Nifty 50 opened at 25,824.60, up by 195.25 points ( 0.76%). Bank Nifty opened at 57,872.85 increased by 447.60 points (0.80%). Sensex opened at 84,269.30, up 674.56 points (0.80%). GIFT Nifty is currently trading at 25,975.00.
Global index as of October 20, 2025
- DOW 30 closed at 46,190.61, up by 238.37 points (0.52%).
- S&P 500 closed at 6,664.01, up by 34.94 points (0.53%).
- NASDAQ increased by 117.44 points (0.52%), closing at 22,679.98.
- FTSE 100 decreased by 81.52 points (-0.86%) to settle at 9,354.57.
- DAX decreased by 441.20 points (-1.82%), ending at 23,830.99.
- NIKKEI 225 increased 1,388.25 points (2.92%) to trade at 48,970.40.
Commodities Update
- Gold: Currently trading at Rs. 128,058 per 10 grams.
- Silver: up by 0.72%, now at Rs 157,852 per kilo.
- Crude Oil: Prices down by -0.31%, reaching USD 60.925, compared to the previous close.
Global events/updates
Japan is seeing a surge in private equity deals as aging business owners struggle to find successors. With fewer heirs willing to take over family businesses and high inheritance taxes adding pressure, many owners are turning to private equity firms as a practical exit option, breaking a long-standing cultural taboo against selling family companies.
China’s economy grew 4.8% in Q3, matching expectations but slowing from 5.2% in Q2. The property sector remains weak, with fixed-asset investment dropping 0.5% in the first nine months. However, industrial production offered a bright spot, rising 6.5% year-on-year in September, beating forecasts and showing some resilience in manufacturing activity.
China’s fourth plenum, beginning October 20, brings top leaders together to finalize the 2026–2030 five-year plan amid trade tensions and slowing growth. The focus will likely be on boosting consumption, advancing tech self-sufficiency, and ensuring stability. Challenges include a property slump, weak consumer confidence, and an aging population, making sustained 4–5% growth difficult.
The Trump administration has agreed to expand student loan forgiveness for borrowers under income-driven repayment plans after reaching a deal with the American Federation of Teachers. The move corrects earlier partial blocks on forgiveness, potentially benefiting over 2.5 million borrowers enrolled in the Income-Contingent and Pay As You Earn plans.
India’s trade delegation returned from the US after positive talks, with no major differences reported. Despite 50% US tariffs, India’s exports rose 13.3% to $45.82 billion in H1 FY. Discussions included diversifying energy imports, while the Commerce Ministry noted supply chain challenges and said October trade data would clarify tariff impacts on specific sectors.
Stocks to watch
RBL Bank: RBL Bank approved raising Rs 26,853 crore via a preferential share issue to Emirates NBD, giving it 60% post-issue stake. Emirates NBD will also make an open offer for an additional 26% stake valued at Rs 11,636 crore.
IRCON International: IRCON received a Rs 360 crore order from Petronet LNG for civil works in Gujarat, expanding its ongoing infrastructure and construction projects portfolio.
UltraTech Cement: UltraTech plans fresh capex of Rs 10,255 crore, aiming to raise cement capacity to over 240.76 mtpa after completion, supporting long-term production growth.
IndusInd Bank: IndusInd’s subsidiary Bharat Financial is investigating governance lapses. The auditor issued a qualified conclusion. The unit’s earnings are immaterial to the group, with corrective actions underway.
Marico: Marico signed a deal to acquire the remaining 46% stake in HW Wellness Solutions, consolidating full ownership and strengthening its health and wellness business segment.
Mazagon Dock: Mazagon Dock signed an exclusive MoU with Naval Group, France, to offer evolved Scorpene submarines to friendly nations, enhancing its defense export capabilities.
RPP Infra Projects: RPP Infra received a Rs 125.92 crore contract for constructing office-cum-training and residential buildings for the National Academy of Defence Financial Management in Pune.
