Stock Market Rally: Equity benchmarks, the Sensex and Nifty 50, rallied on October 15, 2026, led by gains in information technology (IT) and banking stocks, despite a sharp sell-off in Asian markets.
As of 1:06 PM, the BSE Sensex was trading 1,405.54 points, or 1.93 per cent, higher at 71,187.43. The NSE Nifty 50 advanced 394.30 points, or 1.74 per cent, to 23,017, reclaiming the 23,000 mark.
Midcap and smallcap stocks underperformed their largecap peers. The Nifty Midcap 100 was nearly flat, up just 0.05 per cent, while the Nifty Smallcap 100 and Nifty Microcap 250 declined 1-1.50 per cent. In contrast, the Nifty 500, which represents over 92 per cent of the total free-float market capitalisation of NSE-listed stocks, was up by 0.75 per cent.
Among the Nifty 50 constituents, Tech Mahindra, Bharti Airtel, ICICI Bank, Reliance Industries, Maruti Suzuki India, and HCL Technologies led the gains, rising in the range of 3-4 per cent. On the other hand, Nestle India and Trent fell 5.70 per cent and 1.62 per cent, respectively, capping gains in the benchmark.
Overall, only four stocks in Nifty 50 traded in red, while rest were in green. In the broader market, however, 1,373 stocks advanced, while 2,067 stocks declined, and 101 remained unchanged.
Why Is Stock Market Rising Today
Here are the key factors driving the rally
Easing Crude Oil Prices
Crude oil prices fell in early trade despite escalating tensions in West Asia and continued attacks on shipping in the Strait of Hormuz. Brent futures fell nearly 2 per cent to $104 a barrel, while US-traded West Texas Intermediate (WTI) crude lost 1.09 per cent to $94.05 a barrel.
Oil futures declined after the Trump administration announced that it is considering easing restrictions on oil tankers linked to Russia, Iran and Venezuela to bring down soaring shipping costs and ease disruptions to global energy trade, according to a Reuters report, which cited a US official.
The proposed move could allow sanctioned tankers to carry oil and petroleum products that are not banned under US sanctions, potentially increasing supplies from the Gulf.
Hotter-Than-Expected US Inflation
Hotter-than-expected US inflation has raised concerns about another interest rate hike by the US Federal Reserve, triggering a sell-off in global equity markets. US inflation rose from 3.4 per cent in August to 3.7 per cent in September, prompting investors to reassess the outlook for interest rates. The tech-heavy Nasdaq fell 1.88 per cent, with AI stocks bearing the brunt of the selling. The weakness spread to Asian markets on October 15, with Japan’s Nikkei 225 falling more than 5 per cent and South Korea’s Kospi declining over 8 per cent in early trade.
The sell-off in global tech stocks offered some relief to Indian markets, raising hopes of a reversal in persistent foreign fund outflows.
The Nifty IT index rose as much as 2.87 per cent. Infosys, Tata Consultancy Services (TCS) and HCL Technologies gained around 3 per cent each, supported by optimism in the sector following HCL Technologies' quarterly results. Tech Mahindra and Infosys advanced over 4 per cent and 2 per cent, respectively, ahead of their quarterly earnings announcements later in the day.
Strengthening Rupee
The rupee recovered to around 94.98 against the US dollar on October 15, touching a four-week high as a decline in US Treasury yields eased pressure on the currency. Support from the Reserve Bank of India (RBI), which has stepped up efforts to check the rupee’s fall, also helped.
US Treasury yields retreated after an initial rise. Lower US Treasury yields reduced the dollar’s appeal, easing pressure on emerging market currencies such as the rupee.
The RBI has also stepped up dollar sales and tightened curbs on dollar demand and speculative positions. The measures follow a 25-basis-point rate hike last week, with the central bank indicating that it remains ready to take further steps to stabilise the currency.
