Market summary
Indian equities extended their decline on Tuesday, 4 Nov 2025, as profit‑booking hit heavyweights in the IT and metal sectors and foreign investors continued to sell. The 30‑share BSE Sensex fell 519 points (−0.62 %) to ≈83,459 after reversing from early gains. The broader Nifty 50 lost 165 points (−0.64 %) to end near 25,598. Market breadth was negative – around 1,034 stocks advanced, 2,062 declined and 85 were unchanged, while 75 stocks hit fresh 52‑week highs and 81 recorded new lows. The overall market capitalisation of NSE‑listed companies stood around ₹4.67 lakh crore (≈US$5.27 trillion).
Key indices and sectoral performance
| Index / sector | Close | % chg vs. previous close | Notes |
|---|---|---|---|
| Sensex (BSE) | ≈83,459.15 | −0.62 % | slipped despite early gains, dragged by Power Grid and Tata Motors PV |
| Nifty 50 (NSE) | ≈25,597.65 | −0.64 % | closed below 25,600 after renewed selling in IT, metals and auto |
| Nifty Bank | ≈57,827 | −0.47 % | banks tracked the headline index; midcaps and small‑caps underperformed |
| Nifty Midcap 100 | ≈40,442 (approx.) | −0.42 % | broader market also weakened |
| Nifty Smallcap 100 | ≈15,854 (approx.) | −0.82 % | losses larger than midcaps |
| Other sectoral indices | mostly lower | Bank, financial services, media, pharma, realty and oil & gas indices all closed in the red |
Top gainers and losers (Nifty 50)
Top gainers
| Stock | Open | High | Low | Close | % change | Brief reason |
|---|---|---|---|---|---|---|
| Titan Co. | ₹3,724.5 | ₹3,827.0 | ₹3,715.0 | ₹3,810.0 | ▲2.30 % | Robust jewellery sales and strong Q2FY26 earnings; festive demand and premiumisation underpin confidence |
| Bharti Airtel | ₹2,107.0 | ₹2,135.6 | ₹2,103.5 | ₹2,110.0 | ▲1.74 % | Stock hit a record high after consolidated Q2 profit more than doubled to ₹8,651 cr; ARPU rose to ₹256; board approved acquiring more stake in Indus Towers |
| Bajaj Finance | ₹1,040.0 | ₹1,060.4 | ₹1,035.0 | ₹1,054.7 | ▲1.11 % | Continued earnings momentum and stable asset quality supported sentiment |
| Mahindra & Mahindra (M&M) | ₹3,548.6 | ₹3,632.8 | ₹3,537.2 | ₹3,584.3 | ▲1.00 % | Strong Q2 results showed 28 % rise in PAT to ₹3,673 cr and 22 % revenue growth; leadership in SUVs & tractors |
| HDFC Life | ₹736.0 | ₹748.65 | ₹734.2 | ₹742.8 | ▲0.92 % | Positive outlook for insurance sector and steady premium growth |
Top losers
| Stock | Open | High | Low | Close | % change | Brief reason |
|---|---|---|---|---|---|---|
| Power Grid | ₹284.5 | ₹284.95 | ₹278.1 | ₹278.8 | ▼3.19 % | Mixed Q2 results; net profit fell ~6 % Y/Y due to higher expenses; analysts remain cautious |
| Eternal (Zomato) | ₹321.05 | ₹321.95 | ₹312.3 | ₹313.5 | ▼2.82 % | Profit‑taking after recent gains; market volatility weighed on midcap names |
| Adani Enterprises | ₹2,479.8 | ₹2,488.9 | ₹2,390.6 | ₹2,399.9 | ▼2.72 % | Weakness across Adani group stocks amid FII selling and profit booking |
| Tata Motors PV | ₹417.4 | ₹417.5 | ₹405.1 | ₹407.0 | ▼2.40 % | Auto stocks under pressure; concerns about margin headwinds in passenger vehicles |
| Hindalco | ₹841.55 | ₹847.0 | ₹829.25 | ₹830.85 | ▼1.93 % | Decline in global aluminium prices and profit‑booking in metals sector |
Key statistics
- Market breadth: ~1,034 stocks advanced vs. 2,062 declines; 75 hit new 52‑week highs and 81 hit new lows.
- Market capitalisation: around ₹4.67 lakh crore (≈US$5.27 trillion) for NSE‑listed firms.
- FII/DII flows: Foreign institutional investors (FIIs) continued to sell for a fourth straight session; they sold roughly ₹1,884 cr of equities on 3 Nov, and early estimates suggest continued net outflows on 4 Nov. Domestic institutional investors provided some support but were net buyers only to a modest extent.
What moved the market
- Weak global cues: Asian markets slipped as investors booked profits after a strong tech‑driven rally. South Korea’s Kospi, Japan’s Nikkei 225 and China’s Shanghai Composite were lower, and US equity futures were in the red amid concerns of high valuations and uncertainty about Federal Reserve rate cuts. European indices were also down. The global risk‑off mood weighed on Indian equities.
- Persistent FII selling: FIIs remained net sellers for the fourth consecutive session, offloading more than ₹14,000 cr since 29 Oct. Higher US bond yields and relatively stretched valuations in India prompted investors to move to cheaper markets.
- Mixed earnings: Q2FY26 results were a mixed bag. Titan, Bharti Airtel and M&M reported strong numbers, while Power Grid’s earnings disappointed. Investors booked profits in metal, auto and banking shares after recent rallies.
- Profit‑booking & derivatives expiry: With the Nifty hovering near its recent highs, traders used the holiday‑shortened week and upcoming weekly derivatives expiry to lock in profits. The market also awaits stronger earnings in the December quarter and more clarity on global trade developments.
