Stock Market Highlights: Sensex Jumps 879 Points, Nifty Settles At 22,520; IT Stocks Lead Gains

• Pidilite Industries has appointed Amit Agarwal as its Chief Financial Officer (CFO) Designate.
• Amit Agarwal has previously worked with Pfizer and Hindustan Unilever (HUL).

• Baazar Style Retail has opened a new store in Jalpaiguri, West Bengal.

• Following the addition, the company's total store count has increased to 284.

• The Ministry of Coal said the classification of a power plant under the "critical stock" category is an early-warning indicator and does not mean the plant has run out of coal or faces an immediate risk of shutdown.

• The ministry said coal supplies to the power sector have improved sharply from September lows, with daily supplies rising around 36% and October supplies averaging about 9% higher than September levels.

• Coal stock depletion has moderated significantly, with the daily drawdown easing to 0.116 million tonnes per day in October from 0.243 million tonnes per day in September.

• Rail logistics have also improved, with coal loading averaging more than 465 rakes per day in October. The target of 470 rakes per day was achieved on three consecutive days, according to the ministry.

• The government said coal is being redistributed to vulnerable power stations on a requirement basis to ensure uninterrupted electricity generation.

• The ministry expects sustained rail loading of 465-475 rakes per day and moderating power demand after mid-October to help stabilise inventories and support stock rebuilding ahead of the festive and winter seasons.

• The Ministry of Coal, in coordination with the Ministry of Power and Ministry of Railways, said it is closely monitoring coal supplies and logistics to ensure that fuel availability does not constrain power generation.

• Monarch AIF said resilient corporate fundamentals and improving domestic growth conditions should support small-cap performance despite potential global macroeconomic volatility.
   
• The fund expects returns over the next few years to be increasingly driven by earnings growth and business fundamentals.
   
• Monarch AIF said disciplined stock selection, valuation discipline and a long-term investment approach remain key to generating returns in the current market environment.

• While remaining constructive on small-caps, Monarch AIF said attractive valuation opportunities are also emerging in select large-cap stocks.
   
• The fund highlighted opportunities within BFSI, insurance, telecom and parts of the IT sector.
   
• Monarch AIF said its focus remains on identifying companies with strong balance sheets, durable growth prospects and reasonable valuations rather than relying on broad market movements.

• Monarch AIF said quality small-cap companies continue to offer attractive bottom-up investment opportunities over the next 12-24 months, supported by healthy balance sheets, improving cash flows and sustained capital expenditure intentions.
   
• The fund said the Nifty 50 has declined more than 11% between Feb. 25 and Oct. 7, while the Nifty Smallcap 250 and Nifty Microcap 250 have gained around 11.7% and 22%, respectively.
   
• Monarch AIF said low corporate leverage, healthy auto sales, strong credit growth and demand trends across consumer-facing sectors continue to support earnings growth.

• Chief Economic Advisor V. Anantha Nageswaran said there is a need to revisit NPA classification norms for MSMEs, arguing that the framework should better reflect India's business practices and cash-flow cycles, PTI reported.

• Nageswaran said the transition to Special Mention Account (SMA) classification itself can have significant consequences for borrowers, with businesses facing difficulties even before being formally classified as non-performing assets.

• He said MSMEs across sectors have varying working capital requirements and cash-flow patterns, and called for norms that are aligned with domestic realities rather than a uniform global framework.

• The CEA said reducing compliance burdens remains critical for MSMEs, as smaller businesses bear a disproportionately high cost of regulatory compliance in terms of both time and money.

• He also highlighted the need to leverage trade agreements, noting that the India-UK agreement and the upcoming India-EU agreement could create significant opportunities for Indian goods and services.

• On microfinance, Nageswaran cautioned against over-lending and mis-selling, saying savings and insurance should take priority ahead of credit.

• The CEA also underscored the importance of workforce upskilling amid the growing adoption of artificial intelligence, adding that India's demographic profile continues to support labour-intensive growth opportunities.

• Priority Jewels told NDTV Profit that it intends to further expand its presence in the Middle East market.

• The company said it currently sources gold from two to three banks for its jewellery manufacturing operations.

