September 20th to October 24th
Bullish momentum eased, but the good news — Nifty’s uptrend stays firmly intact.
The benchmark logged its fourth straight weekly gain, marking the first such winning streak of 2025.
Nifty (+0.33%, 25795)
Sensex (+0.31%, 84212)
Bank Nifty (-0.02%, 57700)
Well, Diwali festive cheer swept through Dalal Street in the week gone by, though bullish sentiments remained cautious due to uncertainty surrounding the India-US trade deal.
Also, hurting sentiments were 2-catalysts:
a) Oil prices spiked to $62.15 a barrel after President Trump imposed sanctions on Russia’s top oil majors, Rosneft and Lukoil.
b) US-China trade tensions resurfaced, following reports that the White House is considering restrictions on U.S. software exports to China.
Long Story Short: Looks like, sometimes a little uncertainty and little consolidation is just what the market needs.
Hopefully, the much-awaited rebound happens next week as Nifty bulls aim to take over the positive baton from the super bullish Wall Street indices which came back roaring in Friday’s trade…
Weekly Recap:
Instruments LTP Weekly % Change
Nifty 25795 +0.33%
Sensex 84212 +0.31%
BankNifty 57700 (-0.62%)
Nifty Midcap 15660 +0.85%
India VIX 11.59 (-0.30%)
Dow 47207 +2.18%
Nasdaq 25358 +3.61%
Bovespa 146172 +1.93%
Crude Oil 62.01 +8.51%
Gold 4135 (-2.69%)
Silver 48.79 (-6.05%)
USD/INR 87.85 (-0.17%)
Here are how indices performed in the week gone by:
1) Nifty (+0.33%) gained for the 4th consecutive week and is now way above its 21 DMA (25222), 50 DMA (25035) and its 100 DMA (25030). Nifty’s 200 DMA at 24269 mark.
Please note, Nifty has surged 4.81% in October so far.
2) Bank Nifty (-0.65%) was seen mirroring Nifty’s consolidative action. But the positive takeaway was that Bank Nifty scaled fresh all-time-high at 58577.50 mark.
Bank Nifty’s 200-DMA is at 53608 mark.
3) Nifty Private Bank index inched 0.34% higher while Nifty PSU Bank index gained 2.34% higher.
4) The broader markets however traded with positive bias with Nifty Mid-cap 50 index gaining +0.85% while the Nifty Small-cap index ended 0.72% higher.
Bullish Sectors:
Nifty IT (+2.96%)
Nifty Metal (+1.45%)
Nifty Media (+1.35%)
Nifty Oil & Gas (+1.10%)
Nifty Realty (+0.77%)
Nifty Energy (+0.65%)
Nifty Infra (+0.63%)
Nifty Pharma (+0.47%)
Bearish Sectors:
Nifty FMCG (-0.47%)
Nifty Auto (-0.44%)
STOCK SPECIFIC NEWS:
1) Federal Bank (+7.07%) gained after board approves capital raise proposal worth Rs 6,196.51 crore. The bank’s board approved a proposal to grant 27.29 crore warrants at a price of Rs 227 apiece to Asia II Topco XIII, amounting to a total cash consideration of Rs 6,196.51 crore.
2) Cipla (+0.43%) consolidated after the company announced that it has entered into an agreement with Eli Lilly to distribute tirzepatide in India under the brand name Yurpeak. The drug, indicated for the treatment of type 2 diabetes and obesity, will be priced at par with Eli Lilly’s Mounjaro.
3) Hindustan Unilever Ltd (HUL) plunged 3.35% after the firm posted a 4% year-on-year rise in consolidated net profit for Q2 FY26 to Rs 2,694 crore, but aided by a one-off tax gain.
4) Infosys (+5.85%) jumped after promoters and promoter group, including Nandan M Nilekani and Sudha Murty, decided not to participate in the company’s Rs 18,000 crore share buyback.
5) Epack Prefab Technologies (+34.29%) gained after the company’s consolidated net profit surged 104.2% to Rs 29.47 crore on 61.9% increase in net sales to Rs 433.94 crore in Q2 FY26 over Q2 FY25.
5) Bharat Electronics (BEL) rose 2.24% after the company has announced that it has secured order valued at Rs 633 crore from Cochin Shipyard.
6) Reliance (+2.46%) gained post its robust Q2. RIL Q2FY26 results: Net profit rose 14% to ₹22,092 crore, revenue up 10%
7) HDFC Bank (-0.76%) consolidated post its Q2 net profit which rose 11% YoY to Rs 18,641 crore; asset quality improves, comfortably surpassed Street estimates. Asset quality improved on a yearly basis.
8) ICICI Bank (-4.10%) tumbled post its Q2 net profit which rose to Rs 12,359 crore, driven by lower provisions and strong core performance.
9) UltraTech Cement (-3.65%) plunged post its Q2 net profit which jumped 75% on-year to Rs 1,232 crore, announces Rs 10,255 crore for capacity expansion
10) PNB (+2.85%) gained after the it reported a 14% year-on-year rise in net profit for the September quarter, supported by steady business growth, improved asset quality, and robust digital adoption. PNB’s net profit rose to ₹4,904 crore, up from ₹4,304 crore in the year-ago period.
In the week gone by, notable gainers amongst Nifty 50 were:
HINDALCO (+6.68%)
SHRIRAM FINANCE (+5.91%)
INFOSYS (+5.85%)
BAJAJ FINANCE (+3.64%)
AXIS BANK (+3.47%)
And the losers were:
ETERNAL (-4.68%)
ICICI BANK (-4.10%)
ULTRATECH CEMENT (-3.65%)
ADANI PORT (-3.41%)
HUL (-3.35%)
WHAT’S NEXT FOR NIFTY?
Nifty is likely to the start the week on a positive note as investors shall welcome a softer-than-expected US inflation report that strengthened expectations for Fed rate cuts.
The US CPI inflation data also suggested that tariff-related inflationary pressures remain contained for now.
The biggest event for next week will be monetary policy decisions, with Federal Reserve’s FOMC heading into meeting on October 28-29th without its usual data due to the US government shutdown
The street is fully pricing in another 25bps rate cut, which would bring the federal funds rate to a target range of 3.75%–4%.
Near-term cues to watch include Q2 earnings,
Monday (October 27): Indian Oil Corporation, Adani Energy Solutions, Indus Towers, and SRF.
Tuesday (October 28): TVS Motor Company, Adani Green Energy, Tata Capital, and Shree Cements.
Wednesday (October 29): Larsen & Toubro, Coal India, Hindustan Petroleum Corporation, and United Breweries.
Thursday (October 30): ITC, Pidilite Industries, Cipla, Canara Bank, and Dabur India.
Friday (October 31): Maruti Suzuki India, Bharat Electronics, Shriram Finance, Godrej Consumer Products, and ACC.
On the technical front, the Nifty will look to defend support at 25450 while on the upside targets remain at Nifty’s all-time-high at 26277.35 mark and then aggressive targets at psychological 27000 mark.
The broader market undertone stays constructive, aided by a steady pickup in foreign institutional inflows (FII) and sustained domestic investor participation.
Bottom-line: Well, the only thing which could glitter brighter than Gold and Silver could be the Nifty index – confirmation of strength only above Nifty 26277.35 mark.
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