Indices eke out gains as PSU banks, pharma shine

Benchmark indices closed slightly higher on Friday, supported by strong corporate earnings, encouraging macroeconomic data, and robust auto sales. However, gains were capped by profit booking at higher levels in the absence of fresh domestic triggers.

The Nifty 50 settled above the 25,750 mark after a choppy session. The broader market continued to outperform, as investors preferred taking short- to medium-term positions in stocks showing solid Q2 results. PSU banks and pharma stocks were among the top gainers. On the other hand, IT stocks came under pressure, tracking weakness in U.S. tech shares, as hopes for an early U.S. Federal Reserve rate cut faded.

Global cues turned slightly positive after signs of a trade truce between the U.S. and China, which reduced demand for safe-haven assets like gold and bonds, prompting investors to rotate funds back into equities.

The S&P BSE Sensex, advanced 39.78 points or 0.05% to 83,978.49. The Nifty 50 index added 41.25 points or 0.16% to 25,763.25.

Shriram Finance (up 6.38%), Mahindra & Mahindra (up 1.78%) and HDFC Bank (up 0.49%) boosted the indices today.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index jumped 0.62% and the S&P BSE Small-Cap index gained 0.71%.

The market breadth was positive. On the BSE, 2,174 shares rose and 2,080 shares fell. A total of 215 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, was up 4.21% to 12.67.

Economy:

The seasonally adjusted HSBC India Manufacturing Purchasing Managers' Index (PMI) was up from 57.7 in September to 59.2 in October, indicating a quicker improvement in the health of the sector. Manufacturing sector conditions in India continued to strengthen in October, buoyed by GST (Goods and Services Tax) relief, productivity gains and tech investment.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.28% to 6.547 from the previous close of 6.529.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 88.7700 compared with its close of 88.7050 during the previous trading session.

MCX Gold futures for 5 December 2025 settlement rose 0.04% to Rs 121.284.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.10% to 99.90.

The United States 10-year bond yield fell 0.39% to 4.086.

In the commodities market, Brent crude for December 2025 settlement shed 3 cents or 0.05% to $64.74 a barrel.

Global Markets:

European indices traded higher on Monday as investors awaited a slew of corporate earnings scheduled this week.

Sweden's central bank will announce its latest interest rate decision on Wednesday.

Asian shares ended higher as investors digested fresh manufacturing data from China and awaited central bank cues. Japan's markets remained closed for a public holiday.

China's manufacturing momentum softened, with RatingDog's October Purchasing Managers' Index (PMI) coming in at 50.6'below both expectations of 50.9 and September's 51.2 reading. Official data from the National Bureau of Statistics released Friday also indicated a slowdown, with the manufacturing PMI slipping to 49.0, its weakest level in six months.

Meanwhile, the Reserve Bank of Australia began its two-day policy meeting, where it is widely expected to keep rates unchanged after third-quarter inflation came in hotter than anticipated.

On Wall Street, all three major U.S. indexes closed higher Friday, led by tech gains. The Nasdaq Composite rose 0.61% to 23,724.96, the S&P 500 added 0.26% to 6,840.20, and the Dow Jones Industrial Average edged up 0.09% to 47,562.87.

Amazon shares surged 9.6% after the company reported a 20% jump in cloud-computing revenue for the third quarter. The streaming giant Netflix added 2.7% after the company announced a 10-for-1 stock split.

Auto Sales Data:

Maharashtra Scooters declined 1.75%. The company reported a 76.68% surge in standalone net profit to Rs 267.07 crore, on a 65.87% rise in total income to Rs 271.02 crore in Q2 FY26 over Q2 FY25.

Steel Strips Wheels (SSWL) jumped 3.55% after the company reported a net turnover of Rs 415.90 crore for October 2025, marking a 12.39% year-on-year (YoY) increase compared to Rs 370.05 crore recorded in October 2024.

Ashok Leyland fell 1.03%. The company reported a 16% increase in total commercial vehicle sales to 17,820 units in October 2025, up from 15,310 units sold in October 2024.

