Hindalco Industries, Bajaj Finance, State Bank of India, Bharti Airtel, and JSW Steel are among more than 10 Nifty 50 stocks that have scaled fresh record highs so far in October, as the Indian stock market continues to trade higher. Improving domestic macros, easing global trade tensions, and the return of overseas investors are sending frontline indices closer to their record highs.
The Nifty 50 has remained higher in seven of the last eight sessions and ended last week in the green, extending its weekly winning streak to four — the first such instance in 2025 — pushing the index up by over 5.5% so far in October.
The recent rally has also driven the index to surge nearly 10% in 2025 to date, putting it on track to register its tenth consecutive year of positive performance.
Banking and auto stocks lead the rally
Early September quarter results indicate a recovery in earnings, particularly in the banking space, where companies have reported margin improvements, better asset quality, and a rebound in lending, prompting analysts to revise their target prices.
Traders also reacted positively to the figures, sending banking and NBFC stocks such as Bajaj Finance, State Bank of India, Bajaj Finserv, and HDFC Bank to new record highs in October.
Auto stocks have also been in the spotlight this month, as reports of robust festival bookings across segments have raised expectations of stronger performance in the second quarter of this fiscal.
Among the auto pack, Maruti Suzuki India was the only stock to hit a fresh all-time high, while others are trading just below their record peaks. In the metals pack, Hindalco Industries and JSW Steel registered new peaks.
Other notable gainers include Larsen & Toubro, Grasim Industries, and Apollo Hospitals Enterprises, which also touched record highs during the month.
Tech stocks break long underperformance
Meanwhile, domestic tech stocks have also started to move higher, breaking their long-standing underperformance. The uptrend was led by strong performances from top IT giants in the September quarter that beat analysts’ consensus estimates, driving the Nifty IT index up 7.35% so far in October — its biggest monthly gain in 11 months.
Additionally, the cooling inflation in the U.S. has strengthened expectations of a potential U.S. Federal Reserve rate cut — a move that analysts believe could boost discretionary spending in the world’s largest economy and, in turn, drive more technology deals.
Policy support and festive demand boost sentiment
Additionally, traders drew support from reports suggesting that the U.S. may reduce import duties on Indian goods in line with other Asian peers, as India has reportedly agreed to lower crude oil imports from Russia and may also allow more non-genetically modified (GM) American corn and soymeal into its markets.
The recent improvement in market sentiment also reflects the impact of government and RBI policy measures aimed at stimulating domestic consumption.
Reports indicate that festive buying has remained robust, and initiatives such as recent GST rate cuts have started showing results through improved urban consumer sentiment.
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