Last week, Nifty ended with a loss of 230 points at 25,492 (-0.9%) amid profit booking after healthy gains witnessed in October.
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This week, Indian equities are expected to remain range-bound tracking mixed global cues, while optimism around better-than-expected corporate earnings and any progress in India–US trade talks could provide upside support. This week, focus will be on the last leg of quarterly results from index heavyweights, including Bajaj Finance, TATA Steel, ONGC, Asian Paints, and Hero Motocorp. Key macro events to watch include the US CPI, India’s WPI, and UK GDP data, which could provide direction to the market.
Last week, Nifty ended with a loss of 230 points at 25,492 (-0.9%) amid profit booking after healthy gains witnessed in October. The broader market showed signs of consolidation, as the Nifty Midcap100 ended flat while the Nifty Smallcap100 edged down 0.1%. Nifty PSU Banks index continued its upward momentum, with gains of 2% supported by strong results, supportive policy developments and plans of fundraising.
Earnings momentum showed steady progress in 2QFY26. For the Nifty, earnings of the 27 companies that reported till October 31, 2025, grew 5% YoY, in-line with our estimates of 6%. We expect overall Nifty PAT to grow around 6% YoY in 2QFY26 and EPS growth of 9%/16% in FY26/FY27. Across the Motilal Oswal Research coverage universe, earnings of 151 companies that had reported their numbers, grew 14% YoY, ahead of our estimate of 9%. Multiple mid-cap sectors clocked impressive growth, including PSU Banks, Real Estate, NBFCs, Technology, Cement and Metals.
Meanwhile, discussions on the India–EU Free Trade Agreement (FTA) have entered an advanced stage, with a senior European Union delegation visiting New Delhi from November 3 to 7 to finalise key trade and investment frameworks.
After two quarters of easing competition, both Eternal and Swiggy are shifting focus back to growth, supported by fresh fundraises and renewed discount intensity. Though this resembles last year’s aggressive phase, the current cycle appears more controlled with fewer dark-store additions and improving store efficiency. Swiggy’s orders per store are expected to rise ~30% YoY, supporting margin gains. The food delivery segment continues to be a stable duopoly, with healthy 20–22% gross order value growth visibility.
India’s home broadband-based (HBB) market has surged nearly 3x to over 56 million subscribers as of September 2025, driven by affordable plans, hybrid work adoption, and OTT demand. Bharti Airtel and Reliance Jio dominate with ~62% market share, contributing ~86% of incremental net additions since 2019. With penetration still low at ~3–4%, the market is expected to double to Rs 65,000 crore by CY28, led by expanding fixed wireless access (FWA) and rising ARPU. Overall, India’s telecom sector stands on a strong structural foundation.
The Indian IPO market continues to gain traction, supported by strong investor interest Lenskart (28x oversubscribed), Studds (73x) and Groww (15x). Upcoming IPOs such as PhysicsWallah, and Mahamaya Lifescience further highlight a healthy pipeline. Markets are likely to remain range-bound with a mild positive bias, as investors track global developments and foreign fund flows.
(The writer is Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd)