Big surge! Early Diwali for Sensex, Nifty as stock market skyrockets on Reliance Jio IPO, IT shares jump - More to come?

What happened: The Sensex and Nifty 50 surged over 2% intraday, with the Sensex hitting 74,330 and the Nifty 50 reaching 23,056, reclaiming the 23,000 mark. IT stocks and heavyweight Reliance Industries and Bharti Airtel led gains. Key numbers: Sensex rose over 1,500 points, or more than 2%, to 74,330. Why it matters: Analysts cited stronger technology earnings, rupee stability and easing bond yields, and said a correction in AI-linked stocks could halt foreign investor selling of Indian equities. Jigar S Patel flagged 22,800 as the key Nifty level to watch. Coverage: 3 outlets in 24h

The Sensex and Nifty 50 surged over 2% intraday, with the Sensex hitting 74,330 and the Nifty 50 reaching 23,056, reclaiming the 23,000 mark. IT stocks and heavyweight Reliance Industries and Bharti Airtel led gains.

Analysts cited stronger technology earnings, rupee stability and easing bond yields, and said a correction in AI-linked stocks could halt foreign investor selling of Indian equities. Jigar S Patel flagged 22,800 as the key Nifty level to watch.