Welcome to Aftermarket Report, a newsletter where we do a quick daily wrap-up of what happened in the markets, both in India and globally.

Markets Today

Nifty opened with a 76-point gap down at 22,524, tracking weak global cues amid elevated oil prices and growing concerns over debt markets linked to the AI investment boom. The index came under immediate selling pressure, slipping towards 22,400 within the first 15 minutes.

However, buying emerged from the lows, triggering a sharp recovery that pushed Nifty back above 22,500 by 9:45 AM and towards 22,700 around 10:15 AM. The recovery struggled to sustain at higher levels, with selling pressure returning shortly after and dragging the index below 22,600 by 11 AM. Weakness continued through the late morning, with Nifty slipping towards 22,535 around 11:30 AM before a modest recovery pushed it back towards 22,600 by noon.

The second half began on a cautious note, with Nifty initially recovering towards 22,635 around 12:30 PM before another round of selling dragged it back towards 22,580. However, buying momentum gradually strengthened after 1 PM, helping the index reclaim 22,650 by 1:20 PM.

The recovery continued through the afternoon, with Nifty climbing above 22,700 around 2:05 PM. Despite some consolidation between 22,680 and 22,710, the index maintained its upward momentum and moved towards 22,720 in the final hour. A strong finish helped Nifty close at 22,753.20, around 229 points above its opening level and nearly 0.7% higher than the previous close. The sharp recovery from the morning lows helped the index overcome its weak opening, even as concerns over elevated oil prices and global market uncertainty persisted.

Fear & Greed Index

The Fear & Greed Index recovered from 11 to 20, although sentiment remains in extreme fear. Foreign positioning improved sharply, but weak market trends and elevated volatility continue to weigh on sentiment.

Market Breadth

Market breadth improved, with 1,337 advancing stocks against 1,002 declining. However, only 12.6% of Nifty 500 stocks remain above their 50-day average, while 46 stocks hit fresh 52-week lows against just three new highs, suggesting the broader market remains weak.

52 Week Highs & Lows

Valuation Check

Sectoral Indices Performance

Metals surged 2.21%, leading the 13 sectors that ended in the green, while Media slipped 0.34%. IT, Media and Private Banks remain the strongest relative performers over 20 and 60 sessions, with IT the only sector trading above all four key moving averages.

Winners & Losers

Ather Energy surged 14.13%, while Mangalore Refinery jumped 12.55% on eight times its usual volume. AU Small Finance Bank fell 6.85%, while MTAR Technologies saw a sharp delivery spike, with 43% of traded shares taken to delivery against its usual 18%.

Delivery Data

Global Markets

Commodities

Institutional Flows & Participant Positioning

Put writing strengthened, pushing the PCR from 0.81 to 1.11, while downside protection became more expensive. FIIs bought a net 3,078 index-futures contracts worth ₹445 crore, although just 12.6% of their index-futures positions remain long, compared with 80% for retail and HNIs.

Options imply a 22,580–22,957 range into the October 27 expiry, with the heaviest put OI at 22,500 and call OI at 23,000. The 50-day moving average at 23,370 remains the next major trend hurdle for Nifty.

Thematic Indices

Tijori’s niche indices, where today’s move sorts pockets of the market beyond standard sector baskets. You can also track promoter buying and other interesting stuff, like Capex activity by the companies in the Tijori App’s idea dashboard

F&O Corner

Top Stories in India

The government extended the RELIEF scheme by six months to March 31, 2027, to support exporters facing higher shipping and insurance costs due to West Asia tensions. Eligible exporters can receive 95% risk coverage through ECGC, along with protection against increases in insurance premiums beyond pre-disruption levels. Dive deeper

Tata Communications plans to invest $400–450 million over the next three to five years to build a 10,000-km fibre network connecting major data centres and AI hubs across India. The network will offer 7.2 petabytes of capacity and integrate with its global infrastructure to support growing AI computing and connectivity requirements. Dive deeper

Mankind Pharma reported a 37.7% YoY rise in consolidated net profit to ₹716 crore in Q2 FY27, compared with ₹520 crore a year earlier. Revenue grew 17.3% to ₹4,338 crore, supported by strong domestic demand for chronic therapies used to treat long-term illnesses. Dive deeper

ITC Hotels reported a 52% YoY increase in consolidated net profit to ₹203 crore in Q2 FY27, compared with ₹133 crore a year earlier. Revenue from operations rose 26% to ₹1,054 crore, while total income increased 25% to ₹1,106 crore. Dive deeper

HCLTech partnered with Japanese chipmaker Rapidus to develop next-generation semiconductor technologies, establishing dedicated engineering centres in Bengaluru and Hubli. The facilities will focus on chip design, process development and building Indian engineering talent to support Rapidus’ semiconductor operations in Japan. Dive deeper

Top Stories Globally

Crude oil prices declined to around $101 per barrel as renewed diplomatic efforts involving Saudi Arabia, Pakistan and Turkey raised hopes of easing US-Iran tensions. Prices also faced pressure as oil shipments through the Strait of Hormuz recovered to near prewar levels despite continued attacks on vessels. Dive deeper

SpaceX secured $40 billion in debt financing to purchase GPUs for AI computing infrastructure, supported by revenues from its Starlink and launch businesses. Elon Musk warned that AI-focused cloud companies without independent revenue streams could face funding constraints, consolidation and potential failures. Dive deeper

Verizon raised its annual wireless subscriber growth forecast after adding 406,000 postpaid subscribers in Q3, nearly double analysts’ expectations. The telecom company also signed an AI infrastructure agreement worth over $2 billion with Amazon Web Services. Dive deeper

Brazilian markets plunged following President Luiz Inácio Lula da Silva’s narrow re-election victory over Flávio Bolsonaro, with Lula securing 51.8% of valid votes against Bolsonaro’s 48.2%. Brazil’s benchmark IBOV index crashed 23.5% at the open, marking its biggest-ever intraday decline, while currency futures indicated a potential drop of over 10% in the Brazilian real. Dive deeper

Management Chatter

In this section, we highlight interesting comments from management at major companies and from policymakers in the Indian and Global Economies.

Anup, Retail Banking Management, of Kotak Mahindra Bank on monsoon deficit:

"Collection efficiencies in tractors have improved significantly, while we are seeing no visible impact on delinquency as of Q2 FY27. We remain very watchful of the evolving weather conditions. As you know, the rainfall deficit for this monsoon season has been about 13%." - Link

The week ahead & Corporate Actions

Corporate Actions

Published by Zerodha. Not investment advice. Data from NSE, BSE, and MCX.

In our latest episode of In The Money by Zerodha, we introduce Good Question, a new series where we answer the questions you ask about trading and the markets.

From understanding market movements and reading charts to trading strategies, risk management, and trading psychology, we break down complex concepts and address common doubts in a simple, practical, and easy-to-understand way.

Whether you’re just starting out or have been trading and investing for years, Good Question aims to help you make better sense of the markets, one question at a time.

Because sometimes, asking the right question is the first step to becoming a better trader.

Check out In The Money

That’s it from us for today. We’d love to hear your feedback in the comments, and feel free to share this with your friends to spread the word!

Welcome to the weekly edition of Aftermarket Report, where we wrap up the week in the markets and take you through everything that mattered, both in India and globally.

Weekly market performance

Nifty fell 2.36% to 22,600, reversing the previous week's recovery as broader market weakness continued. India VIX climbed to 16.86, while 748 stocks hit fresh 52-week lows during the week against just 102 new highs across the NSE.

The broader market remains firmly in a downtrend, with Nifty trading 5.6% below its 40-week moving average. Only 9.6% of liquid NSE stocks are above their 50-day average, while India VIX rose to 16.86, reflecting elevated volatility and weak participation.

