Stock News Highlights
Tech Mahindra (+8.48%): Stock advanced after consolidated Q2 profit rose 32.7% YoY to ₹1,585.6 crore and revenue grew 15.6% to ₹16,180.2 crore, alongside a ₹15 interim dividend and proposed 1:1 bonus issue.
Solar Industries India (+0.73%): Stock rose after its subsidiary, Solar Explochem, signed a share purchase agreement to acquire a 100% stake in Sivasakthi Industrial Explosives for ₹115.02 crore, supporting business expansion and strengthening its explosives manufacturing operations.
Wipro (+5.95%): Stock rose sharply after consolidated revenue grew 9.06% YoY to ₹24,752.7 crore, while IT services revenue increased 8.95% to ₹24,667 crore. The company’s Q3 revenue guidance of -2,625 million further supported investor sentiment despite a 1.4% decline in consolidated profit to ₹3,200.6 crore and a moderation in IT services EBIT margin to 16.5%.
Mankind Pharma (-3.07%): Stock declined as investors assessed the company’s €48 million acquisition of a majority stake in Belgium-based Armed Cell Therapeutics, which is developing next-generation CAR-T therapies targeting non-Hodgkin lymphoma and small cell lung cancer.
Sectoral Performance
Nifty IT (+3.92%): Sector rallied as concerns over the global AI sell-off boosted the relative appeal of Indian IT stocks. Tech Mahindra and Wipro led the recovery, while Tech Mahindra gained further support from a 32.74% YoY rise in net profit to ₹1,585.6 crore, a proposed 1:1 bonus issue and a ₹15 interim dividend.
Nifty Media (+1.92%): Sector advanced on strong buying in media and entertainment stocks, with Prime Focus, Tips Music and Nazara Technologies leading the gains amid improved investor interest in media and gaming businesses.
Nifty Consumer Durables (-0.61%): Sector declined amid concerns that rising domestic inflation could squeeze middle-class budgets and weaken discretionary spending on electronic appliances, footwear and consumer goods, with 10 losers and 5 gainers reflecting broad-based selling pressure.
Nifty Oil & Gas (-0.45%): Sector declined amid pressure on oil and gas stocks, with Reliance Industries, ONGC and Aegis Logistics among the biggest drags, as elevated crude oil prices weighed on sentiment toward downstream businesses and investors shifted interest toward stronger-performing sectors such as IT.
Market Insights
Technical Level: Nifty opened with a gap-up but witnessed early selling pressure, slipping below the previous session’s close before finding support near 22,910. The index rebounded strongly, hitting the day’s high and facing resistance near 23,150 in the first half. It traded within a range during the remainder of the session and closed near resistance, ending the day in positive territory.
Advance-Decline Ratio: Market breadth remained positive, with 2,131 stocks advancing against 1,422 declining, resulting in an A/D ratio of 1.50, indicating broader buying interest across the market.
The Big Picture: Reliance Industries stayed in focus as US Secretary of State Marco Rubio prepares to visit its Jamnagar refinery amid surging US diesel prices, underlining Reliance’s refining scale and its growing energy ties with the US.
FII/DII Activity (October 15, 2026): DIIs were net buyers at ₹3,319 crore, while FIIs were net sellers at ₹5,285 crore, indicating continued foreign selling pressure despite domestic institutional support.
Watch Out For Tomorrow
IPO Corner: Zetwerk, Tonbo Imaging, Sahajanand Medical & Bonfiglioli transmission IPO is Closing for subscription on Monday, making the IPO robust sentiment.
Macro: China GDP Growth Rate YoY (Q3) & Canada Inflation Rate YoY (Sep) data is scheduled to be released on Monday.
Market Watch: For investors, the picture heading into next week is one of cautious stabilisation. IT earnings are rebuilding confidence, and global tech sentiment is steadier. But liquidity is about to be tested by the Jio IPO, while crude, FII flows and bond yields remain the forces that will decide whether this recovery has legs. One strong week is a start, not a trend.
Word of the day
Bullish Reversal
A bullish reversal occurs when a stock or index recovers from a decline and moves upward, signalling a potential shift from selling pressure to buying interest.
Example: Nifty staged a bullish reversal after finding support near 22,910 and rallied towards resistance at 23,150.