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Markets snap 4-week winning streak, end lower amid profit booking
Oct-31-2025

Indian markets snapped four-week winning streak and ended lower with marginal losses in the passing week. Traders obtained booked profits at higher levels after continued rally. Also, there was some cautiousness after the US Federal Reserve cut interest rates as expected but hinted that it could be the final cut of 2025. However, losses remained capped amid good corporate earnings.

Some of the major developments during the week are:

India’s industrial output growth rises Y-o-Y in September: India’s industrial output growth, measured in terms of the Index of Industrial Production, grew 4 per cent (Year-on-Year) in September 2025 due to good performance of manufacturing sector. Factory output had expanded by 3.2 per cent in September 2024.

Business sentiments in India moderated in Q2FY26 amid high global uncertainties: NCAER in its Business Expectations Survey has said that business sentiments in India moderated in Q2FY26, following three consecutive quarters of improvement, amid high global uncertainties, including additional US tariffs.

Passenger vehicle exports from India rise in H1 FY26: The Society of Indian Automobile Manufacturers (SIAM) in its data has showed that total passenger vehicle exports rose to 4,45,884 units in the H1 FY26 as compared with 3,76,679 units in the year-ago period, an increase of 18.4 per cent. 

China grants licences to Indian companies to import rare earth magnets: The Ministry of External Affairs has said that China granted licences to certain Indian companies to import rare earth magnets. China’s decision came amid efforts by the two sides to normalise the bilateral ties.

India’s engineering goods exports grow in September: The Engineering Exports Promotion Council (EEPC) has said that India’s engineering goods exports maintained a growth trajectory for the fourth consecutive month in September, with a 2.93 per cent rise year-on-year to $10.11 billion.

BSE movement for the week

The Bombay Stock Exchange (BSE) Sensex slipped 273.17 points or 0.32% to 83,938.71 during the week ended October 31, 2025. The BSE Midcap index gained 449.63 points or 0.96% to 47,044.59 and Smallcap index surged 359.34 points or 0.67% to 53,876.14. On the sectoral front, S&P BSE Auto was down by 539.47 points or 0.89% to 59,869.80, S&P BSE Healthcare was down by 353.99 points or 0.79% to 44,529.77, and S&P BSE Information Technology was down by 247.96 points or 0.70% to 35,012.88 were the top losers, while S&P BSE Oil & Gas was up by 1,065.48 points or 3.86% to 28,640.52, S&P BSE Metal was up by 837.75 points or 2.44% to 35,128.74 and S&P BSE PSU was up by 448.00 points or 2.22% to 20,588.62 were the top gainers on the BSE

NSE movement for the week

The Nifty slipped 73.05 points or 0.28% to 25,722.10. On the National Stock Exchange (NSE), Nifty IT was down by 274.00 points or 0.76% to 35,712.35, while Nifty Mid Cap 100 increased 594.70 points or 1.00% to 59,825.90, Nifty Next 50 gained 468.85 points or 0.68% to 69,824.75 and Bank Nifty was up by 76.75 points or 0.13% to 57,776.35,    

FII transactions during the week

Foreign Institutional Investors (FIIs) were net buyers in equity segment in the week, with gross purchases of Rs 75,675.77 crore and gross sales of Rs 68,394.74 crore, leading to a net inflow of Rs 7,281.03 crore. They also stood as net buyers in the debt segment with gross purchases of Rs 12,141.31 crore against gross sales of Rs 8,450.64 crore, resulting in a net inflow of Rs 3,690.67 crore. In hybrid segment, FIIs stood as net buyers, with gross purchases of Rs 215.04 crore and gross sales of Rs 76.52 crore, leading to a net inflow of Rs 138.52 crore.

Industry and Economy

Exuding confidence that real GDP growth of India is likely to touch 7 per cent in FY26, Chief Economic Advisor V Anantha Nageswaran has said the Indian economy responded quite satisfactorily to global headwinds. He said three global rating agencies have recently upgraded their ratings on India, and if the country continues on the same track, India can ‘soon’ break into the 'A' rating category. He noted that the resilience shown by the economy, coupled with measures by the government and the RBI, places the Indian economy in a ‘comfortable position’. He added the policy measures, including relief in income tax and the recent GST rationalization ‘have combined to improve the economic growth prospects for this year to near or around 7% in real terms for FY26’. 

Outlook for the coming week

In the passing week, Indian equity markets ended in red amid profit booking. Traders were cautious as Federal Reserve Chair Jerome Powell indicated that further interest rate cuts are not guaranteed.

In the coming week, on economic front, investors will be eyeing the data of HSBC Manufacturing PMI Final, which schedule to be released on November 04, HSBC Composite PMI Final, HSBC Services PMI Final data are going to be out on November 06. 

Markets would also be tracking slew of earnings from industry’s big-wigs like Aurionpro Solutions, Bharti Airtel, Titan Company, Adani Enterprises, Adani Ports, Escorts Kubota, Interglobe Aviation, Mahindra and Mahindra, One 97 Communications, State Bank of India, Britannia Industries, Lupin, Zydus Lifesciences, Bajaj Auto, Hindalco Industries etc. 

On the global front, investors will be eyeing macro-economic reports from world’s largest economy, United States, starting with S&P Global Manufacturing PMI Final, ISM Manufacturing PMI on November 03, Redbook YoY, Balance of Trade on November 04, S&P Global Composite PMI Final and ISM Services PMI on November 05, Baker Hughes Oil Rig Count and Unemployment Rate on November 07.

