India Stocks: Indian shares inch higher on IT rally, earnings-led rebound; oil caps gains

Interglobe Aviation

30/10/2026 04:29

Updates for morning trade
By Bharath Rajeswaran
Oct 30 (Reuters) - Indian shares inched higher on Friday, recovering from a muted start as a jump in IT stocks and a post-results rally in key constituents offset pressure from higher crude oil prices.
The benchmark Nifty 50 .NSEI added 0.24% to 22,987.40, while the Sensex .BSESN rose 0.25% to 74,332.39, as of 9:52 a.m. IST (0422 GMT).    
Both benchmarks gained over 1% each in the previous session, after strong quarterly results from key constituents and as the US Federal Reserve held interest rates steady as expected.
The Nifty and Sensex have gained 1.6% and 2.5% in October so far, on course to snap a two-month losing streak.
"Markets remain supported by selective earnings resilience and domestic demand stability, although elevated Brent and persistent Mideast uncertainty remain key risks," said Vinod Nair, head of research at Geojit Investments.    
Ten of the 16 major sectors logged losses. The broader small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 dropped 0.9%and 0.5%, respectively.
The IT index .NIFTYIT gained 1.7%, amid a drop in global artificial intelligence-linked stocks in Asia on worries that huge and rising AI spending may not deliver sufficient returns.
Analysts view Indian IT companies as relatively defensive beneficiaries when AI-linked stocks sell off, as enterprises may favor cost-cutting, automation and outsourcing over expensive in-house AI investments.
Trent TREN.NS gained 6% and InterGlobe Aviation INGL.NS jumped 4% on upbeat quarterly results, keeping the benchmarks from sliding and countering the pressure from Brent crude LCOc1 rising to $116.2 on supply concerns due to worsening Middle East tensions after Yemen's Houthis attacked Saudi Arabia. O/R
Investors also await earnings from index heavyweights Reliance Industries RELI.NS and Sun Pharma SUN.NS later in the day, which could influence the near-term market trajectory.
Coal India COAL.NS lost 2.5% after missing quarterly profit view as rising costs overpowered strong demand.
Among non-index stocks, Paradeep Phosphates PRAO.NS tumbled 11% and Thyrocare Technologies THYO.NS dropped 6% after they reported a sharp slide in their September quarter profits.

 (Reporting by Bharath Rajeswaran in Bengaluru; Editing by Ronojoy Mazumdar and Jochelle Mendonca)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))