• Management said it is able to convert gold into jewellery within about one month, supporting operational efficiency.

• Priority Jewels said it does not expect any major capital expenditure for expansion in the near term.

• The company added that it expects to scale up its existing capacity to support future growth.

• Motilal Oswal Alternates has announced the full exit of its India Realty Excellence Fund IV (IREF IV), following the completion of exits from all 37 investments in the portfolio.

• The Rs 1,155 crore real estate fund delivered a portfolio IRR of 20.4%.

• IREF IV partnered with developers including Puravankara, Kolte-Patil Developers, Casagrand, Phoenix, Rajapushpa, Ashwin Sheth and Radiance Realty across seven cities.

• The fund, launched in 2020, navigated multiple challenges including the COVID-19 pandemic, rising interest rates, higher input costs and geopolitical disruptions.

• With the closure of IREF IV, three of Motilal Oswal Alternates' six real estate funds have now been fully exited.

• The platform has funded development of over 100 million square feet, has a cumulative AUM of over Rs 11,000 crore, and has completed more than 150 exits across over 200 investments.

• VT Markets said global markets remain sensitive to developments in US inflation, Treasury yields and the interest-rate outlook.
   
• Khoo added that while inflation risks remain elevated, signs of a cooling labour market are also influencing investor expectations.
   
• The brokerage said upcoming Q3 earnings season and macroeconomic data releases will likely drive moves across equities, currencies and commodities in the near term.

• VT Markets said oil prices have moved higher, with US crude approaching key technical levels after a recent rebound.
   
• The brokerage noted that gold has recovered from recent lows, while silver may also see further upside following its pullback.
   
• Natural gas has recovered strongly and may consolidate before its next move, according to Khoo.

• VT Markets said the US dollar index is consolidating ahead of next week's inflation report.
   
• The brokerage noted that major currency pairs, including EUR/USD, GBP/USD, USD/JPY and USD/CAD, are trading within key technical levels as investors assess the outlook for US interest rates.
   
• According to Khoo, expectations of further policy tightening could continue to support the dollar, although incoming economic data will remain the key determinant.

• Justin Khoo, Senior Market Analyst, APAC at VT Markets, said the September FOMC minutes reinforced a hawkish policy outlook, with most Federal Reserve officials signalling the need for additional tightening to keep inflation aligned with the central bank's target.
   
• Khoo noted that softer US inflation readings and weaker labour market data have reduced expectations of an immediate rate hike, but markets remain focused on the upcoming US CPI inflation report on Oct. 14.
   
• He added that the US 10-year Treasury yield above 5.3% is tightening financial conditions and increasing borrowing costs.

• SEPC has secured an order worth Rs 855 crore.

• The company has entered into an agreement with Steel Authority of India Ltd. (SAIL) for a pellet plant project at Burnpur, West Bengal.

• Following the order win, SEPC's total order book has crossed Rs 10,000 crore.

• DBS Bank India has introduced Customs Duty, Central Excise and Service Tax payment capabilities through the ICEGATE 2.0 platform.

• With the addition, DBS Bank India now supports GST, Direct Tax and Customs-related tax payments, making it the only wholly owned subsidiary bank in India to offer all three major central tax payment categories through government platforms.

• The bank said customers can make Customs-related payments through DBS IDEAL, enabling businesses to manage statutory and trade-related payment obligations on a single platform.

• The service allows users to initiate, authorise and track payments through existing DBS IDEAL workflows and transaction monitoring tools.

• DBS said the facility is available daily from 4:00 AM to 11:00 PM, including weekends.

• The launch is aimed at simplifying statutory payment processes for corporates amid rising trade activity and increasing digitisation of business operations.

• DEE Development Engineers said its order book stood at Rs 2,531 crore as of Sept. 30, crossing the Rs 2,500 crore mark.

• The company reported September order inflows of Rs 225.2 crore, including amendments and currency fluctuations, while order execution during the month stood at Rs 129.7 crore.

• Cumulative FY27 order inflows have reached Rs 1,178.7 crore, while cumulative order execution stood at Rs 591.5 crore as of Sept. 30.

• The order book spans businesses including power, oil & gas, process piping, heavy fabrication, gas plants and power generation across domestic and international markets.