Top Gainers 

  • Hindalco Industries up by 7.00% was the top gainer on Nifty for the week - Hindalco Industries traded higher as the company entered into a Share Purchase Agreement (SPA) with Essel Mining & Industries (EMIL) and EMIL Mines and Mineral Resources (EMMRL) for acquisition of 100% shareholding of EMMRL. The said acquisition will be completed on or before November 30, 2025.
  • JSW Steel up by 5.96% was another top gainer on Nifty for the week - JSW Steel’ Joint Managing Director and CEO Jayant Acharya said JSW Steel is ramping up efforts to enhance its in-house raw material availability through a mix of domestic expansion and strategic offshore acquisitions. Separately, the company increased its economic interest in Illawarra Coal Holdings to 30%, from earlier 20%.

Top Losers 

  • Cipla down by 8.74% was the top loser of the week on Nifty - Cipla traded lower as investors booked profit after Q2 numbers. The company reported 3.73% rise in consolidated net profit at Rs 1,351.17 crore for Q2FY26 over Rs 1,302.53 crore for Q2FY25. Meanwhile, Cipla has elevated Achin Gupta, Global Chief Operating Officer, Cipla to MD & global CEO effective April 1, 2026. Achin will succeed Umang Vohra who has served as the MD & GCEO of Cipla since 2016.
  • Dr. Reddy's Lab down by 6.39% was another top loser of the week on Nifty - Dr. Reddy's Lab witnessed selling pressure after the approval for its Semaglutide injection was delayed. The company received the Notice of Non-Compliance (NON) from the Pharmaceutical Drugs Directorate, Canada, for the ANDS of the Semaglutide injection. The NON from the Canadian drug regulator seeks additional information and clarifications on specific aspects of the submission.

Technical viewpoints

During the week, CNX Nifty touched the highest level of 26,097.85 on October 29 and lowest level of 25,711.20 on October 31. On the last trading day, the Nifty closed at 25,722.10 with weekly loss of 73.05 points or 0.28 percent. For the coming week, 25,589.58 followed by 25,457.07 are likely to be good support levels for the Nifty, while the index may face resistance at 25,976.23 and further at 26,230.37 levels.

US Market

The U.S. markets traded higher during the week after the Fed said it decided to lower the target range for the federal funds rate by 25 basis points to 3.75 percent to 4.0 percent.

Some of the major developments during the week are:

U.S. pending home sales unexpectedly unchanged in September: The National Association of Realtors said its pending homes sales index was unchanged at 74.8 in September after surging by 4.2 percent in August. 

Seven-year note auction attracts below average demand: The Treasury Department announced the results of this month's auction of $44 billion worth of seven-year notes, revealing the sale attracted below average demand.

U.S. consumer confidence edges modestly lower in October: The Conference Board said its consumer confidence index dipped to 94.6 in October from an upwardly revised 95.6 in September.

Two-year, five-year note auctions attract average demand: Treasury Department announced the results of this month's auctions of $69 billion worth of two-year notes and $70 billion worth of five-year notes, revealing sales attracted average demand.

Trump agrees to cut fentanyl tariffs on China to 10%:  US President Donald Trump said that he had agreed to cut fentanyl-related tariffs on China to 10% after talks with Xi Jinping in South Korea.

European Market

European markets exhibited mixed performance during the passing week, as investors reacted to a slew of corporate earnings announcements from the region and digested the interest rate decisions of the Federal Reserve, the European Central Bank & the Bank of Japan.

Some of the major developments during the week are:

ECB holds interest rates steady amid uncertain outlook: The Governing Council, led by ECB President Christine Lagarde, held the deposit rate steady at 2.00 percent in the latest policy session held in Florence, Italy. 

Eurozone GDP growth beats expectations: The preliminary flash estimate from Eurostat showed that gross domestic product climbed 0.2 percent sequentially in the September quarter. 

German economy stagnates on weaker exports; unemployment falls: The preliminary estimate from Destatis revealed that gross domestic product remained unchanged, as expected, following a revised decline of 0.2 percent in the second quarter.

Eurozone economic sentiment strongest since early 2023: The survey data from the European Commission showed that the economic confidence index rose to 96.8 in October from 95.6 in the previous month. 

Spain GDP growth eases to 0.6% in Q3: The advance estimates from the statistical office INE showed that gross domestic product advanced 0.6 percent on a sequential basis, slower than the 0.8 percent growth in the second quarter.

Asian Market

Asian markets traded in green during the passing week amid reports that the U.S. has agreed to reduce fentanyl-linked tariffs on China to 10 percent from 20 percent, while China has agreed to resume purchases of U.S. soybeans.   

Some of the major developments during the week are:

Japan industrial output rebounds: Japan's industrial output advanced 2.2 percent month-on-month in September 2025, in contrast to the 1.5 percent drop in August. Output was forecast to grow moderately by 1.5 percent.

Japanese inflation accelerates in October: Inflation in Tokyo accelerated further in October to 2.8 percent from 2.5 percent in September. The core CPI inflation also rose to 2.8 percent from 2.5 percent.

China manufacturing activity shrinks in October: China's manufacturing sector contraction deepened in October. The factory PMI fell more-than-expected to 49.0 in October from 49.8 in September.

Japan housing starts fall 7.3% in September: Housing starts declined 7.3 percent yearly in September, slower than the 9.8 percent fall in August. The street had expected a decrease of 7.8 percent. 

Singapore producer price inflation rises in September: Singapore's producer prices increased for the third straight month in September, climbing 7.3 percent year over year in September, faster than the 6.0 percent rise in August.
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