October 2026 Indian equities outpace Asia-Pacific as IT sector strengthens
October 2026 was a strong month for Indian equities, which outperformed the broader Asia-Pacific region excluding Japan (MXAPJ).
According to Goldman Sachs Research, investors shifted away from AI-sensitive North Asian markets and turned their attention to India's IT services sector.
This sparked a broader move within India's market, with interest spreading beyond just AI-focused companies.
Indian earnings jump amid foreign inflows
India's market beat the Asia-Pacific index (excluding Japan) by seven percentage points, bouncing back from earlier in the year.
IT services stocks led the way, outperforming NIFTY by 14 points.
Earnings were up too: around 89 MSCI India companies, representing 58% of the index's market capitalisation, saw profits jump 15% year-over-year.
Sectors like metals, mining, utilities, and healthcare did especially well, while cement, materials, and consumer discretionary companies saw more misses.
Foreign institutional investors turned net buyers, bringing in $1.2 billion during the week ended October 30, even as yearly outflows continued.
The NIFTY rose 2%.