• Management said it is targeting more than Rs 2,000 crore of order inflows in FY27, along with core revenue of Rs 1,400-1,500 crore and core EBITDA margins of 18-20%.

• Abhishek Jindal of Jindal Supreme told NDTV Profit that more companies are opting for government EPC projects, creating additional opportunities for the company.

• The company expects volumes to grow around 20% QoQ in FY27 and anticipates topline growth to be driven primarily by higher volumes.

• Jindal Supreme said 45% of its products are now black pipes, while 50% are galvanised products, with a greater focus on galvanised offerings supporting margin expansion.

• The company expects sales from its fifth value-added product to commence by Q4, while the share of value-added products is expected to grow at a faster pace than the overall business.

• Management said topline is expected to grow 50% over the next two quarters.

• The company noted that the steel industry remains highly competitive, but direct tie-ups for raw material sourcing and efficient procurement are helping support profitability.

• Jindal Supreme said it aims to maintain capacity utilisation above 80% and currently operates with a working capital cycle of around 50 days.

• Management added that the company does not want to be dependent on any single customer, and continues to focus on diversifying its customer base.

• Thermax, in an exclusive interaction with NDTV Profit, said data centres are emerging as a key growth driver across multiple business verticals.

• The company said it is evaluating opportunities in new energy segments and is closely tracking policies related to Compressed Biogas (CBG).

• Thermax noted that commodity cost pressures and the ongoing Iran-related conflict are affecting business conditions.

• The company said shipping and project execution continue to face challenges amid the current operating environment.

• Thermax expects to achieve more than Rs 3,000 crore of order backlog in FY27 and said execution remains on track.

• The company highlighted consistent improvement in its industrial business performance.

• Thermax also said its intelligent boiler solution helps improve efficiency by around 10%.

• Bajaj Finance will allot non-convertible debentures (NCDs) worth Rs 511 crore on a private placement basis.
• The fundraising will be undertaken through the issuance of NCDs.

• The Ministry of External Affairs (MEA) said comments made by the US Vice President on the PERM (Permanent Labor Certification Program) issue are unwarranted.

• The MEA said the recent steps taken by the US do not advance the shared ambitions of India and the United States.

• The ministry highlighted that talent mobility is an area of mutual benefit for both countries, contributing to jobs, innovation and economic growth.

• The MEA said talent mobility creates value for both economies and supports the operations of US companies.

• The ministry noted that the PERM programme is distinct from the H-1B visa programme, and the current developments do not affect the validity of the H-1B framework.

• According to the MEA, the suspension of PERM-related processing could have some impact on the green card process for employees of affected companies.

• Jash Engineering received consolidated orders worth Rs 102 crore during September.

• The company secured international orders worth Rs 59 crore and domestic orders worth Rs 43 crore during the month.

• The company's total consolidated order book stood at Rs 944 crore as of Oct. 1.

• The business update was disclosed by the company.

The zone of 22330 – 22350 will act as a crucial support for the Nifty 50 index while the resistance lies in the zone of 22640 – 22660. On the downside, if the index slips below the level of 22330, then the next support is placed in the zone of 22160 – 22180. In an event of a surge above 22660, the index can experience an extension of the rally towards 22810, said Sudeep Shah, Vice President - Technical and Derivatives Research at SBI Securities

On the options front, meaningful call writing witnessed across 22500 & 22600 strikes. On the put side, 22400 has a substantial open interest, followed by 22300 strike.

For Sensex, support is at 71900, while resistance is at 72800.

Jash Engineering said in the month of September 2026, the consolidated orders received by the company are worth Rs 102 crore out of which orders worth Rs 43 crore are for Indian market and orders worth Rs 59 crore are for markets outside India.

The total consolidated order book position of the company as on 1st October 2026 was Rs 944 crore out of which orders worth Rs 313 crore are for Indian market and orders worth Rs 631 crore are for markets outside India.
 

Eicher Motors, TVS Motor and Maruti Suzuki, M&M are Elara Securities’ top picks in the auto sector within OEMs ahead of Q2 results.