VST Tillers Tractors added 1.91% after the company reported an 89.36% increase in total sales to 4,664 units in October 2025, up from 2,463 units sold in October 2024.

Escorts Kubota rose 1.21% after the company's agri-machinery business division in October 2025 sold 18,798 tractors, its ever highest monthly sales registering a growth of 3.8% as against 18,110 tractors sold in October 2024.

Stocks in Spotlight:

Bharat Petroleum Corporation (BPCL) rallied 2.96% after the company reported a 168.74% jump in standalone net profit to Rs 6,442.53 crore in Q2 FY26 as against Rs 2,397.23 crore posted in Q2 FY25. Net sales (excluding excise duty) rose 2.09% year-on-year (YoY) to Rs 1,04,912.47 crore in the September 2025 quarter.

Dredging Corporation of India hit an upper limit of 20% after the company signed 22 MoUs with 16 organisations worth Rs 17,645 crore during India Maritime Week 2025 in Mumbai.

Ambuja Cements rose 2.14% after reporting a robust 364% year-on-year (YoY) surge in consolidated net profit to Rs 2,302.28 crore for the quarter ended September 2025 (Q2 FY26), driven by strong volumes and improved cost efficiency. Revenue from operations grew 18.99% YoY to Rs 9,431.53 crore, reflecting healthy demand and steady market traction.

Equitas Small Finance Bank jumped 6.69% after the lender reported a sharp recovery in profitability for the September 2025 quarter. The bank posted a profit after tax (PAT) of Rs 24 crore in Q2 FY26, up 87% year-on-year from Rs 13 crore in Q2 FY25, marking a strong turnaround from a loss of Rs 224 crore in Q1 FY26. Net interest income fell 4% YoY to Rs 774 crore, compared with Rs 802 crore in Q2 FY25, and declined 2% sequentially from Rs 786 crore in Q1 FY26. Pre-tax profit (PBT), however, jumped 63% YoY to Rs 34 crore, reversing a loss of Rs 297 crore in Q1 FY26.

Thangamayil Jewellery hit an upper limit of 20% after the jeweller reported an exceptional set of numbers for the September 2025 quarter. For Q2 FY26, the company's total sales jumped 45% year-on-year to Rs 1,705 crore from Rs 1,178 crore in Q2 FY25. Retail sales, which form the core of its business, surged 45% to Rs 1,636 crore, while wholesale revenue rose 47% YoY to Rs 69 crore.

Medplus Health Services surged 6.67% after the company reported a 43.3% jump in consolidated net profit to Rs 55.50 crore on 6.5% increase in revenue from operations to Rs 1,679.33 crore in Q2 FY26 over Q2 FY25.

GNA Axles advanced 2.09% after the company's consolidated net profit rose 9.32% to Rs 31.19 crore in Q2 FY26 as against Rs 28.53 crore posted in Q2 FY25. However, revenue from operations fell 10.22% YoY to Rs 347.94 crore in the quarter ended 30 September 2025.

Urban Company fell 3.68% after the company posted a net loss of Rs 59.33 crore in Q2 FY26, compared to Rs 1.82 crore in the same period last year. Revenue from operations grew 37% year-on-year to Rs 380 crore, or 44% YoY on a like-for-like basis excluding the impact of the KSA deconsolidation, driven by broad-based growth across both beauty and home repair services.

IPO Update:

Lenskart Solutions received bids for 20,09,53,512 shares as against 9,97,61,257 shares on offer, according to stock exchange data at 16:50 IST on Monday (3 November 2025). The issue was subscribed 2.01 times. The issue opened for bidding on 31 October 2025 and it will close on 4 November 2025. The price band of the IPO is fixed between Rs 382 and 402 per share.

Studds Accessories received bids for 39,92,20,975 shares as against 54,50,284 shares on offer, according to stock exchange data at 16:50 IST on Monday (3 November 2025). The issue was subscribed 73.25 times. The issue opened for bidding on 30 October 2025 and it will close on 3 November 2025. The price band of the IPO is fixed between Rs 557 and 585 per share.

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