Indian IT Stocks Drive Sensex Surge After Strong Earnings
Indian stock markets rallied on October 13 as strong quarterly results from HCLTech and TCS sparked a surge in information technology shares.
The BSE Sensex surged 1,109.10 points, or 1.54%, to close at 73,033.78 on October 13, 2026, while the Nifty 50 index gained 1.60%. The recovery was primarily driven by a rally in information technology stocks, with the Nifty IT index jumping over 5% as investors reacted to strong quarterly reports.
HCLTech led the gains with a 7.11% increase following improved profitability, and Tata Consultancy Services rose 5.69% after reporting a 15% increase in net profit. Along with results from Accenture, these figures suggested that the period of decelerating earnings growth for the sector may be ending. Other sector players, including Infosys and Tech Mahindra, also saw gains.
Market sentiment was further supported by a rebound of the Indian rupee, which traded in the mid-95s. The Reserve Bank of India influenced this recovery by limiting currency derivatives to curb speculation and rerouting dollar supplies to state oil companies.
Despite the rally and a decline in the India VIX indicating easing uncertainty, analysts noted persistent risks. Retail inflation reached 5.54% in September and Brent crude oil prices remained above $100 per barrel, posing threats to corporate margins. Globally, technology shares faced some pressure as advances by Chinese chipmaker ChangXin Memory Technologies triggered a sell-off in Asian chipmaker stocks.
