Mumbai, October 23 (Udaipur Kiran): The Indian stock market witnessed a strong post-Diwali rally on Thursday, opening on a bullish note with major indices trading firmly in the green. Buying interest was visible in the IT and FMCG sectors, leading the overall uptrend in early trade.
At around 9:37 a.m., the Sensex surged 785.16 points (0.93%) to 85,211.50, while the Nifty climbed 224.05 points (0.87%) to 26,092.65. Among the broader indices, the Nifty Midcap 100 gained 0.62%, whereas the Nifty Smallcap 100 saw a marginal decline of 0.01%.
On the sectoral front, Nifty IT (up 2.23%) and Nifty FMCG (up 1.13%) led the rally. Other key indices like Auto (0.30%), PSU Bank (0.30%), Financial Services (0.62%), Pharma (0.27%), and Metal (0.59%) were also trading higher.
Market experts attributed the rally to positive sentiment over a potential trade agreement between India and the United States. “Comments from U.S. President Donald Trump and Prime Minister Narendra Modi hint at an upcoming trade deal that could include mutual concessions,” they said. “If the U.S. imposes a 15–16% tariff on Indian exports under this deal, it would be a major positive for India’s economy and markets.”
Analysts further noted that the festive season momentum and record corporate sales could fuel a sustained rally. Recent Foreign Institutional Investor (FII) buying and short covering are also seen as supportive factors. “Clearly, the market is entering a favourable phase for further upside,” experts added.
Among the top gainers in the Sensex pack were Infosys, HCLTech, Axis Bank, Tech Mahindra, TCS, and Hindustan Unilever, while Eternal, Bajaj Finserv, SBI, and Maruti Suzuki were among the top losers.
Globally, U.S. markets ended lower in the previous session — the Dow Jones fell 334.33 points (0.71%) to 46,590.41, the S&P 500 declined 0.53%, and the Nasdaq dropped 0.93%. Most Asian markets opened weak, with Shanghai down 0.66%, Nikkei losing 1.35%, Hang Seng down 0.24%, and Kospi down 0.42%.
On October 21, FIIs were net buyers, purchasing equities worth ₹96.72 crore, while DIIs sold shares worth ₹607.01 crore.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.
