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Bite-sized market moves, explained simply.
Foreign portfolio investors (FPIs) have continued selling Indian equities, limiting the impact of the previous session's rally. Reuters reported a 13-session selling streak and year-to-date outflows of approximately $32.52 billion.
Brent crude rose towards $107 per barrel amid geopolitical tensions and concerns about potential supply disruptions.
IT shares are outperforming the broader market, supported by HCLTech's better-than-expected results and continued buying in major technology companies. TCS, Infosys, HCLTech, and Tech Mahindra were among the IT stocks supporting the indices in early trading.
On Tuesday, 13 October, the Sensex surged 1,109 points (1.54%) to 73,033.78, while the Nifty 50 gained 1.60% to close at 22,721.95. Early on Wednesday, both indices gave up some gains and moved around the flat line as investors assessed oil prices, foreign outflows and corporate earnings.
Shriram Finance shares gained around 6.3% following a Bloomberg report that Japan’s Mitsubishi UFJ Financial Group was studying options to eventually obtain majority control of the non-bank lender. Investors should distinguish reported acquisition interest from a confirmed transaction. Any final deal would depend on further developments and applicable approvals.
Tata Consultancy Services (TCS) gained approximately 6.8% as investors responded positively to the recent quarterly earnings developments across the IT sector. The Nifty IT index climbed 5.2%, recording its strongest daily performance in more than 17 months. The rally reflects renewed buying interest, although concerns about AI-led disruption and longer-term earnings growth remain.
HCL Technologies reported a 21.2% year-on-year increase in consolidated net profit to Rs 5,132 crore for the September quarter. Revenue increased 11.5% to Rs 35,620 crore, while operating margins improved to 18.2% from 17.4%. Its board also recommended an interim dividend of Rs 12 per share. The results helped HCLTech shares rise approximately 8.4% on Tuesday.