What is the macro backdrop doing?

India's 10-year government bond yield rose 12 bps to 7.52%, its highest level in a year, while the rupee traded at ₹94.93 per dollar. Crude oil gained 0.96% during the week, while gold and silver declined 3.12% and 5.49%, respectively.

Momentum strategies outperformed reversal strategies this week, although both groups recorded steep losses. Momentum has outperformed in nine of the last 13 weeks, while low-volatility stocks have held up significantly better than high-beta stocks over four weeks.

Fear & Greed trend

Market Breadth

Valuation Check

Nifty trades at 19.05× earnings, near its lowest valuation levels in five years, while smallcaps remain relatively expensive at 31.20×. The equity risk premium stood at -2.27%, compared with its five-year median of -2.42%, as rising bond yields continued to weigh on relative equity valuations.

Sectoral summary

IT, Media, Telecom and Private Banks remain the strongest sectors relative to Nifty 500 over 13 weeks, with IT outperforming by 18.9 percentage points. PSU Banks, Banks, Financial Services and Oil & Gas moved into the leading quadrant, while Pharma and Healthcare continued losing momentum.

Selective stock screeners

Deals of the week

Institutional flows & positioning

FPIs bought ₹1,299 crore during the week, while DIIs purchased ₹10,942 crore. However, over four weeks, foreign outflows totalled ₹73,192 crore, against domestic inflows of ₹82,523 crore, highlighting continued dependence on domestic institutional support.

Options imply a ±1.23% Nifty move by October 27 expiry, with implied volatility rising sharply from 10.8% to 14.7%. FIIs remain heavily bearish with 2.80 lakh net short index-futures contracts, while short buildup dominated 99 of 213 stock futures.

Week ahead

Check out Weekly market metrics

We’re in Week 43 of 2026, and markets are under significant pressure. NIFTY fell 2.36% this week to close at 22,600, taking its decline to around 14% from its yearly peak. The correction has been particularly sharp in small- and mid-cap stocks, while India VIX surged to its highest level since May. With NIFTY approaching a crucial support zone, gold and silver sliding alongside equities, and monthly expiry and the US Fed’s rate decision coming up, there’s plenty to watch in the week ahead.

That’s it for this edition. We’d love to hear your feedback in the comments, and feel free to share this with your friends to spread the word!

Welcome to Aftermarket Report, a newsletter where we do a quick daily wrap-up of what happened in the markets, both in India and globally.

Markets Today

Nifty opened with a 54-point gap up at 22,742, tracking a cooldown in US bond yields, but immediately came under selling pressure as oil prices continued to surge, surpassing their May highs. The index initially hovered near 22,750 before selling intensified, dragging Nifty below 22,700 within the first 20 minutes and towards 22,600 by 10 AM.

The decline continued through the opening hour, with Nifty slipping below 22,500 around 10:15 AM. A brief recovery attempt pushed the index back towards 22,530, but buying momentum remained weak. Selling resumed shortly after, dragging Nifty towards 22,430 around 11 AM. Another recovery attempt lifted the index towards 22,510 by 11:20 AM, but the gains quickly faded, with Nifty drifting lower towards 22,420 by noon.

The second half remained under pressure initially, with Nifty extending its decline towards an intraday low near 22,370 around 12:45 PM. However, buying interest gradually emerged from the lows, helping the index recover towards 22,430 by 1 PM. The recovery gathered momentum after 1:30 PM, with a sharp rebound pushing Nifty above 22,500 and towards 22,590 around 1:40 PM.

However, the rally struggled to sustain at higher levels, with Nifty oscillating between 22,500 and 22,570 through much of the afternoon. Another round of selling around 2:30 PM dragged the index back below 22,500, but buying returned in the final minutes, helping Nifty recover sharply towards 22,600. The index eventually closed at 22,600, around 140 points below its opening level, as the late recovery helped pare a significant portion of the day’s losses, although elevated oil prices and weak domestic sentiment continued to weigh on markets.

Fear & Greed Index

The Fear & Greed Index slipped from 13 to 11, remaining firmly in extreme fear, compared with 33 a week ago. Weak market trends, rising volatility and defensive stocks outperforming high-beta stocks continue to reflect deteriorating sentiment.

Market Breadth

Market breadth was sharply negative, with 2,058 declining stocks against just 278 advancing, or more than seven losers for every gainer. Only 9.9% of Nifty 500 stocks remain above their 50-day average, while 104 stocks hit fresh 52-week lows against just two new highs.

52 Week Highs & Lows

Valuation Check

Sectoral Indices Performance

All 15 sectors ended in the red, with IT declining the least at 0.27%, while Metals fell 2.71%. IT, Media and Private Banks remain the relative leaders over 20 and 60 sessions, although IT is the only sector trading above all four key moving averages.

Winners & Losers

International Gemological jumped 7.91% on 26× usual volume, while Cyient gained 7.81% on 30× volume, with both hitting fresh 52-week highs. Meanwhile, Swiggy plunged 16.75%, and Jammu & Kashmir Bank fell 16.28% on heavy trading volumes.

Delivery Data

Global Markets

Commodities

Institutional Flows & Participant Positioning

Call writing strengthened, pulling the PCR down from 0.88 to 0.81, while implied volatility rose from 14.2% to 14.7%. FIIs remain heavily bearish with just 10.4% of index-futures positions long, compared with 82% for retail and HNIs.

Options imply a 22,292–22,846 range into October 27 expiry, with the heaviest put OI at 21,500 and call OI at 24,000. The 20-day moving average at 22,714 remains the first major hurdle for Nifty, which closed at 22,600.

Thematic Indices

Tijori’s niche indices, where today’s move sorts pockets of the market beyond standard sector baskets. You can also track promoter buying and other interesting stuff, like Capex activity by the companies in the Tijori App’s idea dashboard

F&O Corner

Top Stories in India

Infosys lowered its FY27 revenue growth guidance to 1–2% from 1.5–3%, citing global uncertainty and weak discretionary spending. Q2 net profit rose 6.2% YoY to ₹7,823 crore, while revenue grew 10.7% to ₹49,244 crore, supported by life sciences and energy-related businesses. Dive deeper

Jio Platforms’ IPO received over 1 crore applications with hours of bidding still remaining, setting a reported global record for the highest number of IPO applications. It surpassed the previous record of approximately 97 lakh applications held by Waaree Energies. Dive deeper

Adani Power reported a 142% YoY surge in consolidated net profit to ₹7,019 crore, supported by higher revenue and one-time income. Revenue increased 29.8% to ₹17,014 crore, driven by stronger electricity demand, higher power purchase agreement tariffs and improved merchant realisations. Dive deeper

Tata Motors’ commercial vehicle business reported a consolidated net profit of ₹1,254 crore in Q2 FY27, compared with a loss of ₹867 crore a year earlier. Revenue grew 36% YoY to ₹25,338 crore on higher vehicle volumes, while EBITDA rose 31% to around ₹2,800 crore. Dive deeper

JSW Steel reported a more than threefold YoY jump in consolidated net profit to ₹5,359 crore, while total income rose to ₹54,927 crore. Steel sales reached a record 7.46 million tonnes, up 13% YoY, supported by strong domestic demand and higher sales of value-added products. Dive deeper

Chinese energy storage company Sigenergy plans to invest an initial $250 million to establish inverter and battery energy storage manufacturing facilities in India. Its inverter plant is expected to begin operations by Q2 2027, followed by a battery storage facility within six to eight months. Dive deeper

India’s Business Confidence Index rose to 107.8 in Q2 FY27 from 99.8 in the previous quarter, ending four consecutive quarters of moderation, according to NCAER. However, sentiment remained below the 142.6 recorded in the corresponding quarter last year, reflecting continued global uncertainty. Dive deeper

