Market Wrap & Introduction – Market Outlook 29 October
Good morning and welcome to your Pre-Market Newsletter for Market Outlook 29 October.
As we head into a new trading session, let’s begin with a quick look at how the markets closed yesterday. The Indian equity benchmarks witnessed a range-bound session, ending almost flat as investors balanced caution with selective buying. The Nifty 50 slipped 21.40 points to settle at 25,944.65 (-0.08%), while the Sensex declined 68.76 points to close at 84,710.08 (-0.08%).
On the sectoral front, Bank Nifty showed relative strength, adding 156.70 points (+0.27%), supported by gains in major lenders. However, weakness in technology stocks dragged the Nifty IT index down 0.68%, while broader market sentiment remained steady with the S&P BSE SmallCap index inching up 0.07%.
Overall, the market mood remained neutral—steady but cautious—as participants awaited fresh global cues, key earnings, and institutional activity to guide short-term trends.
In this edition of Market Outlook 29 October, we’ll break down:
- Key technical levels for Nifty, Sensex, and Bank Nifty
- Top market news and stocks to watch today
- The latest IPO updates
- And a few stocks to keep on your radar for potential momentum
Let’s begin today’s session with a clear view of the key market levels.
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Index Outlook – Market Outlook 29 October
After a quiet session yesterday, the focus now shifts to the index trends and key technical levels for today’s trade. As per the latest EquityPandit Analysis, the overall market structure continues to lean positive for benchmark indices, though some profit booking may keep movements range-bound.
Sensex Outlook
The Sensex closed at 84,628, maintaining a positive trend. Traders holding long positions can continue to hold as long as the index stays above its key support zone. However, a daily close below 84,182 may invite mild short-term weakness.
Support Levels:
- 84,236
- 83,844
- 83,469
Resistance Levels:
- 85,004
- 85,379
- 85,771
The Sensex is expected to trade within a tentative range of 83,945 – 85,310, with banking and energy counters likely to influence intraday direction.
Nifty 50 Outlook
The Nifty 50, currently around 25,936, also remains in a positive setup. If you’re holding long positions, keep a daily closing stoploss at 25,781. The index has been consolidating near resistance zones, suggesting a potential breakout on sustained strength above 26,100 levels.
Support Levels:
- 25,817
- 25,698
- 25,585
Resistance Levels:
- 26,049
- 26,161
- 26,280
The tentative range for Nifty stands between 25,733 – 26,138, with broader market sentiment expected to remain balanced.
Bank Nifty Outlook
The Bank Nifty, trading near 58,214, is showing mild weakness compared to broader indices. Short positions can be held with a closing stoploss at 58,393, while a close above this level may trigger a short-term recovery.
Support Levels:
- 57,885
- 57,556
- 57,342
Resistance Levels:
- 58,428
- 58,643
- 58,972
The tentative range for Bank Nifty is expected between 57,690 – 58,738, with PSU banks likely to show relative strength if sentiment stabilizes.
With indices hovering near critical zones, today’s session could decide the next directional move. Let’s now look at the top news and stocks to watch today in the next section.
Market News & Stocks to Watch – Market Outlook 29 October
As we move further into Market Outlook 29 October, key domestic and global developments are expected to shape investor sentiment today. From policy debates in the U.S. to fresh corporate announcements and industrial data in India, here’s everything you need to know before the market opens.
1. Former US Commerce Secretary Criticises Trump’s Tariff Policy on India
Former U.S. Secretary of Commerce Gina Raimondo sharply criticised former President Donald Trump’s reciprocal tariff policy, calling it “disastrous” for U.S. foreign and trade relations. Speaking at the Harvard Kennedy School, she said the U.S. was “pissing off” its allies — particularly India — by imposing 50% reciprocal tariffs, a move that she believes isolated America rather than strengthening its trade stance.
Raimondo emphasised that “America alone is a disastrous policy,” urging a renewed focus on economic collaboration with Europe and Southeast Asia, including India, to maintain U.S. global influence. Interestingly, reports suggest that the U.S. and India are close to finalising a bilateral trade deal, which could ease tensions and open up new trade opportunities between the two economies.
Stock to Watch:
Trade-exposed sectors like IT services (Infosys, TCS) and pharma (Dr. Reddy’s, Sun Pharma) could react positively if bilateral trade discussions progress further.
2. India’s Industrial Output Holds Steady at 4% in September
India’s Index of Industrial Production (IIP) remained stable at 4% year-on-year in September, reflecting steady momentum in the manufacturing sector ahead of the festive season. Manufacturing activity posted a 4.8% annual growth, up from 3.8% in August, with 13 of 23 industry groups showing positive growth.
