October 24, 2025 | IT-Led Rally, Trade Détente Hopes, and Crude-Driven Volatility

Good Morning & Market Recap

Indian markets extended their winning streak to six consecutive sessions on Thursday, though benchmarks pared early gains to close nearly flat amid selective profit-booking. The Sensex scaled a fresh 52-week high of 85,290 intraday before settling at 84,556.40, up 130 points, while the Nifty touched 26,104 before closing at 25,891.40. GIFT Nifty futures indicate a positive start today, trading at 26,011.50, up 51.50 points as of 2:44 AM IST.

What’s different today?
Global sentiment has improved after confirmation of a Trump–Xi meeting eased US–China trade war fears, while US markets rallied overnight with tech stocks leading gains. Oil prices spiked 4–5% on Washington’s sanctions against two Russian oil giants, raising global supply concerns.

Key watch factors

• Twenty-one companies including SBI Life Insurance, Dr Reddy’s Laboratories, Coforge, and SBI Cards report Q2 FY25–26 earnings today
• FII/DII flows after recent volatility — FPIs turned net sellers (₹1,165.94 crore), while DIIs continued buying (₹3,893.73 crore)
• Midwest Limited IPO listing debut on BSE and NSE
• Sectoral rotation into IT (up 2.2% yesterday) and crude oil’s impact on OMC margins

Tech Pulse

Infosys Rallies 4% as Promoters Skip ₹18,000 Crore Buyback

Infosys shares surged nearly 4% on Thursday after the company’s promoter group, including co-founders Narayana Murthy and Nandan Nilekani, announced they would not participate in the ₹18,000 crore share buyback program. The decision, communicated via letters dated mid-September 2025, is being interpreted as a strong signal of confidence in long-term growth prospects.

The buyback — India’s largest by Infosys — will repurchase up to 10 crore shares at ₹1,800 per share under the tender route. The development propelled the broader IT sector, with the Nifty IT index closing 2.21% higher. HCL Technologies and TCS gained over 2% each, supported by optimism around a potential India–US trade agreement that could benefit IT services exports. Analysts at SMC Global Securities expect a low acceptance ratio of 6–20% for retail shareholders due to heavy subscription.

India’s First Semiconductor Chip by December 2025

India’s semiconductor ambitions advanced meaningfully after Minister of State for Electronics and IT Jitin Prasada confirmed that the first “Made in India” packaged chip is expected by December 2025. The government has approved 10 manufacturing projects across six states under the ₹76,000 crore Semicon India programme, potentially creating 29,000 jobs.

Budget allocation includes ₹629 billion (97% of earmarked funds) committed to chip production, ₹100 billion for modernising the Semiconductor Laboratory in Mohali, and ₹10 billion for design-linked incentives.

Actionable trigger
Monitor IT sector momentum ahead of upcoming TCS and Infosys earnings. Technical resistance for Nifty IT lies at 40,800–41,000. Watch for official updates from ongoing India–US trade negotiations.

Funding Radar

Indian startups raised ₹2,045 crore across 24 deals during October 10–16, 2025, with the top five transactions accounting for nearly 80% of total funding. This highlights continued investor preference for late-stage and growth-stage investments amid global volatility.

Top funding deals (Oct 10–16, 2025)

• Kuku FM (Mebigo Labs): ₹747 crore Series D led by Vertex Ventures, Krafton, IFC
• Dezerv (Wealth Management): ₹350 crore Series C from Premjiinvest, Accel India, Elevation Capital, Z47
• Hunger Inc (Cloud Kitchen): ₹215 crore from Lighthouse Fund and DSG Consumer Partners
• HouseEazy (PropTech): ₹150 crore Series B led by Accel India, Chiratae Ventures, Antler India
• SpeakX (EdTech): ₹142 crore Pre-Series B from WestBridge Capital, Elevation Capital, Goodwater Capital, Ronnie Screwvala

IPO Watch: Midwest Limited Listing Today

The primary market remains active with Midwest Limited debuting on the exchanges today. The quartz processing company’s IPO saw strong demand with an oversubscription of 87.9 times, driven by institutional and non-institutional participation. The issue price was ₹1,065 per share, with grey market trends indicating a potential listing premium of around 10%.

Sectoral ripple effects
Capital continues flowing toward businesses with scalable unit economics and strong user bases, particularly in fintech, consumer innovation, and digital-first models.

