Sensex rises 500 pts, Nifty reclaims 23,000: Buying in IT, RIL shares among key factors behind market gain

Benchmark indices Sensex and Nifty rose up to 0.7% on October 21 due to various reasons, including buying in IT and Reliance Industries shares. At 9:53 am, the Sensex was up 514.21 points or 0.7% at 74,367.11, and the Nifty was up 131.35 points or 0.57% at 23,020.30. About 1,116 shares advanced, 2,206 shares declined, and 196 shares were unchanged. Key factors behind market gain 1) Buying in IT shares The IT index jumped 2.2%, as L&T Technology Services led with a 10.5% surge after reporting higher revenue and profit for September quarter. L&T Technology Services expects a robust second half of fiscal year 2027 on improving order backlogs and several large deals, as it reported a jump in second-quarter revenue on Monday. The company's strong showing in the three months ended September 30 was on the back of executing large deals won in recent quarters and higher client spending in its sustainability segment. Consolidated revenue rose to Rs 3,040 crore for the quarter, from Rs 2,713 crore a year ago Net profit from continuing operations rose 19.6% to Rs 380 crore. In the Nifty 50, Infosys was the top gainer, up over 3%, followed by Tata Consultancy Services, which rose almost 3%. This is in contrast to what was seen in the previous trading session when these stocks were among the key drags on the Nifty 50 and the sectoral Nifty IT index. UltraTech Cement, which had closed lower after reporting its earnings for the September quarter Monday, was trading over 2% higher. On the flip side, Bajaj Finance was the top laggard, down about 1.5%. The move came after the company reported its earnings for the September quarter. 2) RIL shares rise 2% Reliance Industries shares rose 2% as the QIB portion of the Jio Platforms' Rs 30,200-crore IPO got fully subscribed within minutes. As long as Nifty stays above 23,000, markets will remain bullish, said analysts.

Sensex rises 500 pts, Nifty reclaims 23,000: Buying in IT, RIL shares among key factors behind market gain

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