IT Stocks Power the Comeback
Nifty IT surged 2.94% to 28,574.9, spearheading a broad relief rally that lifted the Nifty 50 to 22,520.45 and Sensex to 72,472.33, each up over 1.2% on the week per BSE and NSE closing data. TCS shares jumped nearly 5% after posting 15% profit growth, 11% revenue growth, AI revenue of $3.1 billion and a ₹12 interim dividend, prompting Emkay to retain an 'add' rating with a ₹2,600 target. Attention now shifts to Infosys, which reports Q2FY27 results on October 23 alongside a dividend decision, as the sector tries to sustain momentum after eight consecutive weeks of declines.ows.
DIIs Step In as FIIs Keep Selling
Domestic institutional investors bought nearly ₹30,313 crore worth of shares even as foreign investors sold every single session between October 5 and 9, according to CNBC-TV18 data, effectively offsetting the outflows and helping snap the market's worst weekly losing streak in 25 years. This tug-of-war between DII buying and FII selling remains a defining feature of market structure, with the rupee's persistent weakness and falling forex reserves likely keeping foreign flows cautious. The rupee itself recovered marginally to 96.73/USD after RBI intervention on October 9, though corporate dollar demand continues to weigh on sentiment.
Bond Market Flashes Caution
The 10-year G-Sec yield touched a three-year high of 7.31% amid fears of RBI open market operation (OMO) sales, sticky inflation expectations and a steeper rate trajectory, per Hindu BusinessLine reporting. This bond sell-off is a notable counter-current to the equity relief rally and suggests liquidity conditions may tighten even as stock sentiment improves. Elevated yields could eventually feed through to borrowing costs across housing finance, NBFCs and corporates that have otherwise posted strong quarterly numbers this week.
IPO Pipeline Swells
Reliance Jio Platforms is reportedly set to fix its IPO price band at ₹1,065–₹1,119 per share, valuing the telecom giant at up to ₹10.3 trillion and targeting a raise of roughly ₹30,200 crore, according to Livemint and Hindu BusinessLine. Separately, Zetwerk is lining up an IPO of up to $525 million at a $2.8 billion valuation with anchor interest from ADIA, Norway's central bank, and asset management arms of Goldman Sachs, SBI and HDFC, while Fusion CX has fixed its ₹702 crore IPO band at ₹275-289. Airtel Money's debut on the London Stock Exchange, valuing the mobile payments unit near $7 billion in the exchange's biggest listing in five years, adds an international dimension to this primary market wave.
NBFC Earnings Show Divergent Strength
Poonawalla Fincorp reported a 407% year-on-year profit surge to ₹375 crore with net interest income up 81%, while Can Fin Homes posted a steadier 9.2% profit rise to ₹274.6 crore. Shriram Finance raised fixed deposit rates to as high as 7.85% effective October 11, a move that stands out against the backdrop of rising G-Sec yields and suggests NBFCs are competing harder for deposit-like funding. These results collectively point to an uneven but generally resilient financing sector even as systemic borrowing costs climb.
Corporate Actions and Block Deals Active
Vedanta shares rose over 3% after announcing its first interim dividend of ₹5 per share post-demerger, totaling a ₹1,955 crore payout, while large block deals hit Adani Ports (₹1,234 crore) and GMR Airports (₹818 crore, sending shares up 5%). Tata Motors raised its final offer for Italian truckmaker Iveco to €14.40 per share, explicitly ruling out further increases as regulatory approvals drag on. Persistent Systems also deepened its control of Nagarro SE, lifting its stake to roughly 94.04% following an extended takeover offer.
GST Clarity and Policy Signals
A CBIC official indicated the GST Council has endorsed a uniform 5% tax treatment for platform operators like Ola, Uber, Swiggy, Zomato, Amazon and Flipkart regardless of business structure, removing a long-standing ambiguity for the gig and e-commerce economy. Separately, the government extended bitumen and diesel cost-escalation cover for highway projects by three months amid the West Asia crisis, while rural job demand under the VB-G RAM G scheme jumped 25% in September to 15.6 million households, a signal worth watching on rural distress or seasonal patterns. The Finance Ministry also held the GPF interest rate steady at 7.1% for the October-December quarter.
Order Wins Signal Capex Momentum
Premier Energies bagged ₹4,001 crore in solar cell and module orders for 2,308 MW capacity, DEE Development Engineers' order book crossed ₹2,531 crore with stock up 188% in 2026, and SEPC shares jumped 11% on an ₹855 crore SAIL-IISCO contract that pushed its order book past ₹10,000 crore. Ashoka Buildcon also won a ₹290 crore railway electrification contract, reinforcing a broader theme of steady public and quasi-public capex flowing into mid-cap industrials and EPC players. Gabriel India's new seating joint venture with France's Forvia follows a 50% six-month stock rally, underscoring investor appetite for auto component plays tied to global tie-ups.