VRIGHT EXCHANGE | Daily Market Update — 14 October 2025

Sector-Wise Overview | Corporate, Macro & Investor Insights

Global & Macro Trends
• U.S.–China Trade Tensions: Renewed frictions over rare-earth export controls and reciprocal port fees have heightened global supply chain concerns. Manufacturing, tech, and logistics sectors are seeing sentiment pressure as trade costs rise.
• Commodities: Oil prices are trading mildly positive on early signs of diplomatic easing but remain volatile amid concerns about slower trade flows and global demand uncertainty.
• Global Equities: Most Asian markets traded mixed ahead of key inflation data from India and the U.S. later this week. Japan’s markets remained shut for a public holiday.

India Market Sentiment
• Indian markets opened on a subdued note with selective activity ahead of major corporate earnings and IPO listings.
• Primary Market Mood: Retail enthusiasm has moderated as several recent IPOs trade below their issue prices. Analysts note a healthy correction phase aligning valuations closer to fundamentals.

Commodity Snapshot
• Gold: $2,198/oz  (−0.2%)
• Crude Oil: $88.6/bbl  (−0.5%)
• Brent: $102.6/bbl  (+0.3%)
• Natural Gas: $4,159.4/mmBtu  (+0.6%)
• Copper: $5.11/kg  (+1.8%)

Corporate Actions & Key Announcements
• Tata Capital made a soft stock exchange debut, with shares trading marginally above issue price, reflecting fair but cautious investor sentiment.
• BLS International was barred by the Ministry of External Affairs from new tenders for two years, triggering a sharp stock fall. The company clarified ongoing contracts remain unaffected.
• Waaree Renewable Technologies reported record quarterly performance — revenue up 47.7% YoY, net profit up 117%, with margins expanding sharply. Renewables remain a standout theme.
• Muthoot Finance denied any wrongdoing in the Srei-linked investigation, emphasizing no direct financial exposure.
• Uniparts India: Declares special interim dividend of ₹22.50 per share (record date: Oct 23, 2025).
• Tata Investment Corp & Gokul Agro: Stock split effective today.
• Tata Motors: Spin-off ex-date today.
• TCS & SKF India: Ex-date tomorrow for dividend/spin-off.

Sectoral Highlights | Financials & Banking
• Sentiment mixed as investors await Q2 results from major NBFCs and PSU banks.
• RBI’s discussion on revised risk weights and Expected Credit Loss (ECL) transition continues to influence the financials narrative.
Consumer & Retail
• DMart reported modest profit growth (+3.9% YoY) and stable revenues (+15.5% YoY) but margin compression indicates rising operational costs.
• Retail spending outlook remains steady ahead of the festive season, with discretionary demand in focus.

Energy & Utilities
• Crude prices stabilised after last week’s volatility.
• Renewables and distributed energy companies like Waaree Renewable outperforming due to strong order visibility and execution momentum.

Metals & Commodities
• Prices remain volatile amid China trade uncertainty and higher freight costs.
• Demand signals from infrastructure and auto segments will guide short-term trends.

IT & Technology
• Large-cap IT stocks under mild pressure ahead of results from HCL Technologies and peers. Investors will track margin guidance and order pipeline clarity amid global slowdown concerns.

Realty & Infrastructure
• Positive sentiment driven by strong pre-sales in top developers, though some players like Signature Global reported YoY volume declines.
• Focus remains on project delivery, interest rates, and urban demand recovery.

Healthcare & Pharma
• Stable sector tone. Mid-cap names likely to gain traction as domestic formulations and API exports see gradual recovery.

Investor Insights
• Market breadth remains narrow, dominated by selective buying in renewables, consumer staples, and defence-linked companies.
• IPO caution continues: Investors should evaluate pricing discipline, business fundamentals, and promoter quality amid a crowded primary market.
• Earnings Season Watch: Key results today include HCL Technologies, Anand Rathi Wealth, Den Networks, Just Dial, Lotus Chocolate Company, and Stallion India Fluorochemicals.

Near-Term Watchlist (14–21 Oct 2025)
1. IPO performance and grey market trends post-listing
2. Banking sector Q2 earnings and credit growth commentary
3. Renewables order inflows and policy updates
4. RBI and SEBI announcements on credit risk and listing frameworks
5. U.S.–China trade discussions and their impact on commodities

Market Takeaway
The market remains in a stock-specific and risk-managed phase.
• Renewables, select consumption names, and infrastructure stocks continue to attract institutional buying.
• Overvalued or aggressively priced IPOs face short-term headwinds.
• Investors should maintain a balanced portfolio approach, focusing on quality, visibility, and governance.