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Below the Daily Market Commentary for 3rd November 2025 by Siddhartha Khemka, Motilal Oswal Financial Services Ltd

Indian equities ended modestly higher on Monday, with the Nifty closing at 25,775 (+53 pts, +0.2%). Benchmark indices traded largely flat through the session as investors remained cautious amid mixed global cues. Broader markets outperformed — Nifty Midcap100 rose 0.8% and Smallcap100 gained 0.7%. Sectorally, most indices closed in green barring FMCG, Consumer Durables, and IT, which slipped marginally. Nifty Realty was the top gainer (+2.2%) as heavyweights advanced on the back of strong quarterly performance and sustained sales momentum, followed by PSU Banks (+2%) amid supportive policy developments and reports of potential sectoral mergers and consolidation. Nifty Pharma also rose (+1.3%) after witnessing two sessions of profit booking. Additionally, car sales hit record high, +17% YoY in October 2025 as festive cheer and GST cuts drive demand.  For the Nifty, 27 companies that have reported results so far, earnings have grown 5% YoY, marginally below estimates of +6%. Earnings of the 151 Motilal Oswal Research coverage companies grew 14% YoY in 2QFY26, ahead of our estimate of +9% YoY. Growth was primarily driven by Oil & Gas (+79%), Technology (+8%), Cement (+147%), Capital Goods (+17%), and Metals (+7%). On the data front, investors await India’s Manufacturing PMI later today and the US JOLTS job openings report tomorrow. Key earnings due tomorrow include State Bank of India, Mahindra & Mahindra, Adani Ports, InterGlobe Aviation, and Indian Hotels. Going forward, we expect market to track the ongoing earnings season, while any positive trigger on the India–US trade deal front could create favourable sentiments.

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