The headline equity indices ended with modest gains on Thursday, extending their winning streak to a sixth straight session. After touching a 52-week high, the benchmarks gave up most of their intraday gains amid profit-taking, mixed global cues, and a rise in crude oil prices. The Nifty, which climbed to an intraday high of 26,104.20, later pared gains to close above the 25,890 mark, supported by a rally in IT stocks.

The S&P BSE Sensex advanced 130.06 points or 0.15% to 84,556.40. The Nifty 50 index rose 22.80 points or 0.09% to 25,891.40. In six consecutive trading sessions, the Sensex gained 3.07% and the Nifty rose 2.96%.

Infosys (up 3.57%), TCS (up 2.11%) and Bajaj Finance (up 0.43%) boosted the indices higher today.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index shed 0.15% and the S&P BSE Small-Cap index declined 0.42%.

The market breadth was negative. On the BSE, 1855 shares rose and 2409 shares fell. A total of 125 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rallied 3.85% to 11.73.

Economy:

India's infrastructure output growth eased to 3% year-on-year in September 2025 from an upwardly revised 6.5% in August, the sharpest pace in over a year. The slowdown was driven by weaker production of coal, crude oil, natural gas, and refinery products, as continued US pressure on India to curb imports of Russian energy dampened domestic consumption and export demand. Electricity generation also moderated, though construction-related sectors showed resilience, with cement output steady and steel production picking up, partially offsetting the decline in energy output.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.46% to 6.538 from the previous close of 6.507.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 87.8675 compared with its close of 87.9300 during the previous trading session.

MCX Gold futures for 5 December 2025 settlement gained 1.48% to Rs 123,662.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.16% to 99.07.

The United States 10-year bond yield jumped 0.96% to 3.990.

In the commodities market, Brent crude for December 2025 settlement surged $3.35 or 5.35% to $65.94 a barrel.

Global Markets:

Most European stocks advanced on Thursday as investors prepared for earnings reports that could provide clues on business activity and confidence in the region.

Asian markets ended mixed, mirroring losses on Wall Street as renewed concerns over U.S.-China trade tensions weighed on sentiment.

Trade fears resurfaced after reports on Wednesday suggested that the Trump administration is considering new export restrictions on products made with U.S. software and technology destined for China.

According to a U.S. official and three individuals briefed by authorities, the potential measures could cover a broad range of goods ' from laptops to jet engines ' though the plan remains under discussion and may not ultimately be implemented.

U.S. equity futures edged lower in early Asian trading after all three major U.S. benchmarks fell overnight, pressured by disappointing earnings from companies such as Texas Instruments and Netflix.

The Dow Jones Industrial Average slipped 334.33 points (0.71%) to 46,590.41, while the S&P 500 declined 0.53% to 6,699.40. The Nasdaq Composite dropped 0.93% to 22,740.40.

At their session lows, the Dow had fallen over 400 points, and the S&P 500 and Nasdaq were down 1.2% and 1.9%, respectively.

Stocks in Spotlight:

IT stocks rallied sharply on Thursday on hopes of a trade deal between India and the US. The IT sector, which earns a large share of its revenue from the US, could gain significantly from the deal.

The Nifty IT index soared 2.21% to 36,078.65. The index rallied 3.23% in three consecutive trading sessions.

Infosys (up 3.57%), HCL Technologies (up 2.62%), Mphasis (up 2.35%), Tata Consultancy Services (up 2.11%), Wipro (up 1.22%), Coforge (up 1.16%), Tech Mahindra (up 1.15%), Persistent Systems (up 0.76%), and LTIMindtree (up 0.74%) surged.

Infosys jumped after its promoters decided not to participate in the Rs 18,000 crore share buyback. The move signals confidence in the company's prospects and improves the buyback entitlement ratio for small investors.

Hindustan Unilever (HUL) added 0.33%. The company's consolidated net profit increased 3.81% to Rs 2,694 crore on 1.50% jump in total income to Rs 16,388 crore in Q2 FY26 over Q2 FY25.

Ola Electric Mobility added 0.52%. The company said that its board will meet on Saturday, 25 October 2025, to consider raising funds through equity shares via different modes.

Vardhman Textiles jumped 7.19%. Shares of leading textile exporters rallied on Thursday as optimism grew that India and the US may soon strike a trade deal, potentially easing tariff barriers on Indian exports. Meanwhile, Vardhman Textiles reported 4.8% fall in consolidated net profit to Rs 187.03 crore on a 0.9% fall in revenue to Rs 2,480.10 crore in Q2 FY26 over Q2 FY26.

Tata Teleservices (Maharashtra) declined 1.68% after the company reported net loss of Rs 320.82 crore in Q2 FY26 compared with loss of Rs 330.39 crore posted in corresponding quarter last year. Revenue from operations fell 16.7% YoY to Rs 286.13 crore during the quarter ended 30th September 2025.

Epack Prefab Technologies surged 14.19% after the company's consolidated net profit surged 104.2% to Rs 29.47 crore on 61.9% increase in net sales to Rs 433.94 crore in Q2 FY26 over Q2 FY25.

Gulshan Polyols soared 9.34% after the company secured an order worth Rs 1,185 crore to supply ethanol to oil marketing companies under the Ethanol Blended Petrol Programme (EBPP). The company will supply 1,75,652 Kiloliters of ethanol to Bharat Petroleum Corporation (BPCL), Indian Oil Corporation (IOCL), Hindustan Petroleum Corporation (HPCL) and Mangalore Refinery And Petrochemicals (MRPL).

Zaggle Prepaid Ocean Services slipped 1.44%. The company announced that it has entered into an agreement with Megha City Gas Distribution. Under the agreement, Zaggle will provide its Fleet Program to Megha City Gas Distribution. The contract is set to be executed over a period of five years.

Vardhman Acrylics rallied 3.77% after the company's consolidated net profit jumped 60.26% to Rs 2.50 crore on 26.59% increase in revenue from operations to Rs 89.40 crore in Q2 FY26 over Q2 FY25.

Garuda Construction and Engineering rallied 5.97% after it has bagged a work order worth Rs 231 crore for the construction of a rehabilitation building about 6.17 lakh sq. ft. in Chandivali, Mumbai, with a completion period of 3 years.

Kalpataru Projects International shed 1.01%. The company said that it, along with its international subsidiaries, has secured new orders worth approximately Rs 2,332 crore.

Aurobindo Pharma shed 0.19%. The company's wholly owned step-down subsidiary, Eugia Pharma B.V., incorporated a new wholly owned subsidiary in Chile, named Eugia Pharma Chile SpA.

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