October 28, 2025 | Earnings Heavy Day, Reliance–Meta AI Push, and Nifty Near Record Highs

Good Morning & Market Recap

Indian equity markets are set for a flat to marginally positive opening on Tuesday morning, with GIFT Nifty futures trading at 26,055.50, up 39.50 points (+0.15%), signaling continuation of Monday’s bullish momentum. The previous session witnessed strong broad-based buying, as the Nifty 50 surged 170.90 points (+0.66%) to close at 25,966.05, while the Sensex rallied 566.96 points (+0.67%) to 84,778.84.

What’s different today: Markets are digesting Wall Street’s fresh all-time highs alongside emerging optimism around a US–China trade deal framework, which has injected global risk appetite. Domestically, attention shifts to a heavy Q2 earnings calendar featuring TVS Motor, M&M Financial Services, IOC, Mazagon Dock, and Blue Dart. Additionally, the Reliance–Meta AI joint venture, officially incorporated on October 24 with ₹855 crore investment, is lifting corporate sentiment.

Key watch factors today:
Global cues from Asian markets (mixed start), crude oil stability near $62/barrel (Brent at $65.44), USD/INR pressure at 88.24, and sectoral rotation following Monday’s outperformance in PSU Banks (+2.22%), Realty (+1.46%), and Metals (+1.16%).

Tech Pulse

India’s Tech Sector Shows Strategic Reset

India’s technology sector recorded $1.48 billion in deals during Q3 2025, marking an 80-deal quarter (up 33% QoQ) with a clear pivot from volume-led to value-driven, theme-focused investments, according to Grant Thornton Bharat. High-value transactions exceeding $50 million quadrupled in volume and increased fivefold in value versus Q2, highlighting strong investor appetite for AI, SaaS, and enterprise automation.

Startup funding momentum: Between October 20–25, Indian startups raised $312 million across three major deals, led by Uniphore’s $260 million Series F backed by NVIDIA, AMD, Snowflake, and Databricks. UnifyApps raised $50 million Series B from WestBridge Capital, while Michezo Sports secured $2.5 million. India Quotient closed its $129 million fifth fund, double the size of its previous corpus, targeting pre-seed and idea-stage startups across SaaS, fintech, D2C, and agritech.

Semiconductor acceleration: India’s semiconductor ecosystem now hosts 405+ startups, with funding rising to $28 million in 2024 (from $5 million in 2023), targeting a $150 billion market by 2030. The ₹76,000 crore India Semiconductor Mission and Design Linked Incentive (DLI) scheme are nurturing 50+ design houses, with Sanand OSAT (Gujarat) and Micron ATMP (Tamil Nadu) expected to be operational by early 2025.

Actionable trigger: Track SEBI approvals for tech IPOs—Shadowfax has received approval, while Meesho has filed an updated DRHP comprising ₹4,250 crore fresh issue and 17.56 crore shares OFS.

Funding Radar

Reliance–Meta AI JV Takes Center Stage

Reliance Industries and Meta Platforms have officially launched Reliance Enterprise Intelligence Limited (REIL), incorporated on October 24, 2025, with an initial investment of ₹855 crore (~$102.6 million). The 70:30 JV (RIL majority) combines Meta’s open-source Llama AI models with Reliance’s enterprise ecosystem to deliver sovereign AI solutions for Indian businesses.

Announced by Mukesh Ambani at RIL’s 48th AGM (August 2025), REIL aims to democratize enterprise-grade AI across SMEs and large corporates. Mark Zuckerberg highlighted the JV’s role in translating open-source AI into real-world applications for Indian developers. The venture will leverage Reliance’s telecom networks, cloud infrastructure, and sector reach.

Sectoral ripple: The JV positions India as a hub for enterprise AI innovation, potentially triggering similar partnerships across AI-driven automation, customer engagement, and predictive analytics.

