November 4, 2025 : Indian stock markets opened on a subdued note today, giving up early gains as investor sentiment turned cautious amid mixed global cues and profit-booking in select heavyweights. The SENSEX slipped 46 points, while the NIFTY50 was seen trading at 25,728, with weakness in power and metal stocks dragging down overall performance.
After opening slightly higher, both indices soon lost momentum as traders booked profits following a volatile week. The BSE SENSEX hovered around 84,290, down by 0.05%, while the NSE NIFTY50 slipped marginally amid selling pressure in select index heavyweights such as Power Grid Corporation, Tata Steel, Bharti Airtel, and NTPC.
Power Grid Corporation of India emerged as the top loser, falling over 2% in early trade after reports suggested a delay in certain infrastructure projects. The stock’s decline significantly impacted the broader power sector, which has otherwise been a strong performer in recent months.
Meanwhile, banking and IT stocks offered some resilience, limiting sharper declines in the benchmarks. HDFC Bank, ICICI Bank, and Infosys were among the few gainers in morning deals, supported by stable quarterly earnings and optimism around interest rate trends.
Broader market indices showed mixed trends. The Nifty Midcap 100 was trading marginally higher, while the Nifty Smallcap 100 saw a slight dip. Market breadth was tilted toward the negative side, with more stocks declining than advancing.
Among sectoral indices, Nifty Power, Nifty Metal, and Nifty FMCG were the top laggards, while Nifty Financial Services and Nifty IT managed to hold in the green. Analysts believe the market could enter a short consolidation phase after the strong rally seen in October, where the NIFTY50 hit record highs above 25,800.
Market sentiment was also influenced by global factors, including concerns over prolonged high interest rates in the US and mixed earnings reports from major global corporations. Asian markets traded mostly flat, with Japan’s Nikkei 225 inching lower, while Hong Kong’s Hang Seng showed mild gains.
The Indian rupee opened slightly weaker against the US dollar at ₹83.28, tracking the dollar’s strength globally. Crude oil prices remained steady after recent declines, offering some relief to import-heavy sectors.
Foreign Institutional Investors (FIIs) were net buyers in the previous session, continuing their return to Indian equities amid improved domestic macroeconomic outlook and easing inflation expectations. However, domestic institutional investors (DIIs) showed cautious activity, reflecting short-term profit booking tendencies.
Commenting on the early market trends, Chandan Taparia, Senior Analyst at Motilal Oswal Financial Services, said, “The market may witness some consolidation as investors digest the October gains. Support for NIFTY50 is seen near 25,650, while resistance remains around 25,850. The overall structure continues to remain bullish, but a near-term pause is likely.”
Volatility remained low, with the India VIX hovering around 11.5 levels, indicating stable market sentiment despite minor corrections. Analysts suggest investors keep an eye on upcoming macro data, including India’s services PMI and US Federal Reserve commentary, for cues on global liquidity and inflation trends.
In corporate news, Reliance Industries and TCS showed minor gains, helping offset some of the pressure from lagging sectors. Market experts expect earnings momentum from financials and IT companies to sustain the market’s medium-term bullish outlook.
Investors also remain watchful ahead of the RBI’s policy meeting next month, where the central bank is expected to maintain a cautious stance amid improving but uneven inflation trends. With India’s economic growth forecast remaining strong, foreign inflows are likely to stay supportive in the medium term.
Among individual movers, Power Grid led the decline on the NIFTY, followed by Tata Steel, Bharti Airtel, and NTPC. On the flip side, HDFC Bank, Infosys, and Bajaj Finance provided some relief to the market.
Market experts suggest that traders should remain selective in their positions, focusing on high-quality large-cap names and avoiding over-leveraged midcap counters amid near-term volatility.
By mid-morning, indices were still hovering near the flat line, reflecting uncertainty ahead of global economic data releases. Analysts expect range-bound trade for the rest of the day, with minor dips being used as buying opportunities by institutional investors.
The domestic equity market remains in a structurally strong uptrend, supported by India’s macroeconomic stability, strong earnings, and increasing foreign investor participation. However, short-term corrections are expected as part of a healthy market cycle.
Summary
Indian markets opened flat as SENSEX slipped 46 points and NIFTY50 held at 25,728. Power Grid led losses amid profit-booking, while banking and IT stocks offered support.