Weekly Musings – Index performance for week ended October 31, 2025

3 Nov 2025 , 11:08 AM

FPIs were net buyers in equities worth $826 Million this week. During the week, the VIX rallied sharply from 11.59 to 12.15 levels, largely in the last 2 days of the week. Markets turned slightly edgy at higher levels, amid flow risk and continued US shutdown.

BSE SENSEX 30 INDEX – WEEKEND SELLING SPOILS THE MOOD

Date	Open	High	Low	Close
31-Oct-25	84,379.79	84,712.79	83,905.66	83,938.71
30-Oct-25	84,750.90	84,906.95	84,312.65	84,404.46
29-Oct-25	84,663.68	85,105.83	84,638.68	84,997.13
28-Oct-25	84,625.71	84,986.94	84,219.39	84,628.16
27-Oct-25	84,297.39	84,932.08	84,294.20	84,778.84
24-Oct-25	84,667.23	84,707.44	83,957.15	84,211.88
		Weekly Returns		-0.32%

Data Source: BSE

For the week, Sensex fell -273 points or -0.32%. This was largely due to the 1,000 points plus correction in Sensex in the last 2 days. Sensex touched a weekly high of 85,106 and a low of 83,906; closing near the lowest point of the week.

NIFTY 50 INDEX – FACES RESISTANCE AT 26,000 LEVELS

Date	Open	High	Low	Close
31-Oct-25	25,863.80	25,953.75	25,711.20	25,722.10
30-Oct-25	25,984.40	26,032.05	25,845.25	25,877.85
29-Oct-25	25,982.00	26,097.85	25,960.30	26,053.90
28-Oct-25	25,939.95	26,041.70	25,810.05	25,936.20
27-Oct-25	25,843.20	26,005.95	25,827.00	25,966.05
24-Oct-25	25,935.10	25,944.15	25,718.20	25,795.15
		Weekly Returns		-0.28%

Data Source: NSE

FPIs were net buyers of $826 Million in the week. However, Nifty faced psychological pressure at 26,000 levels and sold off. Nifty fell -73 points or -0.28% this week. Nifty touched a weekly high of 26,098 and low of 25,711; again, closing near the weekly lows.

NIFTY MID-CAP 100 INDEX – SHOWS SOME BUYING INTEREST

Date	Open	High	Low	Close
31-Oct-25	60,173.85	60,329.80	59,779.20	59,825.90
30-Oct-25	60,291.50	60,293.35	59,828.50	60,096.25
29-Oct-25	59,839.55	60,216.55	59,672.75	60,149.05
28-Oct-25	59,880.75	59,922.10	59,515.75	59,765.35
27-Oct-25	59,449.25	59,811.70	59,365.75	59,780.15
24-Oct-25	59,485.40	59,667.70	59,078.80	59,231.20
		Weekly Returns		+1.00%

Data Source: NSE

Mid-caps were up +1.00% as selective buying was still visible. Nifty Mid-cap index touched a weekly high of 60,330 and low of 59,366. The weekend correction was much milder in the mid-cap index as investors continued to look for pockets of alpha in the market.

NIFTY SMALL CAP 100 INDEX – A REPEAT OF THE PREVIOUS WEEK

Date	Open	High	Low	Close
31-Oct-25	18,518.75	18,569.45	18,365.20	18,380.80
30-Oct-25	18,519.15	18,523.25	18,405.60	18,469.70
29-Oct-25	18,416.35	18,504.95	18,341.85	18,487.55
28-Oct-25	18,445.55	18,485.60	18,348.95	18,407.60
27-Oct-25	18,306.25	18,409.00	18,261.80	18,403.05
24-Oct-25	18,319.55	18,334.95	18,207.70	18,253.35
		Weekly Returns		+0.70%

Data Source: NSE

Nifty Small Cap Index gained +0.70% this week, after gaining +0.72% last week. Small cap Q2 results are much better than expected this time. Nifty Small-cap touched a weekly high of 18,569 and a low of 18,262; hinting at strength, albeit in a narrow range.

