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Key indices end on a strong note led by IT stocks
Oct-13-2026

Indian equity benchmarks staged a strong rally on Tuesday, with the benchmark Sensex rallying 1,109 points and the Nifty closing above 22,720 mark, led by IT stocks following strong quarterly earnings from HCL Technologies. Finance Minister Nirmala Sitharaman's positive comments towards LTCG and STT also weighed positively on market sentiment.

Some of the important factors in trade: 

IMF revises upward India’s economic growth projection to 7.0% for FY27: The International Monetary Fund (IMF), in its October World Economic Outlook (WEO), has revised upward India’s economic growth projection by 60 basis points (bps) to 7.0% for the fiscal year 2026-27 (FY27) and by 30 bps to 7.0% for FY28, compared with its July 2026 WEO update.

SBI Research calls for abolishing LTCG tax on equities amid heavy FPI outflows: Amid sustained foreign portfolio investor (FPI) outflows from Indian equity markets, the State Bank of India (SBI) Research in its Ecowrap report has called for abolishing the long-term capital gains (LTCG) tax on equities which can help ensure such investors to remain invested in the market for a longer duration.

US Ambassador to India highlights expanding India-US cooperation, investment: US Ambassador to India Sergio Gor has said that India and America are expanding cooperation across sectors, including defence, information technology (IT) and healthcare. Their investments and joint projects are creating significant opportunities for both countries.

India, EU Commission hold technical talks on carbon pricing and MRV systems: The Power Ministry said that India and the European Commission have discussed continuing technical engagement on recognition of carbon pricing mechanisms and auditing (MRV) systems.

Global front: European markets were trading mostly in green as oil prices eased and investors reacted to a slew of earnings. Asian markets ended mixed with tech stocks coming under pressure as warnings mounted around the AI trade. 

Finally, the BSE Sensex rose 1109.10 points or 1.54% to 73,033.78 and the CNX Nifty was up by 358.60 points or 1.60% to 22,721.95.

The BSE Sensex touched high and low of 73,045.67 and 71,703.56, respectively. There were 27 stocks advancing against 3 stocks declining on the index. 

The top gaining sectoral indices on the BSE were IT up by 4.92%, TECK up by 3.71%, Realty up by 2.48%, Consumer Durables up by 1.50% and Metal up by 1.44%, while Healthcare down by 0.17% was the lone losing index on BSE.

The top gainers on the Sensex were HCL Technologies up by 8.28%, TCS up by 6.59%, Tech Mahindra up by 4.90%, Infosys up by 4.44% and Hindustan Unilever up by 2.94%. On the flip side, Kotak Mahindra Bank down by 0.90%, Eternal down by 0.60% and Maruti Suzuki India down by 0.60% were the top losers.

Meanwhile, the International Monetary Fund (IMF), in its October World Economic Outlook (WEO), has revised upward India’s economic growth projection by 60 basis points (bps) to 7.0% for the fiscal year 2026-27 (FY27) and by 30 bps to 7.0% for FY28, compared with its July 2026 WEO update. It highlighted that India remains among the fastest-growing major economies, adding that the country’s growth remained robust despite higher oil prices.

According to the October WEO, the growth reflects stronger-than-expected momentum, supported by resilient domestic demand and robust services activity. The IMF noted that India stands out with upward revisions, reflecting sustained momentum and growing evidence of stronger growth potential, supported by favourable demographic dynamics, a large and expanding domestic market, and continued structural reforms.

Meanwhile, China’s economic growth is projected to slow to 4.5% in 2026, as higher global oil prices, prolonged uncertainty, and structural headwinds are expected to weigh on economic activity. Policy support is expected to prevent a sharper slowdown.

In the United States, economic growth is projected at 2.3% in both 2026 and 2027. The projection for 2026 is unchanged from April, while the forecast for 2027 has been revised upward by 20 bps. Economic activity is supported by robust private consumption, fiscal policy, accommodative financial conditions, continued technology-related business investment (net of its substantial import content), and strong productivity. The country’s status as a net energy exporter is expected to limit the war’s direct impact on its economy.

CNX Nifty touched high and low of 22,721.95 and 22,288.45, respectively. There were 46 stocks advancing against 4 stocks declining on the index.

The top gainers on Nifty were HCL Technologies up by 8.42%, TCS up by 6.79%, Shriram Finance up by 6.31%, Tech Mahindra up by 4.93% and Infosys up by 4.13%. On the flip side, Kotak Mahindra Bank down by 0.99%, Eternal down by 0.79%, Maruti Suzuki India down by 0.62% and Max Healthcare down by 0.57% were the top losers.

European markets were trading mostly in green; UK’s FTSE 100 increased 63.43 points or 0.6% to 10,719.71 and Germany’s DAX gained 94.02 points or 0.37% to 25,371.70, while France’s CAC fell 6.58 points or 0.08% to 7,826.30.

Asian markets ended mixed on Tuesday amid caution ahead of key US inflation data that could impact expectations for the Federal Reserve's next monetary policy meeting later this month. South Korea’s Kospi index tumbled more than 5% after a heavy sell-off in memory-chip and artificial intelligence-related stocks after reports that Chinese memory chip maker CXMT made rapid technological advances on a new memory architecture, challenging major manufacturers like Samsung Electronics, SK Hynix, and Micron Technology. Meanwhile, stretched AI valuations and Broadcom Chief Executive Hock Tan’s comments comparing AI investors to gamblers also fuelled further worry.

Asian Indices

Last Trade            

Change in Points

Change in %      

Shanghai Composite

3,800.87

3.62

0.10

Hang Seng

24,345.22

74.02

0.30

Jakarta Composite

5,925.98

-10.17

-0.17

KLSE Composite

1,623.35

5.34

0.33

Nikkei 225

67,777.52

-1,253.40

-1.82

Straits Times

5,430.50

15.02

0.28

KOSPI Composite

6,035.35

-348.89

-5.46

Taiwan Weighted

48,341.31

-960.65

-1.95
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