The headline equity indices ended with modest losses on Friday, snapping a six-day winning streak, after the government refrained from confirming reports of a potential US-India trade deal, which weighed on market sentiment. Profit booking by investors further dragged the Nifty below the 25,800 mark.

Private bank, FMCG and PSU bank shares declined, while metal, oil & gas and realty shares advanced.

As per provisional closing data, the barometer index, the S&P BSE Sensex fell 344.52 points or 0.41% to 84,211.88. The Nifty 50 index lost 96.25 points or 0.37% to 25,795.15. In the past six consecutive trading sessions, the Sensex gained 3.07% and the Nifty rose 2.96%.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index declined 0.26% and the S&P BSE Small-Cap index shed 0.19%.

The market breadth was negative. On the BSE, 1,862 shares rose and 2,315 shares fell. A total of 168 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 1.21% to 11.59.

Economy:

The HSBC Flash India Composite PMI Output Index fell to 59.9 in October from 61.0 in September (final), pointing to a moderation in private sector growth. The Services PMI Business Activity Index also eased to 58.8 from 60.9, while the Manufacturing PMI rose to a two-month high of 58.4 compared with 57.7 in September. The Manufacturing Output Index increased further to 62.4 from 61.1, indicating robust factory production.

The latest HSBC Flash PMI data highlighted the weakest expansions in aggregate new orders and output since May 2025, with international sales also rising to a lesser extent. Meanwhile, the rate of job creation was the joint-softest in a year and a half. Price trends were mixed, with input costs increasing at the weakest pace since June and charge inflation quickening since September. Businesses remained optimistic regarding growth prospects, though sentiment faded at the start of the third fiscal quarter.

Pranjul Bhandari, Chief India Economist at HSBC, said: The HSBC flash manufacturing PMI picked up a tad, likely on the back of GST rate cuts which are buoying domestic demand and curbing cost pressures. New orders and output, both, are above the average Jan-Jul levels. However, the drag from US tariff continues to show up in new export orders and future optimism, which remain below the Jan-Jul levels.

New Listing:

Shares of Midwest were at Rs 1,141.10 on the BSE, representing a premium of 7.15% as compared with the issue price of Rs 1,065.

The stock was listed at Rs 1,165.10, exhibiting a premium of 9.4% to the issue price.

The stock has hit a high of 1,189.50 and a low of 1,123.60. On the BSE, over 5.67 lakh shares of the company were traded in the counter.

Buzzing Index:

The Nifty Private Bank index fell 0.74% to 28,357. The index rose 0.49% in the past trading session.

Kotak Mahindra Bank (down 1.74%), Axis Bank (down 1.34%), HDFC Bank (down 1.33%), IDFC First Bank (down 0.94%), Bandhan Bank (down 0.78%), IndusInd Bank (down 0.60%), RBL Bank (down 0.46%), Federal Bank (down 0.14%) and Yes Bank (down 0.09%) declined.

Stocks in Spotlight:

Colgate Palmolive (India) slipped 2.04% after the company reported 17.09% decline in standalone net profit to Rs 327.51 crore on 6.33% fall in revenue from operations to Rs 1,507.24 crore in Q2 FY26 over Q2 FY25.

Larsen & Toubro (L&T) shed 0.33%. The company's Minerals & Metals (M&M) vertical has secured multiple orders across India, with contract values ranging between Rs 2,500 crore and Rs 5,000 crore, as per the company's internal classification.

Sagar Cements dropped 5.67%. The company's consolidated net loss narrowed to Rs 42.31 crore in Q2 FY26 compared with net loss of Rs 55.56 crore in Q2 FY25. Revenue from operations jumped 26.68% YoY to Rs 601.86 crore in Q2 September 2025.

PTC India Financial Services soared 13.66% after the NBFC's consolidated net profit jumped 86.18% to Rs 88.14 crore in Q2 FY26 from Rs 47.34 crore reported in Q2 FY25. However, total revenue from operations declined 19.32% year on year to Rs 131.84 crore in the quarter ended 30 September 2025.

South India Paper Mills surged 15.85% after the company reported consolidated net profit of Rs 2.81 crore in Q2 FY26 compared with net loss of Rs 1.21 crore in Q2 FY25. Revenue from operations increased 9.62% YoY to Rs 111.56 crore in Q2 September 2025.

Crompton Greaves Consumer Electrical rose 0.88%. The company has bagged an order worth Rs 445 crore from NREDCAP to implement solar rooftop systems across 5 divisions in Andhra Pradesh- Kovur, Tirupati Rural, Puttur, Chittoor (O) and Chittoor (R).

Shanthi Gears shed 0.05%. The company's standalone net profit tumbled 16.07% to Rs 21.51 crore on 14.94% fall in revenue from operations to Rs 131.91 crore in Q2 FY26 over Q2 FY25.

Aditya Birla Sun Life AMC declined 2.31%. The company's consolidated net profit marginally fell 0.42% to Rs 241.32 crore in Q2 FY26 as against Rs 242.34 crore in Q2 FY25. However, revenue from operations jumped 8.74% year on year to Rs 461.32 crore in Q2 FY26.

Refex Industries rallied 3.41% after bagging an order worth Rs 300 crore from a large mining entity in Jharkhand for removal of overburden (OB), excavation, and transportation of coal.

BEML rose 0.79%. The company signed a memorandum of understanding (MoU) with Tesmec S.p.A., Italy, to introduce Surface Miner equipment for mining applications.

Titan Intech hit an upper limit of 5% after the company signed a strategic tech partnership with MIC Co. Ltd. of South Korea.

Global Markets:

European market declined on Friday as investors will be monitoring a swathe of reports today, including from Saab, ENI, Sanofi, truckmaker Volvo Group, and Porsche.

Asia-Pacific markets closed higher, driven by gains in technology stocks, after reports that U.S. President Donald Trump will meet Chinese President Xi Jinping next week helped ease trade tensions.

U.S. Press Secretary Karoline Leavitt reportedly confirmed that President Trump will travel to Malaysia, Japan, and South Korea, with media reports stating he will meet President Xi next Thursday. This meeting is set to occur after Trump speaks at the Asia-Pacific Economic Cooperation CEO Summit.

In Japan, the core inflation rate accelerated to 2.9% in September, marking the first increase since May and rising from 2.7% in August. Japan's core inflation metric excludes fresh food prices but includes energy costs. The country's headline inflation also climbed to 2.9% from 2.7% the previous month.

Overnight, the three major averages closed higher. The S&P 500 climbed 0.58% to close at 6,738.44, boosted by tech stocks, after a batch of strong earnings results.

The Dow Jones Industrial Average traded up 144.20 points, or 0.31%, to finish at 46,734.61. The Nasdaq Composite outperformed, rising 0.89% to settle at 22,941.80, seeing support from the gains in Nvidia, Broadcom and Amazon. A nearly 3% jump in shares of fellow artificial intelligence player Oracle also boosted sentiment.

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