Sensex, Nifty end lower as profit booking, weak global cues weigh; Adani Ports, Bajaj twins among top gainers

Indian benchmark indices ended slightly lower on Monday, snapping a two-day winning streak, as weak global cues and profit booking at higher levels capped gains despite selective buying in auto, financial, and telecom stocks.

At the close, BSE Sensex was down 173.8 points, or 0.2 percent, at 82,327, while NSE Nifty slipped 58 points to 25,227.4. Market breadth remained negative, with 1,619 stocks advancing, 2,478 declining, and 154 unchanged. The India VIX rose nearly 9 percent to 11.00, signalling a rise in near-term volatility.

Top gainers, losers: Adani Ports, Bajaj twins lead; Tata Motors, Infosys drag

Adani Ports and Special Economic Zone (APSEZ) stock emerged as the top Nifty gainer, rising 1.6 percent to Rs 1,432.40 after UK-based brokerage Investec initiated coverage with a ‘buy’ rating and a target price of Rs 1,715, implying a 22 percent upside. The stock continued to attract strong investor interest through the day.

Among other gainers, Bajaj Auto and Bajaj Finance shares climbed 1.3 percent each, while Shriram Finance, InterGlobe Aviation, Bharti Airtel, Bajaj Finserv, Axis Bank, NTPC, and Maruti Suzuki also ended higher. Auto stocks held firm, with Bajaj Auto up 1.5 percent and Hero MotoCorp gaining 1.1 percent.

On the downside, Tata Motors, Infosys, Hindustan Unilever, Wipro, and Power Grid Corp were among the top losers, falling between 1 and 3 percent. FMCG, IT, and consumer durables stocks were the biggest drags on the indices.

Sectoral trend: FMCG, IT under pressure; PSU banks, banks inch higher

Sectorally, the Nifty FMCG and Nifty IT indices declined 0.9 percent and 0.8 percent, respectively, followed by consumer durables and energy. The Nifty Bank index managed to close marginally higher, up 0.1 percent, supported by gains in Axis Bank and SBI. PSU Bank and Private Bank indices also rose 0.2 percent and 0.1 percent, respectively.

Trade tensions, valuations weigh on sentiment

Markets remained cautious as renewed trade tensions between the US and China continued to unsettle investors, even as sentiment abroad showed early signs of stabilising. US President Donald Trump’s announcement of a 100 percent tariff on Chinese imports effective November 1 had triggered a sell-off last week, but risk appetite improved after he softened his stance and signalled a willingness to negotiate.

US futures recovered sharply, with S&P 500 futures up 1.4 percent and Nasdaq 100 contracts gaining as much as 2.3 percent, while gold prices hit a fresh record high of $4,070 an ounce. The rebound in global equities, however, failed to lift Indian markets, which remained weighed down by profit-taking after their best weekly performance in nearly three months.

“Expensive valuations and tepid EPS growth imply the risks are not fully priced in,” said Venkatesh Balasubramaniam, Managing Director and Head of Research at JM Financial Institutional Securities. In an interview with Moneycontrol, he said that the market was trading at around 22.8x FY26 earnings, and it may find it difficult to sustain new highs if earnings growth remains muted.

Other highlights

• Tata Capital made its much-anticipated market debut, listing at Rs 330 -- a 1.2 percent premium to its IPO price -- after raising Rs 15,512 crore through India’s biggest listing of 2025 so far.


• Gold futures on the MCX hit a record Rs 1,23,680 per 10 grams as investors shifted to safe-haven assets.
  Analysts pegged near-term Nifty support at 25,230-25,215, with resistance seen near 25,460.


• Broader markets ended mixed, with the Nifty Midcap 100 index up 0.05 percent and the Nifty Smallcap 100 down 0.17 percent.

---