Domestic equity benchmarks ended the week on a strong note, riding a five-day winning streak as easing inflation and supportive global cues boosted investor confidence. Renewed optimism over a potential India–US trade agreement and rising expectations of an upcoming U.S. Federal Reserve rate cut further fuelled market momentum. Sentiment was also lifted by political stability signals, with the NDA’s strong performance in the Bihar elections reinforcing domestic confidence. Additionally, the ongoing Q2 earnings season also contributed to market gains, with several companies reporting encouraging results.
In the week ended on Friday, 14 November 2025, the S&P BSE Sensex surged 1,346.5 points or 1.63% to settle at 84,562.78. The Nifty 50 index jumped 417.75 points or 1.64% to settle at 25,910.05. The BSE Mid-Cap index rose 0.89% to close at 47,187.18. The BSE Small-Cap index added 0.14% at 53,130.68.
Weekly Index Movement:
The domestic equity benchmarks ended higher on Monday, breaking a three-session losing streak. The S&P BSE Sensex, climbed 319.07 points or 0.38% to 83,535.35. The Nifty 50 index added 82.05 points or 0.32% to 25,574.35. In the past three trading sessions Sensex and Nifty declined 0.91% and 1.05%, respectively.
Domestic equity benchmarks ended higher for the second straight session on Tuesday. The S&P BSE Sensex added 335.97 points or 0.40% to 83,871.32. The Nifty 50 index rose 120.60 points or 0.47% to 25,694.95. In two consecutive trading sessions, the Sensex rose 0.78% while the Nifty added 0.79%.
Domestic equity benchmarks surged on Wednesday, extending their winning streak for the third consecutive session. The S&P BSE Sensex zoomed 595.19 points or 0.71% to 84,466.51. The Nifty 50 index rose 180.85 points or 0.70% to 25,875.80. In three consecutive trading sessions, the Sensex and Nifty have jumped 1.50% each.
The domestic equity market ended the day almost unchanged on Thursday. The S&P BSE Sensex added 12.16 points or 0.01% to 84,478.67. The Nifty 50 index rose 3.35 points or 0.01% to 25,879.15. In four consecutive trading sessions, the Sensex rose 1.51% while the Nifty added 1.51%.
The domestic equity benchmarks ended with minor gains on Friday, extending their winning streak to a fifth straight session. The barometer index, the S&P BSE Sensex added 84.11 points or 0.10% to 84,562.78. The Nifty 50 index rose 30.90 points or 0.12% to 25,910.05. In five consecutive trading sessions, the Sensex rose 1.61% while the Nifty added 1.63%.
NDA Paints Bihar Saffron:
Counting for the Bihar Assembly Election 2025 is in its final stretch, with clear trends now visible for all 243 constituencies across the state.
The National Democratic Alliance (NDA) remains firmly ahead—Bharatiya Janata Party (BJP) is leading on 94 seats, Janata Dal (United) [JD(U)] on 83 seats, Lok Janshakti Party (Ram Vilas) [LJPRV] on 20 seats, Rashtriya Lok Morcha [RSHTLKM] on 4 seats, and Hindustani Awam Morcha (Secular) [HAMS] on 5 seats.
In the Mahagathbandhan (MGB) camp, Rashtriya Janata Dal (RJD) leads on 25 seats, Indian National Congress (INC) on 3, Communist Party of India (Marxist) [CPI(M)] on 1 seat, Bahujan Samaj Party (BSP) on 1 seat, and Communist Party of India (Marxist-Leninist) Liberation [CPI(ML)(L)] on 1 seat. All India Majlis-E-Ittehadul Muslimeen (AIMIM) is ahead on 6 seats.
US-India Trade Deal:
US President Donald Trump hinted at progress toward a new trade agreement with India, saying both nations are “pretty close” to finalising a deal that would be fair to all sides. Speaking at the swearing-in of Sergio Gor as the new US Ambassador to India, Trump acknowledged India’s strong negotiating stance but expressed confidence that ties would strengthen under the new agreement. He also indicated that Washington may eventually lower tariffs on Indian imports, noting that India has significantly reduced its purchases of Russian oil.