Alembic Pharmaceuticals: Alembic Pharma got USFDA final approval for its ANDA for Triamcinolone Acetonide Injectable Suspension, a generic equivalent of Kenalog-40, used for autoimmune and inflammatory conditions where oral therapy isn’t feasible.
Rail Vikas Nigam: RVNL emerged L1 in a reverse auction for Rs 144.4 crore OHE upgradation in the Secunderabad division, improving power infrastructure on the Ramgundam–Kazipet rail section.
Tata Power: Tata Power temporarily suspended operations at Mundra units until November 30 to undertake necessary maintenance and operational measures, with resumption expected soon.
Sterling and Wilson Renewable Energy: S&W Renewable Energy won EPC contracts for 363 MWp in Rajasthan, 580 MWp in Uttar Pradesh, and a 115 MWp project in South Africa, totaling Rs 1,772 crore and boosting FY25 order inflows to Rs 3,775 crore.
ICICI Bank Q2: ICICI Bank’s standalone profit rose 5.2% to Rs 12,358.9 crore. NII grew 7.4%, provisions dropped 26%, while gross and net NPAs improved to 1.58% and 0.39% respectively.
HDFC Bank Q2: HDFC Bank posted 10.8% profit growth to Rs 18,641.3 crore. NII grew 4.8%, provisions rose 29.6%, while gross and net NPAs improved to 1.24% and 0.42% respectively.
UltraTech Cement Q2: UltraTech’s consolidated profit soared 75.2% to Rs 1,231.6 crore, with revenue up 20.3% to Rs 19,606.9 crore, reflecting strong demand and pricing in the cement sector.
IndusInd Bank Q2: IndusInd Bank reported a loss of Rs 444.8 crore, with NII down 17.5% and provisions up 44%. Gross and net NPAs marginally improved to 3.60% and 1.04% respectively.
Punjab National Bank Q2: PNB profit rose 13.9% to Rs 4,903.7 crore. NII fell slightly, provisions surged 123.3%, while gross and net NPAs improved to 3.45% and 0.36%.
IDBI Bank Q2: IDBI profit surged 97.5% to Rs 3,627.4 crore. NII fell 15.2%, other income rose 89.6%, provisions turned into a write-back of Rs 652.62 crore, while gross NPA fell to 2.65%.
RBL Bank Q2: RBL Bank profit fell 20% to Rs 179 crore. NII declined 4%, provisions fell 19.2%, gross NPA slipped to 2.32%, but net NPA rose to 0.57%.
Yes Bank Q2: Yes Bank profit grew 18.3% to Rs 654 crore. NII rose 4.6%, provisions jumped 41%, while gross and net NPAs remained stable at 1.6% and 0.3%.
Federal Bank Q2: Federal Bank profit fell 9.6% to Rs 955.3 crore. NII grew 5.4%, provisions soared 129.3%, gross NPA improved to 1.83%, while net NPA remained flat at 0.48%.
Bank of India Q2: BOI profit rose 7.6% to Rs 2,554.6 crore. NII fell slightly, provisions dropped 57.7%, while gross and net NPAs improved to 2.54% and 0.65%.
L&T Technology Services Q2: L&T Tech Services profit rose 2.8% to Rs 328.7 crore, revenue up 15.8% to Rs 2,979.5 crore. Interim dividend of Rs 18 per share announced.
Sobha Q2: Sobha profit surged 178% to Rs 72.5 crore, revenue up 50.8% to Rs 1,407.6 crore, and other income nearly doubled to Rs 61.7 crore.
Dixon Technologies Q2: Dixon Tech profit soared 71.9% to Rs 670 crore, revenue rose 28.8% to Rs 14,855 crore. Other income at Rs 495.7 crore, no exceptional items this quarter.
DCB Bank Q2: DCB Bank profit rose 18.3% to Rs 183.9 crore, NII up 17.1%, provisions up 32.7%. Gross NPA fell to 2.91% and net NPA to 1.21%.
Tata Technologies Q2: Tata Technologies profit increased 5.1% to Rs 165.5 crore, revenue up 2.1% to Rs 1,323.3 crore.