BANK NIFTY INDEX – WEEKEND SELLING TAKES AWAY THE LUSTRE

Date	Open	High	Low	Close
31-Oct-25	57,942.45	58,254.95	57,656.95	57,776.35
30-Oct-25	58,152.05	58,331.20	57,999.20	58,031.10
29-Oct-25	58,316.25	58,469.90	58,087.05	58,385.25
28-Oct-25	58,006.55	58,313.80	57,770.35	58,214.10
27-Oct-25	57,796.45	58,224.55	57,652.75	58,114.25
24-Oct-25	58,172.75	58,232.90	57,482.05	57,699.60
		Weekly Returns		+0.13%

Data Source: NSE

Nifty Bank has been one of the major gainers in recent weeks, and the sell-off on Thursday and Friday impacted banks the most. Banks remain best proxies for the India domestic story. Bank Nifty touched weekly high of 58,470 and low of 57,653, closing near the lows.

NIFTY IT INDEX – RETURN SEE-SAW ON TECH CONTINUES

Date	Open	High	Low	Close
31-Oct-25	35,918.55	36,050.35	35,681.05	35,712.35
30-Oct-25	36,073.15	36,127.90	35,812.75	35,906.40
29-Oct-25	35,916.10	36,201.55	35,778.20	36,090.10
28-Oct-25	36,088.65	36,193.15	35,677.60	35,860.40
27-Oct-25	36,075.55	36,279.40	35,962.80	36,129.10
24-Oct-25	36,211.40	36,268.65	35,886.15	35,986.35
		Weekly Returns		-0.76%

Data Source: NSE

In the last 4 weeks, Nifty IT has been alternating between spikes and corrections. It gained +2.96% last week, but corrected -0.76% this week, despite strong dollar index (DXY). IT Index touched a weekly high of 36,279 and a low of 35,681; giving up gains in the last two days.

NIFTY OIL & GAS INDEX – RELIANCE STILL THE TORCHBEARER

Date	Open	High	Low	Close
31-Oct-25	11,992.40	12,064.40	11,956.55	11,990.25
30-Oct-25	12,006.40	12,062.90	11,927.05	11,981.40
29-Oct-25	11,765.80	12,016.90	11,761.00	11,995.95
28-Oct-25	11,816.90	11,845.45	11,701.95	11,746.60
27-Oct-25	11,676.65	11,807.55	11,670.15	11,800.20
24-Oct-25	11,607.45	11,689.55	11,556.50	11,624.05
		Weekly Returns		+3.15%

Data Source: NSE

The Oil index gained 3.15% this week as Reliance gained over 10% since its Q2 results. Global oil prices were steady at $64.5/bbl, a positive for downstream oil, even as GRMs are robust. Oil & Gas Index scaled a weekly high of 12,064, and a weekly low of 11,670.

NIFTY AUTO INDEX – AFTER FESTIVE CHEER, BACK TO REALITY

Date	Open	High	Low	Close
31-Oct-25	26,885.10	27,115.50	26,774.40	26,809.85
30-Oct-25	27,010.40	27,036.55	26,795.70	26,829.55
29-Oct-25	27,195.70	27,196.50	26,890.15	26,948.90
28-Oct-25	27,277.35	27,412.65	27,065.35	27,148.35
27-Oct-25	27,179.70	27,279.65	27,128.30	27,263.65
24-Oct-25	27,262.05	27,309.60	27,018.65	27,108.70
		Weekly Returns		-1.10%

Data Source: NSE

Last week, the Auto Index fell -0.44% and this week it fell -1.10%. Nifty Auto Index touched a weekly high of 27,413 and low of 26,774 levels. It looks like the auto index took the hardest knock in the stock market sell-off in the last two days of the week.

NIFTY FMCG INDEX – REALITY BITES FMCG IN LAST 2 WEEKS

Date	Open	High	Low	Close
31-Oct-25	56,533.25	56,756.15	56,168.20	56,208.50
30-Oct-25	56,661.15	56,690.35	56,099.95	56,343.50
29-Oct-25	56,250.30	56,663.85	56,127.40	56,615.35
28-Oct-25	56,481.70	56,602.20	55,851.85	56,110.05
27-Oct-25	56,385.45	56,631.30	56,265.60	56,428.95
24-Oct-25	56,701.55	56,701.55	55,926.50	56,348.10
		Weekly Returns		-0.25%

Data Source: NSE

After the stunning 3% rally, FMCG index is down -0.75% in the last 2 weeks. Urban demand concerns remain. Nifty FMCG Index touched a weekly high of 56,756 and low of 55,852 levels. With sharp GST cuts, FMCG companies are losing on input tax credits in a big way.