Economy:
India’s foreign exchange reserves fell by $5.6 billion to $689.73 billion in the week ended October 31, 2025, the Reserve Bank of India (RBI) said on Friday.
For the week ended October 31, foreign currency assets, a major component of the reserves, decreased by $1.9 billion to $564.59 billion, the RBI data showed.
The value of gold reserves declined by $3.8 billion to $101.72 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were down by $19 million to $18.64 billion, the apex bank said.
Meanwhile, India's reserve position with the IMF was up by $16.4 million at $4.77 billion in the reporting week, the data showed.
India’s retail inflation eased sharply to a record low of 0.25% in October, down from 1.44% in September, as food prices continued to decline, according to data released by the Ministry of Statistics on Wednesday. This marks the lowest year-on-year inflation recorded in the current Consumer Price Index (CPI) series.
The government attributed the fall in both headline and food inflation to the combined impact of lower GST rates, a favourable base effect, and a drop in prices of key items such as oils and fats, vegetables, fruits, eggs, footwear, cereals, and related products.
Data showed that food prices fell 5.02%, while the food and beverages index declined 3.72% during the month, providing major relief to consumers.
The central government on Wednesday announced new schemes with an outlay of Rs 45,060 crore to support exporters, especially in the sectors like textiles, leather, gems & jewellery, engineering goods, and marine products, which have been badly affected due to imposition of high tariffs in the US.
The initiatives include export promotion mission with an outlay of Rs 25,060 crore and expansion of credit guarantee scheme for exporters with a fund allocation of Rs 20,000 crore. The proposals have been approved by the union cabinet chaired by Prime Minister Narendra Modi.
Meanwhile, India’s retail inflation slowed to a record low of 0.25% in October against 1.54% in September, as food prices fell sharply and tax cuts brought down the prices of items from cars to products in daily use.
This marks the fourth consecutive month that inflation has stayed below the Reserve Bank of India’s (RBI) medium-term target of 4% assssnd has been lower than the central bank’s tolerance ceiling of 6% for seven straight months.
Food prices, which account for nearly half of the Consumer Price Index (CPI) basket, fell 5.02% year-on-year in October against a revised fall of 2.33% in September, the lowest of the current CPI series.
The annual inflation rate, based on the All-India Wholesale Price Index (WPI), declined by 1.21% (provisional) in October 2025 compared with October 2024. This negative inflation reading was primarily driven by a decrease in the prices of food articles, crude petroleum and natural gas, electricity, mineral oils, and basic metals.
Stocks in Spotlight:
Hero Motocorp rallied 4.58%. The company’s standalone net profit rose 15.72% to Rs 1,392.83 crore on 15.89% increase in revenue from operations to Rs 12,126.37 crore in Q2 FY26 over Q2 FY25.
Trent slumped 5.09%. The company reported a steady performance for the September quarter. Its consolidated revenue from operations rose 16% year-on-year to Rs 4818 crore and EBITDA increased 14% to Rs 575 crore, while profit after tax grew 11% to Rs 373 crore.
The company's Q2 results drew a mixed response from brokerages, with most flagging slowing revenue momentum and margin pressures. Some brokerages highlighted weak consumer sentiment, unseasonal rains, and intensifying competition as near-term headwinds, even as cost-saving initiatives and network expansion are expected to support medium-term earnings recovery.
FSN E-Commerce Ventures (Nykaa) advanced 5.83%. The company reported a 242.9% surge in consolidated net profit to Rs 34.43 crore on 25.1% increase in revenue from operations to Rs 2,345.98 crore in Q2 Sept 2025 over Q2 Sept 2024.
Shipping Corporation of India shed 0.46%. The company has reported 35.09% decrease in consolidated net profit to Rs 189.16 crore in Q2 FY26 as against Rs 291.44 crore posted in Q2 FY25. Revenue from operations declined 7.71% year on year to Rs 1,338.87 crore in the quarter ended 30 September 2025.
