Nifty rebounds 1.30% to 22,520 as IT leads a broad rally and the week ends in the green

IT earnings and cooler oil turned the mood. Nifty opened with an 83-point gap up at 22,315, led by IT stocks after TCS posted what the AMR calls a decent earnings report, while easing global tensions helped arrest the recent rise in oil prices. The index built on early gains, climbing above 22,400 within the first half hour and 22,450 by 10 AM, then above 22,500 and briefly toward 22,525 around 11:15 AM. Profit booking dragged it back toward 22,450 by noon. The second half brought a gradual recovery: Nifty reclaimed 22,500 around 1 PM, buying strengthened after 1:30 PM, and the index reached an intraday high near 22,580 around 2:15 PM. Momentum faded in the final hour and Nifty closed at 22,520.45, about 205 points above its open — a strong recovery session that ended the week on a positive note. Cooling bond yields also supported the rebound, per Business Standard.

• India outperformed a mixed global tape: Only three of eight tracked overseas markets rose in their latest session — Hang Seng (+1.8%), Shanghai (+0.3%) and the Dow (+0.1%) — while the Nasdaq 100 fell 1.3% and the DAX 0.9%. Friday's gain was led by domestic factors: IT earnings and lower oil.

• The bounce was strongest in large and mid caps: Nifty 50 (+1.3%) and Midcap 150 (+1.4%) led; Smallcap 250 rose 0.5% and Microcap 250 0.3%. Over 20 sessions, Next 50 (-6.4%) and Midcap 150 (-6.0%) remain the hardest hit, against -3.9% for the Nifty 50.

• Valuations are still at the low end for large caps: Nifty 50 trades at 19.3x trailing earnings and Next 50 at 17.9x, each lower than on 99% of days since April 2021. Smallcap 250 sits at 34.0x, higher than on 89% of days.

• Commodities: metals up, crude flat: MCX silver rose 2.2% and gold 1.2% (₹1,51,380) by 19:22 IST, with copper up 1.5% and zinc 1.9%. Crude was nearly flat at -0.2% (₹8,844) and is down 5.4% over 20 sessions; natural gas rose 1.4% and is up 7.8% over five sessions.

• The technical picture is unchanged: Options imply a 22,358-22,767 range into the October 13 expiry, with the heaviest put open interest at 21,500 and call open interest at 23,000. The 20-day moving average, now at 22,973, remains the first major trend hurdle.

• Crude back below $91: Oil fell after gaining 3.6% in the previous session, as signs of renewed US-Iran diplomatic engagement eased supply concerns. Expectations that China will resume refined fuel exports also weighed on prices.

• UNCTAD sees slower global growth: The UN trade body projected global growth slowing to 2.6% in 2026 from 2.9% in 2025, citing the energy shock from the Middle East conflict. Global trade is expected to grow 4% in real terms after a record $35 trillion in 2025.

• Telecom stocks hit by a SpaceX spectrum deal: US and European telecom stocks fell sharply after SpaceX reportedly agreed to acquire an $8 billion spectrum portfolio, raising concerns about competition from satellite-based mobile services. T-Mobile, Verizon and AT&T dropped 5.5-7.4% in premarket trading.

• PepsiCo taps Europe's bond market: It raised €1 billion ($1.12 billion) through three-year and nine-year bonds, a day after lowering its earnings growth outlook on rising costs and weakness in North America.

• Tesla's China sales rise: China-made EV sales rose 5% year-on-year to 95,366 units in September, up from 3.6% growth in August — an 11th consecutive month of annual growth.

• Coal supply to power plants is stabilising: Daily coal supplies rose around 36% from September lows, and the daily stock depletion rate more than halved from 0.243 million tonnes in September to 0.116 million tonnes in October. The Coal Ministry said the situation is stabilising, although stock rebuilding has yet to begin.

• Airtel Money lists in London: Airtel Money debuted on the London Stock Exchange in the exchange's largest IPO in five years, with shares rising as much as 2.1% above the £1.96 offer price. The offering raised around £529 million, valuing the company at about £5.3 billion.

• US tightens scrutiny of green-card sponsorship: The US suspended eight major technology companies, including Infosys, Wipro and Tata, from a federal labour certification programme used for employment-based green cards. TCS said its workforce strategy in the US is anchored in hiring local talent across 31 offices and delivery centres.

• Ten straight sessions of foreign selling: Every session from September 25 to October 9 shows net foreign selling in the AMR's chart, totalling roughly ₹69,600 crore over the ten sessions.

• A revision, and a caution: Thursday's foreign figure has been revised from the provisional ₹12,944 crore to ₹6,206 crore as NSDL data replaced the NSE provisional number. Friday's ₹12,943 crore is nearly identical to that superseded figure, so it may reflect a reporting-date shift rather than a second heavy day; we report it as the source shows it and will update if it is revised.

• Domestic buying continued: DIIs bought ₹4,743 crore on Friday, after ₹10,703 crore on Thursday. Over the same ten sessions they bought roughly ₹66,600 crore, absorbing most of the foreign selling.

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