The Indian equity markets ended the week mixed, as investors weighed corporate earnings against economic trends. Slower infrastructure growth and moderation in private sector activity reflected weaker energy output and cautious exports, while strong performances in select companies drove sector-specific gains. Overall, steady corporate results supported markets, though mixed macroeconomic signals kept sentiment cautious yet resilient.
In the week ended on Friday, 24 October 2025, the S&P BSE Sensex added 259.69 points or 0.30% to settle at 84,211.88. The Nifty 50 index rose 85.3 points or 0.33% to settle at 25,795.15. The BSE Mid-Cap index declined 0.26% to close at 46,594.96. The BSE Small-Cap fell 0.26% to end at 53,702.76.
Weekly Index Movement:
The headline equity indices ended higher for the fourth straight session on Monday. The S&P BSE Sensex advanced 411.18 points or 0.49% to 84,363.37. The Nifty 50 index added 133.30 points or 0.52% to 25,843.15.
The domestic equity benchmarks ended on a positive note during the special Muhurat Trading session on Tuesday. The S&P BSE Sensex rose 62.97 points or 0.07% to 84,426.34. The Nifty 50 index added 25.45 points or 0.10% to 25,868.60.
The stock market was closed on Wednesday, 22 October 2025, in observance of Diwali (Balipratipada).
The headline equity indices ended with modest gains on Thursday. The S&P BSE Sensex advanced 130.06 points or 0.15% to 84,556.40. The Nifty 50 index rose 22.80 points or 0.09% to 25,891.40.
The headline equity indices ended with modest losses on Friday. S&P BSE Sensex fell 344.52 points or 0.41% to 84,211.88. The Nifty 50 index lost 96.25 points or 0.37% to 25,795.15.
Economy:
India’s infrastructure output growth eased to 3% year-on-year in September 2025 from an upwardly revised 6.5% in August, the sharpest pace in over a year. The slowdown was driven by weaker production of coal, crude oil, natural gas, and refinery products, as continued US pressure on India to curb imports of Russian energy dampened domestic consumption and export demand. Electricity generation also moderated, though construction-related sectors showed resilience, with cement output steady and steel production picking up, partially offsetting the decline in energy output.
The HSBC Flash India Composite PMI Output Index fell to 59.9 in October from 61.0 in September (final), pointing to a moderation in private sector growth. The Services PMI Business Activity Index also eased to 58.8 from 60.9, while the Manufacturing PMI rose to a two-month high of 58.4 compared with 57.7 in September. The Manufacturing Output Index increased further to 62.4 from 61.1, indicating robust factory production.
The latest HSBC Flash PMI data highlighted the weakest expansions in aggregate new orders and output since May 2025, with international sales also rising to a lesser extent. Meanwhile, the rate of job creation was the joint-softest in a year and a half. Price trends were mixed, with input costs increasing at the weakest pace since June and charge inflation quickening since September. Businesses remained optimistic regarding growth prospects, though sentiment faded at the start of the third fiscal quarter.
Pranjul Bhandari, Chief India Economist at HSBC, said: "The HSBC flash manufacturing PMI picked up a tad, likely on the back of GST rate cuts which are buoying domestic demand and curbing cost pressures. New orders and output, both, are above the average Jan-Jul levels. However, the drag from US tariff continues to show up in new export orders and future optimism, which remain below the Jan-Jul levels."
Stocks in Spotlight:
Reliance Industries rallied 2.452%. The company’s consolidated net profit jumped 9.54% to Rs 18,165 crore on 9.94% increase in revenue from operations to Rs 2,58,898 crore in Q2 FY26 over Q2 FY25.
Hindustan Unilever (HUL) fell 3.35%. The company’s consolidated net profit increased 3.81% to Rs 2,694 crore on 1.50% jump in total income to Rs 16,388 crore in Q2 FY26 over Q2 FY25.
HDFC Bank shed 0.77%. The bank reported 10.8% rise in net profit to Rs 18,640 crore on a 10.3% increase in net revenue to Rs 45,900 crore in Q2 FY26 as compared with Q2 FY25.
ICICI Bank slipped 4.26%. The bank’s standalone net profit rose 5.21% to Rs 12,358.89 crore in Q2 FY26 as against Rs 11,745.88 crore posted in Q2 FY25. Total income increased 3.39% year on year (YoY) to Rs 49,333.49 crore in Q2 FY26.
Indusind Bank rose 0.52%. The bank reported standalone net loss of Rs 444.79 crore in Q2 FY26 compared with net profit of Rs 1,325.45 crore in Q2 FY25. Total income fell 10.90% to Rs 13,256.59 crore in Q2 FY26 compared with Rs 14,870.18 crore in Q2 FY25.
Punjab National Bank (PNB) rallied 2.76%. The bank’s standalone net profit climbed 13.95% to Rs 4,903.73 crore on 5.13% jump in total income to Rs 36,213.62 crore in Q2 FY26 over Q2 FY25.
Federal Bank jumped 7.06%. The bank's net profit rose 10.85% QoQ to Rs 955.26 crore, driven by robust operating income and efficient cost management. Operating profit stood at Rs 1,644.17 crore, up 5.65% QoQ. Net Interest Margin improved 12 bps QoQ to 3.06%.
DCB Bank surged 22.39%. The bank’s net profit rose 18.29% to Rs 183.91 crore on 13.30% increase in total income to Rs 2,008.84 crore in Q2 September 2025 over Q2 September 2024.
Epack Prefab Technologies surged 34.13%. 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.
Global Market:
Europe:
In the U.K., official data revealed that public sector borrowing reached Ł20.2 billion ($27 billion) in September - the highest for the month since records began in 1997. This pushed total borrowing for the first half of the financial year to Ł99.8 billion, up 13% year-on-year and marking the second-highest April-to-September borrowing on record.
Asia-Pacific:
China:
China’s economy expanded slightly above expectations in the third quarter of 2025, though growth continued to moderate amid ongoing disinflationary pressures and persistent U.S. trade tensions.
Official data released Monday showed that gross domestic product grew 4.8% year-on-year in the three months to September 30 — just above market estimates of 4.7%, but slower than the 5.2% growth recorded in the previous quarter.
Separately, China’s central bank kept its benchmark lending rates unchanged for the fifth consecutive month, in line with expectations. The one-year loan prime rate was held steady at 3.0%, while the five-year rate remained at 3.5%, despite signs of cooling economic momentum.
Japan:
In Japan, the core inflation rate accelerated to 2.9% in September, marking the first increase since May and rising from 2.7% in August. Japan’s core inflation metric excludes fresh food prices but includes energy costs. The country's headline inflation also climbed to 2.9% from 2.7% the previous month.