The market sentiment through the week was shaped by a mix of domestic strength and global caution. On the domestic front, India’s industrial output for September 2025 rose 4% year-on-year, driven by improved manufacturing activity, compared to 3.2% growth in the same period a year ago.
Additionally, China granted licenses to select Indian firms to import rare earth magnets, a move interpreted as an attempt to improve bilateral trade.
Globally, caution returned after the U.S. Federal Reserve cut its benchmark interest rate by 25 basis points to the 3.75%–4.00% range, while suggesting it may be the final cut of 2025.
Nevertheless, steady corporate earnings and sustained FII inflows helped support the domestic market. Sectoral performance was mixed, with Metals, Energy, and Realty outperforming, while Auto, Pharma, and IT faced profit-taking.
The broader indices continued to outperform, with the Midcap index rising 1% and the Smallcap index advancing 0.7%.Despite the volatility, several stocks stood out with strong monthly gains across market segments.
Top performers in the BSE 500 universe
Within the broader BSE 500 universe, SpiceJet led the chart with a monthly gain of 29.36%. It was followed by HLE Glascoat, which rose 27.53%, and Mangalore Refinery and Petrochemicals, up 25.39%.
Other notable gainers included The Federal Bank with a 22.67% rise, GMM Pfaudler at 21.42%, and Hatsun Agro Product with a 21.32% increase.
Several other names, such as Thyrocare Technologies, Infibeam Avenues, and AU Small Finance Bank, posted monthly gains of around 20% or more.
Midcap gainers
Among midcap stocks, Persistent Systems emerged among the top gainers with a 22.60% monthly rise, followed closely by The Federal Bank at 22.67%. AU Small Finance Bank also featured on this list, gaining 20.02% during the month.
Other constituents such as IDFC First Bank, Whirlpool of India, Tata Communications, and Prestige Estates Projects recorded gains ranging from 15% to 17%.
Smallcap standouts
The smallcap space once again captured investor attention with some of the sharpest gains.
GM Breweries topped the chart with a monthly return of 74.77%, followed by Lancer Container Lines, which surged 56.90%, and Share India Securities, up 44.92%.
Other prominent performers included Indo Thai Securities (43.84%), MTAR Technologies (37.57%), and Mufin Green Finance (34.27%). A host of others such as TD Power Systems, Inox Green Energy Services, Sky Gold and Diamonds, and Rajratan Global Wire posted gains exceeding 30% for the month.
Also read: ‘Dumb money is chasing dumb IPOs’: Shankar Sharma on India’s public markets amid Lenskart buzz
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)