Amongst ancillaries, its top picks are Gabriel India, Minda Corp, Sona BLW, Uno Minda as it prefers ancillaries which have multiple levers of growth such as increasing products, expansion in segments, expansion in geographies, and inorganic expansion.

Foreign Portfolio Investors (FPIs) withdrew a net Rs 35,861 crore from Indian equities in September 2026, against net inflows of Rs 29,628 crore in August 2026. The month also ended a two-month run of positive foreign flows in July and August.

Selling in September was broad-based across Financials, Energy, Automobiles and Metals. Financial Services saw the largest outflow at Rs 13,147 crore, a sharp swing from inflows of Rs 10,494 crore in August and nearly six times its long-term average (LTA) monthly outflow of Rs 2,237 crore. 

Oil, Gas & Consumable Fuels followed with outflows of Rs 6,854 crore, more than three times the sector’s LTA outflow, while Automobile & Auto Components saw Rs 6,212 crore of selling after inflows of Rs 3,106 crore in August.

Nifty IT index gained over 3% with all its constituents trading in the green. Here are five key triggers behind the rally in Nifty IT index.

• TCS Q2 results broadly in line, easing sector-wide earnings concerns
• TCS annualised AI revenue growing double digit; forms 10% of revenue
• Lower H-1B dependence acting as a cushion against PERM suspension
• Overnight global AI stocks sell-off seen as a reverse AI trade for IT majors
• Nifty IT near support levels on a technical standpoint
   

September inflation is likely to gather momentum to 5.7% y/y, partly driven by base effects, from 4.8% the month before. Food segments continue to register gains, with pressures broadening to include perishables, edible oils, rice, pulses, sugar, etc., according to high-frequency data, said Radhika Rao, Senior Economist & Executive Director, DBS Bank.

Under non-food, retail pump prices have not been adjusted further, though other fuel products, such as non-subsidised LPG, diesel and ATF (still up by double digits y/y, though slower than in August), are up on the year. Core inflation is also likely to tick up, aligning with the central bank's view that price risks are no longer benign. Pressures have built up due to the overhang of an uneven and sub-par monsoon, drought conditions in parts of the country, and elevated oil prices, she added.

In the face of higher headline prints, Rao expects the RBI to keep the door open for another rate hike in December 2026.
 

Thermax Ltd. shares rose over 6% after Kotak Securities upgraded the stock to Buy from Sell, citing growth opportunities in the company's emerging businesses; however, it lowered the target price.

Kotak Securities expects emerging businesses to accelerate Thermax's growth, with opportunities in data centre cooling, compressed biogas, and hydrogen.

The brokerage's upgrade reflects the potential of these emerging businesses to support growth over the coming years, even as it trimmed its target price to Rs 4,000 from Rs 4,250.

The broader technical structure for Nifty 50 remains weak, with momentum indicators continuing to reflect subdued buying interest. A sustained move above the 22,300 zone could support a recovery toward 22,500–22,600, although stronger buying participation would be necessary to establish a meaningful recovery, said Ponmudi R, CEO of Enrich Money.

On the downside, 22,200–22,180 remains the crucial support zone. A decisive break below 22,180 could intensify selling pressure and expose the index to the psychological 22,000 mark. The RSI remains subdued, trading close to oversold territory and indicating persistent weakness in momentum. 
Overall, the near-term technical outlook remains cautious. A sustained move above resistance would help improve the recovery structure, while a decisive break below 22,180 could extend the prevailing downside pressure, he added.
 

MCX gold price continues to find support around Rs 1,48,000, with price showing potential for a rebound it sustains above the Rs 1,51,200–1,53,000 resistance zone. Immediate support is placed at Rs 1,49,200–1,48,000. Despite recent volatility, the broader outlook remains supported by structural factors, including record government debt, rising debt-servicing costs and persistent geopolitical uncertainty, said Kaveri More, Commodity Technical Analyst, Choice Broking.

Robust central-bank demand has also underpinned prices, while strong Chinese consumer demand, with gold imports reportedly reaching 1,141 tonnes through August, further reinforces the longer-term outlook, More added.
 

