Sensex opens 400 points higher as Nifty IT surges 3% despite weak global cues
Synopsis
Indian benchmarks defied a Nasdaq sell-off and $114 Brent crude to open higher on 23 October, powered by a near-3% surge in Nifty IT. The wild card: over ₹3 lakh crore in Jio Platform IPO money is due back in the system by Monday — and analysts say that liquidity wave could be the market's biggest near-term catalyst.
Key Takeaways
Sensex opened 400 points higher at 73,665.64 and Nifty50 rose 54.55 points to 22,742.20 on 23 October .
Nifty IT surged nearly 3 per cent in morning trade, leading sectoral gains.
Brent crude at $114 per barrel flagged as a major macro negative by analysts.
More than ₹3 lakh crore from the Jio Platform IPO expected back in the system by next Monday, potentially boosting market liquidity.
FIIs net sold ₹3,459 crore on Thursday; DIIs net bought ₹2,891 crore .
Nifty support at 22,600–22,650 ; resistance at 22,900–23,000 .
BSE Sensex opened 400 points higher at 73,665.64 on Friday, 23 October, while Nifty50 climbed 54.55 points to 22,742.20, as strong buying in information technology (IT) stocks offset weak global signals. The opening gains came despite a negative lead from US and Asian markets overnight, underlining domestic resilience driven by sector-specific momentum.
IT Sector Leads the Rally
Nifty IT surged nearly 3 per cent in morning trade, emerging as the clear frontrunner of the session's gains. Nifty MidSmall IT & Telecom also advanced, rising around 1 per cent. Nifty Pharma and Nifty Healthcare indices traded marginally in positive territory, adding breadth to the opening rally.
Sectors Under Pressure
Not all segments participated in the uptick. Nifty Metal, Nifty Realty, and Nifty MidSmall Financial Services each declined by up to 1 per cent, reflecting uneven sentiment across the market. Analysts noted that a spike in Brent crude to $114 per barrel remains a significant macroeconomic headwind for both the broader economy and equity markets.
Key Macro Signals for Investors
Analysts pointed to two offsetting positives: a sharp decline in the US 10-year yield to 4.96 per cent and rupee appreciation to 94.70 against the dollar, both of which could meaningfully restrain foreign institutional investor (FII) selling. Notably, more than ₹3 lakh crore of the ₹3.73 lakh crore that flowed into the Jio Platform IPO over the preceding two days is expected to return to the system post-allotment by the following Monday. Analysts said this 'potential liquidity surge can lift the market next week.'
Technical Levels and FII-DII Activity
On the technical front, Nifty's RSI stood at 43.98, above its average of 38.86, while the Put-Call Ratio (PCR) eased to 0.82. Immediate support is placed at 22,600–22,650, with resistance seen at 22,900–23,000, according to analysts. On Thursday, FIIs remained net sellers, offloading equities worth ₹3,459 crore, while domestic institutional investors (DIIs) provided a cushion with net purchases of ₹2,891 crore.
Weak Global Backdrop
Global cues were broadly negative heading into Friday's session. Nasdaq closed 2.6 per cent lower on Thursday amid an AI-led technology sell-off, while Japan's Nikkei fell around 1.7 per cent at the Asian open. The domestic market's ability to trade higher against this backdrop suggests that the Jio Platform IPO liquidity narrative and IT-sector buying are, for now, outweighing external headwinds.
Markets will remain sensitive to crude oil movements, FII flows, and any further guidance from the US Federal Reserve as the week closes out.
Point of View
Against $114 crude and a Nasdaq AI-sell-off on the other. The IT surge is noteworthy given that Wall Street's tech rout overnight should logically have pressured Indian IT — that it did not suggests either a delayed reaction or stock-specific drivers. The bigger question is whether the ₹3 lakh crore IPO refund genuinely translates into equity re-deployment or simply exits the system into fixed income. If crude stays elevated, the macro math for India — a net oil importer — tightens regardless of short-term liquidity tailwinds.
NationPress
23 Oct 2026
Frequently Asked Questions
Why did Sensex and Nifty open higher on 23 October despite weak global markets?
Sensex opened over 400 points higher and Nifty rose 54.55 points on 23 October, driven by strong buying in IT stocks and optimism over a potential liquidity surge from Jio Platform IPO refunds. This came even as Nasdaq fell 2.6 per cent overnight and Asian markets opened lower.
How much did Nifty IT rise on 23 October?
Nifty IT surged nearly 3 per cent in morning trade on 23 October, making it the top-performing sectoral index. Nifty MidSmall IT & Telecom also rose around 1 per cent.
What is the Jio Platform IPO and why does it matter for markets?
The Jio Platform IPO attracted ₹3.73 lakh crore in subscription money over two days. More than ₹3 lakh crore of that amount is expected to be refunded to unsuccessful applicants by the following Monday, and analysts say this liquidity injection could lift markets in the near term.
What are the key risks flagged by analysts for Indian markets?
Analysts highlighted Brent crude spiking to $114 per barrel as a major negative for India's economy and equity markets, given the country's reliance on oil imports. Persistent FII selling — FIIs offloaded ₹3,459 crore on Thursday — is an additional headwind.
What are the key technical levels to watch for Nifty?
Analysts place immediate support for Nifty at 22,600–22,650 and resistance at 22,900–23,000. The Relative Strength Index (RSI) stood at 43.98, above its average of 38.86, while the Put-Call Ratio eased to 0.82.
