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Indian Equities Close Higher Led by IT Stocks, Nifty Holds 23100
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Moneycontrol•16-10-2026, 16:30
Indian Equities Close Higher Led by IT Stocks, Nifty Holds 23100
- •Sensex rose by 413.66 points to close at 74,729.27, while Nifty gained 148.80 points to finish at 23,146.15.
- •IT, metal, PSU bank, and infrastructure sectors recorded gains of 1-2 percent, driven by strong quarterly results.
- •Major gainers included Tech Mahindra, TCS, Infosys, Bharti Airtel, and M&M, while Interglobe Aviation and BSE saw losses.
- •Analysts suggest watching out for upcoming quarterly earnings from major banks like HDFC, Axis, and ICICI Bank for the market's next directional move.
- •Technically, Nifty faces immediate resistance at the 23,300-23,320 zone, with strong support expected around the 22,700-22,900 range.
Key Questions Answered
On October 16, Indian equity indices closed with gains, with the Sensex rising 413.66 points or 0.56% to reach 74,729.27 and the Nifty climbing 148.80 points or 0.65% to finish at 23,146.15.
The market recovery was largely led by IT shares, which surged following strong quarterly results and positive management commentary, alongside gains in metal, PSU bank, and infrastructure sectors.
Immediate support for Nifty is seen around the 22,980–23,000 zone near the 25-day EMA, while the 23,300–23,320 range near the 50-day EMA acts as an immediate resistance zone.
