MUMBAI, India, Oct. 28 — India’s benchmark Nifty 50 ended Wednesday 12.3% below its Oct. 21, 2025, close, as market veterans in Mumbai weighed selective sector opportunities and said earnings would matter to the outlook.
National Stock Exchange of India (NSE) data showed the index at 22,698.85, down 50.90 points, or 0.22%, during Wednesday’s session. That closing level was 12.3% below 25,868.60 at the Oct. 21, 2025, close, based on NSE data.
NDTV Profit Ignite 2026 was held at Trident BKC in Mumbai on Wednesday, Oct. 28. BSE member Ramesh Damani said he expects India’s financial markets to do better over the next 20 to 30 years than in the previous two to three decades. “The next 20-30 years will probably be better for financial markets and for Indians particularly than the last 20-30 years, as good as they were,” he said.
NDTV Profit reported that Damani also cited India’s 1991 economic liberalization as a turning point for investors. He identified geopolitical risks and the U.S. midterm elections as possible sources of short-term market swings.
S. Naren, executive director and chief investment officer at ICICI Prudential AMC, named financial services, insurance, fast-moving consumer goods and information technology as sectors where corrections might create contrarian opportunities. He cautioned against U.S. AI-linked equities. NDTV Profit reported that Naren viewed Indian share valuations as lower after recent declines but still not inexpensive.
NDTV Profit cited global uncertainty, foreign investor outflows and a weaker rupee as pressures on Indian equities.
NDTV Profit reported that Motilal Oswal co-founder Raamdeo Agrawal linked market performance to growth in corporate earnings. Damani named geopolitical risks and the U.S. midterm elections as possible drivers of further short-term volatility.
