NIFTY50 and SENSEX head for monthly gain in October; NIFTY IT surges 15% and NIFTY metals drops 7%

Indian benchmark indices traded in positive territory on Thursday after a weak start in the opening session. NIFTY50 traded up over 150 points, and the SENSEX surged over 400 points on Thursday evening. As we approach month-end, the monthly performance of the benchmark indices has remained largely stable after a sharp plunge in the previous month. The external headwinds continue to have a heavy impact on broader investor sentiment. Besides this, investors also looked for cues from the ongoing earnings season for the quarter ended September 2026. Here is how NIFTY50 and SENSEX fared in October to date, along with the top two sectoral gainers and losers for this month.

NIFTY 50

Surprisingly and contrary to the larger pessimistic environment, NIFTY50 has posted a monthly gain of over 1% till Thursday afternoon. If the index manages to close above 22,700 levels, the index could snap a two-month losing streak. The large part of this gain was led by index heavyweights IT and banking stocks. TCS, Tech Mahindra, Kotak Mahindra Bank, and Infosys are among the top few gainers this month. However, the index breadth largely favoured losers as ~32 stocks traded in red, while 18 others gained this month. Shriram Finance, Nestle India, Max Healthcare Ltd, Tata Steel, and Apollo Hospitals are among the top five losers this month.

SENSEX

The SENSEX has outperformed its peer, NIFTY50, as it rose over 1.5% this month, surging over 1,200 points. The gains came after the previous month’s 5.8% fall. The gains were largely led by IT and private banking stocks like TCS, Kotak Mahindra Bank, Tech Mahindra, Infosys, and ICICI Bank. At the same time, the shares of Tata Steel, Asian Paints, Bharat Electronics, Sun Pharmaceuticals, Titan Company and HDFC Bank were among the top losers for this month in the SENSEX. Despite the gains, the broader index breadth largely tilted towards declines, as 20 out of the 30 index constituents traded in red on a monthly basis and 10 in the green.

Sectoral gainers

NIFTY IT

The IT stocks have shown a stellar recovery from lower levels, bouncing more than 15% in October till Thursday afternoon. The gains were largely driven by affordable valuation and better-than-expected earnings growth. Besides this, the broader commentary and outlook look improved for IT stocks, with better visibility in deal wins and margins altogether.

However, rising borrowing costs in the US and Europe and the ongoing conflict in the Middle East could taper down the expectations going forward. For October, the IT behemoth TCS was the top gainer, surging 20% this month. Followed by Wipro (+19%), Tech Mahindra (+14%), Infosys (+13.6%), Mphasis (+13.4%), and HCL Technologies (+11.5%). Meanwhile, midcap IT names like Oracle Financial Services (-7%), LTM (-4.9%), and Coforge (-0.3%) were the key losers.

NIFTY Metal

The metal benchmark index is among the top losers this month, plunging over 7.4% in October. The metal index has rallied over 70% since March 2025 amid cyclical rotation to the metal stocks led by strong demand across the board. At the start of FY27, metals went through a sharp upcycle, with commodity prices hitting fresh highs as demand for industrial metals like copper and aluminum rallied as demand from power grid, AI data centres and resurgence in industrial activity across the world, boosted the rally metal stocks.

On a YTD basis, the metal index is up 5.7% and rallied over 14% at its peak this year in 2026. Among the major losers, Vedanta Aluminum, Hindustan Copper, NMDC, Steel Authority of India, and Hindustan Zinc fell as much as 17% this month amid profit booking after the stellar rally seen in H1 of 2026.

Disclaimer:This article is purely for informational purposes and should not be considered investment advice from Upstox. Please consult with a financial advisor before making any investment decisions.