Market Movers & Watchlist

Sectoral Snapshot (Oct 23, 2025)

Gainers

• Nifty IT index: +2.21%
• Private Bank index: +0.5%
• Media and FMCG posted modest gains
• Bank Nifty closed at 58,314.55, advancing toward the 59,000 mark

Decliners

• Oil & Gas index: −0.6% on profit-booking in Reliance Industries, ONGC, and OMCs
• Healthcare and Pharma saw selling pressure amid rotation into cyclicals

Stock-Specific Action

Top Gainers (Sensex)
Infosys (+4%), HCL Technologies (+2.5%), TCS (+2.2%), Axis Bank (+2.5%), Kotak Mahindra Bank (+1.5%), Titan (+1.2%)

Top Losers (Sensex)
Eicher Motors (−3%), IndiGo (−2.5%), Bharti Airtel (−1.5%), Ultratech Cement (−1.2%), ICICI Bank (−1%), Reliance Industries (−1.5%)

Stocks in news

• Cipla: Agreement with Eli Lilly to distribute Tirzepatide in India
• Hero MotoCorp: Expansion into the UK market
• Syrma SGS: Acquiring KSolare Energy for ₹170 crore via Premier Energies

Actionable levels

• Nifty 50: Support 25,750–25,800 | Resistance 26,100–26,150
• Bank Nifty: Support 58,100–57,900 | Resistance 59,000–59,250
• Sensex: Support 84,200–83,950 | Resistance 85,300–85,600

Global Overnight Snapshot

US Markets Rally on Tech Strength

Wall Street closed higher with the S&P 500 up 0.6%, Dow Jones up 144 points (+0.3%), and Nasdaq Composite rising 0.9%. Gains were driven by technology stocks and improved sentiment following confirmation of a Trump–Xi meeting.

Major gainers included Nvidia, Oracle, Amazon, Alphabet, and Tesla. IBM declined following disappointing results.

Crude oil surged 5% after the US sanctioned Russia’s two largest oil producers, pushing Brent higher and lifting domestic crude prices by 4.51% to ₹5,414 per barrel.

Asian Markets

Asian equities were mixed. Hong Kong’s Chinese shares declined 0.4%, while Japan’s Nikkei fell 1.5% on Thursday. Friday’s Asian session is expected to open higher on easing trade tensions.

Currency & commodities

• INR range: 87.67–88.06 per USD
• Gold: $4,142.1/oz (+1.02%), up 10.21% MTD

Deep Dive — India’s Semiconductor Revolution

India’s journey toward semiconductor self-reliance accelerated after confirmation that the first domestically produced chip will roll out by December 2025. The ₹76,000 crore Semicon India Mission has approved 10 projects covering fabs, packaging, compound semiconductors, and OSAT facilities.

India’s semiconductor market is projected to grow from $38 billion (2023) to $45–50 billion by 2025 and exceed $100 billion by 2030.

Competitive positioning
India benefits from a large domestic electronics market, strong design talent (over 20% of global chip design workforce), and government incentives. Initial focus will be on mature nodes (28nm–65nm) before advancing further.

Investment view
Ancillary sectors — electronics manufacturing services, specialty chemicals, industrial automation, and precision engineering — offer indirect exposure. Execution timelines and commercialisation milestones remain key catalysts.

What to Watch Today (October 24, 2025)

Earnings Calendar

SBI Life Insurance, Dr Reddy’s Laboratories, Coforge, SBI Cards & Payment Services, ITC Hotels, Aditya Birla Sun Life AMC, eClerx Services

IPO Listing

• Midwest Limited debuts on BSE and NSE at 10:00 AM IST

Corporate Actions

• Bharat Rasayan (board meeting: split/bonus)
• eClerx Services (buyback)

Macro & Global Triggers

• No major domestic data releases
• US CPI data due Friday evening (IST)
• Ongoing monitoring of US–China trade developments

Quote of the Day

“The promoters’ decision to stay out of the Infosys buyback is a strong signal of trust in the company’s long-term growth potential.”
— Seema Srivastava, Analyst, SMC Global Securities (October 22, 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 as per editorial standards. Investors should conduct independent research and consult financial advisors before making investment decisions. Oorjita FinAI Services is not liable for any decisions based on this content. Markets are subject to volatility and past performance does not guarantee future results.

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