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WEEKLY REPORT
The Indian equity indices ended the volatile (last) week of October on a negative note and snapped a 4-week losing streak amid mixed corporate earnings, hawkish tone of the Fed post inline rate cut, reports of a potential hike in FDI limit in public sector banks, FII selling, and ongoing US-China trade development.
For the week, the BSE Sensex index shed 273.17 points or 0.32 percent to end at 83,938.71, and Nifty50 declined 155.75 points or 0.60 percent to close at 25,722.10.
Among the broader market indices, the BSE Large-cap index ended marginally flat, while the BSE Mid-cap index and the Small-cap indices went up 1.0 percent and 0.7 percent this week.
During the week, Reliance Industries added the most in terms of market value, followed by Tata Consultancy Services, Infosys, and State Bank of India. On the other hand, ICICI Bank, Hindustan Unilever, and Eternal lost most of their market capitalization.
On the sectoral front, the Nifty PSU Bank index rose 4.7%, the Nifty Oil & Gas index gained 3%, the Nifty Metal index rose 2.5%, Nifty Energy index rose 1.8%. On the other hand, Nifty Healthcare, Auto, and Private Bank indices are down 1% each.
The Domestic Institutional Investors (DII) continued their buying on the 28th week, as they bought equities worth Rs 18,804.26 crore, while the Foreign Institutional Investors (FIIs) sold equities worth Rs 2102 crore.
The Indian rupee erased the previous week’s gains and ended near a record low at 88.77 per dollar on October 24, down 91 paise against the October 24 closing of 87.85. During the week, the Indian rupee traded in the range of 87.85-88.78.
ECONOMY
India plans bailout for state power distributors
India is considering a bailout exceeding Rs 1 lakh crore ($12 billion) for debt-laden state-run power distribution companies. The move aims to reduce mounting debts and encourage long-term sector reforms. States availing the funds must either privatise utilities or list them on stock exchanges within three years. The toughest reform push yet to overhaul the chronically inefficient state-run electricity distribution companies, seen as the weakest link in India’s energy chain.
Saudi Arabia’s $925 billion refocus plans
Saudi Arabia’s Public Investment Fund (PIF) is preparing to shift its $925 billion sovereign wealth fund away from a focus on real estate gigaprojects and towards logistics, minerals, AI, and renewables. The move aims to achieve quicker returns and reduce reliance on massive infrastructure projects. The fund will prioritise six key ecosystems, with NEOM set to operate independently. This marks a strategic pivot in Saudi Arabia’s Vision 2030 investment plan.
STOCKS IN NEWS
Swiggy
Food Delivery app Swiggy’s shares went down 3.93 percent over the week after the company reported that its net loss widened 74.4 percent year-on-year (YoY) to Rs 1,092 crore in the second quarter (Q2) of financial year 2025-26 (FY26), up from Rs 626 crore in the same period a year ago.
Dr Reddy’s Laboratories
The company’s shares went down 6.29 percent this week after the company announced that it had received a non-compliance notice from Canada’s drug regulator, Abbreviated New Drug Submission (ANDS) for its Semaglutide Injection.
Bharat Electronics
The shares went up over 2 percent this week, after the company secured orders including Software Defined Radios (SDRs), tank sub systems, communication equipment, missile components, financial management software, cyber security solutions, upgrades, spares, services, etc, worth Rs 732 crore.
TTK Prestige
The kitchen appliances and cookware manufacturer went up over 4 percent this week, after it reported a nearly 22% rise in its second-quarter profit on Tuesday, driven by mass-priced launches in smaller towns and margin-boosting premium offerings in metropolitan markets.
Cipla
Shares of the pharma company dropped almost 5 percent this week, even after the pharma giant announced a deal with Eli Lilly to market diabetes and obesity drug Tirzepatide in India under a new brand name.
Source – Moneycontrol, Reuters