked stocks overseas could stop foreign investors from selling Indian shares and may even reverse flows into IT. Heavyweights Reliance Industries and Bharti Airtel rose as Jio Platforms filed its red‑herring prospectus. The IPO will open Oct 21, close Oct 23 and list Oct 28, with a price band of ₹1,065‑₹1,119 and a target raise of about ₹28,800‑₹30,200 crore, potentially eclipsing the 2024 Hyundai Motor India issue. The rupee opened at 94.92 per dollar, up 0.2%, after the dollar slipped from an 18‑month high. Brent crude fell $1.76 to $104 a barrel and WTI dropped $1.02 to $94.07, easing import‑bill pressure. Technical analyst Jigar S Patel flagged 22,800 as a crucial support level for the Nifty; the hourly RSI moved above 70, indicating strong buying, but a hold above 22,800 is needed to confirm a true reversal.

Context

The rally shows how earnings strength, currency stability and a big IPO can boost Indian markets even when global tech stocks face a pull‑back. A stable rupee and lower oil prices also help by reducing cost pressures on companies.