FPIs Turn Net Buyers in October
After three consecutive months of selling, Foreign Portfolio Investors (FPIs) turned net buyers in October 2025, infusing ₹6,480 crore into Indian equities. The reversal was driven largely by strong IPO flows, even as secondary market activity remained muted. FPIs had withdrawn ₹23,885 crore in September, ₹34,990 crore in August, and ₹17,700 crore in July. Improved relative valuations and expectations of RBI rate cuts have renewed optimism among global investors.
HDFC Bank Posts 10.8% Profit Growth in Q2FY26
HDFC Bank reported a 10.8% year-on-year rise in net profit to ₹18,641 crore for Q2FY26, exceeding market expectations. Net interest income grew 5% to ₹31,552 crore. However, NIMs declined from 3.35% to 3.27% due to transmission of earlier rate cuts. Asset quality remained strong with gross NPAs at 1.24% and net NPAs at 0.42%. Slippages stood at ₹7,400 crore, while credit costs improved by 5 bps during the quarter.
Top NSE Companies Add ₹2.16 Trillion in Market Value
Seven of the ten most valuable NSE-listed companies gained a combined ₹2,16,544 crore in market cap last week. Reliance Industries led with an addition of ₹47,363 crore, followed by Bharti Airtel with ₹41,255 crore. Other top gainers included ICICI Bank (₹40,123 crore), HDFC Bank (₹33,186 crore), Bajaj Finance (₹28,904 crore), Hindustan Unilever (₹17,775 crore), and SBI (₹7,938 crore). Infosys, TCS, and LIC were among the value laggards.
Exports Show Strength Despite US Tariffs
Despite a wider merchandise trade deficit of $32.15 billion in September, India’s non-US exports displayed resilience. Over a six-month horizon, exports grew 3.02% year-on-year to $220.12 billion. Export gains were driven by shipments to 24 countries, including South Korea, UAE, Germany, Vietnam, Iraq, Mexico, Russia, Nigeria, Canada, Poland, Oman, Brazil, Belgium, and Italy, among others.
ICICI Bank Q2 Profit Up 5.2% YoY
ICICI Bank reported a 5.2% increase in net profits to ₹12,359 crore for Q2FY26. Net interest income rose 7.4% to ₹21,529 crore, while NIMs inched up to 4.30%. Gross NPAs improved from 1.67% to 1.58%. Deposit growth came in at 9.1%, and provisions halved sequentially to ₹914 crore. Analysts expect strong loan demand and steady profitability in the second half of FY26.
Trump’s Immigration Policies Could Cost US $12 Trillion
A study by the National Foundation for American Policy (NFAP) estimates that Donald Trump’s proposed immigration policies could shrink the US workforce by up to 15.7 million people and reduce GDP by $12 trillion by 2028. The report warns of a 33% slowdown in GDP growth and a $1.7 trillion spike in federal debt due to the shrinking labor pool.
SEBI Clears $800 Million Meesho IPO
SEBI has approved Meesho Ltd’s $800 million IPO, marking a major milestone for India’s e-commerce sector. The offering includes a ₹480 million fresh issue and a ₹320 million offer for sale. In FY25, Meesho reported a net loss of ₹3,941 crore, largely due to an exceptional write-off from shifting its base from the US to India. Excluding that, losses stood at ₹289 crore. The IPO proceeds will fund technology expansion and brand building.
Ultratech Cement Reports 75% Profit Growth in Q2FY26
Ultratech Cement posted a 75% year-on-year rise in net profits to ₹1,232 crore for Q2FY26, supported by strong sales and lower energy costs. EBITDA grew 45% to ₹3,268 crore, with per-tonne EBITDA improving to ₹1,248. Sales volume rose 6.9% to 33.85 million metric tonnes. The company has fully integrated India Cements and Kesoram into its network, with total grey cement capacity reaching 192.26 MTPA and 14.1 MTPA addition planned for FY26.
