Friday, 16 October 2026. GIFT Nifty was 23,088 at 8:05 AM IST, 101 points (0.44%) above its 3:30 PM level of 22,987 on Thursday, after the Dow Jones rose 556.21 points overnight and Tokyo's Nikkei recovered 1.78% this morning. At home, the striking number from Thursday is the foreign selling: a net ₹5,285.40 crore in the cash market on the same day the Nifty rose 1.66%. The rally itself is covered in the post-market report for 15 October.
GIFT Nifty spent the night drifting higher, from 22,988 at 3:45 PM to a high of 23,125 just after 12:45 AM, and was 90.65 points above the Nifty's Thursday close of 22,997.35 at 8:05 AM. It is a futures contract and does not track the index point for point. (How far GIFT Nifty can be relied on.)
Foreign funds sold ₹5,285.40 crore into the rally
Foreign institutional investors bought ₹12,735.60 crore of shares and sold ₹18,021.00 crore on Thursday, a net sale of ₹5,285.40 crore on NSE's provisional figures, against ₹1,857.40 crore on Wednesday. Trading Economics had counted 13 straight sessions of foreign selling through Tuesday, so Thursday was the 15th. Domestic institutions bought a net ₹3,319.40 crore, up from ₹2,670.40 crore. (How to read FII and DII data.)
| Thursday's close | Level | Change |
|---|---|---|
| Nifty 50 | 22,997.35 | +374.65 pts (+1.66%) |
| Sensex | 74,315.61 | +1,533.72 pts (+2.11%) |
| Bank Nifty | 55,810.50 | +494.50 pts (+0.89%) |
| India VIX | 14.03 | −0.60 (−4.10%) |
| USD/INR | 95.05 | rupee up 12 paise |
(What India VIX measures.) The rupee's fifth straight gain took it 183 paise higher over those five sessions, PTI reported, and the agency said the Reserve Bank's interventions in the currency market were still supporting it.
Wall Street recovers from a weak start; Jensen Huang backs CoreWeave
US shares started Thursday lower, the Associated Press reported, as the AI worries that had sunk Asian markets carried over, then recovered as AI stocks pared their losses and strong company results lifted the rest of the market.
| US index | Close on Thursday | Change |
|---|---|---|
| Dow Jones | 52,177.69 | +556.21 pts (+1.1%) |
| S&P 500 | 7,744.06 | +25.12 pts (+0.3%) |
| Nasdaq Composite | 26,713.03 | +20.16 pts (+0.1%) |
| Russell 2000 | 2,767.27 | +37.74 pts (+1.4%) |
On the same day, Nvidia's chief executive, Jensen Huang, told Bloomberg at an event in Stockholm that CoreWeave, the AI computing provider whose heavy borrowing has unsettled investors, was getting stronger every day, that its cost of capital was falling and that it needed no backstop from Nvidia, which owns about 10% of it. CoreWeave had fallen 15% on Wednesday. The credit market was less convinced: the cost of insuring CoreWeave's debt against default reached a record 1,194.5 basis points intraday, up 74.5 basis points, according to ICE Data Services figures cited in the report.
Trading Economics said gains were led by Nike, up 5.30%, Salesforce, 4.57%, and Home Depot, 4.25%, with Oracle up 3% and Microsoft 1.1%.
Tokyo rebounds; Seoul is still counting Thursday's damage
The Nikkei 225 was at 65,570 this morning, up 1,144.05 points (1.78%), Trading Economics reported, with Lasertec up 3%, Toyota 2.1% and Mitsubishi UFJ 2%. Even with the rebound, the index is more than 5% lower for the week so far, most of it from Thursday's 4.9% drop.
The Kospi closed Thursday down 7.57% to 5,554.22, its seventh losing session in a row, as Samsung Electronics dropped 9.48% and SK Hynix 10.85%. Trading Economics reported it up more than 3% on Friday morning. I could not find figures I trusted for Hong Kong or Shanghai this morning and have left them out.
