Nifty 50 rises 0.51% to 23,053.1 points, ends October with monthly gains

Key Facts

India’s Nifty 50 closed at 23,053.1 points on October 30, up 0.51%, regaining the 23,000 level. The Sensex closed at 74,459.53 points, a gain of 0.42%, according to Reuters. The Nifty 50 had closed at 22,936.75 points in the previous session, according to EL7 data. The index thus closed above 23,000, a level it had crossed in Friday’s session. But rising crude prices amid continuing tensions in the Middle East limited gains in Indian stocks, according to Reuters.

Technology led sector gains in the session, with the Nifty IT index rising 2.32%. The Nifty Pharma index also gained 1.55%, after reaching a record 27,263.95 points during trading. India Infoline said technology stocks rose after Cognizant’s quarterly results. The report linked the strength in pharmaceuticals to gains by contract drug manufacturers and the US Food and Drug Administration’s approval of Sun Pharma’s Ilumya to treat active psoriatic arthritis in adults. The two indexes outperformed the gains in the main benchmarks during the same session.

Technology’s performance also lifted its monthly tally, with the index rising 17.7% in October. That was its strongest monthly performance in more than six years, according to Reuters. The agency attributed Indian stocks’ gains during the month to technology shares, resilient earnings and hopes for a reduction in long-term capital gains tax. An equity strategist said technology valuations remained near their historical averages. He added that AI-related revenue was beginning to show efficiency gains for Indian software companies.

The two main indexes ended October higher, ending a two-month run of monthly losses. The Nifty 50 rose 1.9% during the month, while the Sensex gained 2.7%, according to Reuters. Gains did not extend across all market sectors: 9 of the 16 major sectors rose during the month. By contrast, Indian small-cap stocks fell 4.2% and mid-cap stocks declined 3.4%. These figures show differing performance across market sectors and company sizes during the month, despite gains in the two main indexes.

In the official data available on industrial production, India’s Ministry of Statistics said output grew 8.0% year on year in August 2026. The statement set October 28 as the release date for September data. On the corporate front, an India Infoline report said investors were awaiting results from Reliance Industries, the parent company of Jio. Reuters said those results could set the market’s near-term direction. Oil prices, which limited gains in the session amid tensions in the Middle East, remain among the factors affecting Indian stocks, according to the report.