{
  "id": 17213166,
  "title": "IT, earnings, tax-cut hopes power Indian shares to monthly gains",
  "url": "https://urgent.news/2026/10/30/it-earnings-tax-cut-hopes-power-indian-shares-to-monthly-gains",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-30T10:45:10.000Z",
  "source": {
    "name": "Business Recorder",
    "slug": "business-recorder",
    "url": "https://www.brecorder.com/news/40446682/it-earnings-tax-cut-hopes-power-indian-shares-to-monthly-gains"
  },
  "original_language": "en",
  "account": "Indian shares ended October on a high note, surging past a two-month losing streak thanks to the strength of IT stocks, steady earnings and hopes for a possible reduction in capital tax. The benchmark Nifty 50 index rose 0.51% to 23,053.1, while the Sensex climbed 0.42% to 74,459.53. Over the course of the month, the indexes climbed 1.9% and 2.7%, respectively. Of the 16 major sectors, nine saw gains, with the IT index posting its strongest monthly performance in over six years, jumping 17.7%.\n\nKranthi Bathini, director of equity strategy at Wealthmills Securities, noted that IT stocks were trading near historical valuations, even as growing revenue from artificial intelligence validated the efficiency gains for Indian software firms. \"At the same time, India remains an appealing hedge for investors seeking opportunities beyond pure-play AI investments,\" he added.\n\nIT giants like Tata Consultancy Services, Infosys, HCLTech and Tech Mahindra led the Nifty 50's percentage gainers, with their shares soaring between 16% and 22%. Meanwhile, Jio Platforms, which became India's second-largest company by market value following a remarkable stock market debut on Wednesday, has climbed by about 28% since its listing. The company is scheduled to release its results later in the day.\n\nInvestors were also eagerly awaiting the earnings reports from Jio's parent company, Reliance Industries. The outcome of these reports could set the tone for market sentiment in the near future. Meanwhile, Indian small-caps and mid-caps experienced a decline, with their returns dropping 4.2% and 3.4%, respectively, following a run of record highs in the previous two months.\n\nIndividual stocks also contributed to the market's movement. Trent rose 15.1%, buoyed by steady demand and positive quarterly results. Similarly, Kotak Mahindra Bank gained 10.7% after exceeding profit expectations, with analysts highlighting faster loan growth and potential margin recovery as key drivers behind the earnings boost. Kranthi Bathini attributed the overall positive market sentiment to the fact that September-quarter earnings had not provided any negative surprises, largely beating market expectations. Additionally, reports suggesting the government might consider cutting the long-term capital gains tax have added further encouragement to investors. This tax, which was abolished in 2004, was reintroduced in 2018 at a 10% rate and was increased to 12.5% in 2024.",
  "summary": "Indian shares snapped a two-month losing streak in October, lifted by IT stocks, resilient earnings and hopes of capital-tax relief, though a surge in crude prices due to lingering Middle East tensions capped gains. On Friday, the benchmark Nifty 50 added 0.51% to 23,053.1, while the Sensex rose 0.42% to 74,459.53. For the month, the indexes advanced 1.9% and 2.7%, respectively. Nine of the 16…",
  "key_points": [
    "Indian shares surged past two-month losing streak, ending October higher",
    "IT stocks posted strongest monthly performance in over six years",
    "Tax-cut hopes and strong earnings buoyed market sentiment"
  ],
  "editors_take": "The surge in large-cap IT stocks and positive earnings reports signal a shift in investor focus toward established sector leaders as small and mid-cap valuations face a necessary correction.",
  "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."
}