India’s foreign exchange reserves fell by $5 billion to $721.02 billion in the week ended October 16, following an $8.58 billion decline in the previous week. Reserves have been falling since reaching a record $785.71 billion in early September, which was supported by substantial inflows through a special diaspora deposit swap scheme. Dive deeper

Top Stories Globally

Brent crude climbed to $115 per barrel, its highest level since May 4, following Houthi attacks in Saudi Arabia that raised concerns over Middle Eastern energy supplies. Brent futures gained 1.2% to $114.57, while US WTI crude rose 1.5% to $100.95 per barrel. Dive deeper

The US 10-year Treasury yield climbed to 5% on Friday, recovering after a 17-basis-point decline in the previous session, its largest single-day fall in over a year. Rising oil prices, escalating Middle East tensions and uncertainty ahead of the US midterm elections continued to weigh on investor sentiment. Dive deeper

Chinese AI developers DeepSeek and MiniMax have reportedly received government approval for the global use of their artificial intelligence models. The development marks a step towards expanding the international presence of Chinese AI technologies. Dive deeper

Tesla shares declined 2% after the company reduced its 2026 capital expenditure forecast to approximately $20 billion from over $25 billion. Lower-than-expected spending on AI and robotics helped generate positive free cash flow in Q3 but raised investor concerns about the pace of Elon Musk’s AI and robotics ambitions. Dive deeper

Management Chatter

In this section, we highlight interesting comments from management at major companies and from policymakers in the Indian and Global Economies.

Puneet Chhatwal, MD and CEO of Indian Hotels on massive shortage of branded hotel rooms in India:

“The Indian hospitality sector is insulated primarily because domestic demand continues to outpace available supply. India currently has roughly 200,000 branded hotel rooms, with the industry on track to add another 200,000 rooms over the next few years to reach 400,000. However, the country requires approximately one million branded hotel rooms to support its long-term economic expansion. That structural undersupply provides a durable buffer against external global volatility. Furthermore, domestic tourism has expanded at an 11% CAGR over the last decade. While foreign tourist arrivals currently grow at sub-4%, hosting the World Travel and Tourism Council Global Summit in India next year will serve as an international catalyst to accelerate foreign inbound travel over the next twelve months.” - Link

The week ahead & Corporate Actions

Corporate Actions

Published by Zerodha. Not investment advice. Data from NSE, BSE, and MCX.

In our latest episode of In The Money by Zerodha, we kick off The Fortnightly Show, a new series where market experts come together every two weeks to discuss markets, the economy, geopolitics, technicals, and more.

In this episode, host Sandeep Rao is joined by Amit Kumar Gupta and Nooresh Merani to discuss India’s evolving equity markets, the Nifty 50, the outlook for IT stocks, and the impact of interest rates and monsoons on consumption. We also explore the upcoming Jio Platforms IPO, foreign investor flows, and what drives global capital into and out of India. Finally, we look at the key events, index levels, and sectors to watch over the next two weeks.

Check out In The Money

That’s it from us for today. We’d love to hear your feedback in the comments, and feel free to share this with your friends to spread the word!

Welcome to Aftermarket Report, a newsletter where we do a quick daily wrap-up of what happened in the markets, both in India and globally.

Markets Today

Nifty opened with a 123-point gap down at 22,688, extending the previous session’s weakness as rising oil prices, which touched their highest levels since May, continued to weigh on market sentiment. The index witnessed sharp volatility in the opening minutes, initially plunging towards 22,560 before recovering to 22,650 around 9:45 AM.

However, the recovery failed to sustain, with Nifty slipping back towards 22,600 by 10 AM. Buying interest picked up shortly after, pushing the index above 22,700 around 10:15 AM and towards an intraday high near 22,785 by 11:10 AM. However, selling pressure returned at higher levels, dragging Nifty sharply below 22,700 and towards 22,620 by 11:45 AM. The index continued to struggle through noon, briefly slipping below 22,600 before recovering towards 22,650.

The second half remained highly volatile, with Nifty staging another sharp recovery towards 22,750 around 12:50 PM. However, the rebound quickly faded as selling resumed, dragging the index towards 22,620 shortly after. The index remained largely range-bound between 22,620 and 22,650 through much of the afternoon, reflecting continued uncertainty and a lack of sustained buying momentum.

A brief recovery around 2:40 PM pushed Nifty towards 22,705, but the gains were quickly erased. Buying interest returned in the final minutes, helping the index recover towards 22,690. Nifty eventually closed at 22,687.65, almost unchanged from its opening level but around 120 points below the previous close, as concerns over elevated oil prices and persistent domestic weakness kept markets under pressure.

Fear & Greed Index

The Fear & Greed Index remained at 13, firmly in extreme fear, compared with 28 a week ago. Weak market trends, elevated volatility and defensive stocks outperforming high-beta stocks continue to reflect cautious sentiment.

Market Breadth

Market breadth remained sharply negative, with 1,690 declining stocks against 636 advancing. Only 13.1% of Nifty 500 stocks are above their 50-day average, while 73 stocks hit fresh 52-week lows against just two new highs, highlighting continued weakness across the broader market.

52 Week Highs & Lows

Valuation Check

Sectoral Indices Performance

Pharma gained 0.12%, leading the three sectors that ended in the green, while Media fell 2.35%. IT, Media and PSU Banks remain the strongest sectors relative to Nifty 500 over 20 and 60 sessions, although IT is now the only sector trading above all four key moving averages.

Winners & Losers

Tata Teleservices surged 18.56% on 44× usual volume, while International Gemological jumped 10%. KEI Industries plunged 8.45% on heavy volume, while Indian Hotels gained 3.89% and hit a fresh 52-week high.

Delivery Data

Global Markets

Commodities

Institutional Flows & Participant Positioning

Put writing strengthened, lifting the PCR from 0.78 to 0.88, while FIIs sold a net 2,672 index-futures contracts worth ₹407 crore. Foreign investors remain heavily bearish with just 9.9% of index-futures positions long, compared with 82% for retail and HNIs.

Options imply a 22,410–23,010 range into October 27 expiry, with the heaviest put OI at 22,000 and call OI at 24,000. The 20-day moving average at 22,756 is the first trend hurdle for Nifty, which closed at 22,688.

Thematic Indices

Tijori’s niche indices, where today’s move sorts pockets of the market beyond standard sector baskets. You can also track promoter buying and other interesting stuff, like Capex activity by the companies in the Tijori App’s idea dashboard

F&O Corner

Top Stories in India

SEBI has allowed investors to use the value of shares delivered through the Early Pay-In (EPI) facility to meet margin requirements for subsequent trades. The move reduces the need for additional margin funds, improving capital efficiency for traders in the cash market. Dive deeper

The Indian rupee weakened 0.4% to close at ₹94.8175 against the US dollar, ending its eight-session winning streak. Rising Brent crude prices and escalating Middle East tensions weighed on the currency, despite it touching a six-week high earlier in the session. Dive deeper

Swiggy reported a consolidated net loss of ₹922 crore in Q2 FY27, narrowing from ₹1,092 crore a year earlier, while revenue grew 36.1% YoY to ₹7,571 crore. Its food delivery business showed improving profitability, with gross order value rising 17.7% to ₹10,054 crore and adjusted EBITDA reaching ₹341 crore. Dive deeper

NCDEX announced its entry into equity and equity derivatives markets with the launch of NDEX and FINNDEX. NDEX tracks 20 large and liquid Indian stocks, while FINNDEX comprises 15 financial sector stocks, marking the exchange’s diversification beyond agricultural commodities. Dive deeper

