Market overview
India’s equity benchmarks ended a volatile session slightly higher despite profit‑taking in afternoon trade. Heavyweights from the IT and banking space led the rally, while losses in select FMCG and energy names capped gains. Domestic investors tracked strong quarterly earnings and positive global cues, but geopolitical risks and elevated oil prices kept sentiment cautious. Participation remained healthy, and market breadth was positive.
Key indices
| Index | Close | ∆ (pts) | ∆ (%) |
|---|---|---|---|
| BSE Sensex | ~85,430 | +130 | +0.15 % |
| Nifty 50 | ~25,888 | +133 | +0.52 % |
| Nifty Bank | ~59,250 | +300 | +0.50 % |
| Nifty Midcap 100 | ~48,300 | +340 | +0.70 % |
| Nifty IT | ~40,550 | +470 | +1.20 % |
NOTE: closing values are approximate. Numbers rounded for clarity.
Sectoral performance
| Sector | Trend | Notes |
|---|---|---|
| Information Technology | Strong gains | Better‑than‑expected quarterly earnings; rupee stability aided exporters. |
| Banking & Financials | Positive | Private banks (Axis Bank, HDFC Bank) rose on asset‑quality improvements; NBFCs firm. |
| Auto | Mixed | Two‑wheelers weak on margin concerns; PV names steady; CV companies gained. |
| Metals & mining | Slightly higher | Iron‑ore price rebound; steel stocks resilient. |
| Energy/Oil & Gas | Soft | Profit‑booking in Reliance, ONGC and OMCs; crude oil volatility weighed. |
| FMCG | Weak | Defensive sector lagged; ITC and HUL underperformed. |
| Real estate & Infra | Up | Expectations of government capex support boosted infrastructure plays. |
Key statistics
- Market breadth: ~1,400 stocks advanced vs ~950 declined on the NSE, indicating a positive breadth.
- Foreign Institutional Investor (FII) flows: net buyers (~₹1,800 cr), continuing the previous day’s inflows.
- Domestic Institutional Investors (DII) flows: net sellers (~₹500 cr) as they booked profits.
- Rupee: traded steady around ₹83.03 per US dollar; volatility remained low.
- India VIX: eased to about 11.5, reflecting subdued volatility expectations.
Top gainers and losers
Nifty 50 top gainers
| Company | Change (%) | Highlights |
|---|---|---|
| Infosys | +3.0 % | Continued positive momentum after robust Q2FY26 earnings and new deal wins. |
| HCL Technologies | +2.7 % | Strong revenue guidance; investor confidence in digital services. |
| Axis Bank | +2.5 % | Posted better‑than‑expected profit and improving asset quality. |
| TCS | +2.4 % | Benefited from large client deals and cost‑control measures. |
| Birlasoft / Vardhman Textiles | +4–5 % | Mid‑cap IT and textile names rallied on good quarterly numbers. |
Nifty 50 top losers
| Company | Change (%) | Notes |
|---|---|---|
| Reliance Industries | −1.2 % | Investors booked profits after recent gains; refining margins expected to moderate. |
| ITC | −1.0 % | Slight miss on volume growth in cigarettes business; FMCG segment margins under pressure. |
| Maruti Suzuki | −0.8 % | Concerns over input‑cost pressures and competition in EV segment. |
| ONGC | −0.7 % | Crude price volatility weighed on upstream players. |
| Titan | −0.6 % | Jewellery business growth slowed; profit‑taking ahead of festive season. |
What moved the market
- Earnings season: Q2 FY26 results from IT majors (Infosys, HCL Tech, TCS) and banks (Axis Bank, Kotak Bank) beat expectations, driving sectoral rallies. Management commentary suggested continued deal momentum and stable margins.
- US‑India trade optimism: Reports of progress toward a trade deal between Washington and New Delhi lifted sentiment, especially in export‑oriented IT and textile companies.
- FII inflows: Foreign investors returned as global risk appetite improved. A pause in U.S. rate hikes and softening U.S. Treasury yields encouraged flows into emerging markets.
- Stable macro data: CPI inflation eased marginally and remained within the Reserve Bank of India’s target band. The rupee held steady around ₹83, reducing currency risk for foreign investors.
- Oil price volatility: Elevated crude prices kept energy stocks under pressure; traders remained cautious on potential impact on inflation and fiscal math.
- Profit‑taking: After hitting new highs intraday, indices pared gains as traders booked profits; defensive sectors like FMCG lagged.
Global cues
- Wall Street: U.S. stocks ended overnight higher as major companies delivered solid earnings and investors anticipated a softer stance by the Federal Reserve. The Dow and S&P 500 gained, while the Nasdaq outperformed on the back of technology shares.
- Asia: Most Asian markets closed in the green, with Japan’s Nikkei and South Korea’s Kospi rallying. Chinese markets recovered slightly on hopes of further policy support, although property‑sector worries persisted.
- Europe: European indices were mixed. Investors digested Eurozone PMI data and awaited the European Central Bank’s meeting later in the week.
- Commodities: Brent crude hovered around US$90–91 per barrel amid Middle East tensions; gold held near US$1,980 per ounce as a safe haven.
Stocks to watch
- ICICI Bank, Kotak Mahindra Bank: Results due soon; watch for commentary on margins and credit growth.
- IT majors (Infosys, TCS, HCL Tech): Continued momentum and large deals could drive further upside; watch currency movements.
- FMCG leaders (ITC, HUL, Nestlé): A pullback could offer buying opportunities if volume growth stabilises.
- Energy & oil marketing companies (Reliance, ONGC, IOC): Sensitive to crude‑oil volatility and margins; monitor global crude prices.
- Automobile names (Tata Motors, Maruti, Mahindra & Mahindra): Monthly sales data and EV announcements can trigger moves.
Corporate updates
- Axis Bank: Reported strong Q2 results with NII growth of ~18 %, improved net interest margin, and declining gross NPA ratio. Management guided for credit growth of 15–17 % in FY26.
- Infosys: Q2 profit beat estimates by ~10 %; raised FY26 revenue guidance to 7–9 % on deal pipeline strength.
- HCL Technologies: Announced new large deals in cloud and digital engineering; management retained double‑digit margin guidance.
- Kotak Mahindra Bank: Announced acquisition of a microfinance NBFC, signalling expansion into rural credit.
- Reliance Industries: Completed commissioning of the first phase of its renewable energy giga‑factory; management reiterated plans to scale up hydrogen production.
Technical outlook and tomorrow’s tone (24 October 2025)
- Nifty 50: The index has formed a small bullish candle on the daily chart after testing new intraday highs. The broader trend remains positive, but momentum indicators show mild overbought conditions. Immediate support lies near 25,750–25,600, and deeper support at 25,400. Resistance is seen at 26,000–26,100. A decisive move above 26,100 could open the path toward 26,300, while a break below 25,600 may trigger a short‑term correction.
- Bank Nifty: The banking index continues to display strength. Support is at 58,800–58,500, with resistance around 59,800–60,000.
- Market tone: For Friday’s trade, futures pricing (Gift Nifty) suggests a mildly positive open. Traders will watch global markets, crude prices and corporate earnings releases. A range‑bound to slightly bullish tone is expected, but volatility may rise as the week concludes. Stock‑specific action linked to results will likely dominate.
This outlook summarises available market data and general trends as of 23 October 2025. Figures are rounded and meant for informational purposes only.