Tata Motors advanced 2.90%. The company reported consolidated net loss of Rs 867 crore in Q2 FY26 compared with net profit of Rs 498 crore in Q2 FY25. Total revenue from operations increased 5.99% YoY Rs 18,585 crore in Q2 FY26.
Transformers and Rectifiers (India) slumped 18.96%. The company reported a soft set of numbers for Q2 FY26. On a consolidated basis, revenue from operations stood at Rs 460 crore, nearly unchanged from Rs 462 crore in Q2 FY25. Profit after tax (PAT) fell 19% YoY to Rs 37.5 crore, with PAT margin narrowing to 7.9%, down from 9.7% last year.
National Aluminium Company (NALCO) surged 11.90%. The company reported a strong performance for the September quarter (Q2 FY26), driven by improved operational efficiency, higher alumina output, and cost optimization initiatives. On a standalone basis, the company’s net profit surged 34.93% year-on-year to Rs 1,433.17 crore on a 7.27% rise in revenue from operations to Rs 4,292.34 crore in Q2 FY26 over Q2 FY25.
Bajaj Finserv declined 1.89%. The management revised its full-year Assets Under Management (AUM) growth guidance to 22%-23% from the earlier projection of 24%-25%. The company reported a 7.53% jump in consolidated net profit to Rs 2,244.10 crore in Q2 FY26 compared with Rs 2,086.97 crore in Q2 FY24. Revenue from operations jumped 10.98% YoY to Rs 37,402.93 crore in Q2 FY26.
Vodafone Idea jumped 13.83%. The company reported a narrower-than-expected second-quarter loss, helped by more users migrating to higher-margin 4G and 5G plans. The company reported a consolidated net loss of Rs 5,524 crore in Q2 FY26, narrowing from a net loss of Rs 7,175.90 crore in the same quarter last year. Net sales increased 2.3% to Rs 11,169.60 crore in Q2 FY26 compared with Rs 10,918.20 crore posted in same quarter last year.
Britannia Industries fell 5.82%. The company announced that Varun Berry, its vice-chairman, managing director and chief executive officer, has resigned with immediate effect.
Oil and Natural Gas Corporation (ONGC) slipped 1.66%. The company has reported 5.4% rise in consolidated net profit to Rs 10,785 crore despite 0.9% fall in gross revenue to Rs 1,57,911 crore in Q2 FY26 as compared with Q2 FY25.
Ather Energy shed 0.67%. The company reported a strong Q2 FY26 performance with sharp growth in market share, volume, and financials. On a standalone basis revenue from operations rose 54% year-on-year and 39.45% quarter-on-quarter to Rs 898.9 crore in Q2 FY26. For the quarter ended September 2025, Ather Energy reported total income of Rs 940.7 crore, up 57% year-on-year and 40% quarter-on-quarter, driven by sustained volume growth with stable pricing. The company's loss after tax reduced to Rs -154.1 crore in Q2 FY26 from Rs -197.2 crore in Q2 FY25 and Rs -178.2 crore in Q1 FY26.
Esab India spurted 10.99%. The company reported robust Q2 FY26 results. On a standalone basis, revenue from operations rose 12.7% year-on-year and 8.39% quarter-on-quarter to Rs 381.55 crore in Q2 FY26. Total income grew 22% YoY to Rs 414.8 crore, aided by a sharp jump in other income to Rs 33.25 crore from Rs 1.26 crore in Q2 FY25. Excluding extraordinary items of Rs 24.23 crore, adjusted PAT stood at Rs 54.97 crore, marking a 27.36% YoY and 34.27% QoQ increase.
Bharat Forge jumped 5.93%. The company’s consolidated net profit rallied 23% to Rs 299.27 crore in Q2 FY26 as against Rs 243.29 crore posted in Q2 FY25. Revenue from operations soared 9.31% YoY to Rs 4,031.92 crore in the quarter ended 30 September 2025.
Atul Auto gained 4.62%. The company’s consolidated net profit zoomed 69.5% to Rs 9.17 crore in Q2 FY26 as against Rs 5.41 crore posted in Q2 FY25. Total revenue from operations grew by 10.2% year-on-year (YoY) to Rs 200.17 crore in the quarter ended 30 September 2025.
