On Thursday, October 15, the Indian equity benchmark indices closed 2% higher after a robust rally driven by gains in IT, banking and auto stocks. The S&P BSE Sensex settled at 74,315.61, up 1,533.72 points or 2.11%, while the NSE NIFTY50 surged 375.64 points, or 1.66%, to finish at 22,997.35. The broader market, however, underperformed the main indices, with the Nifty Midcap 100 falling 0.36% to 59,197.25 and the Nifty Smallcap 100 declining 1.31% to 19,131.70.

Tata Communications emerged as the top gainer on the NIFTY Midcap 100, soaring 5.47% after reporting a consolidated net profit of ₹341 crore for the July‑September quarter (Q2 FY27). The profit marked an 86% rise from ₹183 crore logged in the same period last year. The company’s digital platform revenue grew 18.6% YoY, underpinning the profit surge and positioning it as the leading performer on the midcap index.

Tech Mahindra was the biggest contributor to the NIFTY50, surging 4.75% ahead of its September quarter earnings. The IT major is expected to report net profit growth of 28% to 32% YoY and 4% to 8% QoQ, targeting ₹1,530 crore to ₹1,580 crore for Q2 FY27. The company’s previous quarter net profit was ₹1,465 crore, while the same quarter last year yielded ₹1,194 crore, indicating a strong upward trajectory.

Reliance Industries also posted a 3.44% gain, buoyed by the unveiling of Reliance Jio’s much‑awaited IPO details. The digital and telecom arm set a price band of ₹1,065 to ₹1,119 per share, potentially raising about ₹30,213 crore at the top of the range, making it India’s largest IPO. Other top gainers on the 50‑share index included ICICI Bank (3.8%), Bharti Airtel (3.31%) and BSE (2.7%).

On the downside, Nestle India fell 7.76%, becoming the biggest loser on the 50‑share index. Adani Enterprises and Trent slipped 0.83% and 0.72% respectively, while Shriram Finance (‑0.65%) and Bharat Electronics (‑0.51%) were also among the top laggards. In the midcap segment, Yes Bank plunged 14.53% after a Supreme Court order set aside its plea to write off bonds worth around ₹8,415 crore, causing a sharp sell‑off.

In the smallcap arena, IDBI Bank led the losers’ pack, falling 8.1% as investors reacted to the Union Cabinet’s approval of a strategic sale of a 60.72% stake in the institutional lender to Canada‑based Fairfax Financial. The government and LIC will jointly retain a 34% stake in the restructured entity. Other smallcap losers included Netweb Technologies India (‑7.33%) and Chennai Petroleum Corporation (‑6.93%), while gains were led by Gallantt Ispat (8.9%) and Cemindia Projects (5.77%).