Havells India Q2: Havells profit grew 16.5% to Rs 317.5 crore, revenue up 5.2% to Rs 4,766.6 crore, showing steady growth in appliances and electrical segment.
AU Small Finance Bank Q2: AU Small Finance profit fell 1.8% to Rs 560.9 crore. NII rose 8.6%, provisions up 28.9%, gross NPA fell slightly to 2.41%, net NPA unchanged at 0.88%.
Karur Vysya Bank Q2: KVB profit jumped 21.2% to Rs 574 crore, NII up 18.7%, provisions rose 52.6%, gross NPA rose to 0.76%, net NPA steady at 0.19%.
JSW Energy Q2: JSW Energy profit fell 17.4% to Rs 704.7 crore, revenue surged 60% to Rs 5,177.4 crore due to higher power sales.
Poonawalla Fincorp Q2: Poonawalla profit stood at Rs 74.2 crore vs loss last year. NII surged 42% to Rs 904.5 crore, reflecting improved lending and collections.
CESC Q2: CESC profit rose 20.4% to Rs 425 crore, revenue up 12% to Rs 5,267 crore, reflecting higher power sales and operational efficiency.
IDFC First Bank Q2: IDFC First profit jumped 75.5% to Rs 352.3 crore, NII up 6.8%, provisions fell to Rs 1,451.9 crore. Gross and net NPAs improved to 1.86% and 0.52%.
Bulk and Block Deals
Delhivery: Smallcap World Fund sold 39.17 lakh Delhivery shares, representing a 0.52% stake, at Rs 448.35 per share. The transaction totaled Rs 175.66 crore, marking a partial exit from the third-party logistics company.
Canara HSBC Life Insurance: Oxbow Master Fund, backed by Oxbow Capital, sold its entire 1.73% stake (1.64 crore shares) in Canara HSBC Life Insurance at Rs 110.15 per share, raising Rs 181.1 crore from the transaction.
MTAR Technologies: BNP Paribas Financial Markets bought 3.53 lakh shares of MTAR Technologies at Rs 2,288.52 per share, with the deal valued at Rs 80.8 crore, expanding its holdings in the engineering and manufacturing firm.
IRB InvIT Fund: LTIMindtree purchased 1 crore units of IRB InvIT Fund at Rs 60.93 per unit, totaling Rs 60.93 crore. Meanwhile, IIFL Finance sold 1.17 crore units at Rs 60.43, and Kotak Mahindra Bank offloaded 1.28 crore units at Rs 62.31.
Brokerage Recommendations
Nuvama on IndusInd Bank: Nuvama downgrades IndusInd to Reduce with a ₹600 target. Q2 reported a ₹450 crore loss versus ₹680 crore PAT QoQ, hurt by MFI write-offs, weak loan growth, and 14 bps NIM decline. Near-term consolidation continues.
Nomura on AU Small Finance Bank: Nomura upgrades AU Bank to Neutral with ₹750 target. Q2FY26 showed strong performance, improving NIMs, fees, and credit costs. Asset quality is better. FY26-28 expected RoA/RoE of 1.6%/16% and EPS CAGR of 29%.
CLSA on ICICI Bank: CLSA keeps ICICI Bank at Outperform, TP ₹1,700. Q2FY26 PPOP/PAT beat estimates by 4%/10%, but growth relies heavily on business banking. NIM rose 3 bps, short of expectations, with limited guidance for further improvement in 2HFY26.
Nomura on HDFC Bank: Nomura maintains Buy on HDFC Bank, TP ₹1,120. Q2 slightly missed operating profit; loan growth gains momentum and asset quality improves. Trading income supported PAT. Expected FY26-28 RoA/ROE: 1.8-1.9% / 14-15%.
Stock Trades Ex-Dividend
- Tech Mahindra
- Oberoi Realty
- Rama Phosphates
- Tips Music
Stocks in F&O ban
- RBL Bank
- Sammaan Capital
Written by Abhishek Singh
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