October 10, 2025 | Earnings Focus, Space Tech Momentum, and Cautious Global Cues

Good Morning & Market Recap

Indian markets are poised for a cautious start this Friday as GIFT Nifty futures signal a muted opening amid weak global cues and the ongoing U.S. government shutdown entering its ninth day. Benchmark indices staged a sharp recovery on Thursday, with Nifty closing near 25,200 and Sensex gaining 398 points, led by broad-based buying across pharma, metals, PSU banks, and IT sectors.

What’s different today? Focus shifts to quarterly earnings reactions, particularly TCS which beat revenue estimates, while investors navigate the absence of U.S. economic data due to the federal shutdown.

Key watch factors include Q2 earnings momentum, global rate cut expectations (94.6% probability of a 25 bps Fed cut on Oct 28–29), and sectoral rotation into defensives.

India (Thu close): Nifty 25,182 (+0.54%), Sensex 82,172 (+0.49%); broad green with IT and metals firm ahead of TCS.

Overnight: Wall Street slipped into earnings; Asia mixed this morning; gold cooled from fresh records; Brent steady around the 65–66 range. Net read-through: risk tone softer but orderly.

Today’s setup (08:10 IST): GIFT Nifty around 25,241 (-0.1%) telegraphs a muted to flat start.

Tech Pulse

Google’s $10 Billion India Bet: Google announced plans to build Asia’s largest data centre cluster in Visakhapatnam, Andhra Pradesh, marking one of the biggest tech infrastructure investments in India’s AI and cloud computing push. The move underscores global tech giants’ commitment to India’s digital infrastructure backbone.

Karnataka Space Tech Leadership: Karnataka signed a memorandum with the Indian Space Research Organisation (ISRO) to establish India’s first state-level Centre of Excellence in Space Technology, positioning Bengaluru as the epicentre of the country’s NewSpace revolution. The initiative aims to accelerate private sector participation in satellite technology and launch services.

Google Pixel 10 Pro Fold Launch: Google commenced sales of its Pixel 10 Pro Fold (₹1,72,999) and Pixel Buds 2a (₹12,999) in India, with the foldable flagship offering HDFC Bank cashback up to ₹13,000. Separately, Google rolled out its AI-powered Search Live feature in India (English and Hindi), marking its first expansion outside the U.S. for real-time voice-based conversational search.

Actionable trigger: Monitor India’s semiconductor policy updates and Google’s data centre timeline announcements for sectoral plays in IT infrastructure and real estate; watch for IT sector earnings guidance for Q3 demand outlook.

Funding Radar

India’s startup ecosystem continues its selective funding trajectory in 2025, with year-to-date funding reaching an estimated $11–12 billion across roughly 800 deals through September, reflecting cautious optimism post-2024’s recovery. Fintech dominates capital allocation, with H1 2025 seeing $1.6 billion deployed (+56% YoY), driven by credit, wealthtech, and embedded finance models.

AI emerges as H2’s breakout theme, with generative AI, SaaS productivity tools, and applied AI in logistics and healthcare attracting significant late-stage capital. E-commerce logged 109 deals in H1 2025, leading all sectors in deal activity despite valuation compression in consumer tech.

Sectoral ripple: The shift toward growth-stage funding (over $2 billion in H1 2025) and 11 mega deals ($100M+, up 57% YoY) indicates investor preference for proven unit economics over early-stage experimentation, pressuring seed and Series A startups to demonstrate traction faster. Clean energy, healthtech, and logistics platforms remain active but face extended fundraising cycles.

Market Movers & Watchlist

Thursday’s top performers: HCL Technologies, JSW Steel, and Tata Steel led Nifty gains, while SBI Life Insurance and InterGlobe Aviation added to momentum as sectoral indices closed in the green. Pharma, oil & gas, realty, metals, and PSU banks rose 0.5–1%.

Laggards: Tata Consumer, Axis Bank, Maruti Suzuki, Titan Company, and Bharti Airtel.

TCS post-earnings watch: TCS reported Q2 FY26 revenue of ₹65,799 crore (beat estimates of ₹65,069 crore), up 3.7% QoQ, with operating margin expanding 70 bps to 25.2%. PAT stood at ₹12,075 crore, up 1.4% YoY but below estimates of ₹12,573 crore. The company declared an interim dividend of ₹11 per share (record date: Oct 15, payment: Nov 4) and reported robust TCV of $10 billion, signaling steady demand in BFSI and Technology Services.

Actionable levels: Watch for TCS above ₹3,066 for continuation; defensive IT plays remain attractive amid global rate cut optimism.

Sectoral heatmap: BSE Midcap Index outperformed with +0.75% gains, while the Smallcap Index ended flat, reflecting selective buying amid valuation concerns.

Quick Bytes (Global / Off-Radar)

Reports of an Israel–Hamas ceasefire pushed crude oil lower, with Brent trading near $65.52 per barrel as geopolitical risk premium eased. Gold retreated below $4,000 after hitting record highs, with profit-taking evident.

The U.S. shutdown entered day nine after repeated failures to pass temporary funding, delaying key economic data and keeping markets reliant on Fed commentary and earnings.

Asian markets diverged, with South Korea’s Kospi surging after reopening from holidays, while China, Hong Kong, and Japan tracked Wall Street consolidation.

Deep Dive – India’s Space Tech Ecosystem Takes Off

India’s space technology sector is witnessing a structural shift with Karnataka establishing a state-level Centre of Excellence in partnership with ISRO. India’s space economy is projected to grow from $8.4 billion in 2023 to $44 billion by 2033, with private participation rising sharply following 2020 reforms.

While the U.S. and China remain far larger, India’s cost advantage positions it competitively in small satellite and rideshare launches. Domestic players are scaling, while PSU defense contractors and IT infrastructure firms may emerge as indirect beneficiaries.

What to Watch Today

Earnings calendar: Elecon Engineering, Indosolar, Waaree Renewable Technologies, Yash Highvoltage, and GK Energy report Q2 results. Post-earnings reactions for TCS and Tata Elxsi remain in focus.

IPO activity: Canara HSBC Life Insurance opens for subscription; WeWork India Management lists; LG Electronics India allotment basis to be finalized. SME IPOs SK Minerals & Additives and Sihora Industries open, while NSB BPO Solutions lists.

Global cues: U.S. markets remain data-starved due to the shutdown; Fed speakers and Q3 earnings will drive sentiment. Asian markets track Wall Street consolidation, with key Nifty levels at 25,200 resistance and 24,900 support.

Macro events: No major domestic data releases; global focus remains on the Fed rate cut timeline and U.S. shutdown resolution.

Quote of the Day

“The quarter also saw a robust Total Contract Value (TCV) of US$10 billion... TCS continued to strengthen its global client relationships through expanded strategic partnerships.”
— TCS Management Commentary, Q2 FY26 Earnings (October 9, 2025)

Compliance & Disclaimer

This newsletter is for informational purposes only and does not constitute investment advice. Market data is sourced from multiple verified platforms and cross-validated per editorial standards. Investors should conduct independent research and consult financial advisors before making investment decisions. Oorjita FinAI Services is not liable for any losses arising from the use of this information. Past performance does not guarantee future results.

‍