September 6th to October 10th
Nifty Bulls in Action for 2nd Straight Week — Animal Spirits Revived on Dalal Street as PM Modi–President Trump Talks Ignite Optimism.
The ray of hope actually revived renewed risk appetite and the conviction-driven buying propels Nifty races towards 25300, and Sensex towards 82501 mark. Bank Nifty too joins the conga-line.
Nifty (+1.57%, 25285)
Sensex (+1.59%, 82501)
Bank Nifty (+1.84%, 56610)
Well, investors have reason to cheer as Nifty ended the week with a decisive gain, signalling that bullish momentum could steadily become the new normal at Dalal Street.
Our call of the week highlights that the phase of turbulence and uncertainty has ended. The optimism is underpinned by strengthening rate-cut bets, driven by policy signals from:
- The Reserve Bank of India (RBI)
- The U.S. Federal Reserve (Fed)
Long Story Short: The upcoming 2nd quarter qualifies as a period of bullish normalcy. That should definitely delight and make investors happy!
The Good News: Bank Nifty has begun to outperform, signaling that substantial rate cuts are on the horizon.
Amidst this bullish backdrop, Nifty bulls are now setting sights on its all-time-high at 26277.35 mark, with immediate goal post placed at 25670 mark.
Key Snippets & Highlights:
1) Tata Capital’s IPO closed with subscription ~1.95× (i.e. ~1.95 times of shares offered) in total.
2) LG Electronics India IPO subscribed 54.02 times. The offer received bids for 385.33 crore shares as against 7.13 crore shares on offer. The total bid amount stood at Rs 4.4 lakh crore, making it the most subscribed IPO in terms of value.
Weekly Recap:
Instruments LTP Weekly % Change
Nifty 25285 +1.57%
Sensex 82501 +1.59%
Bank Nifty 56610 +1.84%
Nifty Midcap 16615 +2.56%
India VIX 10.10 +0.42%
Dow 45480 (-2.73%)
Nasdaq 24222 (-2.27%)
Bovespa 140680 (-2.44%)
Crude Oil 58.89 (-3.25%)
Gold 3991 +2.72%
Silver 50.05 +4.32%
USD/INR 88.71 (-0.02%)
Here are how indices performed in the week gone by:
1) Nifty gained for the 2nd consecutive week and is now way above its 21 DMA (25055), 50 DMA (24861) and its 100 DMA (24957). Nifty’s 200 DMA at 24189 mark.
2) Bank Nifty (+2.21%) was seen mirroring Nifty’s rebounding action and the positive takeaway was that its technical landscape has now improved considerably.
Bank Nifty’s 200-DMA is at 53326 mark.
3) Nifty Private Bank index gained 2.22% higher while Nifty PSU Bank index zoomed 1.48% higher.
4) The broader markets too joined the conga-line of rising optimism with Nifty Mid-cap 50 index gaining 3.86% while the Nifty Small-cap index gained 1.43%.
Bullish Sectors:
Nifty IT (+4.89%)
Nifty Reality (+2.35%)
Nifty Pharma (+2.12%)
Nifty Oil & Gas (+0.82%)
Nifty FMCG (-0.37%)
Nifty Energy (+0.05%)
Nifty Infra (+1.21%)
Bearish Sectors:
Nifty Media (-2.69%)
Nifty Metal (-0.15%)
Nifty Auto (-0.12%)
Nifty PSE Index (-0.06%)
STOCK SPECIFIC NEWS:
1) Cipla (+2.91%) was key top outperformer in Nifty Pharma space. Natco Pharma shares jumped 2.83%.
2) JSW Steel (+0.53%) was seen consolidating despite reporting a solid operational performance. The company’s consolidated steel production in Q2 FY26 stood at 7.90 million tonnes, marking a 17% YoY growth from 6.77 million tonnes in Q2 FY25.
3) TCS, India’s largest IT services organisation, reported a 1.4% rise in consolidated net profit to Rs 12,075 crore during July-September quarter, driven by comprehensive growth across sectors, notably in Banking, Financial Services and Insurance.
Quarter-on-quarter analysis showed a 5.3% decrease in profit, whilst revenue grew by 3.7%. The company reported Total Contract Value (TCV) of $10 billion for the second quarter.
4) Tata Steel (+0.38%) gained after the company’s India crude steel production surged 7% to 5.67 million tons in Q2 FY26 compared with 5.28 million tons in Q2 FY25. (The growth was driven by the normalisation of operations following the completion of the relining of the G Blast Furnace at Jamshedpur. On a half-year basis, production increased 3% YoY to 10.9 million tons).
