Nifty scales 23,000 in midday breakout; IT, Telecom power rally as Korea Bourse

SENSEX 74,729.27

+ 413.66

NIFTY 23,146.15

+ 148.80

CRUDEOIL 9,275.00

 -10.00

GOLD 148,313.00

+ 824.00

SILVER 213,382.00

+ 2,722.00

SENSEX 74,729.27

+ 413.66

NIFTY 23,146.15

+ 148.80

NIFTY 23,146.15

+ 148.80

CRUDEOIL 9,275.00

 -10.00

CRUDEOIL 9,275.00

 -10.00

GOLD 148,313.00

+ 824.00

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South Korea’s KOSPI plunges 7.7% to 5,548.78, triggering an automatic five-minute suspension on programme sell orders, as losses in index futures deepened

By Anupama Ghosh

Updated - October 16, 2026 at 06:15 PM.

Benchmarks surged past key technical resistance levels by midday on Thursday, with the Nifty 50 crossing 23,000 after a long time, powered by broad gains in information technology, telecom and financial stocks even as global markets remained under stress from rising US inflation fears.

The BSE Sensex was trading at 74,165.21, up 1,383.32 points or 1.90 per cent, at 12.55 pm. The NSE Nifty 50 rose 387.65 points or 1.71 per cent to 23,010.35 at the same time. The Nifty opened at 22,671.30 against a previous close of 22,622.70 and the Sensex opened at 72,965.80 against Wednesday’s close of 72,781.89.

Bharti Airtel led the Nifty 50 gainers, surging 3.98 per cent to ₹1,866.00. Tech Mahindra added 3.69 per cent to ₹1,633.30, ICICI Bank climbed 3.17 per cent to ₹1,381.00, HCL Technologies rose 3.10 per cent to ₹1,368.10, and Reliance Industries gained 3.07 per cent to ₹1,210.70. SBI Securities noted that “...the frontline indices staged a breakout from their fortnight-long consolidation zone...,” with the rally being driven by heavyweight counters including Reliance Industries, Bharti Airtel, HDFC Bank and ICICI Bank.

Nifty IT was the best-performing sectoral index, while Nifty PSU Bank was the worst. The Nifty’s advance-decline ratio stood at 45:5. Of the 4,386 stocks traded on the BSE, 1,739 advanced and 2,412 declined, with 109 hitting 52-week highs against 91 hitting 52-week lows.

On the losing side, Nestlé India fell 3.93 per cent to ₹1,328.90, the steepest decline on the Nifty 50, after the company reported quarterly results. Trent dropped 1.63 per cent to ₹2,922.50, Adani Enterprises slipped 0.70 per cent to ₹2,703.50, BEL fell 0.21 per cent to ₹381.55, and ONGC dipped 0.07 per cent to ₹225.35.

The rally came even as global sentiment soured sharply. South Korea’s KOSPI plunged 7.7 per cent to 5,548.78, triggering a sidecar mechanism, an automatic five-minute suspension on programme sell orders, as losses in index futures deepened. The index fell below the 9,000 mark it had crossed at its all-time high in June. Samsung Electronics fell 9.05 per cent and SK Hynix lost 11.06 per cent. Mixo Das, Head of Korea Equity Strategy at J.P. Morgan in Hong Kong, said “...the market is struggling to find a new buyer after buybacks have run their course...” but added that on “...a six- to 12-month basis...all of these AI stocks will be substantially higher than where they currently stand.”

Japan’s Nikkei 225 fell 4.56 per cent, further denting Asian sentiment. The rout followed Wall Street’s CPI-driven selloff, where the Nasdaq dropped 1.88 per cent and the S&P 500 fell 1.11 per cent.

US headline inflation rose to 3.7 per cent year-on-year in September from 3.4 per cent in August, above the 3.6 per cent consensus. Ankita Pathak, Head of Global Investments at Ionic Asset, said “...an October 2026 rate hike is possible, but not certain...” with markets pricing in around 26 per cent probability, while “...the upcoming Fed decision and US midterm elections will be key market catalysts.”

Brent crude settled near $105 a barrel. MCX crude fell about 1.9 per cent to ₹8,945, slipping below ₹9,000. MCX Gold rose 1.19 per cent to ₹1,47,584, while MCX Silver gained 0.65 per cent to ₹2,09,695, recovering partially after Wednesday’s sharp selloff. The Indian rupee firmed to 94.925 against the dollar, extending its winning streak to four sessions. RBI Governor Malhotra pledged to take steps to ensure orderly currency movements, though importer demand and elevated crude prices remain headwinds.

SBI Securities placed Nifty support at 22,800–22,820 and resistance at 23,110–23,130. A breakout above 23,130 “...can experience an extension of the rally towards 23,280,” the brokerage said, while on the Sensex, support sits at 73,500 and resistance at 74,400.

Investor focus remains on earnings from Wipro, due later in the day, for cues on the health of India’s IT sector recovery.

Published on October 15, 2026

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