Nifty 50 opened at 25,939.95, up by 31 points (0.12%). Bank Nifty opened at 58,006.55 increased by 52 points (0.089%). Sensex opened at 84,625.71, up by 108.30 points (0.14%). GIFT Nifty is currently trading at 26,017.50.
Global index as of October 28, 2025
- DOW 30 closed at 47,544.59, up by 337.47 points (0.71%).
- S&P 500 closed at 6,875.16, up by 83.47 points (1.23%).
- NASDAQ increased by 432.59 points (1.86%), closing at 23,637.46.
- FTSE 100 increased by 8.20 points (0.085%) to settle at 9,653.82.
- DAX increased by 68.89 points (0.28%), ending at 24,308.78.
- NIKKEI 225 decreased 92.36 points (0.18%) to trade at 50,419.96.
Commodities Update
- Gold: Currently trading at Rs. 120,957 per 10 grams.
- Silver: down by 2.78%, now at Rs 143,367 per kilo.
- Crude Oil: Prices down by 0.23%, reaching USD 64.885, compared to the previous close.
Global events/updates
- Amazon is set to announce its largest corporate layoffs in history starting Tuesday, according to CNBC. The new round of job cuts will add to the 27,000 employees already laid off since 2022. The move reflects Amazon’s continued efforts to streamline operations, cut costs, and adapt to slowing growth after years of aggressive expansion.
- Trump announced that the U.S. and China are close to finalizing a trade deal ahead of his talks with President Xi. He also signed trade and mineral agreements with Malaysia and Cambodia, and frameworks with Thailand and Vietnam. Malaysia agreed not to restrict critical mineral exports, though experts noted these deals emphasize cooperation more than firm commitments.
- Asian markets edged lower as investors awaited the meeting between U.S. President Donald Trump and Japan’s new Prime Minister Sanae Takaichi. Trump also met Emperor Naruhito during his Tokyo visit. Markets remain cautious with key events ahead this week, including Big Tech earnings, the Federal Reserve’s rate decision, and progress on a potential China trade deal.
- South Korea’s economy grew at its fastest pace in over a year in the third quarter, driven by strong exports and manufacturing. Exports rose 6% year-on-year, while the manufacturing sector expanded 3.3%. However, the construction sector weakened sharply, contracting 8.1% and partly offsetting the gains from export and industrial growth.
- India’s economy remains strong this fiscal year, supported by solid domestic demand, easing inflation, and tax cuts. Prices are expected to stay low amid good food output. While exports diversify, India faces 50% U.S. tariffs, with half linked to Russian oil trade. Trade Minister Piyush Goyal said India won’t compromise its interests as talks with Washington progress.
Stocks to watch
- Allcargo Logistics: LCL volumes fell 4% month-on-month and 6% year-on-year to 717,000 cbm in September, while FCL volumes remained flat at 53,921 TEUs. Air cargo volumes increased 14% year-on-year and 1% month-on-month to 3,012 tonnes, showing stable performance across segments.
- Rail Vikas Nigam: The company emerged as the lowest bidder for a construction order worth ₹165.5 crore from the North Eastern Railway, strengthening its position in the infrastructure development sector and expanding its portfolio of government-backed railway projects.
- HPCL: Hindustan Petroleum Corporation sourced 54.6 million tonnes of crude oil from Hindustan Oil Exploration Co.’s B-80 Mumbai Offshore Oilfield for processing at its Mumbai refinery, supporting refinery operations with domestic crude supply and reducing import dependency.
- EPACK Prefab: EPACK Prefab secured three significant orders worth ₹140 crore from JK Cement, Technical Associates Transformers, and CG Power, boosting its order book and strengthening its position in industrial and infrastructure prefabrication solutions.
- Dilip Buildcon: Dilip Buildcon was declared L-1 bidder for an ₹879.3 crore highway project from the National Highways Authority of India in Tamil Nadu, reinforcing its leadership in the road construction and infrastructure segment.