Godrej Industries shed 0.68%. The company reported a 15.69% decline in consolidated net profit to Rs 242.47 crore in Q2 FY26, compared to Rs 287.62 crore recorded in Q2 FY26. However, revenue from operations rose 4.72% YoY to Rs 5,032.14 crore for the quarter ended 30 September 2025.
Reliance Infrastructure rallied 6.31%. The company’s consolidated net profit surged to Rs 1,911.19 crore in Q2 FY26, compared to Rs 59.84 crore recorded in Q1 FY26. Revenue from operations rose 5.53% sequentially to Rs 6,234.91 crore for the quarter ended 30 September 2025.
Asian Paints surged 10.99%. The company's consolidated net profit climbed 43.04% to Rs 993.59 crore on 6.38% increase in revenue from sales to Rs 8,513.70 crore in Q2 FY26 over Q2 FY25.
Data Patterns (India) soared 18.45%. The company's consolidated net profit jumped 62.45% to Rs 49.19 crore on 237.79% surge in revenue from operations to Rs 307.46 crore in Q2 FY26 over Q2 FY25.
Sanofi Consumer Healthcare India (SCHIL) advanced 3.48%. The company reported a strong performance for the quarter ended 30 September 2025. On a standalone basis, revenue from operations stood at Rs 233.9 crore, up 46% year-on-year and 6% sequentially, driven by exports and domestic business. Domestic sales grew 20% YoY, while exports surged more than tenfold due to a low base. Profit after tax (PAT) came in at Rs 62.9 crore, up 40% year-on-year and 4% sequentially.
Apollo Tyres rose 0.56%. The company reported a 13.2% drop in consolidated net profit to Rs 258.05 crore on a 6.1% rise in revenue from operations to Rs 6,831.09 crore in Q2 FY26 over Q2 FY25.
MRF shed 0.89%. The company reported an 11.67% rise in consolidated net profit to Rs 525.64 crore in Q2 FY26, compared to Rs 470.70 crore posted in Q2 FY25. However, revenue from operations rose 7.23% year-on-year (YoY) to Rs 7,378.72 crore for the quarter ended 30 September 2025.
Meanwhile, the company’s board has declared an interim dividend of Rs 3 per share for FY26. The record date is 11 November 2025, and the dividend will be paid on or after 5 December 2025.
Global Markets:
Japan's wholesale prices inflation rose 2.7% in October from a year earlier, slowing from the previous month due in part to falling import costs, central bank data showed on Thursday.
In China, fixed-asset investment, including real estate, contracted 1.7% in the first ten months of the year, deepening from a 0.5% decline recorded in the January–September period.
Industrial output grew 4.9% year-on-year in October, easing from a 6.5% rise in the previous month and marking the weakest annual pace since August 2024.
Retail sales increased 2.9% year-on-year in October, slightly lower than the 3% growth registered in September.
The UK labour market showed further signs of cooling in September, with unemployment edging higher and wage growth easing, potentially giving the Bank of England (BoE) room to consider a rate cut at its final policy meeting of the year next month.
Data from the Office for National Statistics (ONS) showed the jobless rate rose to 5.0% in the three months to September, up from 4.8% in the previous period. Meanwhile, regular pay growth (excluding bonuses) slowed slightly to 4.6% year-on-year, down from 4.7% in the prior month, signaling easing labour market pressures.
The UK economy grew 0.1% in the third quarter of 2025, the Office for National Statistics said, slowing from growth of 0.3% in the second quarter. In September alone, the economy contracted by 0.1%.
German inflation eased slightly to 2.3% in October, according to data released by the federal statistics office, confirming preliminary estimates.
Consumer prices, harmonised to compare with other European Union nations, had stood at 2.4% year-on-year in September. The European Central Bank (ECB) has kept interest rates unchanged since June, noting that monetary policy remains in a “good place.” Signs of easing inflationary pressures in the Eurozone’s largest economy suggest that the ECB may maintain its current policy stance for the foreseeable future.