Mumbai, October 23 – India’s top equity indices moved higher for the sixth straight day, powered by a strong run from the IT sector. The benchmark Sensex hit a new 52‑week peak of 85,290 at one point during the session, but ended 130 points higher at 84,556 – its best finish in over a year. The Nifty climbed to 26,104 intraday, closing just 23 points ahead at 25,891.
Investors took profits as the day went on, leaving the indices near their all‑time highs but still on a bullish short‑term trend. Analysts point to a potential short‑term pullback toward the 25,700 level in a few days, but overall momentum remains intact with a chance to test 26,200 soon.
Infosys sparked the rally, up 4 % after its promoters chose not to join a ₹18 billion share buyback. HCL Technologies and Tata Consultancy Services (TCS) also climbed over 2 % each, buoyed by hopes that India and the U.S. will soon seal a trade deal. Other gains came from banks and automakers: Axis Bank, Kotak Mahindra Bank, Titan and Tata Motors all rose above 1 %.
The only major laggard was Eternal, which fell 3 %. A handful of other stocks – Bharti Airtel, Ultratech Cement, ICICI Bank and Reliance – slipped between 1 and 2 %. Mid‑cap stocks took a 0.2 % dip, while small caps dropped 0.5 %.
The IT sector led the market’s gains, with the BSE IT index up 2.2 %. Textile and shrimp‑related shares also pushed higher, reflecting optimism about a potential U.S.–India tariff agreement.
The Indian rupee strengthened, closing at 87.82, up 0.22 % to 0.19 paise, as traders backed the idea of a U.S. trade deal lifting domestic currency demand.
Source: ianslive
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