Himadri Speciality Chemicals plans to invest ₹1,613 crore across lithium iron phosphate (LFP), speciality chemicals, carbon nanotubes and speciality carbon black. The expansion aims to strengthen its presence in energy-transition materials, with projects expected to be completed by Q4 of the next financial year. Dive deeper

Adani Energy Solutions reported a 148% YoY rise in consolidated net profit to ₹1,323 crore, while revenue increased 53% to ₹10,075 crore. Growth was driven by its transmission business, smart metering and energy solutions segment, whose revenue surged nearly 11 times YoY. Dive deeper

India’s copper demand increased 12% YoY to 2,100 kilotonnes in FY26, compared with 1,878 kilotonnes in FY25, according to the International Copper Association India. Strong demand from infrastructure, automobiles and construction supported the growth. Dive deeper

Top Stories Globally

Brent crude climbed toward $112 per barrel, nearing its four-year high of $114.44, amid fears of renewed US strikes against Iran. Reports of a potential US-Israeli military operation and Washington’s evacuation order for non-emergency personnel in Saudi Arabia added to concerns over escalating regional tensions. Dive deeper

Apple has restricted pre-orders of its first foldable smartphone, the iPhone Duo, to two units per customer amid limited initial availability. Launch-day delivery slots reportedly sold out within minutes, with several customers now facing delivery timelines extending into November and December. Dive deeper

Barclays announced plans to cut around 5,000 jobs, representing roughly 5% of its workforce, as part of a broader cost-reduction strategy. The bank cited AI-driven efficiencies and organisational simplification as key measures to reduce expenses and free up funds for investment. Dive deeper

Companies and governments worldwide rushed to patch critical security vulnerabilities in the widely used PHP programming language after millions of hacking attempts were detected. Several government websites were temporarily taken offline as a precaution while operators worked to secure their systems. Dive deeper

A New Mexico judge ordered Meta to pay $25 billion after a jury found that the company misled consumers about the privacy of their personal data. The case stemmed from the Cambridge Analytica scandal, involving allegations that millions of Facebook users’ data was accessed without consent. Dive deeper

Meta reported a 26% YoY increase in Q3 revenue, beating expectations, and projected Q4 revenue of $73–76 billion. The company also raised the lower end of its annual capital expenditure forecast as it expands AI infrastructure, supported by the launch of its Muse AI models and personal assistant. Dive deeper

Management Chatter

In this section, we highlight interesting comments from management at major companies and from policymakers in the Indian and Global Economies.

Atul Daga, Chief Financial Officer of Ultratech Cement on Cement price trends:

“In a normal year, cement prices slip during July and August as rains slow sites and dealer-chasing volumes. This year, the industry largely avoided that. Pan-India average trade prices for Q2 were stable in line with Q1, with the quarterly average 1–1.5% lower, mainly because of a soft August. In the second half of September, prices turned firmly upwards. We exited September with trade prices at least about 3% above the Q1 average. The quarterly average is weighted down by a soft August; the run rate we take into Q3 is materially better.” - Link

The week ahead & Corporate Actions

Corporate Actions

Published by Zerodha. Not investment advice. Data from NSE, BSE, and MCX.

In our latest episode of In The Money by Zerodha, we kick off The Fortnightly Show, a new series where market experts come together every two weeks to discuss markets, the economy, geopolitics, technicals, and more.

In this episode, host Sandeep Rao is joined by Amit Kumar Gupta and Nooresh Merani to discuss India’s evolving equity markets, the Nifty 50, the outlook for IT stocks, and the impact of interest rates and monsoons on consumption. We also explore the upcoming Jio Platforms IPO, foreign investor flows, and what drives global capital into and out of India. Finally, we look at the key events, index levels, and sectors to watch over the next two weeks.

Check out In The Money

That’s it from us for today. We’d love to hear your feedback in the comments, and feel free to share this with your friends to spread the word!

Welcome to Aftermarket Report, a newsletter where we do a quick daily wrap-up of what happened in the markets, both in India and globally.

Markets Today

Nifty opened with a 127-point gap up at 23,016, tracking strong global markets led by a rally in AI stocks, despite elevated oil prices. The index initially extended its gains, climbing above 23,100 within the first 20 minutes and touching an intraday high near 23,120 around 9:30 AM.

However, the early optimism quickly faded as selling pressure emerged, dragging Nifty below 23,000 by 10 AM and towards 22,940 shortly after. A brief recovery attempt pushed the index back towards 22,990 around 10:30 AM, but buying momentum remained weak. Selling resumed after 11 AM, with Nifty steadily slipping below 22,900 and towards 22,800 by noon.

The second half remained under pressure, with Nifty extending its decline towards 22,720 around 12:15 PM before a modest recovery pushed it back towards 22,770. However, the rebound failed to sustain, and the index continued to drift lower through the afternoon, slipping below 22,700 around 1:45 PM. Selling pressure persisted, pushing Nifty to an intraday low near 22,650 around 2:45 PM.

Despite a few minor recovery attempts, the index remained largely range-bound between 22,660 and 22,700 through much of the final hour. A sharp recovery in the closing minutes helped Nifty reclaim 22,800, eventually closing at 22,811.35, around 200 points below its opening level, as persistent selling pressure erased the strong opening gains despite positive global cues.

Fear & Greed Index

The Fear & Greed Index fell from 18 to 13, remaining in extreme fear. Weak market trends, rising volatility and defensive stocks outperforming high-beta stocks continue to reflect deteriorating sentiment.

Market Breadth

Market breadth was sharply negative, with 2,036 declining stocks against just 291 advancing, or seven losers for every gainer. Only 13.7% of Nifty 500 stocks remain above their 50-day average, while 51 stocks hit fresh 52-week lows against just two new highs.

52 Week Highs & Lows

Valuation Check

Sectoral Indices Performance

IT surged 2.88%, emerging as the only sector in the green, while Chemicals fell 2.64%. IT and Media remain the strongest sectors over 20 and 60 sessions and are the only two sectors trading above all four key moving averages.

Winners & Losers

India Cements surged 12.04% on 102× usual volume, while L&T Technology Services jumped 10.66% on 118× volume. Tech Mahindra hit a fresh 52-week high, while ABB India led F&O losers with a 5.94% decline.

Delivery Data

Global Markets

Commodities

Institutional Flows & Participant Positioning

The put-call ratio fell from 0.86 to 0.78, with call positioning strengthening relative to puts, while implied volatility rose from 12.6% to 14.2%. FIIs remain heavily bearish with just 9.5% of index-futures positions long, compared with 84% for retail and HNIs.

Options imply a 22,411–23,070 range into October 27 expiry, with the heaviest put OI at 22,000 and call OI at 23,000. The 50-day moving average at 23,478 remains the next major trend hurdle.

