Market weekly wrap: SENSEX, NIFTY50 rise 2%; NIFTY Smallcap 100 jumps 4%, Trent leads rally

The Indian equity market closed higher in the week ended October 30, supported by investor reactions to earnings, movements in crude oil prices and global cues. The market investors' sentiment was also boosted from the listing of Jio Platforms on the stock exchanges during the week.

Over the week, Brent crude surged more than 2% to touch a high of $114.29 per barrel on Friday after beginning at $110.85 per barrel on Monday amid rising concerns over the West Asia conflict.

For the week ended October 23, the broader market outperformed the main equity benchmark indices, with the NIFTY Midcap 100 and NIFTY Smallcap 100 soaring 2.7% and 4.1%, respectively.

Factors that impacted crude oil prices

According to media reports, on Wednesday, US Vice President JD Vance sought to revive peace negotiations by sending a letter to Iranian Security Council chief Mohsen Rezaei.

Other reports suggested that the United States has cautioned West Asian countries to be prepared for military escalations after the upcoming US midterm elections next week, which in turn has the potential to impact the oil supply dynamics via the Strait of Hormuz.

Further, the United States Federal Reserve decided to keep the benchmark interest rates for the US economy unchanged at the range of 3.75% to 4%. The central bank’s decision to keep interest rates on hold comes against the backdrop of elevated uncertainty due to the geopolitical developments in West Asia, despite inflation concerns looming over the American economy.

Jio Platforms listing

The shares of the telecom and digital services giant listed at ₹1,358 apiece on the BSE and NSE, a premium of 21.36% over the issue price of ₹1,119, giving investors an emphatic start to the company's life as a listed entity.

The listing marks a defining moment for the Reliance Group, putting Jio Platforms in the spotlight as one of India's most valuable listed businesses.

Top gainers for the week

Trent Ltd, the Tata Group’s retail company that operates popular brands such as Westside and Zudio, took the lead among gainers after announcing its Q2 FY27 results.

According to the company’s press release, the retail major reported a 25% year-on-year (YoY) increase in consolidated net profit to ₹468 crore for the September quarter (Q2 FY27), as revenue growth and operating leverage supported earnings in an inflationary environment.

Adani Ports and SEZ reported a consolidated net profit of ₹3,622 crore on October 28, for the July-September quarter, marking an increase of 17% from ₹3,109 crore logged in the same period last year. The country’s largest private port operator’s revenue from operations grew 24% to ₹11,340 crore in the September quarter, as against ₹9,167 crore registered in the year-ago period.

Vedanta Power reported a profit before exceptional items of ₹101 crore for the quarter ended September 30, compared with a loss of ₹142 crore a year earlier, as higher electricity sales, improved realisations and stronger plant availability drove a sharp recovery in operating performance.

Top losers of the week

Shares of Shriram Finance came under selling pressure as the NBFC’s asset quality disappointed investors, with analysts taking note of elevated credit costs. However, the company reported strong growth in its other key earnings metrics, including net interest income, asset under management, and profit, in Q2 FY27.

Sectoral watch this week

Among sectors, the NIFTY Pharma and NIFTY Media indices emerged as the top gainers during the week, surging 7.1% and 4.3%, respectively. The NIFTY Realty (3.8%), NIFTY Metal (2.7%) and NIFTY Auto (2.3%) were the other top gainers in sectors of the week.

However, NIFTY Oil and Gas was the only loser among sectors, falling nearly 1%.

The volatility gauge, India VIX, slipped 9.3% over the week to end at the 15.45 level on Friday, October 30. The fall in VIX, or fear gauge, indicates that the investors believe that the worst of the declines may be over.