On Thursday, October 23, 2025, India’s leading stock market indices, the Sensex and Nifty, closed with modest gains. This upward movement was primarily driven by strong purchasing activity in the IT and technology sectors, fueled by increasing optimism surrounding potential trade deals between the U.S. and India.
However, the initial momentum faltered as both indices, after touching a 52-week high, gave back a significant portion of their intra-day gains. This reversal was attributed to profit-booking in the final hours of trading, as investor sentiment grew wary following news of fresh U.S. sanctions targeting Russia’s two largest oil companies.
Adding to the market’s subdued closing was a notable drop of over 1% in Reliance Industries, a major heavyweight stock that significantly influences overall market performance.
Specifically, the 30-share BSE Sensex recorded a gain of 130.06 points, or 0.15%, to close at 84,556.40. Earlier in the day, it had soared by 863.72 points (1.02%) to reach an impressive 85,290.06.
Similarly, the 50-share NSE Nifty closed slightly higher by 22.80 points, or 0.09%, finishing at 25,891.40.
The day began on a high note for Indian equities, but this enthusiasm waned as investors opted to secure their profits. This cautious approach was triggered by the imposition of sanctions on Russian oil and the looming possibility of a delay in crucial India-U.S. trade talks.
Commenting on the day’s performance, Vinod Nair, Head of Research at Geojit Investments Limited, highlighted that IT stocks saw gains as market sentiment improved following a more moderate stance from former U.S. President Trump regarding H1B visas. He added, “The overall mood in the domestic market has brightened due to the prospect of an India-U.S. trade deal and an increase in consumer demand, suggesting a stronger performance for the broader market moving forward.”
Nair also noted a gradual return of Foreign Institutional Investors (FIIs) to Indian markets. Their renewed interest is fueled by expectations of a significant earnings rebound in the second half of Fiscal Year 2026, driven by robust festive demand, beneficial tax policies, and recent GST reductions.
Among the Sensex constituents, Infosys was a standout performer, surging by 3.86%. Other notable gainers included HCL Tech, Tata Consultancy Services, Axis Bank, Kotak Mahindra Bank, Titan, and Tech Mahindra.
Conversely, some stocks faced downward pressure, with Eternal, UltraTech Cement, Bharti Airtel, and Adani Ports closing as the day’s main decliners.
Across Asia, market performance was mixed. Shanghai’s SSE Composite index and Hong Kong’s Hang Seng index both recorded gains, while South Korea’s Kospi and Japan’s Nikkei 225 index finished in negative territory.
Looking to the West, U.S. markets had closed lower on Wednesday, October 22, 2025, setting a cautious global tone.
Exchange data revealed that Foreign Institutional Investors (FIIs) were net buyers, acquiring equities worth ₹96.72 crore on Tuesday, October 21, 2025.
Further impacting global sentiment, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced additional sanctions. These new measures target Rosneft Oil Company (Rosneft) and Lukoil OAO (Lukoil), Russia’s two largest oil firms, which the Trump administration alleges are complicit in funding Russia’s military operations in Ukraine.
In commodity markets, the global oil benchmark, Brent crude, saw a significant increase, rising by 5.43% to settle at $65.99 per barrel.
Indian equity markets remained closed on Wednesday, October 22, 2025, in observance of Diwali Balipratipada.
During the special one-hour Muhurat trading session held on Tuesday, October 21, 2025, the Sensex had edged up by 62.97 points (0.07%) to close at 84,426.34, while the Nifty gained 25.45 points (0.10%), reaching 25,868.60.