October 27th to October 31st 2025

 

Caution ruled Dalal Street as the Nifty snapped its four-week winning streak.

 

Investors were seen punishing stocks whose Q2 earnings failed to meet expectations, leading to selective profit-taking across sectors.

 

The Big Question: Are Nifty and its stocks priced to perfection?

 

 

Nifty (-0.28%, 25722)

Sensex (-0.32%, 83939)

Bank Nifty (+0.13%, 57736)

 

# Before we start, the ‘Red Flag’: Not many bulls are out there right now. 

 

Digging deeper, the classic “buy on rumour, sell on fact” theme was seen playing out at our stock markets. We say so , because:

 

1) Nifty unmoved by Xi-Trump pact and most importantly, the much-anticipated Xi–Trump meeting failed to ignite market optimism.

 

2) The US Federal Reserve 25 bps interest rate cut to its benchmark rate too failed to ignite market optimism.

 

# Technically speaking, confirmation of strength now only above Nifty 26107 mark.

 

Weekly Recap:

Instruments LTP Weekly % Change

Nifty 

25722(-0.28%)

 

Sensex 

84212(-0.32%)

Bank Nifty 57776 +0.13%

Nifty Midcap 15994 +2.13%

India VIX 12.15 +4.85%

 

Dow Jones

47559+0.77%

Nasdaq 

26045+2.65%

Bovespa 

149312+2.46%

 

Crude Oil 61.07 (-0.77%)

Gold 4021 (-2.19%)

Silver 48.90 +0.60%

USD/INR 88.75 +1.06%

 

 

# Here are how indices performed in the week gone by:

 

1) Nifty (-0.26%) ended a tad lower, and the negative takeaway was that the benchmark snapped its 4-week winning. 

 

Nifty still continues to trade above its 21 DMA (25494), 50 DMA (25155) and its 100 DMA (25085). Nifty’s 200 DMA at 24327 mark.

 

Please note, Nifty had surged 4.51% in October.

 

2) Bank Nifty (+0.13%) was seen consolidating Nifty’s sluggish action. 

 

But the positive takeaway was that Bank Nifty managed to end above the dotted lines and is flirting near its  all-time-high at 58577.50 mark. 

 

Bank Nifty’s 200-DMA is at 53820 mark.

 

3) Nifty Private Bank index fell 1% lower while Nifty PSU Bank index gained 4.69% higher.

 

4) The broader markets however traded with positive bias with Nifty Mid-cap 50 index gaining +2.13% while the Nifty Small-cap index ended 0.70% higher.

 

Bullish Sectors:

Nifty Oil & Gas (+3.15%)

Nifty Metal (+2.56%)

Nifty Energy (+1.82%)

Nifty Infra (+1.8%)

Nifty Realty (+0.71%) 

 

Bearish Sectors:

Nifty Auto (-1.10%)

Nifty Pharma (-0.81%)

Nifty IT (-0.76%)

Nifty FMCG  (-0.25%) 

Nifty Media (-0.11%)

 

STOCK SPECIFIC NEWS:

 

1) RailTel (-0.92%) slips after its Q2 PAT rose 5% YoY to Rs 76 crore. RailTel Corporation of India’s standalone net profit jumped 4.72% to Rs 76.07 crore in Q2 FY26, compared with Rs 72.64 crore in Q2 FY25.

 

2) Mahanagar Gas (-2.16%)  fell after the company’s standalone net profit tanked 32.57% to Rs 193.37 crore in Q2 FY26 as against Rs 286.78 crore posted in Q2 FY25.

 

3) NTPC Green Energy (+1.64%) reported 130.25% surge in consolidated net profit to Rs 87.59 crore in Q2 FY26 as against Rs 38.04 crore reported in the same quarter last year.

 

4) Bandhan Bank (-7.91%) post its Q2 results where net profit plunged 88% to Rs 112 crore, NII dropped 12%.

 

5) Swiggy (-3.52%) dropped post its Q2 results where net loss widened to Rs 1,092 crore. Swiggy’s revenue from operations rose 54.4% YoY to Rs 5,561 crore in Q2, up from Rs 3,601 crore a year ago. It had reported a revenue of Rs 4,961 crore in the previous quarter.

 

6) Manappuram Finance (-3.73% plunged after reporting a 62% decline in second-quarter net profit to ₹217.3 crore, compared with ₹572 crore a year earlier, weighed down by a fall in net interest income (NII).

 

7) ITC (+0.85%) gained post Q2 results. Net profit rose 2% to Rs 5,180 cr, revenue declines 2%; Cigarettes business grew 6.6% FMCG business grew by 7% Agri business down 31% Paper business up 5%.

 

8) Nippon Life (-5.2%) traded with sluggishness after reporting a 4.2% year-on-year (YoY) decline in net profit at ₹345 crore for the quarter ended September (Q2 FY26), compared with ₹360 crore in the same period last year.

 

9) Coromandel International (-1.78%) dropped after reporting a 21.3% year-on-year rise in consolidated net profit at ₹805.2 crore for the September quarter. The stock tumbled after margin narrowed at 11.9% versus 13%.