Key highlights include:
- Infrastructure goods rose 10.5%,
- Consumer durables jumped 10.2%,
- Capital goods grew 4.7%, while
- Mining output fell 0.4% due to heavy rainfall.
The government’s GST overhaul and festive-driven demand supported industrial expansion, even as power usage dipped slightly amid seasonal weather changes.
Stock to Watch:
Stronger manufacturing data could lift sentiment for capital goods and infrastructure plays such as Larsen & Toubro (L&T), Siemens, ABB India, and Cummins India.
3. Jindal Steel’s Q2 Profit Falls 57% Sequentially
Jindal Steel & Power Ltd. reported a sharp decline in profitability for Q2 FY26, with net profit down 57% QoQ to ₹638.23 crore, compared to ₹1,493.97 crore in the previous quarter.
Key quarterly highlights (QoQ):
- Revenue: ₹11,685.88 crore, down 5%
- EBITDA: ₹2,081.03 crore, down 31%
- EBITDA Margin: 17.8% vs 24.4% last quarter
The company attributed the decline to lower steel prices, higher input costs, and a weaker export environment. Despite short-term margin pressure, management remains focused on optimising capacity utilisation and cost efficiencies.
Stock to Watch:
Jindal Steel & Power (JSP) may stay under pressure, while peers like Tata Steel and JSW Steel could also see sympathy reactions within the metals space.
4. Swan Defence Signs Exclusive Partnership with Mazagon Dock Shipbuilders
Swan Defence and Heavy Industries Ltd (SDHI) announced an exclusive Teaming Agreement (TA) with Mazagon Dock Shipbuilders Ltd (MDL) during the India Maritime Week 2025 in Mumbai. The collaboration aims to design and build Landing Platform Docks (LPDs) for the Indian Navy, enhancing India’s maritime power and amphibious capabilities.
The deal combines MDL’s project management and system integration expertise with SDHI’s shipbuilding infrastructure — one of the largest in India. This Public–Private Partnership (PPP) model aligns with the government’s “Make in India” and “Aatmanirbhar Bharat” initiatives, expected to reduce build timelines and enhance cost efficiency.
Stock to Watch:
Both Swan Defence and Mazagon Dock Shipbuilders (MDL) could gain investor attention on this strategic defence partnership, with broader sentiment positive for the defence manufacturing sector.
5. Signature Global Raises ₹875 Crore via IFC-Backed NCD Issue
Signature Global (India) Ltd. successfully raised ₹875 crore through a private placement of non-convertible debentures (NCDs), subscribed by the International Finance Corporation (IFC), part of the World Bank Group.
Key details:
- NCDs rated ‘A+ (Stable)’ by Care Edge Ratings
- 11% coupon, maturing January 15, 2029
- Funds to support mid-income housing and ESG-aligned projects, while partly refinancing existing debt
The transaction marks Signature Global’s first listed debt issuance, reinforcing investor confidence in the company’s financial stability and project pipeline.
Stock to Watch:
Signature Global (India) — the stock may stay in focus on the back of this fundraising and strong growth outlook in mid-income housing.
6. Larsen & Toubro Secures Significant Global Orders
Larsen & Toubro (L&T) announced that its heavy engineering vertical has secured ‘significant’ orders in both international and domestic markets, valued between ₹1,000 crore to ₹2,500 crore.
The new contracts include:
- Orders from the U.S. for an NGL fractionator project and a blue ammonia project in Louisiana
- Equipment supply to fertiliser plants in Mexico and heat exchangers in Brazil
- Domestic orders for nuclear power projects and a refinery complex in Gujarat
The company reaffirmed its FY26 guidance for revenue growth, margin stability, and order inflows, reinforcing confidence in its global project execution capabilities.
Stock to Watch:
L&T — likely to see positive momentum amid strong order wins and sustained optimism in the infrastructure and capital goods sectors.
With global policy discussions, steady domestic manufacturing data, and key corporate developments shaping sentiment, the market may open on a balanced note. Next, let’s look at IPO updates and stocks that should stay on your radar in Market Outlook 29 October.
