Stock Market Sensex Jumps Over 1,000 Points: IT Earnings and Oil Prices Drive Rally

The stock market sensex witnessed a powerful rebound on October 9, 2026, surging over 1,000 points during intraday trade. This rally came as a relief to investors after a period of significant volatility, driven primarily by strong quarterly earnings from Tata Consultancy Services (TCS) and a moderation in global crude oil prices.

Sensex and Nifty 50 Performance: The Numbers

On Friday, October 9, 2026, the BSE Sensex hit an intraday high of 72,669.20, surging 1,022.36 points (1.43%) to reach 72,615.60 by 2:26 pm [1]. The index eventually closed at 72,472.33, marking a gain of 879.09 points over the previous session's close of 71,593.24.

Similarly, the NSE Nifty 50 climbed above 22,500, reaching 22,560.05 by 2:28 pm, an increase of approximately 1.48% [1]. This recovery followed a sharp decline on Thursday, where the Sensex had lost 1,045 points due to rising bond yields and foreign fund selling.

Key Drivers of the Market Rally

1. TCS Q2 Results and IT Sector Surge

The indian stock market saw a massive boost from the IT sector. Tata Consultancy Services (TCS) reported a 15% year‑on‑year increase in Q2 net profit, totaling ₹13,884 crore [1]. This led to a 4.23% jump in TCS shares, triggering a broader rally across other IT giants:

• Wipro: Up 3.35%
• HCL Technologies: Up 3.03%
• Infosys: Up 2.71%

2. Easing Crude Oil Prices

Global sentiment improved as Brent crude fell 1.32% to $102.90 per barrel [1]. The dip was attributed to moderating geopolitical concerns regarding potential US military action against Iran ahead of the US midterm elections, which traditionally supports domestic equity sentiment in India.

The US PERM Suspension: Why IT Stocks Didn't Crash

Despite the rally, the market faced a potential headwind: the US administration's suspension of the employment‑based green card process (PERM) for eight major Indian IT firms, including TCS, Infosys, and Wipro, on October 8, 2026 [2].

However, the share market largely ignored this news for two reasons. First, TCS stated that its PERM applications had been in "single digits for the last two years," meaning the suspension would not impact its workforce strategy [2]. Second, analysts noted that many of these firms had already shifted toward local hiring in the US, making the PERM channel largely obsolete for them.

Index	Intraday High (Oct 9)	Closing Value	% Change (Approx)
BSE Sensex	72,669.20	72,472.33	+1.23%
NSE Nifty 50	22,560.05	22,560.05 (at 2:28 pm)	+1.48%