{
  "id": 14647644,
  "title": "Nifty scales 23,000 in midday breakout; IT, Telecom power rally as Korea Bourse halts trade",
  "url": "https://urgent.news/2026/10/15/nifty-scales-23-000-in-midday-breakout-it-telecom-power-rally-as",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-15T08:01:18.000Z",
  "source": {
    "name": "Hindu BusinessLine",
    "slug": "hindu-businessline",
    "url": "https://www.thehindubusinessline.com/markets/nifty-scales-23000-in-midday-breakout-it-telecom-power-rally-as-korea-bourse-halts-trade/article71587102.ece"
  },
  "original_language": "en",
  "account": "The Nifty 50 index on the Bombay Stock Exchange (BSE) surged past the 23,000 mark during a midday breakout on Thursday, marking a significant advancement in the market. This rally was fueled by strong performances across the technology, telecommunications, and financial sectors, even as global markets faced stress due to concerns over rising US inflation. The S&P BSE Sensex followed suit, climbing to 74,165.21, a 1.90% increase from the previous trading session.\n\nKey contributors to the Nifty 50's rise included Bharti Airtel, which gained 3.98% to ₹1,866.00, and Tech Mahindra, which climbed 3.69% to ₹1,633.30. Other notable gainers were ICICI Bank (+3.17%), HCL Technologies (+3.10%), and Reliance Industries (+3.07%). SBI Securities attributed the broad-based rally to \"frontline indices breaking out of their two-week-long consolidation zone,\" driven by heavyweight counters such as Reliance Industries, Bharti Airtel, HDFC Bank, and ICICI Bank.\n\nIn contrast, the Nifty PSU Bank index struggled, marking the worst performer among the frontrunners. The Nifty's advance-decline ratio stood at a healthy 45:5. Out of the 4,386 stocks traded on the BSE, 1,739 advanced while 2,412 declined, with 109 reaching their 52-week highs and 91 hitting their 52-week lows. Notably, Nestlé India suffered a steep 3.93% decline, the most significant drop among the Nifty 50 constituents, following the release of its quarterly results. Other decliners included Trent (1.63%), Adani Enterprises (0.70%), BEL (0.21%), and ONGC (0.07%).\n\nDespite the strong domestic market performance, global markets remained under pressure. South Korea's KOSPI fell 7.7% to 5,548.78, entering a five-minute suspension to prevent further sell-offs, driven by deepening losses in index futures. Major South Korean tech firms like Samsung Electronics and SK Hynix also saw substantial declines of 9.05% and 11.06%, respectively. The broader Asian sentiment continued its downward trend, with Japan's Nikkei 225 sinking 4.56%.\n\nThe US market sentiment was dampened by its Consumer Price Index (CPI) data, with inflation rising to 3.7% year-over-year in September, above expectations. The possibility of a potential Federal Reserve rate hike in October, though not certain, further contributed to market volatility. Brent crude prices settled near $105 a barrel, while MCX crude slipped below ₹9,000, and gold prices recovered slightly after a sharp early decline. The Indian rupee strengthened to 94.925 against the US dollar, ending a four-day rally. RBI Governor Urjit Patel indicated a commitment to ensuring orderly currency movements, though ongoing importer demand and high crude prices remain challenges.",
  "summary": "South Korea’s KOSPI plunges 7.7% to 5,548.78, triggering an automatic five-minute suspension on programme sell orders, as losses in index futures deepened",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}