TLDR
Market Recap: October 23, 2025
On October 23, 2025, Indian equities finished marginally higher after hitting fresh 52-week highs during the intraday session. Sensex closed 84,556.40 (+130 pts, +0.15%) and Nifty 50 25,891.40 (+22.8 pts, +0.09%). Midcaps and smallcaps eased a touch (Nifty Midcap 100 −0.06%, Nifty Smallcap 100 -0.05%). India VIX firmed to 11.73 ( +3.85%). IT outperformed on an Infosys-led rebound, while breadth turned negative into the close. Flows were mixed: FIIs -₹1,165.9 cr net, DIIs +₹3,893.7 cr. The global backdrop featured US-India trade deal chatter and fresh Russia sanctions, pushing energy headlines onto the tape.
Key Drivers :
Infosys promoters skip buyback, IT leads: Promoters opted out of the ₹18,000 cr tender; investors read that as confidence, lifting Infosys and Nifty IT.
Domestic support offsets FII selling: DIIs absorbed foreign outflows with near ₹3,900 cr net buys, cushioning late profit-taking.
Energy geopolitics in focus: New US sanctions on major Russian producers spurred talk of Indian refiners trimming Russian intake, keeping oil-linked names volatile.
Today’s Top Stories:
Reliance halts Rosneft term imports: Shifts to spot barrels to de-risk sanctions exposure; stock softens.
HUL prints steady Q2, ₹19 dividend: Profit edges up, GST reset blurs near-term momentum; shares mildly higher.
Infosys buyback opt-out lifts IT: Promoter stance boosts confidence and entitlement math; INFY jumps 4%.
Torrent readies $1.6 bn bonds: Green light to raise funds for growth/M&A; stock nudges higher.
S&P turns negative on Tata Motors PV: JLR recovery risk flagged; TMPV inches up as rebranding kicks in on Friday.
TOP STORIES
1. Reliance to halt Rosneft term imports amid US sanctions
Gemini-2.5
Operational change: Reliance will cease long-term Rosneft crude imports (historically 500 kbpd under contract) and pivot to spot purchases to feed Jamnagar.
Strategic context: Move reduces sanctions risk and could smooth the path for broader US-India trade engagement, while preserving optionality on Russian barrels via spot.
Market impact: RIL −1.15% on the day, underperforming the benchmarks.
Reliance to pause Rosneft term imports and source crude on spot to cut sanctions risk. Impact on margins and supply?
2. HUL Q2: profit up, ₹19 interim dividend; GST reset dents momentum
Gemini-2.5
Financials: Net profit ₹2,685 cr, revenue ₹16,388 cr; board declared ₹19/share interim dividend. Sales were tempered by pre-GST-cut channel adjustments.
Operations: Beauty and skincare held up; commentary flagged a temporary GST-rate-cut disruption with normalization expected from November.
Market impact: Stock +0.4% into the close after intraday swings.
Q2 profit up, interim dividend announced; channel reset from GST rate cut to normalize from November. Your stance?
3. Infosys pops as promoters opt out of ₹18,000 cr buyback
Gemini-2.5
Capital action: Promoter group will not tender shares in the buyback priced at ₹1,800, improving the likely entitlement for public holders.
Signal: Street read-through is management confidence and tighter float, supporting IT sector sentiment on a day of broad tech gains.
Market impact: Infosys +3.8% to ₹1,528.5; top gainer on Nifty IT.
Promoters not tendering at ₹1,800. Signal to you?
4. Torrent Pharma clears path for up to $1.6 bn bond issue
Gemini-2.5
Financing: Bankers say Torrent will proceed with a $1.6 bn (₹14,000 cr) bond sale after regulatory approval, likely before mid-December.
Use-case: Balance-sheet flexibility for expansion and potential M&A pipeline in branded formulations.
Market impact: Shares +0.65% to ₹3,617.
Large bond raise for growth/M&A. Risk-reward?
5. S&P turns negative on Tata Motors PV; JLR recovery in focus
Gemini-2.5
Ratings action: Outlook cut to Negative on Tata Motors Passenger Vehicles as JLR’s post-cyberattack recovery proves slower than hoped. Rating affirmed.
Implication: Heightened execution risk around model ramp-ups and macro headwinds could keep leverage metrics under watch.
Market impact: Stock +1.0% to ₹405.85 ahead of Friday’s formal name change to TMPV.
Outlook cut on slower-than-expected JLR recovery. How do you position?
GYAANI HOT TAKES
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