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EQUITY
Key gauges end flat with positive bias
Oct-23-2025

Indian equity benchmarks reversed most of their intra-day gains and ended flat with positive bias on Thursday as investors booked profits following sanctions on Russian oil and the possible postponement of India-US trade negotiations. Besides, losses in Telecom, Energy and Oil & Gas stocks pulled the markets from day's highs.

Some of the important factors in trade:

Output of eight key infrastructure sectors slow to 3% in September: The Ministry of Commerce & Industry in its latest data has 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. 

Foreign investors to invest Rs 50,000 crore in India's finance, banking sectors: Commerce and Industry Minister Piyush Goyal has said that in the last few months, foreign investors have announced plans to invest over Rs 50,000 crore in India's finance and banking sectors. Amidst global headwinds, Goyal said India is an oasis for investments.

RBI gold reserves cross 880 tonnes: The Reserve Bank's gold reserves crossed 880 metric tonnes in the first half of 2025-26 with the central bank adding 0.2 metric tonnes in the last week of September. 

India's steel sector faces significant headwinds due to cheap imports: An article published in the Reserve Bank of India’s (RBI) October Bulletin has said that India's steel sector faced significant headwinds due to cheap imports and dumping from major global steel producers during 2023-24 and 2024-25. 

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 settled mostly higher amid optimism about the outlook for interest rates as markets are pricing in another rate cut by the U.S. Fed at its upcoming October 28-29 monetary policy meeting. 

Finally, the BSE Sensex rose 130.06 points or 0.15% to 84,556.40 and the CNX Nifty was up by 22.80 points or 0.09% to 25,891.40. 

The BSE Sensex touched high and low of 85,290.06 and 84,445.25 respectively. There were 22 stocks advancing against 8 stocks declining on the index.   

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

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.

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 1.90% 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 &SEZ down by 1.41% and ICICI Bank down by 1.35% were the top losers.

Meanwhile, expressing optimism over India-EU trade pact, Commerce and Industry Minister Piyush Goyal has said that he held a meeting with European Union (EU) Trade Commissioner Maros Sefcovic to discuss outstanding issues related to the proposed trade pact. The meeting was important as Goyal is scheduled to visit Brussels next week to give an impetus to the ongoing negotiations for the proposed trade agreement between India and the EU. Goyal's visit follows the conclusion of the 14th round of talks between the two sides from October 6 to October 10.

In June 2022, India and the EU bloc resumed negotiations for a comprehensive FTA, an investment protection agreement and a pact on geographical indications after a gap of over eight years. It was stalled in 2013 due to differences on the level of opening up markets. India's bilateral trade in goods with the EU was $136.53 billion in 2024-25 (exports worth $75.85 billion and imports worth $60.68 billion), making it the largest trading partner for goods. The EU market accounts for about 17 per cent of India's total exports, and the bloc's exports to India constitute 9 per cent of its total overseas shipments.

Besides demanding significant duty cuts in automobiles and medical devices, the EU wants tax reduction in other products like wine, spirits, meat, poultry, and a strong intellectual property regime. Indian goods' exports to the EU, such as ready-made garments, pharmaceuticals, steel, petroleum products, and electrical machinery, can become more competitive if the pact sails through. The India-EU trade pact negotiations cover 23 policy areas or chapters, including trade in goods, services, investment, trade remedies, rules of origin, customs and trade facilitation, competition, government procurement, dispute settlement, intellectual property rights, geographical indications, and sustainable development.

CNX Nifty touched high and low of 26,104.20 and 25,862.45 respectively. There were 28 stocks advancing against 22 stocks declining on the index.    

The top gainers on Nifty were Infosys up by 3.57%, HCL Technologies up by 2.62%, TCS up by 2.11%, Shriram Finance up by 1.98% and ONGC up by 1.56%. On the flip side, Eternal down by 2.99%, Interglobe Aviation down by 2.09%, Ultratech Cement down by 1.86%, Eicher Motors down by 1.77% and Bharti Airtel down by 1.64% and were the top losers.

European markets were trading mostly in green; UK’s FTSE 100 increased 49.8 points or 0.52% to 9,564.80 and France’s CAC rose 33.23 points or 0.4% to 8,240.10, while Germany’s DAX lost 57.13 points or 0.24% to 24,094.00.

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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