3) Tata Elxsi (+0.97%) was seen rebounding after it reported a 7.2% sequential rise in net profit to ₹154.8 crore for the quarter ended September 2025, compared with ₹144.4 crore in the previous quarter. (Revenue grew 2.9% quarter-on-quarter to ₹918.1 crore, while EBIT increased 4.7% to ₹169.9 crore).
4) SML Isuzu (-1.07%) slipped despite the company’s commercial vehicle production surged 21.55% YoY to 1,049 units in September 2025, compared with 863 units in September 2024 — reflecting steady demand momentum in the CV segment.
5) Lodha Developers (+2.41%) gained after reporting Q2 FY26 pre-sales of ₹4,570 crore, a 6.53% YoY rise over ₹4,290 crore in Q2 FY25 — suggesting growth moderation and some profit-booking at higher levels.
6) LTIMindtree (+6.87%) gained after announcing its largest-ever strategic deal — a multi-year partnership with a global media and entertainment major. The deal is expected to strengthen the company’s position in the digital transformation space.
4) Indraprastha Gas (+3.4%) IGL surged after reports suggested the tax on gas sourced from Gujarat may be reduced to 2% from 15%, driving optimism around margin improvement.
5) Vodafone Idea (+2.43%) zoomed higher on hopes of AGR relief ahead of the British Prime Minister’s visit to India, fuelling fresh momentum in the stock.
6) Nykaa (+10.58%) jumped after upbeat Q2 update; GMV growth seen “in thirties” amid strong festive demand in beauty & fashion.
7) DMart (-2.22%) slipped as Q2 topline growth of 15.4% lagged expectations despite a low base.
8) Fortis Healthcare (+8.15%) rallied after SEBI finally cleared IHH Healthcare’s long-pending open offer — a key overhang removed.
9) Aditya Birla Fashion (-5.46%) plunged as Flipkart reportedly exited its 5.9% stake via block deal, seen as a clean-slate move.
In the week gone by, notable gainers amongst Nifty 50 were:
MAX HEALTHCARE +8.16%
HCL TECH +7.32%
ETERNAL +6.04%
INFOSYS +4.72%
TCS +4.36%
And the losers were:
TATA MOTORS (-5.19%)
TRENT (-2.59%)
HDFC LIFE (-1.57%)
ADANI ENTERPRISES (-1.51%)
TATA CONSUMER (-0.97%)
WHAT’S NEXT FOR NIFTY?
Well, Nifty is likely to start Monday’s trade on a nervous note after Wall Street fell off a cliff in Friday’s trading amidst President Donald Trump’s dire warning on China with threats of a “massive” tariff hike on Chinese goods and suggested he might cancel his upcoming meeting with President Xi Jinping.
Uncertainty surrounding the ongoing US government shutdown – which will delay a key inflation update – did little to shift sentiment.
Meanwhile, Dalal Street enters the new week with a measured sense of optimism, as focus shifts firmly to the Q2 earnings season.
On the technical front, the Nifty will look to defend support at 25000 while 25670 remains a critical resistance zone.
The broader market undertone stays constructive, aided by a steady pickup in foreign institutional inflows (FII) and sustained domestic investor participation.
However, traders should remain alert to short-term volatility, as fluctuations in U.S. bond yields or commodity prices could lead to intermittent profit-taking phases.
Any unexpected moves on these fronts could influence foreign fund flows and currency stability, thereby impacting Indian equities.
Key Earnings on Radar
The earnings calendar promises to be eventful:
October 11 – Avenue Supermarts (DMart).
October 13 – HCL Technologies.
October 14 – ICICI Lombard, ICICI Prudential, Persistent Systems, and Tech Mahindra.
October 15 – Axis Bank, HDFC AMC, and HDFC Life.
October 16 – Heavyweights Infosys, Jio Financial, LTIMindtree, Mastek, Nestlé India, Wipro, and Zee Entertainment.
October 17 – Reliance Industries, the centerpiece of the earnings season.
With global cues in flux and a dense corporate results calendar ahead, the coming week is likely to see stock-specific action dominate trading patterns. Investors may find opportunities in quality names where earnings visibility remains robust — while maintaining a balanced, risk-aware stance.
Bottom-line: The only thing which could glitter brighter than Gold and Silver could well be the Nifty index – confirmation of strength only above Nifty 25670 mark.
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