The headline equity benchmarks ended slightly lower on Monday, weighed down by profit booking and weak global cues. Investor sentiment remained cautious amid mixed FII trends, updates on US-China trade relations, and a packed corporate earnings calendar. The Nifty closed below the 25,950 mark, dragged by declines in IT and consumer durables stocks. However, metal shares advanced on renewed optimism following China's steel output curbs and progress in US-China trade talks. PSU banks outperformed on reports that India may raise the FDI cap in the sector.

The S&P BSE Sensex declined 150.68 points or 0.18% to 84,628.16. The Nifty 50 index lost 29.85 points or 0.11% to 25,936.20.

Bajaj Finserv (down 1.32%), ICICI Bank (down 1.05%) and Bajaj Finance (down 0.87%) were major drags.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 0.12% and the S&P BSE Small-Cap index rose 0.06%.

The market breadth was negative. On the BSE, 1,910 shares rose and 2,246 shares fell. A total of 180 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 0.80% to 11.95.

Numbers to Track:

The yield on India's 10-year benchmark federal paper shed 0.08% to 6.537 from the previous close of 6.542.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 88.2750 compared with its close of 88.1900 during the previous trading session.

MCX Gold futures for 3 October 2025 settlement declined 2.13% to Rs 118,370.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.12% to 98.44.

The United States 10-year bond yield slipped 0.33% to 3.983.

In the commodities market, Brent crude for December 2025 settlement lost 97 cents or 1.48% to $64.65 a barrel.

Global Markets:

The US Dow Jones index futures were up 91 points, indicating a positive start for US stocks later today.

Most European indices traded lower as investors awaited key central bank decisions scheduled for this week.

The US Federal Reserve began its two-day meeting on Tuesday and is widely expected to deliver a 25-basis-point rate cut on Wednesday. The Bank of Japan will also announce its policy decision the same day, with analysts expecting it to keep rates unchanged.

Asian indices ended lower as investors weighed fresh geopolitical developments. US President Donald Trump met Japan's new Prime Minister Sanae Takaichi in Tokyo on Monday to discuss defense cooperation, trade, and the $550 billion US investment package announced earlier this year.

Market sentiment, however, remained supported by optimism over US-China trade progress after negotiators in Kuala Lumpur finalized a draft framework aimed at avoiding new tariffs.

In South Korea, third-quarter GDP rose 1.7% year-on-year, surpassing expectations of 1.5% and marking the strongest growth in over a year. The expansion was led by higher exports and manufacturing output, which climbed 6% and 3.3%, respectively.

Overnight, Wall Street ended sharply higher. The S&P 500 advanced 1.23% to close at 6,875.16, its first finish above the 6,800 mark. The Nasdaq Composite rose 1.86% to 23,637.46, driven by gains in chipmakers such as Nvidia, while the Dow Jones added 0.71% to 47,544.59.

Investors now await earnings from major US technology firms, the Federal Reserve's rate decision, and further updates on US-China trade discussions.

Stocks in Spotlight:

Mazagon Dock Shipbuilders declined 1.05%. The company's consolidated net profit jumped 28.09% to Rs 749.48 crore in Q2 FY26 as against Rs 585.08 crore posted in Q2 FY25. Revenue from operations rose 6.25% YoY to Rs 2,929.24 crore in the quarter ended 30 September 2025.

Bata India dropped 5.93% after the company's consolidated net profit tumbled 73.3% to Rs 13.90 crore on a 4.3% drop in net sales to Rs 801.33 crore in Q2 FY26 over Q2 FY25.

Raymond fell 2.32% after the company's consolidated net profit declined 81% to Rs 11.38 crore despite an 11.4% jump in revenue from operations to Rs 527.69 crore in Q2 FY26 over Q2 FY25.

JK Tyre & Industries rallied 3.40% after the company's consolidated net profit jumped 64% to Rs 221.40 crore on 10.8% increase in net sales to Rs 4,011.31 crore in Q2 FY26 over Q2 FY25.

TTK Prestige surged 11.30% after the company's consolidated net profit jumped 21.51% to Rs 64.24 crore in Q2 FY26, compared with Rs 52.87 crore in Q2 FY25. Revenue from operations climbed 11.15% YoY to Rs 833.70 crore in Q2 September 2025.

Aditya Birla Real Estate dropped 3.80% after the firm reported a consolidated net loss of Rs 15.74 crore in Q2 FY26 compared with a net profit of Rs 2.58 crore in Q2 FY25. Total income dropped 58.94% year on year (YoY) to Rs 113.23 crore in the quarter ended 30 September 2025.

Suraj Estate Developers surged 8.04% after the company's net profit rose 4% year-on-year to Rs 33.1 crore in Q2 FY26 from Rs 31.8 crore in Q2 FY25. Sequentially, profit jumped 56% from Rs 21.3 crore in Q1 FY26. Revenue from operations stood at Rs 144.6 crore, up 33% YoY from Rs 109.1 crore in Q2 FY25 and up 9% sequentially from Rs 132.5 crore in Q1 FY26.

Newgen Software Technologies soared 11.37% after the company reported a 16.2% jump in consolidated net profit to Rs 81.7 crore on an 11% increase in revenue from operations to Rs 400.8 crore in Q2 FY26 over Q2 FY25.

Dynamic Cables fell 8.14%. The company has reported a 41% rise in net profit to Rs 19.6 crore on a 20.3% increase in revenue from operations to Rs 281.6 crore in Q2 FY26 as compared with Q2 FY25. Total expenses increased by 17.8% YoY to Rs 256.41 crore during the quarter.

Indus Towers rose 3.88%. The company has reported a 17.3% fall in consolidated net profit to Rs 1,839 crore despite a 9.7% increase in revenue to Rs 8,188 crore in Q2 FY26 as compared with Q2 FY25.

Megasoft was locked in 5% upper circuit after the company said that its wholly owned subsidiary Sigma Advanced Systems UK has signed a share purchase agreement for the acquisition of a 100% stake in Nasmyth Group, United Kingdom.

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