IT, earnings, tax-cut hopes power Indian shares to monthly gains

Indian equities ended October higher after two monthly declines, with technology shares and quarterly results helping lift sentiment. On Friday, the Nifty 50 gained 0.51% to 23,053.1 and the Sensex added 0.42% to 74,459.53; their monthly advances were 1.9% and 2.7%, respectively, Business Recorder reported.

The IT index climbed 17.7%, its biggest monthly increase in more than six years, while shares of Tata Consultancy Services, Infosys, HCLTech and Tech Mahindra rose between 16% and 22%. Investors also weighed possible relief on long-term capital gains tax, while higher crude prices amid Middle East tensions limited the broader advance. Small- and mid-cap indexes fell 4.2% and 3.4%, respectively, and results from Reliance Industries were due later on Friday.