Thematic Indices

Tijori’s niche indices, where today’s move sorts pockets of the market beyond standard sector baskets. You can also track promoter buying and other interesting stuff, like Capex activity by the companies in the Tijori App’s idea dashboard

F&O Corner

Top Stories in India

Jio Platforms’ ₹22,078 crore IPO was fully subscribed within 100 minutes of opening, receiving bids worth ₹22,354 crore. Institutional investors led the demand with 3.25x subscription, while retail participation remained subdued at 0.23x. Dive deeper

The rupee gained 46 paise (0.48%) to close at ₹94.45 against the US dollar, its strongest closing level since September 4. Optimism around a potential India-US trade deal and foreign inflows into Jio Platforms’ IPO supported the currency. Dive deeper

India’s benchmark 10-year government bond yield climbed to 7.44%, its highest level since March 2023, as Brent crude approached $110 per barrel amid renewed West Asia tensions. Yields have risen 40 basis points over the past month and 85 basis points since the beginning of 2026. Dive deeper

India’s infrastructure output grew 7.9% YoY in September, its fastest pace since November 2023, driven by strong growth in coal (10.7%), iron ore (18.4%) and petroleum refinery products (10.3%). However, crude oil, natural gas and fertiliser production continued to decline. Dive deeper

Eternal, the parent company of Zomato and Blinkit, reported a 92.3% YoY rise in consolidated net profit to ₹125 crore, while revenue jumped 77.6% to ₹24,138 crore. EBITDA rose 26.6% QoQ to ₹752 crore, with the company targeting 5,000 Blinkit stores by March 2028. Dive deeper

Adani Green Energy reported a 15.4% YoY increase in consolidated net profit to ₹673 crore, while revenue grew 41.6% to ₹4,258 crore. EBITDA jumped 45.9% to ₹3,797 crore, supported by a 33% rise in energy sales to 12,090 million units. Dive deeper

Vehicle registrations during Navratri declined 6.52% YoY to 11.23 lakh units, with passenger vehicles falling nearly 22% and two-wheelers declining 2.8%. However, FADA highlighted differences in the festive periods and remained cautiously optimistic about a demand recovery during Dhanteras and Diwali. Dive deeper

eMudhra shares plunged 20% after a security flaw was discovered in eight intermediate certificate authorities used in its global TLS business. The flaw potentially exposed weak cryptographic keys to reverse engineering, prompting concerns among major browser operators, including Google, Apple, Microsoft and Mozilla. Dive deeper

Netflix reported its largest-ever quarterly net subscriber additions in India during Q3, alongside its first transaction-based loyalty partnership with Flipkart. Viewing hours increased 24% YoY, while India revenue grew 18%, reflecting continued expansion in the streaming market. Dive deeper

Top Stories Globally

Crude oil prices climbed to around $100 per barrel, their highest since September 17, as renewed attacks on vessels in the Strait of Hormuz raised supply concerns. Despite escalating tensions and reports of a tanker striking a sea mine, oil shipments through the strait remain near prewar levels, with broader Middle Eastern exports increasing. Dive deeper

SpaceX shares jumped 10% in premarket trading after reporting a 161% YoY revenue surge to $14.6 billion and a quarterly profit of $4.4 billion, reversing last year’s loss. Elon Musk also confirmed that Tesla and SpaceX have formed board committees to explore a potential merger. Dive deeper

France’s 10-year government bond yield reached 5%, its highest level since 2002, amid growing investor concerns over the country’s fiscal health. Rising global energy prices and interest rate hikes have added pressure to government bond markets worldwide. Dive deeper

Netflix shares dropped 6% in premarket trading after the company lowered its full-year advertising forecast and issued a weaker-than-expected fourth-quarter profit outlook. The stock has already declined over 26% this year amid concerns about slowing growth, intensifying competition and pressure on its subscription model. Dive deeper

AI startup Anthropic reported an $80.7 billion net loss in the first half of 2026, largely driven by a $72 billion non-cash accounting charge related to convertible bonds. Ahead of its expected November IPO, investors are reportedly considering a valuation of around $1.5 trillion, amid growing scrutiny of AI infrastructure spending and profitability. Dive deeper

Management Chatter

In this section, we highlight interesting comments from management at major companies and from policymakers in the Indian and Global Economies.

President Donald Trump on finalizing a trade deal with India after more than a year of negotiations:

“They want to make a deal. We’re going to make a deal. Pretty close, yeah.”

It “could be a much different kind of deal.” - Link

The week ahead & Corporate Actions

Corporate Actions

Published by Zerodha. Not investment advice. Data from NSE, BSE, and MCX.

In our latest episode of In The Money by Zerodha, we kick off The Fortnightly Show, a new series where market experts come together every two weeks to discuss markets, the economy, geopolitics, technicals, and more.

In this episode, host Sandeep Rao is joined by Amit Kumar Gupta and Nooresh Merani to discuss India’s evolving equity markets, the Nifty 50, the outlook for IT stocks, and the impact of interest rates and monsoons on consumption. We also explore the upcoming Jio Platforms IPO, foreign investor flows, and what drives global capital into and out of India. Finally, we look at the key events, index levels, and sectors to watch over the next two weeks.

Check out In The Money

That’s it from us for today. We’d love to hear your feedback in the comments, and feel free to share this with your friends to spread the word!

Welcome to Aftermarket Report, a newsletter where we do a quick daily wrap-up of what happened in the markets, both in India and globally.

Markets Today

Nifty opened flat at 23,150, but came under pressure within the opening minutes, tracking a spike in oil prices, comments from Finance Minister Sitharaman on excess liquidity and the reasons behind Indian market underperformance, along with persistent FII outflows.

The index witnessed sharp volatility in the first 30 minutes, initially slipping towards 22,980 before recovering briefly to 23,150. However, the recovery failed to sustain, with selling pressure dragging Nifty below 23,050 by 10 AM. A brief rebound pushed the index towards 23,100 around 10:30 AM, but buying momentum remained weak. After another recovery attempt towards 23,075 around 11 AM, Nifty resumed its downward trend, slipping below 23,000 by 11:45 AM.

Selling pressure intensified in the second half, with Nifty steadily declining below 22,950 shortly after noon and towards 22,920 by 1 PM. The weakness continued into the afternoon, pushing the index below 22,900 around 1:15 PM and towards an intraday low near 22,850 by 2:30 PM.

Despite several minor recovery attempts, buying interest remained limited, with Nifty largely consolidating between 22,850 and 22,890 through the final hour. A modest recovery in the closing minutes helped the index move slightly higher, eventually closing at 22,888.95, around 260 points below its opening level, as persistent selling pressure and weak domestic sentiment erased the previous two sessions’ recovery gains partially.

Fear & Greed Index

The Fear & Greed Index plunged from 30 to 18, slipping back into extreme fear. Weak market trends, rising volatility, and defensive stocks outperforming high-beta stocks continue to reflect cautious sentiment.

Market Breadth

Market breadth was sharply negative, with 1,872 declining stocks against just 451 advancing. Only 18.2% of Nifty 500 stocks remain above their 50-day average, while 30 stocks hit fresh 52-week lows against just two new highs.

52 Week Highs & Lows

Valuation Check

Sectoral Indices Performance

PSU Banks gained 2.46%, emerging as the only sector in the green, while Private Banks fell 1.85%. IT and Media remain the strongest sectors over 20 and 60 sessions and are the only two sectors trading above all four key moving averages.

Winners & Losers

Union Bank jumped 5.25% on nearly 5× usual volume, while PNB gained 4.82%. Axis Bank led F&O losers with a 4.19% decline, while Urban Company plunged 9.89% and MTAR Technologies recorded a sharp delivery spike.

Delivery Data

Global Markets

Commodities

Institutional Flows & Participant Positioning

Call writing strengthened, pulling the PCR down from 1.37 to 1.21, while FIIs sold a net 6,931 index-futures contracts worth ₹1,095 crore. Foreign investors remain heavily bearish with just 10.4% of index-futures positions long, against 85% for retail and HNIs.

