Nifty Set for Negative Start; TCS, NTPC Green in Focus

The GIFT Nifty futures, serving as an early indicator for Nifty50 index stocks, were trading lower by 36 points at 25,238, suggesting domestic benchmark indices face headwinds at Friday’s opening bell. This downward pressure contrasts with Thursday’s session where the S&P BSE Sensex demonstrated resilience with a 398-point gain (0.49%) to settle at 82,172. However, the Nifty50 told a different story, declining 135 points (0.54%) to close at 25,181, highlighting the mixed sentiment prevailing in Indian equities.

The divergence between the two major indices underscores the selective nature of current market movements, with investors carefully weighing corporate developments against broader economic indicators. The GIFT Nifty’s pre-market decline of 36 points represents a continuation of the cautious approach witnessed in the previous session’s Nifty50 performance, potentially setting the tone for Friday’s trading dynamics.

Tata Consultancy Services (TCS) opened the earnings season with results that exceeded expectations for the September quarter, providing early positive signals for the IT sector. The technology giant reported a net profit of Rs 12,075 crore alongside revenue of Rs 65,799 crore, which although slightly below street forecasts, demonstrated robust operational performance. More significantly, TCS delivered an operating profit of Rs 16,565 crore, reflecting a healthy EBIT margin of 25.2%, while constant currency revenue grew 0.8% sequentially.

The company’s performance sets an important benchmark for the technology sector as earnings season gains momentum. Meanwhile, numerous other companies are scheduled to announce their quarterly results, including Waaree Renewable Technologies, Yash Highvoltage, GK Energy, Elecon Engineering Company, Indosolar, Hathway Bhawani Cabletel & Datacom, AAA Technologies, Affordable Robotic & Automation, Oswal Overseas, Pro Fin Capital Services, Evoq Remedies, and Intense Technologies. These earnings announcements could trigger significant stock-specific movements throughout the trading day.

NTPC Green Energy made significant strides in its clean energy transition through its subsidiary NTPC Renewable Energy, which signed a Memorandum of Understanding with the Government of Gujarat to develop 10 GW of solar projects and 5 GW of wind projects across the state. The agreement, finalized during the Vibrant Gujarat Regional Conference in Mehsana, represents one of the largest renewable energy commitments in recent months and reinforces NTPC’s strategic pivot toward sustainable energy solutions.

In parallel infrastructure developments, RailTel Corporation of India secured a Letter of Intent worth Rs 18.22 crore from the Centre for e-Governance (CEG), Karnataka. The contract involves providing back-to-back OEM support for existing KSWAN 2.0 routers and switches, highlighting the company’s growing role in supporting digital governance infrastructure across states. This contract win comes at a time when government digital initiatives are receiving increased focus and funding.

Tata Motors completed its long-planned demerger on October 1, 2025, transferring its commercial vehicle business into a new entity, TML Commercial Vehicles Ltd (TMLCV). Simultaneously, Tata Motors Passenger Vehicles Ltd (TMPV) has merged back into the parent company. The record date for shareholders is set for October 14, with each investor receiving one TMLCV share (face value Rs 2) for every Tata Motors share held, marking a significant corporate restructuring that could unlock value for shareholders.

Manufacturing sector momentum was evident in Mahindra & Mahindra’s September production numbers, which reached 99,758 units—a substantial 24.4% year-on-year increase from 80,179 units a year earlier. The company’s sales rose 13.9% to 97,744 units, up from 85,800 units in the same month last year, while exports surged 44% to 4,458 units compared to 3,094 units previously, indicating robust demand across domestic and international markets.

Adding to the defense and technology manufacturing landscape, Lloyds Engineering Works signed an MoU with FlyFocus Sp. z o.o. to jointly develop and manufacture the Defender SIGINT UAV, a next-generation unmanned aerial vehicle designed for signals intelligence (SIGINT) and electronic surveillance applications. This partnership represents India’s growing capabilities in advanced defense manufacturing and positions Lloyds Engineering at the forefront of UAV technology development.