The S&P BSE Sensex surged over 950 points to trade above 83,500, while the NSE Nifty 50 rose above 25,600.
The Sensex has surged over 1,500 points over the past two sessions; meanwhile, Nifty was up 1.9% in the same period.
Here’s what’s behind the rally:
1. Private banks lead the rally
Private lenders were at the forefront of Thursday’s market gains after Axis Bank’s second-quarter results showed an improvement in asset quality and stronger-than-expected net interest margins.
While the bank reported a larger-than-anticipated drop in quarterly profit, analysts highlighted its improved operating performance and healthier balance sheet as encouraging signs.Heavyweights HDFC Bank and ICICI Bank, together the two highest-weighted stocks on the benchmarks, rose 1.4% each ahead of their earnings announcements later this week.
2. FII inflows lift mood
After months of persistent selling, foreign institutional investors (FIIs) are turning the tide in October, injecting over Rs 3,000 crore into Indian equities in just seven sessions. The shift from heavy outflows to fresh inflows is lifting benchmarks and hinting at a possible change in sentiment for investors long wary of foreign selling pressure.
NSDL data shows that between October 7 and October 14, FIIs were net buyers in five of seven sessions, acquiring more than Rs 3,000 crore in the secondary market. Their participation in the primary market was even stronger, exceeding Rs 7,600 crore. Provisional NSE data indicates another Rs 68 crore flowed in on October 15.
The pace of selling has slowed sharply compared with previous months, when FIIs offloaded Rs 22,761 crore in September, Rs 41,908 crore in August, and Rs 38,214 crore in July 2025.
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