Sensex rises 414 pts, Nifty tops 23,100 as IT stocks rally

October 16, 2026

Mumbai: Benchmark equity indices rallied in a consecutive day on Friday due to falling oil prices and a strong buying in IT stocks.

Sensex surged 413.70 points, or by 0.56 per cent, to close at 74,729.27, and Nifty increased 148.80 points, or by 0.65 per cent, to end at 23,146.15

Regarding Nifty Technical Outlook, experts stated that With a breakout from Thursday’s consolidation pattern, Nifty saw follow-through buying action from 22,900 mark.

“With sustained stay above 23,000, Nifty can continue on its mean reversion up move to hit its 50-DMA level in 23,500-23,600 range. However, the trend needs validation.” analysts said.

“Support lies at 22,800, while resistance can be seen at 23,200 mark. Maintaining above 23,000 mark continues to remain important for the index,” market experts added.

Rallies were led by IT stocks, and Tech Mahindra, TCS, Infosys emerged as the top gainers on Nifty index.

Strength in technology stocks offset weakness in several other sectors and boosted the overall market

At the other end, Nifty Oil & Gas index emerged as a loser in the session as the energy sector remained weak.

Although benchmark indexes rose, but the market as

In contrast, the Nifty Oil and Gas index was the biggest laggard as energy-related stocks remained under pressure.

Despite the gains in the benchmark indices, the broader market witnessed a subdued trend.

The Nifty Midcap 100 index ended 0.11 per cent lower, while the Nifty Smallcap 100 index slipped 0.01 per cent.

Experts said that market sentiment remained supported by softer crude oil prices, which eased inflation concerns and boosted risk appetite among investors.

“The sectoral divergence reflects investors’ preference for earnings visibility amid persistent cost pressures. While rupee appreciation and easing crude prices provide near-term support, global inflationary and geopolitical risks warrant caution,” analysts stated.

“Sustaining the recovery will require broader earnings growth beyond IT, supported by an improvement in domestic demand and easing margin pressures,” market watchers noted.

Despite the gains in the benchmark indices, the broader market witnessed a subdued trend.

The Nifty Midcap 100 index ended 0.11 per cent lower, while the Nifty Smallcap 100 index slipped 0.01 per cent.

Experts said that market sentiment remained supported by softer crude oil prices, which eased inflation concerns and boosted risk appetite among investors.

“The sectoral divergence reflects investors’ preference for earnings visibility amid persistent cost pressures. While rupee appreciation and easing crude prices provide near-term support, global inflationary and geopolitical risks warrant caution,” analysts stated.

“Sustaining the recovery will require broader earnings growth beyond IT, supported by an improvement in domestic demand and easing margin pressures,” market watchers noted.