PL Capital lowered its FY27E and FY28E EBIT margin estimates for TCS to 24.0% and 24.2% from 24.6% and 24.8% earlier, factoring in the Q2 margin miss and MHP related dilution. It bakes organic USD revenue and PAT CAGR of 3.0% and 6.6% over FY27-FY29. 

The brokerage firm values the stock at 14x earlier September 2028E EPS as against 15x. It maintained a ‘Buy’ call and cut TCS share price target to Rs 2,390 from Rs 2,580 earlier.
 

NCC share price jumped more than 6% after the company received a Letter of Acceptance (LoA) from Hyderabad Growth Corridor Limited for a road construction project worth Rs 1,286.03 crore in Telangana.

ITC share price rallied over 2%, recovering some of the previous session losses. The stock had plunged to a 52-week low on Thursday after GQG sold shares worth around Rs 9,395 crore in a block deal, reducing its stake in the FMCG major.

The Indian rupee has weakened to a five-month low of around 96.85 against the US dollar, reflecting sustained pressure from a stronger greenback, elevated crude oil prices and escalating geopolitical tensions in the Middle East. The US Dollar Index is holding above 102, near multi-month highs, supported by hawkish FOMC minutes.

“Going forward, USDINR could extend its upward momentum towards 97.50–100 if dollar strength and external pressures persist. However, developments in crude oil prices, foreign capital flows and potential RBI intervention will remain crucial in determining the rupee's near-term trajectory,” said Kaveri More, Commodity Technical Analyst, Choice Broking.

Hexaware Technologies share price jumped over 12% after the IT services company announced a multi-year partnership with Anthropic to bring its Claude AI models into its enterprise technology platforms. The IT stock rallied as much as 12.44% to Rs 574.45 apiece on the BSE.

The surge in Hexaware Technologies shares also mirrored gains in other IT stocks, with the Nifty IT index gaining over 3%.

Hexaware said it became one of the Preferred Partner in Anthropic's Claude Partner Network. The companies will work together to develop AI solutions and help businesses use the technology across software engineering and IT operations.

KEC International share price jumped over 4% on Friday after the company secured new orders worth Rs 1,030 crore across various businesses. The rally was supported by Kotak Institutional Equities upgrading its rating on the stock to ‘Add’ but slashed its target price.

Anand Rathi, Bridge Securities, Can Fin Homes, Canara HSBC Life Insurance, Cordelia Cruises, Canara Robeco Asset Management Company, Hathway Bhawani Cabletel & Datacom, Indbank Merchant Banking Services, Jai Mata Glass, Poonawalla Fincorp and Sru Steels are among the companies scheduled to announce their Q2 FY27 results on Friday, October 9, 2026.

The Bank Nifty index surged over 1%, with all its constituents trading in the green. Kotak Mahindra Bank, Federal Bank, Punjab National Bank (PNB), Canara Bank and Bank of Baroda were the top index gainers.

Gold and silver prices in India traded higher, following gains in international bullion prices, as a softer US dollar and easing Treasury yields boosted appeal.

Spot gold price rose 0.9% to $4,169.32, while US gold futures gained 0.9% to $4,194.40. Spot silver rose 1.1% to $60.00 an ounce.

MCX gold rate traded higher by Rs 1,218, or 0.81%, at Rs 1,50,828 per 10 grams, while MCX silver price was up by Rs 2,959, or 1.34%, at Rs 2,24,192 per kg.
 

Nifty IT index rallied over 3%, with all its constituents trading in the green. TCS was the top index, followed by Mphasis, Wipro, Coforge and Persistent Systems.

TCS share price jumped over 4% after the company reported its Q2 results. The IT stock rallied as much as 4.73% to Rs 2,173.55 apiece on the BSE.

Tata Consultancy Services (TCS) reported a 4% QoQ rise in Q2FY27 consolidated net profit to Rs 13,884 crore, while its revenue grew 1.3% sequentially to Rs 73,188 crore. EBIT rose 1.4% to Rs 17,553 crore, and EBIT margin was flat at 24%. TCS reported sequential revenue growth of 0.5% in constant currency terms. TCS also announced a dividend of Rs 12 per share.

Brokerage firms remained divided on this stock, with major concerns over demand and margin pressures weighing on earnings expectations.
 

