Indian stocks closed higher during Wednesday’s trade, October 29, with metals and tech leading the gains ahead of an expected US Federal Reserve rate cut later in the day. Positive remarks by Donald Trump on a potential trade deal with India also lifted sentiment, sending the Nifty 50 up 0.45%, settling above the 26,000 mark at 26,053.90.
The S&P BSE Sensex also rose 0.44% to 84,997. The broader markets ended higher as well, with both the Nifty Midcap 100 and Nifty Smallcap 100 indices gaining over 0.40% each.
Amid expectations of a second consecutive rate cut by the US Federal Reserve, metal stocks extended their winning run, with the Nifty Metal index gaining 1.7% to end at a record high of 10,777. The same optimism also drove tech stocks higher, sending the Nifty IT index up 0.64%.
Other key sectoral indices, including Nifty Oil & Gas, Nifty Media, Nifty FMCG, Nifty Pharma, and Nifty Consumer Durables, also closed higher, rising between 0.7% and 2.12%. On the flip side, auto stocks came under profit booking pressure, causing the Nifty Auto index to slip 0.73%.
US President Donald Trump, currently in South Korea to attend the Asia-Pacific Economic Cooperation (APEC) Summit, said in his speech on Wednesday that he is doing a trade deal with India. He added that he has “great respect and love for Prime Minister [Narendra] Modi.”
Ponmudi R, CEO of Enrich Money, said, “The Nifty maintained its upward momentum today amid upbeat investor sentiment, supported by reports that the United States and India will soon finalise a long-delayed trade deal, as stated by Donald Trump during his South Korea visit. Additionally, expectations of a potential interest rate cut by the US Federal Reserve later in the day further boosted market sentiment, keeping overall momentum positive.”
Earnings momentum drives rally; Blue Dart, Five-Star and Adani Green shine
Most of the top gainers from the Nifty 500 pack surged after the release of their September quarter results, with Blue Dart Express emerging as the top performer, soaring 18.7% to ₹6,572 apiece, its biggest intraday jump in over a year.
The company’s net profit rose 29.5% year-on-year to ₹81 crore, compared to ₹63 crore in the same period last year, while revenue grew 7% to ₹1,549.3 crore from ₹1,448.4 crore a year ago.
Similarly, Five-Star Business Finance shares closed 12.7% higher at ₹605.1 apiece following the release of its September-quarter results, which showed a 6.8% year-on-year rise in net profit to ₹286 crore, compared with ₹268 crore in the same quarter last year.
Adani Green Energy and Varun Beverages also reacted positively to their quarterly numbers, ending with gains of 11% and 9%, respectively. Among metal stocks, SAIL led the pack with a 6.4% gain at ₹140.6 apiece, followed by NMDC and Hindustan Copper.
Power financing firms such as REC and Power Finance Corporation closed with gains of over 4%. Meanwhile, power, renewable energy, and related stocks, including Suzlon Energy, NTPC Green Energy, Bharat Heavy Electricals, Hitachi Energy India, GE Vernova T&D India, Tata Power Company, Torrent Power, and NHPC, also ended with solid gains.
AMC stocks slide after SEBI’s proposal to overhaul mutual fund rules
Cohance Lifesciences led the losers’ list today, plunging 8.52% to ₹786.45 apiece, its lowest level since July 2024. The decline came after the company informed exchanges that V. Prasada Raju had resigned as Managing Director and Director, effective October 28.
Meanwhile, asset management companies (AMCs) such as Nuvama Wealth Management, Nippon Life India Asset Management, HDFC Asset Management Company, 360 ONE WAM, Canara Robeco Asset Management Company, Anand Rathi Wealth, and UTI Asset Management Company closed with losses ranging between 3% and 7%.
Sentiment toward the sector weakened after the Securities and Exchange Board of India (SEBI) proposed significant amendments to mutual fund regulations. The proposed changes include a complete overhaul of the Total Expense Ratio (TER) structure and revised limits on brokerage charges.
After a sharp rally in recent sessions, Netweb Technologies also came under pressure, falling 7% to ₹3,924 apiece. Likewise, Ather Energy faced profit booking, with the stock slipping 4.1% to ₹706.2 apiece.
New-age tech stocks such as PB Fintech and TBO Tek ended lower by 3% and 2.5%, respectively. Bata India shares continued their decline, falling another 2.2% to ₹1,077 apiece.
Other major stocks including Star Health and Allied Insurance, Coal India, Amber Enterprises India, KFin Technologies, and CreditAccess Grameen also fell between 2% and 5%.
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