Indian stock markets kicked off the week on a bullish note, with benchmark indices scaling new highs led by strong quarterly earnings, large project wins, and renewed IPO momentum. Global cues remained mixed, but India continued to outperform on domestic optimism and institutional buying.
Corporate earnings for the September quarter (Q2FY26) continued to impress across sectors, boosting confidence in India’s growth story.
Leading public and private sector banks reported solid profit growth, while select manufacturing and pharma companies delivered stellar numbers.
- Punjab National Bank (PNB) hit a 52-week high after its Q2 PAT rose 14% YoY to ₹4,904 crore, reflecting strong loan growth and lower NPAs.
- Bank of India also delivered steady results with an 8% YoY rise in PAT to ₹2,554 crore, backed by improved margins.
- J&K Bank’s profit increased 2% QoQ to ₹494 crore, maintaining its profitability trajectory.
Among non-bank financials, UTI AMC disappointed investors with a 53% decline in PAT to ₹113 crore, while IndusInd Bank faced selling pressure after reporting a weaker-than-expected quarter.
In the industrial and manufacturing space:
- Bhageria Industries saw its profit jump 80% YoY to ₹11 crore,
- Ceat Ltd posted a 48% YoY surge to ₹202 crore,
- CESC recorded 20% growth in PAT to ₹425 crore, and
- Bajaj Healthcare delivered 18% YoY rise to ₹11 crore, signaling resilience in the mid-cap pharma space.
- Sejal Glass rallied sharply after announcing stellar Q2 earnings, signaling strength in construction materials demand.
However, Metro Brands slipped after a decline in profit, reflecting margin pressure in discretionary retail.
The market saw strong action in heavyweights, pushing indices to new records.
Reliance Industries surged 3.52%, driven by buying interest ahead of its earnings announcement.
Blue-chips such as SBI, Airtel, Bajaj Finance, and Bajaj Finserv touched all-time highs on Monday, signaling continued institutional accumulation.
Meanwhile, mid-cap and small-cap segments saw selective profit-taking:
- Tejas Networks Ltd led the losers in the ‘A’ group.
- Spectrum Electrical Industries Ltd topped the ‘B’ group losers.
- Netweb Technologies, Prime Focus, Piramal, Vedanta, and TATA Capital displayed high volatility amid mixed investor sentiment.
Infrastructure and industrial stocks gained traction following a series of large order wins and government project approvals.
- L&T Construction secured large orders in the water and effluent segment, adding to its robust order book.
- BEL received a ₹2,500 crore defense order from the Ministry of Defence.
- IRCON International bagged a ₹1,200 crore railway electrification contract, while
- NBCC won an ₹800 crore Delhi redevelopment project.
- BHEL announced a ₹1,000 crore thermal power equipment order, signaling recovery in conventional energy demand.
- Ashok Leyland received a bulk order for 1,200 buses from a state transport body.
- Tata Power Solar bagged a ₹1,500 crore EPC solar project, strengthening its renewable energy portfolio.
- Adani Enterprises gained attention after receiving environmental clearance for a new coal mine project.
In pharma developments:
- Zydus Lifesciences got USFDA approval for a generic cancer drug,
- Sun Pharma secured DCGI nod for a new diabetes formulation, and
- Aurobindo Pharma obtained ANDA approval for an anti-infective drug, adding to its export pipeline.
The primary market remained vibrant this week as several companies hit the IPO and fundraising trail.
- ASK Automotive IPO opened to strong Day 1 subscription, attracting both institutional and retail investors.
- Tata Technologies IPO continued its stellar run, oversubscribed 3.2x on Day 2.
- Happy Forgings Ltd filed its DRHP for a ₹1,000 crore IPO, marking another addition to the manufacturing segment.
- Ola Electric received SEBI approval for its ₹5,500 crore IPO, which could become one of the biggest EV listings of the year.
- JSW Cement announced plans to raise ₹3,000 crore via debt and equity for capacity expansion and sustainability initiatives.
Corporate India’s capex cycle showed no signs of slowing down. Multiple companies announced fresh investments and strategic moves to strengthen future growth.
- Maruti Suzuki will invest ₹2,000 crore in an EV manufacturing plant, underscoring its electric transition.
- Hero MotoCorp partnered with Taiwan’s Gogoro to accelerate EV adoption and battery-swapping infrastructure.
- Hindalco Industries unveiled a ₹4,000 crore downstream expansion plan, focusing on value-added aluminum products.
- TCS launched a new AI research center in Hyderabad, while
- Infosys expanded its presence in Europe with a new delivery center, aligning with its global client demand.
The consolidation wave in corporate India continued:
- HDFC Bank officially completed its merger with HDFC Ltd, creating one of the largest financial entities in Asia.
- Adani Ports acquired Karaikal Port for ₹1,485 crore, expanding its coastal footprint.
- Biocon Biologics completed the acquisition of Viatris’ biosimilar business in Europe, enhancing its global reach.
- Tata Steel sold its stake in NatSteel Holdings (Singapore) as part of its portfolio optimization.
- Mahindra Logistics acquired Whizzard Logistics, strengthening its last-mile delivery network.
Regulatory activity remained high, providing a mix of compliance changes and corporate actions:
- SEBI approved new margin norms for derivatives, aimed at reducing volatility and systemic risk.
- RBI cleared the merger of Shivalik Bank with North East Small Finance Bank, furthering consolidation in the small finance space.
- IRDAI approved Go Digit’s IPO, paving the way for another fintech-insurance market entry.
- Lupin’s board approved a ₹500 crore share buyback, signaling confidence in long-term performance.
- ICICI Lombard’s board announced a ₹1,000 crore dividend payout, rewarding shareholders amid steady growth.
Globally, markets remained mixed as investors digested geopolitical risks and central bank commentary.
While U.S. indices stayed range-bound on concerns about inflation and rate hikes, Asian markets traded cautiously.
Despite global headwinds, India continues to attract strong foreign inflows, supported by robust domestic growth and corporate profitability.
Analysts expect continued sector rotation and selective buying in high-quality midcaps, infrastructure, and financial names.
The combination of solid earnings, strong order inflows, regulatory stability, and IPO activity points toward sustained market momentum into the Diwali season.
Published by Barawakar | Market Wrap – 21 October 2025
Stay informed. Stay ahead.