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Indian markets maintain gaining rally in early afternoon session
Oct-13-2026

Indian equity benchmarks maintained their gaining rally in early afternoon session, with IT stocks leading the surge as enthusiasm for artificial intelligence eased. Better-than-expected quarterly results from HCL Technologies also lifted sentiment across the IT sector, with TCS and other technology stocks also witnessing buying interest. Banking and financial stocks also contributed to the upward movement. 

Both indices, Sensex and Nifty, remained firm in early noon deals, holding gains of 0.73% each, while investors continued to monitor corporate earnings, crude oil prices and global market cues. On the global front, Asian markets were trading mostly in red, on spiking crude oil prices and supply concerns amid continued escalation in the Middle East conflict in violation of the Russia-Ukraine 'energy ceasefire.' 

The BSE Sensex is currently trading at 72449.77, up by 525.09 points or 0.73% after trading in a range of 71703.56 and 72620.91. There were 18 stocks advancing against 12 stocks declining on the index.

The top gaining sectoral indices on the BSE were IT up by 4.09%, TECK up by 2.71%, Realty up by 0.87%, FMCG up by 0.79% and Metal up by 0.67%, while Power down by 1.23%, Telecom down by 1.01%, Capital Goods down by 0.92%, Healthcare down by 0.81% and Industrials down by 0.75% were the top losing indices on BSE.

The top gainers on the Sensex were HCL Technologies up by 7.45%, TCS up by 5.77%, Tech Mahindra up by 4.33%, Infosys up by 3.17% and Hindustan Unilever up by 2.20%. On the flip side, Maruti Suzuki India down by 0.92%, NTPC down by 0.90%, Kotak Mahindra Bank down by 0.74%, Interglobe Aviation down by 0.70% and Power Grid down by 0.62% were the top losers.

Meanwhile, the finance minister Nirmala Sitharaman has urged domestic steel producers to focus on decarbonisation and boosting domestic production of specialty steel to reduce dependence on imports. She stressed the need to pursue decarbonisation at a pace consistent with India's development priorities, requiring credible emissions measurement, technology development and a fair sharing of transition costs. Further, she highlighted the PLI scheme introduced by the government for specialty steel, with an approved outlay of Rs 6,300 crore, which aimed at encouraging investment in domestic manufacturing and technology upgradation, helping India to produce more of the specialised steel that its economy needs. She added that greater domestic production of specialty and high-grade steel would support strategic industries and reduce dependence on specialised imports.

On steel demand in India, she pointed that the steel consumption in India has exceeded production in two successive years, underscoring the strength of the domestic market, at a time when much of the global industry is grappling with excess capacity and weak demand. Underscoring the growth potential, she said that India's steel consumption has considerable room to rise as the country’s per person steel consumption is around 109 kg as compared with the world average of 209 kg. She added that demand for steel is driven by the government's sustained public capital investment program with construction and infrastructure accounting for about two-thirds of India's steel use. Union government capital expenditure has risen sixfold, from around Rs 2 lakh crore in FY15, to Rs 12.2 lakh crore in FY27. 

On global trade, the finance minister said successive unilateral tariffs merely redirect surplus steel from one market to another. She noted that a lasting solution to global excess capacity requires multilateral disciplines on subsidies that sustain uneconomic production, backed by transparent data. Moreover, she emphasised that for World Steel Association members, India offers the fastest-growing major steel market, with a public investment program and a green steel framework already in place. Sitharaman also urged the World Steel Association to consider setting up an office in India, citing the country's emergence as the largest single source of growth in global steel demand.

The CNX Nifty is currently trading at 22527.45, up by 164.10 points or 0.73% after trading in a range of 22288.45 and 22581.15. There were 34 stocks advancing against 16 stocks declining on the index.

The top gainers on Nifty were HCL Technologies up by 7.42%, TCS up by 6.09%, Tech Mahindra up by 4.32%, Infosys up by 3.05% and Hindustan Unilever up by 2.49%. On the flip side, Max Healthcare Inst. down by 1.26%, Kotak Mahindra Bank down by 0.88%, NTPC down by 0.82%, Maruti Suzuki India down by 0.80% and BSE down by 0.71% were the top losers.

Asian markets were trading mostly in red; Jakarta Composite plunged 43.41 points or 0.73% to 5,892.74, KOSPI dropped 348.89 points or 5.78% to 6,035.35, Taiwan Weighted lost 960.65 points or 1.99% to 48,341.31, Hang Seng declined 21.2 points or 0.09% to 24,250.00 and Nikkei 225 slipped 1309.92 points or 1.93% to 67,721.00, while Straits Times rose 22.52 points or 0.42% to 5,438.00 and Shanghai Composite strengthened 2.26 points or 0.06% to 3,799.50.
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