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Domestic indices maintain gains in late morning deals
Oct-23-2025

Domestic equity indices maintained their gains in late morning deals on account of buying by funds and retail investors. Hectic buying in Infosys, HCL Technologies, Axis Bank, TCS and Hindustan Unilever companies’ stocks helped Sensex and Nifty to trade above their psychological 85,000 and 26,050 levels, respectively. Sentiments remained upbeat after a private report suggested that India and the United States are close to finalizing a long-awaited bilateral trade deal that could sharply lower tariffs on Indian exports to about 15-16 percent from the current average of 50 percent. There was encouragement in markets as another private report said India has invited Canadian Prime Minister Mark Carney to New Delhi for talks with Prime Minister Modi early next year, a move that could pave the way for a comprehensive economic and free-trade partnership. 

On the global front, Asian markets were trading mostly in red following the broadly negative cues from US markets overnight. Back home, in the stock specific development, HCL Technologies advanced after it announced a strategic partnership with Dubai Islamic Bank to drive AI adoption across the bank's ecosystem.

The BSE Sensex is currently trading at 85092.81, up by 666.47 points or 0.79% after trading in a range of 84867.97 and 85272.40. There were 22 stocks advancing against 8 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index was up by 0.40%, while Small cap index down by 0.08%.

The top gaining sectoral indices on the BSE were IT up by 2.86%, TECK up by 1.71%, Bankex up by 1.20%, FMCG up by 1.00% and Power up by 0.62%, while Telecom down by 0.44%, Oil & Gas down by 0.27% and Energy down by 0.23% were the top losing indices on BSE.

The top gainers on the Sensex were Infosys up by 4.29%, HCL Technologies up by 3.23%, Axis Bank up by 3.09%, TCS up by 2.69% and Hindustan Unilever up by 2.08%. On the flip side, Eternal down by 1.85%, Bharti Airtel down by 1.41%, Ultratech Cement down by 0.35%, Adani Ports &Special down by 0.32% and Reliance Industries down by 0.29% were the top losers.
Meanwhile, the rating agency -- Crisil Ratings has indicated that the recent goods and services tax (GST) rationalisation is set to boost revenue growth of organised apparel retailers by around 200 bps this fiscal (FY26), keeping the topline steady at 13% to 14% for the second financial year in a row. It added that the GST rate cut on apparel priced below Rs 2,500 is likely to lift demand in the mid-premium segment, while the fast fashion or value segment will continue to drive the momentum. It suggested that the GST relief provides timely support to sustain growth as the uniform 5% GST rate -- versus the previous dual structure of 5% below Rs 1,000 and 12% between Rs 1,000 and Rs 2,500 -- has widened the consumption base.

In contrast, the increase in the GST rate on apparel priced above Rs 2,500 from 12% to 18% has weighed on premium categories, including wedding wear, woollens, handlooms, and embroidered clothing. The premium segment accounts for about 35% of organised apparel sales. Meanwhile, it noted timing of the GST rate cut has coincide with the festive season, the demand should increase as middle-class spending picks up. It added that this development is notable especially following six consecutive quarters of moderate growth, despite festive seasons and prolonged discounts to boost revenue. Besides, the impact will likely be most visible among buyers in the Rs 2,500-Rs 3,500 range.

It hinted that apparel retailers with a higher share of premium sales may choose to absorb part of the GST hike to sustain demand during the ongoing festive and wedding season, when buying activity is buoyant. However, lower cotton prices and the reduction of GST on synthetic fibres and yarn, from 18% and 12% to a uniform 5%, will ease input costs. Moreover, the GST revisions align with India's evolving consumption dynamics, which are driven by rising middle-class incomes, urbanisation, and a visible shift towards affordable, fashion-forward clothing.

The CNX Nifty is currently trading at 26055.65, up by 187.05 points or 0.72% after trading in a range of 25991.70 and 26099.70. There were 35 stocks advancing against 15 stocks declining on the index.

The top gainers on Nifty were Infosys up by 4.47%, HCL Technologies up by 3.36%, Axis Bank up by 2.89%, Shriram Finance up by 2.83% and TCS up by 2.79%. On the flip side, Eternal down by 1.83%, Bharti Airtel down by 1.41%, Eicher Motors down by 0.94%, Interglobe Aviation down by 0.79% and JSW Steel down by 0.64% were the top losers. 

Asian markets were trading mostly in red; Nikkei 225 slipped 710.79 points or 1.44% to 48,597.00, Taiwan Weighted lost 126.03 points or 0.46% to 27,522.88, Shanghai Composite weakened 30.21 points or 0.77% to 3,883.55, KOSPI dropped 37.21 points or 0.96% to 3,846.47 and Hang Seng declined 40.77 points or 0.16% to 25,741.00. However, Jakarta Composite gained 105.79 points or 1.28% to 8,258.34 and Straits Times rose 3.1 points or 0.07% to 4,397.02.
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