Market Movers & Watchlist

Sectoral Strength and Stock Action

Monday’s top performers: SBI Life Insurance, Bharti Airtel (+3%), Reliance Industries, SBI (+2%), and Eternal led gains. Nifty PSU Bank surged 2.22%, Oil & Gas rose 1.52%, Realty advanced 1.46%, and Metals climbed 1.16%. BSE Midcap (+0.7%) and Smallcap (+0.5%) confirmed broad participation.

Laggards: Bharat Electronics, Kotak Mahindra Bank, Infosys, Adani Ports, and Bajaj Finance closed lower. Pharma and Media underperformed.

Stocks in focus today: Vodafone Idea, Adani Energy Solutions, KFin Technologies, Tata Chemicals, RVNL, IOC, Mazagon Dock, TVS Motor, M&M Financial Services, and Blue Dart amid Q2 earnings and corporate updates.

Actionable watch levels:

• Nifty support: 25,700–25,900
• Resistance: 26,000 → 26,100 → record high 26,277
• Bank Nifty futures: 58,263.40 (+0.97%)

Quick Bytes (Global / Off-Radar)

US–China trade optimism: The S&P 500 closed above 6,800 for the first time at 6,875.16 (+1.23%), driven by expectations of a comprehensive trade framework.

Asia pauses: Nikkei 225 slipped 0.47% from record highs, while Kospi fell 1.4% amid profit-taking ahead of earnings and rate decisions.

Gold cools: Spot gold near $4,083/oz, marking its first weekly decline in 10 weeks as safe-haven demand eased.

Crude supported: WTI near $62/barrel, Brent at $65.44, backed by US sanctions on Russia and lower Indian imports of Russian crude.

Deep Dive – India’s Startup Ecosystem 2025: From Valuation to Value

The Disciplined Growth Phase

By October 2025, India hosts over 1.9 lakh DPIIT-recognized startups, generating 16.6 lakh jobs. Despite global funding headwinds, India remains the third-largest startup hub globally after the US and China.

Funding reality check: Startups raised $4.8–5.7 billion in H1 2025, with $7.7 billion through Q3. Investor focus has shifted to capital efficiency, AI, SaaS, enterprise automation, and profitable unit economics.

Policy tailwinds: MoUs with Kotak Mahindra Bank and Primus Partners, CGSS fee cuts, and a ₹10,000 crore expansion of the Fund of Funds for Startups are improving capital access.

Geographic dispersion: Innovation is spreading beyond Bengaluru and Delhi-NCR into Tier-2 and Tier-3 cities, enabled by India Stack, UPI, and Aadhaar.

Investor baseline metrics:

• SaaS: ARR growth >100% YoY (early stage), NRR >120%
• Fintech: CAC payback <6 months, LTV:CAC >3:1
• D2C: Gross margin >40%, repeat rate >30%
• Enterprise AI: Falling CAC, deployment <90 days

Actionable takeaway: Prioritize startups showing clear product-market fit, retention strength, and path to profitability. Sustainable compounding has replaced growth-at-any-cost.

What to Watch Today

Macro Calendar

• Germany: IFO Business Climate Index (Oct)
• UK: CBI Retail Sales (Oct)
• China: Industrial profits (Sep)

Domestic Events

• Q2 FY26 earnings: TVS Motor, M&M Financial Services, Tata Capital, IOC, Mazagon Dock, Blue Dart, KFin Technologies, RVNL, Tata Chemicals, Vodafone Idea, Adani Energy Solutions
• Market triggers: FII/DII flows, crude oil movement, USD/INR trajectory
• Technical levels: Support 25,700–25,900 | Resistance 26,000–26,100

Quote of the Day

“REIL embodies our ambition to democratize enterprise-grade AI. The power lies in combining Meta’s open-source Llama models with Reliance’s deep sector expertise and digital infrastructure.”
— Mukesh Ambani, Chairman & MD, Reliance Industries

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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 our editorial standards. Investors should conduct independent research and consult financial advisors before making investment decisions. Oorjita FinAI Services is not liable for any investment decisions based on this content. Markets are subject to volatility and past performance does not guarantee future results.

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