Thematic Indices

Tijori’s niche indices, where today’s move sorts pockets of the market beyond standard sector baskets. You can also track promoter buying and other interesting stuff, like Capex activity by the companies in the Tijori App’s idea dashboard

F&O Corner

Top Stories in India

The RBI conducted a seven-day Variable Rate Repo (VRR) auction worth ₹1 lakh crore, its first since July 29, as surplus liquidity in the banking system declined significantly. The auction attracted bids worth ₹1.51 lakh crore, with the RBI accepting ₹1 lakh crore at a weighted average rate of 5.52%. Dive deeper

HDFC Bank reported a 4.7% YoY rise in standalone net profit to ₹19,510 crore, marginally missing estimates as treasury gains fell sharply to ₹780 crore from ₹2,390 crore. Provisions rose 2.1% to ₹3,574 crore, while Deputy MD Kaizad Bharucha announced his resignation effective December 31, 2026. Dive deeper

ICICI Bank reported a 20.1% YoY rise in standalone net profit to ₹14,843 crore, supported by strong loan growth and lower provisions. Net interest income grew 17.7% to ₹25,339 crore, while net interest margins narrowed to 4.18% from 4.30% a year ago. Dive deeper

Axis Bank reported a 38% YoY increase in net profit to ₹7,003 crore, compared with ₹5,089 crore in the year-ago quarter. Net interest income rose 12% to ₹15,371 crore, while net interest margin stood at 3.36%. Dive deeper

UltraTech Cement reported a 21.3% YoY rise in consolidated net profit to ₹1,494 crore, while revenue increased 18.8% to ₹23,295 crore. Domestic grey-cement sales volumes grew 13.8%, although PBIDT margins narrowed slightly to 16.6% from 16.9%. Dive deeper

Jio Platforms’ ₹8,110 crore anchor book reportedly attracted institutional demand worth ₹2.5 lakh crore, over 30 times the amount on offer. Global investment firms, including BlackRock, Fidelity and Capital Group, participated ahead of the company’s stock market debut. Dive deeper

Hindustan Zinc reported a 142% YoY jump in consolidated net profit to ₹6,412 crore, while revenue surged 77% to ₹15,093 crore. EBITDA more than doubled to a record ₹9,285 crore, supported by higher metal prices, increased production and a 29% decline in zinc production costs. Dive deeper

HFCL shares hit the 5% upper circuit after the company reported a 448% YoY surge in consolidated net profit to ₹394 crore. Revenue jumped 144% to ₹2,542 crore, while EBITDA margins expanded 640 basis points to 25.89%, marking its strongest quarterly performance. Dive deeper

Union Bank of India’s standalone net profit rose 30.3% YoY to ₹5,537 crore, supported by lower provisions and a 20.1% increase in net interest income to ₹10,583 crore. Asset quality improved, with gross NPAs declining to 2.4% from 3.29%, while net interest margins expanded to 2.86%. Dive deeper

Top Stories Globally

Crude oil prices hovered near $100 per barrel, close to four-week highs, after surging 10% last week. Renewed fighting in the Middle East, attacks on oil infrastructure and disruptions involving tankers raised fresh concerns over regional supply stability. Dive deeper

China proposed export restrictions on 12 solar manufacturing technologies, citing national security concerns and their potential use in defence and aerospace. The proposal is part of broader export-control revisions covering artificial intelligence, biotechnology and other sensitive technologies. Dive deeper

Chinese AI startup MiniMax launched an upgraded version of its M3.1 Flash model, claiming significant improvements in agentic tasks, programming and cybersecurity. The company said inference speeds have nearly tripled while usage costs have declined by 70%. Dive deeper

Japan’s 10-year government bond yield declined to around 2.9%, hovering near five-week lows after Prime Minister Sanae Takaichi pledged fiscal discipline and responsible debt issuance. The assurances aim to support investor confidence and the yen amid concerns over Japan’s approximately $7 trillion debt burden. Dive deeper

European markets declined as escalating protests in France raised concerns over political stability and the country’s fiscal outlook. France’s CAC 40 fell as much as 1.35%, while the Stoxx 600 declined 0.82%, with French bond yields reaching multi-decade highs and the euro weakening against major currencies. Dive deeper

Management Chatter

In this section, we highlight interesting comments from management at major companies and from policymakers in the Indian and Global Economies.

Finance Minister Nirmala Sitharaman on Indian equities underperformance:

“Because of the ease of liquidity and ease of availability, people are even exiting easily.”

While the fundamentals of the Indian economy remained “fine”

“The flight of capital toward AI and the US, which otherwise moves toward different countries for different sectoral investments, is a concern.” - Link

The week ahead & Corporate Actions

Corporate Actions

Published by Zerodha. Not investment advice. Data from NSE, BSE, and MCX.

In our latest episode of In The Money by Zerodha, we kick off The Fortnightly Show, a new series where market experts come together every two weeks to discuss markets, the economy, geopolitics, technicals, and more.

In this episode, host Sandeep Rao is joined by Amit Kumar Gupta and Nooresh Merani to discuss India’s evolving equity markets, the Nifty 50, the outlook for IT stocks, and the impact of interest rates and monsoons on consumption. We also explore the upcoming Jio Platforms IPO, foreign investor flows, and what drives global capital into and out of India. Finally, we look at the key events, index levels, and sectors to watch over the next two weeks.

Check out In The Money

That’s it from us for today. We’d love to hear your feedback in the comments, and feel free to share this with your friends to spread the word!

Welcome to the weekly edition of Aftermarket Report, where we wrap up the week in the markets and take you through everything that mattered, both in India and globally.

Weekly market performance

Nifty gained 2.78% to close at 23,146, recovering after its first positive week in nine weeks. However, the broader market remains in a downtrend, with weak participation, persistent foreign selling and elevated bond yields continuing to weigh on sentiment.

What is the macro backdrop doing?

India’s 10-year government bond yield rose 4 bps to 7.41%, remaining near its highest levels in a year, while the rupee strengthened to ₹94.99 per dollar. Crude oil gained 3.95% during the week, while gold and silver fell 2.65% and 6.69%, respectively.

Reversal strategies outperformed momentum this week, with last week’s weakest stocks gaining a median 0.54%, compared with a 0.01% decline for the strongest stocks. However, momentum has still outperformed in nine of the last 13 weeks, while Quality stocks have held up better than High Beta stocks over four weeks.

Fear & Greed trend

Market Breadth

Valuation Check

Nifty trades at 19.77× earnings, near its lowest valuation levels in five years, while smallcaps remain expensive at 33.68×. The equity risk premium stood at -2.35%, close to its five-year median of -2.43%, as rising bond yields continued to pressure relative equity valuations.

Sectoral summary

IT, Media, Telecom and Private Banks remain the strongest sectors relative to Nifty 500 over 13 weeks, with IT outperforming by 14.5 percentage points. Banks, Financial Services and FMCG are showing improvement, while Pharma, Metals and Capital Goods are losing momentum.

Selective stock screeners

Deals of the week

Institutional flows & positioning

FPIs sold ₹4,187 crore during the week, while DIIs bought ₹7,813 crore, absorbing the foreign selling. Over four weeks, foreign outflows reached ₹71,172 crore against domestic inflows of ₹87,979 crore, highlighting continued dependence on domestic institutional support.

Week ahead

Check out Weekly market metrics

We’re in Week 42 of 2026. After weeks of market weakness, NIFTY staged a sharp recovery, gaining 2.78% to close at 23,146 and moving above the 23,100 resistance level. This week, we also look at SEBI’s decision to move expiry-day derivatives settlement back to the 30-minute VWAP method, continued FII selling despite strong domestic investor participation, and a record-breaking rally in IT stocks.

With NIFTY bouncing sharply from recent lows, the big question is whether we’ve finally seen a market bottom or if this is just another temporary recovery. We also look at the key levels, expiry risks, and major events that could shape the week ahead.

That’s it for this edition. We’d love to hear your feedback in the comments, and feel free to share this with your friends to spread the word!

Welcome to Aftermarket Report, a newsletter where we do a quick daily wrap-up of what happened in the markets, both in India and globally.

Markets Today

Nifty opened with a 68-point gap up at 23,065, extending the previous session’s positive momentum despite mixed global cues and a spike in oil prices. However, the index came under immediate selling pressure, slipping sharply below 23,000 within the opening minutes and towards 22,920 by 9:40 AM.

