October 2026: Nifty IT +17.7%, small finance banks −17.7%

The broad market: a small gain

Between the close on 30 September and the close on 30 October 2026, the Nifty 50 rose 1.9%, from 22,620 to 23,053. Underneath that single number the month was uneven: one sector surged, several fell by more than five percent, and the broad midcap and smallcap indices ended lower while the large-cap index rose.

All figures are price-index returns from our stored daily NSE index data, which covers 167 indices for 30 October.

The sector scoreboard

Index	30 Sep	30 Oct	October
Nifty IT	27,705	32,607	+17.7%
Nifty PSU Bank	8,016	8,235	+2.7%
Nifty Pharma	26,438	27,125	+2.6%
Nifty 50	22,620	23,053	+1.9%
Nifty Financial Services	24,650	24,712	+0.3%
Nifty Bank	54,633	54,687	+0.1%
Nifty FMCG	44,508	43,609	−2.0%
Nifty Oil & Gas	10,615	10,303	−2.9%
Nifty Auto	26,294	25,423	−3.3%
Nifty Realty	847	814	−3.9%
Nifty Energy	36,636	34,958	−4.6%
Nifty Consumer Durables	36,628	34,525	−5.7%
Nifty Chemicals	28,363	26,621	−6.1%
Nifty India Defence	9,277	8,704	−6.2%
Nifty Metal	12,761	11,785	−7.6%

IT did the heavy lifting. At +17.7%, Nifty IT outperformed the Nifty 50 by about 15.8 percentage points. It was also the best of the main sector indices by a wide margin; the next best, PSU banks, gained 2.7%.

Banks went nowhere. Nifty Bank rose 0.1% and Nifty Financial Services 0.3%, so the financial indices barely moved while IT surged.

Mid and small caps lagged

Index	30 Sep	30 Oct	October
Nifty Next 50	69,747	67,709	−2.9%
Nifty Midcap 100	59,332	57,301	−3.4%
Nifty Midcap 150	21,868	21,048	−3.7%
Nifty Smallcap 100	19,246	18,464	−4.1%
Nifty Smallcap 250	17,799	16,765	−5.8%

The order is neat: the smaller the companies, the bigger the fall, from −3.4% for the midcap 100 through −5.8% for the smallcap 250 to −8.9% for the Nifty Microcap 250.

The extremes across all indices

Of the broader set, the largest monthly falls were in narrow, concentrated indices:

Nifty Small Finance Banks & Microfinance Institutions: −17.7%
Nifty India Defence Equal Weight: −10.3%
Nifty Sugar & Ethanol: −10.3%
Nifty Microcap 250: −8.9%
Nifty NBFC: −8.7%

The best, apart from Nifty IT, were other technology-linked indices: Nifty MidSmall IT & Telecom (+7.5%) and Nifty India Digital (+7.2%).

What a month like this teaches

A flat headline can hide a big spread. The Nifty 50's 1.9% sits between +17.7% and −17.7% across the indices above.
Concentration cuts both ways. Narrow indices produce both the biggest gains and the biggest losses; broad ones sit in the middle.
One month is not a trend. For longer windows, see how far indices are from their highs in the 52-week-high study, and the market's valuation in Nifty 50 P/E, October 2026.

Figures are index price returns, so they exclude dividends, and are a description of the past rather than a view on what comes next. Explore sector funds on /screener.

Frequently asked questions

Which index closing date is used for October?

The last NSE trading day on which the data is available, 30 October 2026, against the close on 30 September 2026. These are price-index levels, so dividends are not included.

Why did IT stocks rally so much in one month?

Our data shows the move, not the cause. Nifty IT rose from 27,705 to 32,607, a gain of 17.7%, but the figures do not say why, and one month is a short window.

Is a good month a signal for the next one?

No. A single month is a short window, and one month's move says little about the next.

This is commentary on published data, not investment advice. WealthTicker is not a SEBI-registered adviser or distributor. Figures are WealthTicker’s own calculations from public data — AMFI’s fund NAVs and disclosures, NSE’s index and FII/DII files, and the fund houses’ monthly portfolios (how we calculate). They are as of the dates stated and can be revised by their source.

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