All the sectoral indices were trading in the green, led by IT stocks. The Nifty IT index was the top performer with over 2% rally, followed by Nifty FMCG, Nifty Auto, Nifty Realty and Nifty Private Bank.

Broader market supported the rally, with the Nifty Smallcap 100 and the Nifty Midcap 100 indices rising half a percent each.

The Indian stock market opened higher on Friday, rebound from previous session’s plunge.

The Sensex opened 183.43 points, or 0.26%, higher at 71,776.67, while the Nifty 50 gained 83.15 points, or 0.37%, to open at 22,314.95. The Bank Nifty index opened 231.20 points, or 0.42%, higher at 54,746.25.
 

Tata Consultancy Services (TCS) has said it does not expect the US suspension of its permanent labour certification (PERM) access to affect its workforce strategy or customer engagements. It said its PERM applications were "in single digits in the last two years".

In a filing to the National Stock Exchange and BSE on Friday, the IT major said it had "noted the announcement" and "will comply with any directive from the Department of Labor". The company added that it does not expect the suspension of the programme to affect its workforce strategy and customer engagements.

TCS said its US strategy is "anchored in hiring local talent, supported by a robust campus recruitment model". It has built a local workforce across 31 offices and delivery centres in the country.

It reiterated an earlier plan to hire an additional 15,000 people in the US over the next five years.
 

The Indian rupee opened 6 paise higher at 96.72 against the US dollar as compared to Thursday’s close of 96.78.

Elevated crude price and high US bond yields continue to impact the market. These two strong headwinds have turned the near-term Indian market structure to a strong “sell on rally” structure. This sustained FII selling spree has emboldened the bears to go short even on fundamentally strong bluechips, weakening the market further. Given the elevated crude prices and high US bond yields, FIIs are likely to continue selling in the near-term, irrespective of the favourable valuations, particularly of the large-caps, said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.

Stock market history tells us that crises are great opportunities to buy. The ongoing corrective phase of the market has opened up opportunities for patient long-term value investors to accumulate high-quality stocks from the market. The risk-reward structure of the market now is highly favourable for medium to long-term investment, he added.

Bank Nifty formed a bearish candle where the open and high remained identical before the index sold off through the session. Nifty Bank failed to hold the 54,800 zone of strong support.

In the Derivatives segment, the heaviest OI on both sides is stacked at the 55,000 strike, with Calls slightly ahead of Puts there, marking it the key resistance zone overhead. On the downside, the 54,000 strike carries a notable Put base against limited Call interest, placing it as the level to watch for support. The PCR stands at 0.86. 

The immediate support is placed at 54,200, followed by 54,000. On the upside, 55,000 remains the key resistance. Sell on rallies remains preferred strategy while the index trades below the middle Bollinger Band, said Om Mehra, Technical Research Analyst, SAMCO Securities.
 

Gold price is finding support at Rs 1,48,970, followed by Rs 1,48,335. Resistance is placed at Rs 1,50,090, and a sustained move above this level could extend gains toward Rs 1,50,575, said Ajay Kedia, Director, Kedia Advisory.

Trading Ideas: 

• Gold trading range for the day is Rs 1,48,335 – Rs 1,50,575
• Gold gained as investors assessed the minutes of the Fed’s September meeting for clues on its interest rate trajectory.
• Policymakers divided over rate hike logic in Sept - Fed minutes
• Number of vessels transiting Strait of Hormuz falls to lowest in over two months
   

Motilal Oswal expects TCS’ USD revenue and EPS to compound at ~2% and ~5% over FY26-28. Demand is expected to remain selective, with growth likely to be driven by specific pockets as AI adoption continues to shape spending priorities.

The brokerage firm lowered its margin and EPS estimates for FY27 and FY28 by 40 bps and 20 bps and 1.6% and 1.5%, respectively, reflecting continued investments in AI capabilities, hiring and partnerships, and higher subcontracting costs. 

Motilal Oswal reiterated its ‘Buy’ rating on TCS shares with a target price of Rs 2,400, based on 15x FY28E EPS, implying 16% upside.

The US Labour Department has suspended several major technology and IT outsourcing companies, including Infosys, Tata Consultancy Services (TCS), Wipro, HCL Technologies, Cognizant and Capgemini, from the country's Permanent Labor Certification (PERM) programme.

