Sensex Surges 1,500 Points as Banks, Reliance Lead Rally; Nifty Near 23,000

Indian equity markets witnessed a sharp recovery on Thursday, October 15, 2026, as strong buying in financial services stocks and Reliance Industries pushed benchmark indices higher. The announcement of the upcoming Jio Platforms IPO added to investor interest in Reliance, while continued strength in IT stocks supported the rally.

The BSE Sensex jumped 1,533.72 points, or 2.11%, to close at 74,315.61, while the Nifty 50 advanced 374.65 points, or 1.66%, to settle at 22,997.35. The Nifty briefly crossed the psychological 23,000 mark during the session before ending marginally below it.

The sharp recovery came after Wednesday's decline, when the Sensex lost 251.89 points and the Nifty fell 99.25 points. Thursday's buying was concentrated in major index constituents, with the India VIX declining by more than 4% towards the 14 mark, indicating easing expectations of near-term market volatility.

ICICI Bank, HDFC Bank and Reliance Industries Power Nifty Rally

Financial services stocks played an important role in Thursday's advance, with ICICI Bank and HDFC Bank emerging as two of the largest contributors to the Nifty 50.

ICICI Bank gained 3.80% to ₹1,389.40, contributing approximately 79.71 points to the index. HDFC Bank advanced 2.27% to ₹726.85, adding another 54.20 points.

Reliance Industries also attracted strong buying interest, rising 3.44% to ₹1,215 and contributing 59.11 points to the Nifty.
Together, these three heavyweights contributed approximately 193 points to the index, accounting for more than half of its total advance during the session.

The strong performance of financial and heavyweight stocks helped the benchmark indices recover despite weakness in several mid-cap and small-cap companies.

Jio Platforms IPO Announcement Lifts Reliance Industries

Reliance Industries remained in focus after its digital and telecom subsidiary, Jio Platforms, announced details of its upcoming initial public offering.

The JIio IPO is scheduled to open for public subscription on October 21 and close on October 23, 2026. The company has fixed a price band of ₹1,065 to ₹1,119 per share, with the issue expected to raise approximately ₹30,213 crore.

The proposed offering comprises around 27 crore fresh equity shares and could become India's largest IPO by issue size.

The announcement brought renewed attention to the independent valuation of Reliance's telecom and digital services business. It also provided investors with greater clarity on the proposed listing of one of India's largest telecom operators.

Buying interest extended beyond Reliance Industries. Bharti Airtel gained 3.31% to ₹1,854, as the upcoming Jio listing also drew attention to valuations across the Indian telecom sector.

IT Stocks Extend Recovery After Strong Quarterly Earnings

Technology stocks continued their upward movement, supported by encouraging September quarter earnings from HCLTech and TCS.

The Nifty IT index advanced 1.82%, extending its recent recovery. Tech Mahindra emerged as one of the leading gainers, rising 4.75% to ₹1,650.

Other major IT companies, including HCLTech, Infosys and TCS, also attracted buying interest.

Lower Crude Oil Prices and Rupee Recovery Provide Support

Easing international crude oil prices offered some relief to Indian investors after the recent rise in energy costs.

Brent crude declined towards $104.71 per barrel from levels near $106 in the previous session. Lower crude oil prices can help reduce India's import expenses and ease inflationary pressure.

Meanwhile, the Indian rupee strengthened towards ₹94.92 against the US dollar during Thursday's session before closing around ₹95.05.

Mid-Cap and Small-Cap Stocks Miss the Rally

Despite strong gains in the Sensex and Nifty, the broader market failed to participate in the recovery.

The Nifty MidCap 100 index declined 0.36%, while the Nifty SmallCap 100 index slipped 1.31%.

The divergence suggested that buying remained concentrated in a limited number of large-cap companies, particularly private sector banks, telecom businesses and IT stocks.

Sectoral performance was also mixed. Seven of the 11 major sectoral indices ended higher, with IT and financial services stocks providing the primary support.

European Markets Trade Mixed

European equity markets displayed mixed trends on Thursday, October 15, as trading continued across major exchanges.
Germany's DAX declined 104.89 points, or 0.41%, to 25,193.72, while the UK's FTSE 100 advanced 55.90 points, or 0.52%, to 10,780.76.

France's CAC 40 traded marginally higher, gaining 11.03 points, or 0.14%, to 7,884.14.

US Stock Futures Trade Mixed Ahead of Wall Street Opening

US equity index futures also indicated a mixed opening on Wall Street, with technology-heavy Nasdaq futures facing sharper selling pressure.

Dow Jones futures advanced 147 points, or 0.28%, to 52,005. In contrast, S&P 500 futures declined 22 points, or 0.28%, to 7,748.25.

Nasdaq 100 futures slipped 328.25 points, or 1.09%, to 29,854.50, indicating continued pressure on technology-related stocks.