IPO Updates – Market Outlook 29 October
In today’s Market Outlook 29 October, the IPO market continues to stay active with several mainboard and SME listings attracting strong investor interest. As festive season liquidity supports primary market momentum, multiple issues are either opening today or entering their final subscription phases. Here’s a quick look at the latest updates:
Mainboard IPOs
| Company | GMP (₹) | Open Date | Close Date | Listing Date | Expected Listing Gain |
|---|---|---|---|---|---|
| Orkla India IPO | 87 (↑11.92%) | 29-Oct | 31-Oct | 3-Nov | Moderate positive sentiment |
| Lenskart Solutions IPO | 87 (↑21.64%) | 31-Oct | 4-Nov | 10-Nov | Strong premium expected |
| Studds Accessories IPO | 55 (↑9.40%) | 30-Oct | 3-Nov | 7-Nov | Steady grey market response |
| Groww IPO (Upcoming) | 8.5 (0%) | Yet to open | — | — | High investor anticipation |
Highlight:
The Orkla India IPO opens today, marking one of the key listings to watch this week. Strong brand backing and consistent financial performance have drawn attention from both retail and institutional investors. Meanwhile, Lenskart Solutions is commanding one of the highest GMPs in the current cycle, indicating robust demand ahead of its opening.
SME IPOs
| Company | GMP (₹) | Open Date | Close Date | Listing Date | Expected Listing Gain |
|---|---|---|---|---|---|
| Jayesh Logistics (NSE SME) | 7 (↑5.74%) | 27-Oct | 29-Oct | 3-Nov | Moderate grey market activity |
Highlight:
Among SME offerings, Jayesh Logistics is seeing decent subscription traction, with a healthy premium building up ahead of its listing on November 3.
With Orkla India opening today and Groww IPO on the horizon, investor sentiment in the primary market remains upbeat. Next, let’s look at the stocks to keep on your radar in today’s Market Outlook 29 October.
Stock to Keep on Radar – Market Outlook 29 October
In today’s Market Outlook 29 October, one stock that deserves close attention is Brigade Hotel Ventures Ltd (BHVL), which continues to strengthen its fundamentals amid a robust hospitality upcycle. Backed by research from ICICI Securities, the firm has maintained its BUY rating on BHVL with a target price of ₹117, reflecting an upside potential of around 41% from its current market price of ₹83.
According to the ICICI Securities research note, Brigade Hotel Ventures posted a 16% year-on-year revenue growth in Q2FY26, supported by a 14% same-store RevPAR growth and solid performance from its Bengaluru operations, which recorded a 19% YoY ARR increase.
While Q2 EBITDA remained flat due to a one-time property tax provision, the adjusted EBITDA grew 15% YoY, reflecting healthy underlying demand trends. The management expects business on the books for November–December 2025 to remain strong, driven by MICE activity and festive season recovery.
Key Highlights:
- CMP: ₹83 Target Price: ₹117 Upside: +41%
- Rating: BUY (Maintained)
- Revenue Growth: +16% YoY in Q2FY26
- Adj. EBITDA Growth: +15% YoY (post tax adjustment)
- Expansion Plan: 9 new hotels with 1,700 keys across South India by FY30
- Capex: ~₹36 billion planned between FY25–30
- Current Portfolio: 9 operating hotels (1,604 keys) across Bengaluru, Chennai, Kochi, Mysuru, and GIFT City
As per the report, BHVL aims to double its operational keys to ~3,300 by FY29E, further strengthening its position in the premium and upscale hotel segment. The valuation is based on 18x Sep’27 EV/EBITDA for operational assets and 1x capital WIP for hotels opening beyond FY28E, aligning with peers like Lemon Tree Hotels and Chalet Hotels.
Analyst View:
The consistent RevPAR growth and aggressive expansion pipeline make Brigade Hotel Ventures a compelling pick in the hospitality sector. Investors with a medium- to long-term view can keep this stock firmly on their radar in the Market Outlook 29 October.
Conclusion – Market Outlook 29 October
As we wrap up the Market Outlook 29 October, the overall market sentiment remains cautiously optimistic. The benchmarks — Nifty and Sensex — continue to trade within a range, while sectoral rotations and selective stock actions are offering trading opportunities. Strong domestic inflows, consistent earnings, and stable macro data are expected to provide near-term support to the indices.
Today’s movement will likely hinge on key developments such as upcoming IPO listings, corporate earnings, and global cues. Stocks like Brigade Hotel Ventures, L&T, and Signature Global will be on traders’ radar following fresh updates and research actions.
Stay connected with us for daily insights, upcoming IPO coverage, and in-depth stock analysis. For more such updates, explore our Daily Newsletter section.
Until next time — trade smart, stay informed, and make the most of every market opportunity.
– Team OneDemat