- Sector rotation: Consumer durables benefited from festive spending and easing gold prices, while metal and IT stocks were hit by global weakness. Auto stocks faced selling despite strong results from M&M.
Global cues
- US markets: US futures were lower as traders assessed mixed economic data and divergent commentary from Federal Reserve officials. The S&P 500 had rallied previously on AI‑driven tech stocks; profit‑booking ensued as investors awaited clarity on December policy moves. Higher Treasury yields also dampened sentiment.
- Asia: Tech‑heavy Asian indices (Nikkei, Kospi, Taiwan) retreated on fears of overvaluation in chipmakers. Chinese shares drifted as investors weighed property‑sector concerns and slower manufacturing growth. Overall risk appetite was subdued.
- Europe: European stocks opened weaker on Tuesday, following losses in Asia and a drop in resource prices. Ongoing geopolitical tensions and caution ahead of central‑bank meetings added to uncertainty.
- Commodities & currency: Brent crude eased to around US$85/bbl amid expectations of higher US crude inventories. Gold retreated as the dollar firmed. On the currency front, the rupee remained range‑bound near ₹83.30 per USD, while USDINR November futures were around ₹89.76.
Stocks to watch
| Company | Catalyst / update |
|---|---|
| Titan Co. | Reported a 43 % YoY jump in net profit (₹1,006 cr) and 25 % revenue growth in Q2FY26. Buoyant jewellery demand and organised retail penetration drive optimism. |
| Power Grid Corp. | Q2 net profit fell 6 % to ₹3,566 cr; EBITDA margin contracted to 79.4 %. Analysts remain cautious despite stable revenues. |
| Bharti Hexacom | Subsidiary of Bharti Airtel posted a 66.4 % jump in net profit to ₹421 cr and revenue growth of 10.5 % driven by higher ARPU and smartphone additions. |
| Cipla | Announced the acquisition of Inzpera Healthsciences for about ₹110.65 cr to strengthen its consumer‑health business. |
| Zydus Lifesciences | Board will consider raising up to ₹5,000 cr via QIP/rights issue/private placement on 6 Nov, signalling potential capital infusion. |
| Gland Pharma | Reported 12.3 % YoY rise in profit to ₹184 cr and stable margins (~21 %) on steady demand for injectables. |
| Godfrey Phillips India | Q2 profit up 22.9 % to ₹305 cr; margins improved to 19.3 % due to cost control. |
| Indus Towers | Bharti Airtel’s board approved acquiring up to an additional 5 % stake; the company continues to evaluate opportunities to consolidate its holding. |
| VRL Logistics | Net profit jumped 39 % YoY to ₹50 cr; EBITDA rose 14.2 % despite flat revenue, indicating cost efficiencies. |
Corporate highlights
- State Bank of India (SBI): Stock hit a fresh high of ~₹959 after Q2FY26 results. Standalone net profit rose nearly 10 % YoY to ₹20,160 cr, aided by higher non‑interest income. Net interest income grew 3.3 % to ₹42,984 cr and asset quality improved (GNPA 1.73 %, NNPA 0.42 %).
- Mahindra & Mahindra (M&M): Consolidated PAT rose 28 % to ₹3,673 cr and revenue increased 22 % to ₹46,106 cr, driven by robust SUV sales, record tractor volumes and higher margins. The company maintained leadership in the SUV and tractor segments and delivered margin expansion in its Tech Mahindra arm.
- Bharti Airtel: Shares surged to an all‑time high near ₹2,130 after consolidated Q2 profit more than doubled to ₹8,651 cr. Revenue grew 25.7 % to ₹52,145 cr, with ARPU rising to ₹256. The company plans to purchase a further 5 % stake in Indus Towers and expand into emerging technologies.
- Titan & jewellery peers: Titan hit a 52‑week high around ₹3,810 following strong earnings and festive demand. Thangamayil Jewellery surged ~51 % over four days after posting a profit of ₹59 cr versus a loss last year. Analysts expect jewellery margins to improve in Q3 as gold prices moderate.
- Power Grid: Shares fell after Q2 net profit declined ~6 % to ₹3,566 cr; EBITDA margin dropped to 79.4 %. Analysts highlighted rising expenses but maintain long‑term positive view due to strong regulated asset base.
- Other results: 3M India, Adani Ports, Kansai Nerolac, BPCL and Ambuja Cements released Q2 numbers; many midcap names (such as Thangamayil, VRL Logistics) reported strong earnings, spurring stock‑specific moves.
Technical levels and outlook for 5 Nov 2025
- Momentum & trend: The Nifty has been forming lower highs and lower lows. Momentum indicators have given a sell crossover on the daily chart. Short‑term bias remains bearish unless the index decisively climbs above 25,800–25,930. A breakout above this zone could trigger a fresh upside towards 26,100.
- Support levels: Immediate support lies near the 21‑day moving average (~25,570); the next psychological support is at 25,500. A breach could extend declines towards 25,400.
- Resistance levels: Near‑term resistance is at 25,800, followed by 25,930. Sustained moves above 25,930 could change the short‑term trend to positive.
- Market tone: With weak global cues, persistent FII selling and mixed earnings, the market is expected to remain cautious and range‑bound. Traders should watch for movements around the support zone (25,400–25,570) for signs of buying interest. A bounce from these levels could lead to a consolidation between 25,400–25,800, while a breakdown may bring the 25,200–25,000 area into focus. Stock‑specific action will likely continue around Q2 earnings announcements.
