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Below the Perspective on Markets 29th Sept 2025 by Mr. Vikram Kasat, Head - Advisory, PL Capital

“The BSE closed at 80,364, ending the day with a mild positive bias, as markets attempted a rebound after last week’s sharp decline. Headline gains were driven largely by energy, oil & gas, and selective cyclicals, while defensive and consumption names underperformed. The energy / oil & gas complex led sectoral gains today, aided by steady crude price outlook, optimism around upstream discoveries (e.g. natural gas finds), and favorable earnings expectations. In contrast, FMCG / consumer staples lagged — with heavyweight names like Hindustan Unilever seeing weakness on cautious growth guidance and distribution-channel disruptions due to tax impacts.

Financials and banking stocks offered mixed support; although rate expectations continue to dominate narrative, credit growth concerns and macro prudence kept gains in check. Mid- and small-caps participated modestly, as investors rotated into pockets of value. On broader drivers, despite lingering foreign outflow pressure and U.S. visa / tariff uncertainties, absence of fresh negative catalysts over the weekend gave markets room to stabilize. Also, investor focus has shifted to the upcoming RBI policy outcome, which could set the near-term direction. Today’s close reflects a tentative recovery phase, but with persistent caution underlying; sectors with strong earnings levers and commodity linkage outperformed, while consumption and defensives remained under pressure.”

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