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Key gauges continue to trade flat in morning deals
Nov-03-2025

Indian equity benchmarks continued to trade flat in morning deals, amid profit-taking and foreign fund outflows. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 6,769.34 crore on Friday, according to exchange data. However, traders took support with business survey showed India's manufacturing activity gained momentum in October as domestic demand strengthened, offsetting a slowdown in export growth, although business optimism slipped from a seven-month high. The HSBC India Manufacturing Purchasing Managers' Index, compiled by S&P Global, rose to 59.2 in October from 57.7 in September, higher than a preliminary estimate of 58.4. Sector-wise, power stocks remained in watch as power consumption in the country fell by 6 per cent to 132 billion units in October from 140.47 BUs in same month last year, mainly on account of less use of cooling appliances. On the global front, Asian markets are trading mostly in green, kicking off the week on the back of AI optimism, after Wall Street saw another tech led rally. 

The BSE Sensex is currently trading at 83918.04, down by 20.67 points or 0.02% after trading in a range of 83609.54 and 84006.47. There were 10 stocks advancing against 20 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.21%, while Small cap index was up by 0.62%.

The top gaining sectoral indices on the BSE were Realty up by 1.47%, Oil & Gas up by 0.70%, Healthcare up by 0.65%, PSU up by 0.62% and Energy up by 0.57%, while Consumer Durables down by 0.79%, IT down by 0.42%, TECK down by 0.24%, FMCG down by 0.19% and Capital Goods down by 0.11% were the top losing indices on BSE.

The top gainers on the Sensex were Mahindra & Mahindra up by 1.97%, SBI up by 1.23%, Reliance Industries up by 0.44%, Sun Pharma up by 0.37% and Power Grid Corporation up by 0.33%. On the flip side, Maruti Suzuki down by 3.22%, Bharat Electronics down by 1.35%, Titan Company down by 1.26%, TCS down by 0.81% and ITC down by 0.62% were the top losers.

Meanwhile, SBI Research in its latest report has said that the Goods and Services (GST) revenue for the Financial Year 2026 (FY26) will still be higher than budgeted collections. The report projects that even after accounting for similar gains and losses across states following tax rationalisation measures, GST receipts in FY26 are likely to surpass the government's budget estimates.

It noted the projections are based on the growth rate assumptions released by the GST Council. The GST rate rationalisation, which was introduced in September 2025 provides two-tier structure of 5 per cent and 18 per cent, along with a 0 per cent slab (exempt) and a new 40 per cent demerit rate for luxury and sin goods.

The report noted that Maharashtra is projected to gain by 6 per cent, while Karnataka will gain by 10.7 per cent. It added ‘Thus, overall states will remain net gainers post GST rationalisation.’ Evidence from earlier rounds of GST rate changes, such as those in July 2018 and October 2019, suggests that rationalisation does not necessarily weaken revenue collections. Instead, the evidence points to a temporary adjustment phase followed by stronger inflows.

The report added that while an immediate reduction in rates can cause a short-term dip of around 3-4 per cent month-on-month (roughly Rs 5,000 crore, or an annualized Rs 60,000 crore), revenues typically rebound with sustained growth of 5-6 per cent per month.

The CNX Nifty is currently trading at 25730.55, up by 8.45 points or 0.03% after trading in a range of 25645.50 and 25761.95. There were 25 stocks advancing against 25 stocks declining on the index.

The top gainers on Nifty were Shriram Finance up by 4.99%, Mahindra & Mahindra up by 1.94%, SBI up by 1.20%, Interglobe Aviation up by 0.88% and Apollo Hospital up by 0.76%. On the flip side, Maruti Suzuki down by 3.24%, Bharat Electronics down by 1.38%, Titan Company down by 1.30%, Nestle down by 0.83% and TCS down by 0.79% were the top losers.

Asian markets are trading mostly in green; Taiwan Weighted added 70.91 points or 0.25% to 28,304.26, KOSPI increased 100.95 points or 2.46% to 4,208.45, Hang Seng advanced 124.35 points or 0.48% to 26,031.00, Straits Times added 19.97 points or 0.45% to 4448.59 and Jakarta Composite rose 94.96 points or 1.16% to 8258.83 On the flip side, Shanghai Composite weakened 7.58 points or 0.19% to 3,947.21.
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