Equities Climb as Earnings Momentum Outshines Record Trade Deficit

An end-of-day recap of all that transpired in the Indian markets, highlighting the major price movements and the factors driving them.

Bombay Stock Exchange Building From Dalal Street in Mumbai

Amey Bane/iStockphoto.com

By Dehuti Jani

Dehuti Jani is an experienced project manager who also works as an independent financial journalist.

November 17, 2025 at 12:08 PM IST

Indian equities rose on Monday as improving second-quarter earnings expectations and broad-based sector strength outweighed caution surrounding progress on a potential US–India trade deal. Sentiment remained constructive despite October’s trade deficit widening sharply to $41.68 billion, driven by an 11.8% drop in exports and a surge in gold and silver imports, with gold shipments alone jumping to $14.72 billion. The Sensex gained 0.46% to 84,950.95, while the Nifty50 advanced 0.40% to 26,013.45, supported by PSU banks, financials, autos and consumer stocks, even as tech and metals saw mild profit-taking.

Top Movers of the Day
Ideaforge Technology rallied 10% after securing over ₹1 billion in fresh defence orders, marking one of its strongest wins this year.

Oil marketing companies outperformed the broader market, rising 1–2%, with BPCL hitting a record high of ₹381.60. Sentiment strengthened after the government announced India’s first structured LPG sourcing contract with the US, covering 2.2 MTPA for 2026 nearly 10% of annual LPG imports.

IRB Infrastructure rose after winning its largest 20-year ₹92.7 billion TOT-17 contract from NHAI, strengthening its toll revenue prospects and asset base.

Tata Motors Passenger Vehicles slumped 7% after reporting a weak September-quarter performance and as Jaguar Land Rover cut its guidance, overshadowing an outsized consolidated profit driven by exceptional gains from its recent demerger.

Anant Raj Ltd eased 4% after approving a QIP at a floor price of ₹695.83, even as the stock remains up more than 30% in a month on data-centre tailwinds.

Futures & Options
Nifty November 2025 futures settled at 26,061.90, trading at a 48.45-point premium to the Nifty’s cash close of 26,013.45, which rose 0.40% on the day. Market volatility eased further, with India VIX slipping 1.25% to 11.79, signalling steady sentiment. Tata Motors Passenger Vehicles, Glenmark Pharmaceuticals and HDFC Bank were the most active stock futures, as traders positioned ahead of the 25 November F&O expiry.

Bonds
The 10-year government bond yield rose on Monday to 6.5435% as traders stayed cautious ahead of potential RBI support measures and as firmer US Treasury yields kept pressure on the curve. The market also reacted to data showing the RBI resumed bond purchases after six months, net buying ₹124.70 billion in the week ending 7 November, a move seen as a sign of emerging support for market liquidity.

Forex
The rupee ended up on Monday, closing at 88.63 per US dollar, supported by modest dollar inflows even as persistent importer hedging capped gains. The currency briefly touched 88.5775 on equity-related inflows before retreating after October’s record trade deficit data weighed on sentiment. Traders await update on US–India trade deal, expecting it to boost foreign inflows and the rupee.

Crypto
Bitcoin dropped to $93,000 as the Crypto Fear & Greed Index hit a low of 10. Liquidations totalled $617 million, mainly from Bitcoin and Ethereum due to lower rate-cut hopes and weak Wall Street performance. The largest was a $30.6 million Hyperliquid BTC position.

US Stock Futures
US stock futures rose on Monday, with tech leading the rebound as investors positioned ahead of a pivotal week of earnings and economic data. Nasdaq 100 futures rose 0.7%, while S&P 500 futures gained 0.4%, though Dow contracts were largely flat. Attention is firmly on Nvidia’s earnings on Wednesday.

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