The department also suspended Microsoft and Adobe, citing multiple active federal investigations, according to a press statement by US Labour Secretary Keith Sonderling. 

“I am hereby suspending from the Permanent Labor Certification Program some of the largest IT outsourcing firms in the world, Cognizant, Infosys, Tata, Wipro, HCL, and Capgemini, and also, due to multiple active federal investigations, @USDOL is suspending Microsoft and Adobe from the program,” Sonderling said.
 

Nifty 50 index remains vulnerable to further downside unless buying interest emerges around key support levels. 

“On the upside, 22,500–22,600 is likely to act as the immediate resistance zone, while a sustained move above 22,600 could open the way for a recovery toward 22,800. Until these levels are convincingly reclaimed, any rebound is likely to encounter selling pressure,” said Ponmudi R, CEO of Enrich Money.

On the downside, 22,200–22,180 remains the crucial support zone. He believes a decisive break below this range could accelerate the decline toward the psychological 22,000 mark. 

“The broader technical outlook remains bearish, although oversold conditions leave room for a short-term technical bounce. A sustained move above 22,600 would be necessary to ease the prevailing weakness and improve the near-term outlook,” he added.
 

Brent crude oil prices hovered near $104 a barrel after surging 4% in the previous session, as escalating Iranian attacks on tankers passing through the Strait of Hormuz and supply disruptions caused by Hurricane Isaias in the Gulf of Mexico heightened concerns over global oil supplies.

Brent crude, the international benchmark, were trading 0.7% lower at $103.55 a barrel, while US West Texas Intermediate (WTI) crude futures fell 0.54% to $91.00 a barrel.

Tata Consultancy Services (TCS) reported a 4% QoQ rise in Q2FY27 consolidated net profit to Rs 13,884 crore, while its revenue grew 1.3% sequentially to Rs 73,188 crore. EBIT rose 1.4% to Rs 17,553 crore, and EBIT margin was flat at 24%. TCS reported sequential revenue growth of 0.5% in constant currency terms. TCS also announced a dividend of Rs 12 per share.

IT stocks will be in focus after the US government suspended eight major technology companies, including Microsoft, Infosys, Wipro, Tata, Cognizant, and HCL Technologies from participating in Permanent Labor Certification Program used to secure employment-based green cards for foreign workers, accusing them of abusing the H-1B visa programme.

US technology stocks witnessed heavy selling amid concerns over AI boom after OpenAI’s revenue underwhelmed. Reports said OpenAI told investors its annualized revenue at the end of September was roughly $50 billion, lower than the $68 billion figure reported late last month.

Nvidia stock price declined 2.94%, AMD shares dropped 3.90%, Broadcom shares plunged 4.35%, Microsoft shares fell 1.35%, Intel stock price slipped 5.34%, Micron Technology shares tanked 4.79% and Oracle shares shed 5.5%.

US stock market indices ended mostly lower on Thursday, amid renewed concerns over artificial intelligence (AI) boom, with the Nasdaq posting its biggest one-day loss since mid-August.

The Dow Jones Industrial Average gained 51.77 points, or 0.10%, to 51,231.64, while the S&P 500 fell 36.41 points, or 0.47%, to 7,765.36. The Nasdaq Composite closed 345.35 points, or 1.25%, lower at 27,193.34.

Asian stock market traded mostly lower, following overnight losses on Wall Street, weighed down by selloff in tech stocks.

The MSCI Asia Pacific equities index fell 0.1%. Japan’s Nikkei 225 declined 0.63%, while the Topix eased 0.10%. Hong Kong’s Hang Seng Index rose 0.7%, while mainland China’s CSI 300 fell 0.48%.

The trends on Gift Nifty signal a positive start for the Indian benchmark indices, Nifty 50 and Sensex, today. The Gift Nifty was trading around 22,377 level, a premium of nearly 84 points from the Nifty futures' previous close.

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to witness a technical rebound on Friday, as investors may opt for short-covering after a sharp sell-off in the previous session. However, investors may remain cautious amid weak global market cues and renewed Middle East tensions.