- Tata Chemicals: Tata Chemicals’ subsidiary, Tata Chemicals Magadi, won a ₹783 crore Kenya land revenue case, marking a major legal victory that enhances its operational stability and financial outlook in international markets.
- Hexaware Technologies: Hexaware Technologies denied all allegations in a lawsuit filed by Natsoft, calling the claims baseless. The company expects no material financial or operational impact and remains confident of a favorable legal outcome.
- IDFC First Bank: IDFC First Bank approved the allotment of 43.71 crore shares to Platinum Invictus B 2025 RSC via CCPS conversion at ₹60 per share, raising around ₹2,623 crore to strengthen its capital base.
- Indus Towers Q2: Indus Towers’ consolidated Q2 profit fell 17.3% YoY to ₹1,839.3 crore, while revenue grew 9.7% to ₹8,188.2 crore. Other income dropped 27.2%, reflecting margin pressure despite revenue growth.
- Indian Oil Corporation Q2: IOC reported a turnaround with a ₹7,817.6 crore profit versus a ₹169.6 crore loss last year. Revenue rose 2.1% to ₹1.78 lakh crore, driven by improved refining margins and stable crude prices.
- PNB Housing Finance Q2: PNB Housing Finance’s profit surged 32.8% YoY to ₹626.5 crore, with revenue up 16.1% to ₹2,167.9 crore, driven by healthy loan growth and better asset quality.
- Mazagon Dock Shipbuilders Q2: Profit rose 28.1% YoY to ₹749.5 crore, and revenue grew 6.3% to ₹2,929.2 crore. The board declared an interim dividend of ₹6 per share, highlighting strong performance in shipbuilding operations.
- Raymond Q2: Raymond’s profit plunged 76.5% YoY to ₹13.9 crore despite an 11.4% rise in revenue to ₹527.7 crore, reflecting margin pressure and higher costs impacting profitability.
- KFin Technologies Q2: KFin Technologies posted a 4.5% YoY profit rise to ₹93.3 crore, with revenue up 10.3% at ₹309.2 crore, indicating steady growth in its financial services technology business.
- Jubilant Ingrevia Q2: Profit rose 17.7% YoY to ₹69.5 crore, while revenue increased 7.2% to ₹1,120.7 crore, driven by strong demand across chemical intermediates and specialty segments.
- Canara Robeco AMC Q2: Profit dipped 2.7% YoY to ₹48.7 crore, while revenue grew 3% to ₹107.7 crore, reflecting stable operations amid moderate market volatility in asset management.
- PDS Q2: PDS reported a 55.5% YoY drop in profit to ₹30 crore despite revenue rising 3.4% to ₹3,419.2 crore, as margins weakened due to global demand softness.
- Tamilnad Mercantile Bank Q2: Profit grew 4.7% YoY to ₹317.5 crore, supported by lower provisions and steady NII. Gross NPA fell to 1.01%, showing improved asset quality and prudent risk management.
- Sai Silks (Kalamandir) Q2: Profit surged 68.6% YoY to ₹40.1 crore as revenue jumped 27.9% to ₹444.3 crore, reflecting strong festive demand and expansion in retail outlets.
- Bata India Q2: Profit slumped 73.3% YoY to ₹13.9 crore with revenue down 4.3% to ₹801.3 crore, indicating weak discretionary demand and competitive pressures in the footwear segment.
- JK Tyre & Industries Q2: Profit zoomed 64% YoY to ₹221.4 crore, while revenue grew 10.8% to ₹4,011.3 crore, driven by strong replacement demand and stable raw material costs.
- Adani Energy Solutions Q2: Profit declined 20.9% YoY to ₹534 crore, though revenue rose 6.7% to ₹6,595.8 crore, reflecting higher operating costs despite steady transmission growth.
- Sona BLW Precision Forgings Q2: Profit jumped 20% YoY to ₹172.8 crore on a 23.4% revenue rise to ₹1,138.3 crore, driven by robust EV component and export demand.
