Nifty 50 gains over two percent in a week as IT stocks rally

The Nifty 50 index gained 625.70 points to close at 23,146.15 for the week ending October 16, 2026. Domestic institutional buying expanded despite September inflation data heating up to 5.54 percent. The Nifty 50 index advanced 2.78 percent from 22,520.45 during the week. The gauge marked an intraday trading high of 23,149.85 on Friday. Total market breadth recorded 144 advancing stocks against 105 declining stocks. Sectoral performance showed wide divergence across domestic equity clusters. The IT index led the momentum by rising 8.95 percent. The Media index advanced 5.68 percent, supported by initial gains. Conversely, the Pharma index fell 1.26 percent to end the week as the weakest group. Key corporate structural price breaks occurred on the daily charts. Tech Mahindra Limited led the individual gainers by jumping 18.22 percent. Nestle India Limited dropped 5.06 percent after hitting a twenty-session low. Yes Bank Limited broke below its structural swing low support of 20.51. My reasoning focuses on index support levels and corporate actions. The market shrugged off record low rupee interventions due to solid domestic technology accumulation. The India VIX dropped 2.23 percent to 14.06, indicating lower hedging demand from traders. High volume breakouts in cash segments show real institutional inflows backing the main trend. I am watching the key Nifty 50 structural resistance milestone at 23,435 during the upcoming option expiry week. Close My stance is positive above the weekly pivot point of 22,861, targeting 23,435. Disclosure No personal holding or financial interest in any index or stock mentioned.