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EQUITY
Post Session: Quick Review
Oct-23-2025

Indian equity benchmarks ended Thursday’s session on a flat note with minor gains. Markets made a gap-opening and traded near day’s high points, amid growing optimism over the US-India trade deal. Buying in IT stocks also boosted traders’ sentiments. However, profit-booking at higher levels trimmed intraday gains, and the indices closed near the neutral lines.

Some of the important factors in trade:

India, EU discuss positive resolution of outstanding issues of trade deal:  Some support came as Commerce and Industry Minister Piyush Goyal said that he held a meeting with EU Trade Commissioner Maros Sefcovic to discuss outstanding issues related to the proposed trade pact. 

Goyal to discuss ways to boost trade, investments with leaders, businesses of Germany: Traders took note of report that Commerce and Industry Minister Piyush Goyal will visit Berlin, Germany this week to meet government officials and businesses to discuss ways to boost trade and investments between the two countries.

Key infrastructure sectors' growth at 3% in September: Traders overlooked the Ministry of Commerce & Industry's data showed that the output of eight key infrastructure sectors stood at 3 per cent in September 2025, slower than the 6.5 per cent expansion recorded in August 2025.

Global front: European markets were trading mostly in green as investors digested a wave of corporate earnings and watched trade developments between the United States and China. Asian markets ended mostly in green ahead of upcoming U.S. Fed monetary policy meeting.

The BSE Sensex ended at 84556.40, up by 130.06 points or 0.15% after trading in a range of 84445.25 and 85290.06. There were 22 stocks advancing against 8 stocks declining on the index. (Provisional)

The broader indices ended in red; the BSE Mid cap index was down by 0.15%, while Small cap index down by 0.42%. (Provisional)

The top gaining sectoral indices on the BSE were IT up by 2.26%, TECK up by 1.17%, Bankex up by 0.36%, Metal up by 0.16% and FMCG up by 0.14%, while Telecom down by 0.72%, Energy down by 0.54%, Oil & Gas down by 0.48%, Healthcare down by 0.46% and Basic Materials down by 0.41% were the top losing indices on BSE. (Provisional)

The top gainers on the Sensex were Infosys up by 3.86%, HCL Technologies up by 2.43%, TCS up by 2.24%, Axis Bank up by 1.37% and Kotak Mahindra Bank up by 1.24%. On the flip side, Eternal down by 2.88%, Ultratech Cement down by 1.75%, Bharti Airtel down by 1.63%, Adani Ports and Special Economic Zone down by 1.41% and ICICI Bank down by 1.35% were the top losers. (Provisional)

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 ended at 25891.40, up by 22.80 points or 0.09% after trading in a range of 25862.45 and 26104.20. There were 27 stocks advancing against 23 stocks declining on the index. (Provisional)

The top gainers on Nifty were Infosys up by 3.81%, HCL Technologies up by 2.55%, TCS up by 2.21%, Shriram Finance up by 2.07% and Axis Bank up by 1.74%. On the flip side, Eternal down by 2.88%, Interglobe Aviation down by 2.10%, Eicher Motors down by 1.91%, Bharti Airtel down by 1.74% and Ultratech Cement down by 1.60% were the top losers. (Provisional)

European markets were trading mostly in green; UK’s FTSE 100 increased 39.75 points or 0.42% to 9,554.75 and France’s CAC rose 23.93 points or 0.29% to 8,230.80, while Germany’s DAX lost 86.13 points or 0.36% to 24,065.00. 

Asian markets settled mostly higher on Thursday ahead of the delayed release of US consumer inflation data on Friday for clues on the Fed's rate trajectory. Chinese shares gained as investors braced for a key meeting between Chinese President Xi Jinping and US President Donald Trump slated for next week, while upbeat earnings from Han's Laser Technology and Shenzhen H&T Intelligent Control also added fuel to the rally. Hong Kong shares rose, lifted by financial shares as investors awaited a key policy readout after a Communist Party conclave in Beijing. However, Japanese shares declined amid newly appointed Prime Minister Sanae Takaichi ordered a fresh package of economic measures aimed at easing the burden of inflation on businesses and households. Seoul shares fell as the BOK held its benchmark interest rate steady as widely expected to avoid spurring a housing market rally. 

Asian Indices

Last Trade            

Change in Points

Change in %      

Shanghai Composite

3,922.41

8.65

0.22

Hang Seng

25,967.98

186.21

0.72

Jakarta Composite

8,274.35

121.80

1.47

KLSE Composite

1,608.00

5.31

0.33

Nikkei 225

48,641.61

-666.18

-1.35

Straits Times

4,416.27

22.35

0.51

KOSPI Composite

3,845.56

-38.12

-0.98

Taiwan Weighted

27,532.26

-116.65

-0.42
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