Treasury yields hold their drop; Brent stays above $105
The US 10-year Treasury yield fell about 13 basis points to 5.05% on Thursday and was 5.08% this morning, Trading Economics reported. It put the drop down to a flight to safety during the global sell-off in shares, even though producer prices rose 1.3% in September from August and retail sales grew 0.8%, above forecasts. It also reported that traders expect the Federal Reserve to hold rates this month and raise them by 25 basis points in December.
Brent crude was $105.32 a barrel at about 8:10 AM IST, down $0.60 (0.57%), and WTI $97.23, down $0.74 (0.75%). Trading Economics set two things against each other: US crude stocks fell 8.6 million barrels last week, the largest drop since February, and Iran was reported to have hit the container ship that sank in the Strait of Hormuz; on the other side, the International Energy Agency agreed to release the remaining 100 million barrels of its coordinated stock release.
Wipro and Tech Mahindra reported after Thursday's close
Wipro's net profit fell 1.4% from a year earlier to ₹3,200.6 crore, and 4.5% from the June quarter, while revenue rose 9.1% to ₹24,752.7 crore, HDFC Sky and Business Today reported. IT services revenue was $2,611.5 million with an operating margin of 16.5%. Large deal bookings fell 58.6% to $674 million. For the December quarter the company gave IT services revenue guidance of $2,571 million to $2,625 million, a range of −1.5% to +0.5% in constant currency.
Tech Mahindra's net profit rose 8.2% from the June quarter to ₹1,586 crore on revenue of ₹16,180 crore, Upstox reported. The board declared an interim dividend of ₹15 a share and recommended a 1:1 bonus issue. The results came out at 5:36 PM; the shares had closed at ₹1,650.00, up 4.75%.
Dates to know
- Today, Friday 16 October: Federal Bank, Bajaj Housing Finance, Crompton Greaves Consumer Electricals and Ujjivan Small Finance Bank report results. No index expiry today.
- Saturday, 17 October: HDFC Bank, ICICI Bank, Axis Bank and Yes Bank results.
- Monday, 19 October: Zetwerk's IPO closes. The weekly index expiry moves to Monday because Tuesday is a trading holiday.
- Tuesday, 20 October: NSE trading holiday.
- Wednesday 21 to Friday 23 October: Jio Platforms IPO subscription.
- Tuesday, 27 October: monthly expiry.
- Tuesday, 10 November: next NSE trading holiday after 20 October.
Before 9:15
- The Kospi's level by 9:00 AM, after a morning bounce on top of Thursday's 7.57% fall.
- GIFT Nifty against the 8:05 AM reading of 23,088.
- Wipro and Tech Mahindra in the pre-open session.
Sources
- GIFT Nifty, Nifty 50, Sensex, Bank Nifty, India VIX and Tech Mahindra's close: Zerodha Kite market data
- Rupee: HDFC Sky (PTI)
- FII and DII flows: NSE provisional data via 5paisa; earlier selling streak: Trading Economics
- US index closes: Associated Press via WTOP; US share moves: Trading Economics
- Huang on CoreWeave and CoreWeave's credit default swaps: Yahoo Finance, citing Bloomberg
- Nikkei: Trading Economics; Kospi: Trading Economics
- US 10-year yield and US data: Trading Economics
- Brent: Trading Economics; WTI: Trading Economics
- Wipro: HDFC Sky, Business Today; timing: NewsBytes; Tech Mahindra: Upstox
- Results calendar: Kotak Neo; Zetwerk IPO: Free Press Journal; Jio Platforms IPO: Kotak Neo
- Holidays and expiry: NSE holiday list and expiry rules
This note summarises public news and data for information only. It is not investment advice or a recommendation to buy or sell any security, and I don't publish levels, targets or trade ideas. I am not registered with SEBI as an investment adviser or research analyst.