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Indian markets are on fire this morning, the Sensex has surged 700 points and Nifty is closing in on 26,100, driven by a strong rally in IT stocks and hopes of an India-US trade breakthrough. Is this the start of a new market record? Read the article given below to know the full details.
Stock Market Update October 23.
New Delhi: Indian benchmark indices opened higher on Thursday, extending their winning streak amid firm global cues and optimism over India-US trade progress. At around 10 am, the BSE Sensex surged around 700 points, hovering near 85,200, while the Nifty 50 advanced close to 180 points to trade just below the 26,100 mark, marking another milestone in the ongoing bull run.
The upbeat momentum was visible across most sectors, with information technology (IT) and banking stocks leading the charge. The Nifty IT index climbed nearly 2 percent, driven by gains in heavyweights such as Infosys, Wipro, and Tech Mahindra. Market breadth remained positive, though mid- and small-cap segments showed relatively moderate participation.
Investor sentiment received a boost from renewed optimism surrounding potential trade cooperation between India and the United States, particularly in areas of energy, technology, and agriculture. Reports suggested that the two countries were nearing an understanding on tariff relaxations and supply-chain collaboration.
Market analysts said the news strengthened the view that India could continue to attract foreign inflows and export growth in 2026. “Trade optimism has reignited risk appetite across the board, especially in export-oriented sectors like IT and manufacturing,” said a Mumbai-based fund manager.
Technology stocks took center stage in early trade. Infosys gained over 3 percent after reports that its promoter group would not participate in the company’s upcoming share buyback, signaling confidence in long-term performance. TCS, Wipro, and HCLTech were also up between 1.5 – 2.5 percent, helping the IT index outperform.
Sector experts noted that after several quarters of muted growth, IT firms are now benefitting from a pickup in digital transformation deals from U.S. and European clients, along with a slightly weaker rupee aiding profitability.
Beyond technology, banking and energy shares also supported the rally. HDFC Bank, ICICI Bank, and Reliance Industries contributed significantly to the Sensex’s rise. The Nifty Bank index traded about 0.8 percent higher, while energy and FMCG indices gained around 0.5 percent each.
Sensex, Nifty hit new highs; Top stocks to watch today!
Mid-caps and small-caps, however, lagged, up just 0.3–0.4 percent, suggesting that investors preferred stability in frontline stocks amid high valuations. Market capitalization on the BSE crossed Rs 430 lakh crore, underscoring the scale of recent gains.
With the Nifty approaching its record level of 26,277, traders are eyeing a potential breakout. Analysts expect resistance near 26,200 – 26,250 and support around 25,850. A sustained move above resistance could open the door to new all-time highs in the coming sessions.
The Sensex, similarly, is within touching distance of its lifetime peak. Momentum indicators remain strong, though some analysts warn that the forward P/E ratio near 18× suggests limited room for error if upcoming quarterly earnings disappoint.
