Sensex Soars 700 Points: How IT Stocks Fueled Market Rally Past 26,000

The benchmark indices, Sensex and Nifty, started the session with solid gains, driven largely by strength in IT stocks.

The Sensex opened 727.81 points higher at 85,154.15, while the Nifty reclaimed the 26,000 mark, opening 188.6 points higher at 26,057.20.

“For now, upside objective is set at 26186, with 26800 appearing as an optimistic objective,” market experts said.

“Meanwhile, downside marker is placed at 25780, but an outright reversal is not expected today,” they added.

Among the top performers on the BSE were Infosys, HCLTech, and Tech Mahindra, which saw healthy buying interest.

On the other hand, Bajaj Finserv, Maruti, and Power Grid were among the major laggards.

Similar trends were seen on the NSE, where Infosys, HCLTech, and Tech Mahindra led the gains, while IndiGo, Eicher Motors, and Sun Pharma Life witnessed selling pressure.

Broader market indices also traded higher, with the Nifty SmallCap 100 rising 0.33 per cent and the Nifty MidCap 100 climbing 0.44 per cent.

Sector-wise, the Nifty IT index emerged as the top gainer, up 1.84 per cent, while the Nifty Realty index was the only one in the red, slipping 0.08 per cent.

Analysts said that investors showed renewed optimism in the market, with strong buying seen in technology shares supporting the early trade momentum.

“Reports of an imminent trade deal between India and US is doing the rounds in market circles and the market reaction through Nifty implied open confirms this,” experts said.

“Comments from President Trump and responses from PM Modi indicate an early trade deal. The expected deal involves some concessions from both sides,” they added.

Meanwhile, the Foreign Institutional Investors (FIIs) extended their buying streak for the fifth consecutive session on October 21, as they bought equities worth Rs 96 crore.

- IANS