TLDR
Market Recap: October 28, 2025
On October 28, Indian equities eased in a range-bound session ahead of global central-bank cues. Sensex closed at 84,628.16 (−150.68, −0.18%) and Nifty 50 at 25,936.20 (−29.95, −0.12%). Midcap 100 was −0.02% while Smallcap 100 was +0.02%. India VIX ~11.95, +0.8%, signaling a mild uptick in risk premium. Metals and PSU Banks outperformed; IT, Pharma, and Realty lagged.
Key Drivers :
Flows snapped back: Provisional data showed FII net buy ₹10,340 cr and DII +₹1,082 cr in cash; large-cap leadership persisted despite a soft headline close.
Global setup mixed: Iron ore firmed on China’s stricter steel capacity-swap plan, lifting Indian metals; investors stayed cautious before the Fed outcome.
Microstructure wobble: A four-hour MCX outage (DR site failover) temporarily dented risk appetite in commodity-linked plays.
Today’s Top Stories:
TVS Motor: Record quarter, soft close. Standalone PAT +37% YoY; stock eased 2% on profit-taking.
Mahindra Finance: Beat with stable asset quality. PAT ₹564 cr (+45% YoY); incremental growth across SME and non-vehicle books.
MCX: 4-hour outage, DR failover. Trading resumed at 1:25 pm; stock down 2%; SEBI seeks details.
L&T: ‘Significant’ order wins. Heavy Engineering bags ₹1,000–2,500 cr class orders; shares up 1.2%.
IDBI Bank: Divestment clock ticks. Govt may invite bids soon; stock up 8-9% intraday.
TOP STORIES
1. TVS Motor posts record Q2; profit +37% YoY
Gemini-2.5
Financial performance: Standalone PAT ₹7,610-7,817 cr vs loss a year ago; revenue ₹2.02-2.03 lakh cr, aided by better refining margins and lower input costs.
Operational lens: GRMs improved materially as crude softened; IOC and Chennai Petroleum together process about a third of India’s capacity.
Market impact: OMCs were bid with the broader tape; IOC tracked the index after the results headlines.
PAT +37% YoY, record EBITDA, but shares eased ~2–2.5%. Your call?
2. Mahindra Finance Q2 beats; asset quality steady
Gemini-2.5
Financial performance: PAT ₹564 cr (+45% YoY); NII +14.6% YoY to ₹2,279 cr; tractor disbursements surged +41% YoY.
Strategic lens: Loan book +13% YoY with diversification into SME and non-vehicle segments; GS3 at 3.9% within guided range.
Market reaction: Shares ended +0.3%, modestly outperforming the broader tape.
PAT ₹564 cr (+45% YoY), NII +14.6% YoY, GS3 at 3.9%. Position?
3. MCX suffers 4-hr outage; trading resumes via DR site
Gemini-2.5
Core update: Start of trade was delayed due to a technical glitch; the exchange shifted to its Disaster Recovery site and resumed at 1:25 pm.
Implications: Regulator SEBI sought details, marking the second disruption in four months, and raising questions on exchange resilience.
Market reaction: MCX shares fell 2% intraday on operational risk concerns.
Start delayed, resumed 1:25 pm; SEBI seeks details. What’s your stance?
4. L&T Heavy Engineering wins ‘significant’ orders
Gemini-2.5
Financial development: L&T Heavy Engineering bagged multiple domestic and export orders (₹1,000-2,500 cr classification), expanding its backlog.
Strategic lens: Wins reinforce visibility in high-end, complex engineering verticals and support medium-term execution throughput.
Market reaction: L&T stock rose 1.2%, outperforming a weak market.
New orders in ₹1,000-2,500 cr band. Impact on thesis?
5. IDBI Bank rallies on bid-invite buzz
Gemini-2.5
Financial development: Government may invite financial bids imminently for strategic sale; IMG meeting on Oct 31 to finalize the process.
Strategic lens: Privatization progress could re-rate governance and efficiency, unlocking value as LIC/government pare control.
Market reaction: Stock jumped 8-9% intraday on heavy volumes, nearing 52-week highs.
Govt may invite financial bids soon. How do you play it?
GYAANI HOT TAKES
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