- Mahindra Logistics Q2: Net loss narrowed slightly to ₹10.4 crore from ₹10.8 crore last year, while revenue rose 10.8% to ₹1,685.3 crore.
- Aditya Birla Capital: Jomei Investments plans to exit by selling up to a 2% stake through block deals at a floor price of ₹304.55 per share, according to CNBC-TV18 sources.
- NTPC Green Energy: Signed an MoU with Paradip Port Authority to develop green hydrogen-based mobility projects and explore hydrogen derivatives deployment, promoting sustainable port operations.
- Sanofi India: Appointed Deepak Arora as Managing Director for three years from October 27. Interim MD Rachid Ayari stepped down but continues as CFO and Whole-time Director.
- ITC: Board to meet on October 30 to consider voluntary delisting of its ordinary shares from The Calcutta Stock Exchange, aiming to simplify compliance obligations.
- Reliance Industries: Reliance Jio added 32.5 lakh wireless subscribers in September, up from 19.5 lakh in August, maintaining strong momentum in telecom subscriber growth.
- Bharti Airtel: Added 4.37 lakh wireless subscribers in September, slightly down from 4.96 lakh in August, showing steady user additions amid competitive market conditions.
- Vodafone Idea: Lost 7.44 lakh subscribers in September, compared to 3.08 lakh in August, highlighting continued user churn amid financial and operational challenges.
Bulk and Block Deals
- Dhani Services: Goldman Sachs Bank Europe SE – ODI purchased 41.14 lakh shares, representing 0.62% of Dhani Services’ equity, at ₹51.26 per share for a total value of ₹21.09 crore, signaling renewed institutional interest in the company.
- Utkarsh Small Finance Bank: Olympus ACF, part of Olympus Capital Holdings Asia, sold 64.1 lakh rights shares of Utkarsh Small Finance Bank at ₹3.53 each, amounting to ₹2.26 crore, indicating a partial exit from its existing investment position.
- Ekansh Concepts: Durva Infratech LLP acquired 3.96 lakh shares in Ekansh Concepts at ₹227.05 per share, totaling ₹9.01 crore, while Carron Investments sold 3.37 lakh shares for ₹7.65 crore, signaling a shift in key shareholder holdings.
Brokerage Recommendations
- CITI on Bata India: Citi maintained a Sell rating and cut the target price to ₹750. Revenue fell 4% YoY and EBITDA dropped 17%, both below estimates. Weakness stemmed from GST-related purchase delays, warehouse disruption, higher markdowns, and increased marketing costs impacting profitability.
- Morgan Stanley on IOC: Morgan Stanley retained an Overweight rating with a ₹168 target. IOC’s PAT of ₹97 billion beat estimates, aided by strong integrated margins of US$12.6/bbl. Marketing volumes rose 5% YoY, and flexible crude sourcing offset lower Russian imports.
- CLSA on Supreme Industries: CLSA kept a Hold rating but cut the target price to ₹4,275 after a weak Q2 with EBITDA down 7% YoY. Volume rose 12%, supported by Wavin. Management expects 12–14% FY26 growth but margin targets seem challenging.
- Nomura on Sona BLW: Nomura reiterated a Buy and raised the target price to ₹605. Q2 revenue exceeded expectations on strong traction motor and railway demand. Nomura sees potential EU business wins worth €300 million and expects diversified growth across key mobility segments.
Stock Trades Ex-Dividend
- Dhani Services
- Indiabulls Enterprises
Stock in the F&O ban
- SAIL
- Sammaan Capital
Results Today
Shree Cement, Tata Capital, TVS Motor Company, Mahindra & Mahindra Financial Services Aditya Birla Real Estate, Adani Green Energy, Adani Total Gas, Blue Dart Express, Computer Age Management Services, CarTrade Tech, CreditAccess Grameen, Happiest Minds Technologies, ICRA, Jindal Steel, Novartis India, Premier Energies, Samhi Hotels, Star Health and Allied Insurance Company, Sundram Fasteners, and TTK Prestige will release their quarterly earnings today.
Written by Abhishek Singh
Disclaimer
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