On Thursday, October 16, the Indian stock market extended its winning run for the second consecutive session, with key indices Sensex and Nifty 50 rising over 1%, buoyed by positive global trends. The Sensex climbed 862 points, or 1.04%, closing at 83,467.66, while the Nifty 50 gained 1.03% to end at 25,585.30. The BSE Midcap and Smallcap indices also registered modest gains of 0.29% and 0.47%, respectively.
Ajit Mishra, SVP of Research at Religare Broking, noted that the Nifty 50 maintained strong momentum throughout the session, driven mainly by robust buying in the financial sector. Among sectors, FMCG, realty, and auto led gains, whereas pharma ended with limited movement.
Noteworthy stock updates included an IT services firm reporting a 2.5% sequential revenue rise to ₹22,641 crore for Q2, with operating margins improving to 16.7%. Tata Steel signed a long-term deal with Air Water India for its Air Separation Unit in Jamshedpur. BEML inked an MoU with Kineco Ltd to collaborate on advanced composites for defense and aerospace. Metro Brands saw a 4.2% YoY drop in net profit to ₹69 crore despite an 11.2% revenue increase. Zee Entertainment posted a steep 63% decline in net profit to ₹76.5 crore.
