Research Report : Indian Financial Markets Outlook – 28th October 2025

 Ravi Bhatt
Sebi Registered Research Analyst - INH000012591
Website - www.capsavaj.com

Global stock markets retreated after record high

In the early morning session, the GIFT Nifty is trading marginally higher at 26,060, indicating a muted open for the benchmark Nifty 50. US and European index futures are trading higher during Asian trading hours. Equity indices in Japan and South Korea retreated from record highs. The yen gained after seven consecutive days of weakening, as a minister stated that the government would monitor the currency’s weakness.

S&P 500 futures trade flat Euro Stoxx 50 futures trade flat The Nifty ended in the green on Monday. At the close, the Sensex rose 566.96 points, or 0.67%, to 84,778.84, while the Nifty rose 170.9 points, or 0.66%, to 25,966.05. During the day Sensex rose 0.85% to 84,932.08 and Nifty briefly touched the 26,000 mark. Investor sentiment remained upbeat, supported by signs of improving economic momentum, festive-season consumption, and steady government spending.

Fundamental Update

• Indian Oil Q2FY26 (QoQ) Revenue down 7.3% to Rs 1.79 lakh crore vs Rs 1.93 lakh crore Ebitda up 15.7% to Rs 14,583 crore vs Rs 12,607 crore. Positive

• Sona BLW – Q2FY26 (YoY) Revenue up 23.4% to Rs 1,138 crore vs Rs 922 crore Ebitda up 12.7% to Rs 284 crore vs Rs 252 crore. Positive

• Adani Energy – Q2FY26 (YoY) Revenue up 6.7% to Rs 6,594 crore vs Rs 6,184 crore Ebitda up 28.1% to Rs 2,289 crore vs Rs 1,787 crore. Positive

• Indus Towers – Q2FY26 (YoY) Revenue up 9.7% to Rs 8,188 crore vs Rs 7,465 crore Ebitda down 6% to Rs 4,613 crore vs Rs 4,907 crore. Negative

Technical Update

• NIFTY – Nifty resumed upward journey with index touching 26K level before settling at 25,966 on Monday. Index is well supported at 25,800 and 26,150 is strong resistance. Today’s range – 25,800 – 26,100.

• BANKNIFTY – Bank nifty too bounced back above 58K and closed at 58,115 on Monday. RBI allowed 49% holding by FIIs in PSU banks spurred interest in PSU bank counters. Today’s range – 58,000 – 58,650.

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