Buying emerged from the lows, triggering a strong recovery that pushed Nifty back above 23,000 around 10 AM and towards 23,140 by 10:15 AM. The rally lost some momentum after 10:30 AM, with Nifty slipping towards 23,075 around 11:15 AM before recovering again to trade near 23,125 by noon.

The second half remained largely range-bound, with Nifty oscillating between 23,100 and 23,140 through much of the early afternoon as buying momentum struggled to sustain at higher levels. Selling pressure picked up after 2 PM, dragging the index below 23,100 and towards 23,080 by 2:20 PM. Despite a brief recovery attempt, Nifty remained volatile through the final hour. However, buying interest returned in the closing minutes, helping the index reclaim 23,125 and move towards the day’s highs. Nifty eventually closed at 23,146.15, about 80 points above its open, marking a second consecutive positive session and ending the week on a strong note despite the uncertain global backdrop.

Fear & Greed Index

The Fear & Greed Index slipped from 33 to 30, remaining in the fear zone. Despite the market’s gains, weak underlying trends, elevated volatility, and defensive stocks outperforming high-beta stocks continue to reflect cautious sentiment.

Market Breadth

Market breadth was positive, with 1,292 advancers against 1,017 decliners, although heavyweight stocks continued to drive much of the gains. Only 22.1% of Nifty 500 stocks are above their 50-day average, while 10 stocks hit fresh 52-week lows against five new highs.

52 Week Highs & Lows

Valuation Check

Sectoral Indices Performance

IT surged 3.92%, leading gains across eight of 15 sectors, while Consumer Durables fell 0.61%. IT, Media and Private Banks remain the relative leaders over 20 and 60 sessions, with all three sectors now trading above their four key moving averages.

Winners & Losers

HBL Engineering jumped 17.27% on nearly 18× usual volume, while Tech Mahindra surged 8.48% on heavy trading and hit a fresh 52-week high. Angel One led F&O losers with a 4.15% decline, while Waaree Energies recorded a sharp delivery spike.

Delivery Data

Global Markets

Commodities

Institutional Flows & Participant Positioning

Call writing picked up, pulling the PCR down from 1.37 to 1.21, while implied volatility fell from 12% to 10.8%. FIIs increased their index-futures long ratio to 11.3% and bought a net 6,828 contracts, while retail and HNIs remained heavily long at 83%.

Options imply a 22,922–23,285 range into October 19 expiry, with the heaviest put OI at 22,000 and call OI at 24,000. The 50-day moving average at 23,549 remains the next major trend hurdle.

Thematic Indices

Tijori’s niche indices, where today’s move sorts pockets of the market beyond standard sector baskets. You can also track promoter buying and other interesting stuff, like Capex activity by the companies in the Tijori App’s idea dashboard

F&O Corner

Top Stories in India

India received 76.86 cm of rainfall between June 4 and October 15, around 15% below the long-period average of 90.63 cm, according to IMD data. The significant rainfall deficit highlights a weaker-than-normal southwest monsoon season. Dive deeper

DLF reported a 10% YoY rise in consolidated net profit to ₹1,301 crore in Q2 FY27, compared to ₹1,180 crore last year. Total income increased marginally to ₹2,297 crore from ₹2,262 crore. Dive deeper

Punjab National Bank reported a 13% YoY rise in net profit to ₹5,532 crore in Q2 FY27, while total income increased 5.4% to ₹38,185 crore. Interest income grew 8.5% to ₹34,585 crore, while asset quality improved, with gross NPA declining to 2.55% from 3.45% a year ago. Dive deeper

Reliance Industries pushed back against Elon Musk’s criticism over delays in Starlink’s India entry, clarifying that Jio’s satellite services are also awaiting government approvals. The company maintained that it has never feared competition and sought to set the record straight. Dive deeper

India’s foreign exchange reserves declined by $8.58 billion to $726.03 billion for the week ended October 9, marking another consecutive weekly fall. Reserves have dropped nearly $60 billion from their September 4 record high of $785.71 billion. Dive deeper

Federal Bank posted its highest-ever quarterly net profit of ₹1,386 crore in Q2 FY27, up 45.1% YoY. Net interest income rose 26.4% to ₹3,153 crore, while net interest margin improved to 3.32%. Asset quality also strengthened, with gross and net NPAs reaching decade-low levels. Dive deeper

Top Stories Globally

Crude oil prices hovered around $98 per barrel, gaining over 6% during the week as escalating Middle East tensions raised supply concerns. The sinking of a container ship following an Iranian strike in the Strait of Hormuz added to uncertainty, despite some shipping traffic continuing through the waterway. Dive deeper

Indonesia’s benchmark stock index crashed 11.57%, its biggest single-day decline since 1998, after MSCI outlined plans to remove the country from its emerging-market indexes. The announcement triggered a sharp sell-off, while the rupiah briefly weakened to 18,070 against the dollar. Dive deeper

Global equity funds recorded $20.01 billion in net inflows during the week ended October 14, marking their fourth consecutive week of inflows. Easing US Treasury yields and optimism around corporate earnings supported sentiment, although investors withdrew money from technology funds amid rising debt concerns. Dive deeper

Global electric vehicle sales fell 2% in September, ending six consecutive months of growth. Record European sales failed to offset weakness in China and North America, where demand continues to face pressure following the expiration of US federal EV tax credits. Dive deeper

Federal Reserve Chair Kevin Warsh avoided signalling the outcome of October’s policy meeting, saying stronger-than-expected inflation had not changed his broader economic outlook. His comments prompted traders to further reduce expectations of an October interest rate hike. Dive deeper

Management Chatter

In this section, we highlight interesting comments from management at major companies and from policymakers in the Indian and Global Economies.

K. V. R. Murty, Whole-Time Member of SEBI on CAS overhaul & New rules:

“While CAS remains active for price discovery, we tweaked how the settlement price for derivative contracts is calculated. Under the revised circular, derivative contract settlement will be determined using the continuous trading session from 3:00 PM to 3:30 PM. Over the past two months, liquidity and participation in CAS have built up steadily.” - Link

The week ahead & Corporate Actions

Corporate Actions

Published by Zerodha. Not investment advice. Data from NSE, BSE, and MCX.

In our latest episode of In The Money by Zerodha, we explore the story of Paul Tudor Jones, the legendary macro trader known for his approach to risk management and his role during the 1987 stock market crash.

From an early career setback in cotton trading to the lessons he took away from Silver Thursday, we look at the experiences that shaped his trading philosophy.

How did Jones approach risk? What did he learn from his early losses? And what can his career teach us about surviving the markets over the long run?

Check out In The Money

That’s it from us for today. We’d love to hear your feedback in the comments, and feel free to share this with your friends to spread the word!

Welcome to Aftermarket Report, a newsletter where we do a quick daily wrap-up of what happened in the markets, both in India and globally.

Markets Today

Nifty opened with a 48-point gap up at 22,671, bucking the weak global trend as South Korean and Japanese markets fell 8% and 5%, respectively, amid a sharp sell-off in Asian technology stocks driven by concerns over high interest rates and the sustainability of AI investments.

Despite the weak global backdrop, Nifty quickly gained momentum, climbing above 22,750 within the first 20 minutes and crossing 22,850 by 10 AM. Buying continued through the morning, pushing the index above 22,900 around 10:15 AM and towards 22,950 by 11 AM. A brief bout of profit booking dragged Nifty back towards 22,890, but buying resumed, helping the index reclaim 22,950 by 11:30 AM.

The second half began on a positive note, with Nifty gradually moving higher and crossing 23,000 around 12:40 PM. The index consolidated near 23,000 through the early afternoon before another round of buying pushed it towards an intraday high near 23,050 around 1:45 PM.

