The headline equity benchmarks traded with decent gains in early afternoon trade, sustaining upward momentum after the central bank recently lowered its FY26 inflation forecast and raised its GDP growth projection. Investors will monitor the quarterly business updates, IPOs activity and upcoming quarterly earnings season.

The Nifty traded near the 25,000 level. Private Bank shares extended their winning streak for the fourth consecutive trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex advanced 388.80 points or 0.48% to 81,595.97. The Nifty 50 index added 110.50 points or 0.44% to 25,002.30.

In the broader market, the S&P BSE Mid-Cap index rose 0.29% and the S&P BSE Small-Cap index fell 0.19%.

The market breadth was negative. On the BSE, 1,770 shares rose and 2,295 shares fell. A total of 196 shares were unchanged.

Economy:

The seasonally adjusted HSBC India Services PMI Business Activity Index stood at 60.9 in September 2025 as against 62.9 in August, however, the latest figure showed a loss of growth momentum.

The HSBC India Composite PMI Output Index slipped from 63.2 in August to 61.0, indicating the weakest rate of expansion since June. India's private sector continued to experience robust growth, but there were softer increases in new orders, international sales, business activity and employment during September.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, added 2.93% to 10.36. The Nifty 28 October 2025 futures were trading at 25,119, at a premium of 116.7 points as compared with the spot at 25,002.30.

The Nifty option chain for the 28 October 2025 expiry showed a maximum call OI of 49.4 lakh contracts at the 25,000 strike price. Maximum put OI of 48.2 lakh contracts was seen at 25,000 strike price.

Buzzing Index:

The Nifty Private Bank index rose 1.13% to 27,464.55. The index jumped 3.98% in the four consecutive trading session.

Axis Bank (up 2.4%), Kotak Mahindra Bank (up 1.57%), IDFC First Bank (up 1.55%), HDFC Bank (up 0.84%) and Federal Bank (up 0.63%) and Yes Bank (up 0.32%) added.

On the other hand, IndusInd Bank (down 0.75%), Bandhan Bank (down 0.55%) and RBL Bank (down 0.22%) down.

Stocks in Spotlight:

Krystal Integrated Services (KISL) rallied 3.56% after it has secured twin contracts worth approximately Rs 157 crore from the Directorate of Education, Government of NCT of Delhi.

JTL Industries fell 2.30% after the company said that it has recorded sales volume of 81,593 MT in Q2 FY26, which is lower by 20.93% as compared with sales volume of 103,193 MT in Q2 FY25.

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