Sectoral Snapshot Today, October 30, 2026: IT Rallies As Investors Seek Refuge From Global AI Rout, Pharma Advances After Results

Mumbai, October 30: Information technology and pharmaceutical stocks led sectoral gains on Dalal Street on Friday, helping the benchmark indices extend their recovery for a second consecutive session. The Nifty IT index climbed 2.3%, while the Nifty Pharma index advanced 1.5%, emerging as the strongest-performing sectoral indices. However, losses across consumer durables, PSU banks, energy and media stocks capped the broader market’s gains, with midcap and smallcap shares also coming under pressure. 

The rally in technology and pharmaceutical stocks helped the Nifty 50 reclaim the psychologically important 23,000 mark. The index closed 116.35 points, or 0.51%, higher at 23,053.10, while the BSE Sensex gained 308.49 points, or 0.42%, to settle at 74,459.53. 

IT Stocks Lead Sectoral Recovery 

Information technology stocks led the advance, with the Nifty IT index rising 2.3%. Infosys and HCL Technologies featured among the prominent Nifty 50 gainers, rising 3.4% and 1.7% respectively, lending support to the sector and the benchmark indices. 

The strength in domestic IT shares came as investors rotated out of weakness in global technology stocks. Overseas markets had come under pressure amid concerns over the scale of investments in artificial intelligence infrastructure and whether the spending would translate into adequate returns. Despite this uncertainty, buying in heavyweight Indian IT counters helped the domestic sector outperform. 

The gains also provided some relief to the broader market after technology stocks had faced pressure amid global volatility and concerns over the outlook for technology spending. 

Pharma Shares Advance; Sun Pharma, Apollo Hospitals In Focus 

Pharmaceutical stocks were another major source of support, with the Nifty Pharma index rising 1.5%. Sun Pharmaceutical Industries featured among the Nifty 50 gainers, while Apollo Hospitals also advanced. Sun Pharmaceutical rose 0.9% after reporting a drop in profit due to a one-time charge largely tied to its planned acquisition of Organon, even as ‌demand for speciality medicines remained strong. Laurus Labs rose 7.2% after profit more than doubled. Zydus Lifesciences advanced 5.2%. 

Apollo Hospitals rose 3%. The buying helped healthcare stocks outperform several other sectors that ended the session in the red. The pharma index’s gains added to the support from IT stocks, although the advance remained concentrated in select frontline counters rather than extending across the wider market. 

Consumer Durables, PSU Banks, Energy And Media Decline 

On the losing side, consumer durables, PSU bank, energy and media indices fell more than 1% each. The weakness in energy stocks came against the backdrop of elevated crude oil prices, with Brent futures rising 1% to $116.1 a barrel and US West Texas Intermediate gaining 1.3% to $103.3. 

Renewed attacks on Saudi Arabian energy infrastructure by Yemen’s Iran-aligned Houthi group heightened concerns over potential supply disruptions. Higher crude prices are a concern for India’s import bill, inflation outlook and companies exposed to energy costs. Refining giant Reliance Industries fell 0.2% ahead of its results today. Fuel retailers HPCL, Indian Oil Corp and BPCL declined 0.5%, 0.2% and 1.5% respectively. 

PSU bank stocks also faced selling pressure, while the Nifty Bank index ended lower. The weakness in banking shares suggested that Friday’s recovery was not supported by a broad-based improvement across financial stocks. 

Auto, FMCG, Metal And Realty Stocks Also End Lower 

Automobile, FMCG, metal and realty indices declined around 0.5% each. The losses across these sectors added to the weakness in the broader market, offsetting some of the gains recorded by IT and pharmaceutical stocks. 

The divergence between sectoral performance was also visible in the broader-market indices. The Nifty Midcap index fell 0.8%, while the Nifty Smallcap index declined 1.8%. Market breadth remained firmly negative, with 2,862 shares declining against 1,311 advances and 170 remaining unchanged. 

Friday’s session therefore reflected a selective recovery, with buying concentrated in heavyweight IT and pharmaceutical stocks while several cyclical and rate-sensitive sectors remained under pressure. The ability of the rally to broaden beyond these pockets will be important for the sustainability of the market’s recent rebound. 

Source

•  NSE