 

10) Cipla Ltd (-5.21%) plunged after reporting a 3.7% rise in consolidated net profit at Rs 1,353.37 crore for the second quarter ended September 30, 2025. Margin came at 25% versus 26.7%.

 

11) Welspun Corp (+15.%) after its Q2 net profit jumped 53% to ₹439 crore, revenue surges 33%. Welspun Corp gains as US arm bags US$715 million pipeline orders.

 

12) Canara Bank (+8.98%) gained after reporting a 19% year-on-year (y-o-y) growth in its net profit, at ₹4,774 crore for Q2 FY26. However, the bank’s Net Interest Income (NII) declined by 1.87%, falling to ₹9,141 crore from ₹9,315 crore in the corresponding quarter last year.

 

13) Navin Fluorine International (+12.48%) gained post strong Q2 results with net profit more than doubling to ₹148.37 crore, up 152% year-over-year. Revenue increased by 46% to ₹758.42 crore, while EBITDA grew 130% to ₹246.00 crore.

 

14) TD Power Systems (+20.70%) zoomed higher after  reporting a net profit of ₹60 crore for the second quarter, up 45.4% from ₹41.3 crore in the same period last year. Revenue for the quarter stood at ₹452.5 crore, reflecting a 47.7% increase from ₹306.4 crore in Q2 of the previous year.

 

15) NTPC slipped after its second quarter of this financial year. Revenue rose by 0.2% year-on-year for the three months ended September. Margin at 28.6% versus 26.1%.

 

16) Coal India (-1.37%) dropped after it reported that its net profit slumped over 50% on the quarter to Rs 4,354 crore during July–September.

 

17) Varun Beverages (+1.79%) gained after it announced that its looking to forays Into Alcohol Business.

 

18) Computer Age Management Services (CAMS) traded volatile after SEBI’s proposals in mutual funds triggered concerns for the sector.

 

19) BHEL (+14.96%) zoomed higher after its Q2 profit tripled to Rs 375 Crore, revenue rose by 14.1% year-on-year for the three months ended September, reaching Rs 7,511.8 crore.

 

20) Blue Dart Express (+18.08%) rallied after the company’s standalone net profit climbed 30.8% to Rs 79.50 crore on 7% increase in net sales to Rs 1,549.33 crore in Q2 FY26 over Q2 FY25.

 

21) Adani Green Energy (+10.56%) rallied after reporting over two-fold jump in Q2 PAT to Rs 583 cr.

 

22) CarTrade Tech (+18.63%) spiked, scaling a new 52-week high after its net profit more than doubled on yearly basis to Rs 60 crore, while revenue increased 25% YoY to Rs 193 crore for the quarter. Margins improved sharply to 32.88% for the reported period.

 

# In the week gone by, notable gainers amongst Nifty 50 were:

SBI LIFE (+6.3%)

JSW STEEL (+5.66%)

TATA STEEL (+4.82%)

SHRIRAM FINANCE (+4.68%)

SBI (+3.59%)

 

# And the losers were:

DR REDDYS LAB (-6.7%)

CIPLA (-5.24%)

BAJAJ FINANCE (-4.31%)

KOTAK MAH BANK (-3.88%)

M&M (-3.8%)

 

# WHAT’S NEXT FOR NIFTY?

 

A much-awaited rebound could be on the cards next week as Nifty bulls look to take cues from Wall Street’s roaring comeback in Friday’s session.

 

# The 2-big questions:

1) Are Nifty and its stocks already priced to perfection?

2) The return of risk?

 

The Street continues to show signs of fatigue after a barrage of below-expectation Q2 corporate results.

What’s dampening sentiment further is that Dalal Street is flirting with record highs at a time when confidence in earnings is showing cracks.

 

Still, a phase of mild uncertainty and consolidation might be exactly what the market needs before the next leg of the rally.

 

# Near-term cues to watch include Q2 India corporate earnings, 

 

 Monday (November 3rd): BHARTI AIRTEL, TITAN, POWERGRID, AMBUJA CEMENTS, TATA CONSUMER, AJANT PHARMA,  JK PAPER

 

 Tuesday (November 4th): SBI, M&M, ADANI PORTS, ADANI ENTERPRISES, INDIGO, INDIAN HOTELS, PAYTM, SUZLON ENERGY, ESCORTS, GRSE.

 

 Wednesday (November 5th): SUN PHARMA, GRASIM, AUROBINDO PHARMA, BLUE STAR, DELHIVERY, PIRAMAL PHARMA, BEML.

 

 Thursday (November 5th): LIFE INSURANCE, CHOLAMANDALAM FINANCE, CUMMINS, ABB, APOLLO HOSPITALS, LUPIN, GODREJ PROPERTIES, NHPC, UPL, MCX, NCC, PRICOL.

 

 Friday (November 6th): BAJAJ AUTO, HINDALCO, DIVIS LAB, TRENT, TORRENT PHARMA, NYKAA, KALYAN JEWELLERS, PETRONET LNG, NEULAND LAB.

 

# Last but not least, on the technical front, the Nifty will look to defend support at 25450 while on the upside targets remain at Nifty’s all-time-high at 26277.35 mark and then aggressive targets at psychological 27000 mark.

 

 

 

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