However, the rally lost momentum after 2 PM, with profit booking gradually dragging Nifty below 23,000 and towards 22,930 by 3 PM. A decent recovery in the CAS helped the index reclaim 23,000. Nifty eventually closed at 22,997.35, around 330 points above its opening level, marking a strong session as domestic markets significantly outperformed their Asian peers despite the weak global backdrop.

Fear & Greed Index

The Fear & Greed Index improved from 28 to 33, remaining in the fear zone. Sentiment has recovered significantly from last week’s reading of 9, although weak broader market trends and cautious foreign investor positioning continue to weigh on confidence.

Market Breadth

Despite Nifty’s strong rally, market breadth was sharply negative, with 1,623 declining stocks against just 691 advancing. The average Nifty 500 stock fell 0.53% even as the index gained 0.65%, highlighting a heavyweight-driven rally, while only 19.4% of stocks remain above their 50-day average.

52 Week Highs & Lows

Valuation Check

Sectoral Indices Performance

Private Banks led with a 1.89% gain, while PSU Banks fell 1.55%, with 10 of 15 sectors advancing. Media, IT and Private Banks remain the relative leaders over 20 and 60 sessions, with Media and Private Banks the only sectors trading above all four key moving averages.

Winners & Losers

Gallantt Ispat jumped 10.65% on 27× usual volume, while Tata Communications gained 6.32% on 21× volume. Yes Bank plunged 14.53% on nearly 9× usual volume, while Nestlé India and BHEL declined 7.76% and 6.41%, respectively.

Delivery Data

Global Markets

Commodities

Institutional Flows & Participant Positioning

Put writing strengthened, lifting the PCR from 0.91 to 1.37, while implied volatility fell from 13.1% to 12%. FIIs increased their index-futures long ratio to 10.8% and bought a net 16,870 contracts, while retail and HNIs remained heavily long at 83%.

Options imply a 22,715–23,174 range into October 19 expiry, with the heaviest put OI at 22,500 and call OI at 24,000. The 50-day moving average at 23,580 remains the next major trend hurdle.

Thematic Indices

Tijori’s niche indices, where today’s move sorts pockets of the market beyond standard sector baskets. You can also track promoter buying and other interesting stuff, like Capex activity by the companies in the Tijori App’s idea dashboard

F&O Corner

Top Stories in India

India’s net direct tax collections rose 13.2% YoY to ₹13.38 lakh crore as of October 14, supported by strong corporate tax receipts and higher STT collections. Gross collections grew 14.9% to ₹16.03 lakh crore, while refunds increased 24.2% to ₹2.65 lakh crore. Dive deeper

The Supreme Court ruled that Yes Bank's ₹8,400 crore write-off of AT-1 bonds during its 2020 restructuring was illegal. The bank wrote off the bonds as part of its rescue plan, triggering a prolonged legal dispute with bondholders. Dive deeper

Nestlé India reported a 35.9% YoY rise in Q2 FY27 consolidated net profit to ₹1,009.6 crore, while total sales grew 20.5% to ₹6,782.2 crore. Domestic sales increased 20.4%. Dive deeper

Stellantis plans to invest ₹4,000 crore in India over the next three years and launch 12 models across its Jeep and Citroën brands. The automaker aims to triple domestic sales volumes by 2030. Dive deeper

STT collections surged nearly 52% YoY to ₹46,840 crore between April 1 and October 14, compared with around ₹31,000 crore last year, amid heightened stock market volatility. Dive deeper

Wipro reported a 1.4% YoY decline in Q2 FY27 consolidated net profit to ₹3,200.6 crore, while revenue rose 9.1% to ₹24,752.7 crore. Sequentially, profit fell 4.5%, while revenue increased 1%. Dive deeper

HDFC Life reported a 13.6% YoY rise in Q2 FY27 net profit to ₹508 crore, while net premium income grew 15.7% to ₹21,727 crore. Its value of new business increased 12.1% in H1 FY27, with new business margins improving to 24.7%. Dive deeper

Tech Mahindra reported a 32% YoY rise in Q2 FY27 net profit to ₹1,586 crore, while revenue grew 15.6% to ₹16,180 crore. EBIT margin improved 260 bps YoY to 14.8%, while new deal wins stood at $1.02 billion, marking the fourth consecutive quarter of over $1 billion in bookings. Dive deeper

Top Stories Globally

Credit default swap spreads for major AI-linked companies widened amid growing concerns over debt-funded AI infrastructure investments. CoreWeave’s CDS spreads crossed 1,000 bps, while Oracle’s stood at 288 bps and SoftBank’s reached 424 bps. Dive deeper

Asian technology stocks slumped amid concerns over high interest rates and the sustainability of AI investments. South Korea’s Kospi plunged nearly 8%, extending losses for a seventh session, while Japan’s Nikkei fell 5%. Dive deeper

Crude oil traded around $95 per barrel as renewed shipping disruptions in the Strait of Hormuz raised supply concerns, while worries about weakening global demand limited further gains. Dive deeper

TSMC reported a 69% jump in Q3 net profit to T$763.1 billion, marking its sixth consecutive record quarter. The chipmaker raised its 2026 revenue growth forecast to around 44% but cautioned about macroeconomic uncertainty and rising component costs heading into 2027. Dive deeper

The US 10-year Treasury yield fell nearly 13 bps to 5.05% as investors moved toward safer assets amid a global equity sell-off and concerns over AI-related spending. Dive deeper

US producer prices jumped 1.3% MoM in September, significantly above expectations of 0.5% and the sharpest increase since March 2022. Energy costs surged 10.8%, driving higher transportation and trade costs. Dive deeper

Management Chatter

In this section, we highlight interesting comments from management at major companies and from policymakers in the Indian and Global Economies.

Polycab’s management on UltraTech's entry into the wires business:

“There is enough room, and given the kind of growth we are seeing in this segment, there is enough room for a few players to enter and take some share. However, we do not see any real competition in the near term, simply because the wires market is still a very small part of our overall business. The impact is primarily on players that are wires-heavy.

For us, we are already operating at very high margins. If you look at the overall industry, the market is also expected to grow over the next 2-3 years to around 40,000-50,000 crore. With that, considering the capex that UltraTech has put into this industry and the revenue guidance they have given, with potential of around 6-7x, it looks elusive at the moment. However, that is again a very small part of the overall market.” - Link

The week ahead & Corporate Actions

Corporate Actions

Published by Zerodha. Not investment advice. Data from NSE, BSE, and MCX.

In our latest episode of In The Money by Zerodha, we explore the story of Paul Tudor Jones, the legendary macro trader known for his approach to risk management and his role during the 1987 stock market crash.

From an early career setback in cotton trading to the lessons he took away from Silver Thursday, we look at the experiences that shaped his trading philosophy.

How did Jones approach risk? What did he learn from his early losses? And what can his career teach us about surviving the markets over the long run?

Check out In The Money

That’s it from us for today. We’d love to hear your feedback in the comments, and feel free to share this with your friends to spread the word!

Welcome to Aftermarket Report, a newsletter where we do a quick daily wrap-up of what happened in the markets, both in India and globally.

Markets Today

Nifty opened flat at 22,716, tracking slightly weaker global markets and a 2% surge in oil prices overnight. The index witnessed a volatile start, briefly climbing towards 22,750 before slipping below 22,700 within the opening half hour. Despite a few recovery attempts, Nifty struggled to sustain higher levels and remained largely range-bound between 22,680 and 22,750 through the first hour.

Buying interest picked up around 10:30 AM, pushing the index back again towards 22,745, but the recovery proved short-lived. After another attempt to move higher around noon, selling pressure gradually intensified, dragging Nifty below 22,700 by 12:45 PM.

The second half saw a sharp increase in volatility, with Nifty plunging nearly 150 points around 1 PM to touch an intraday low near 22,560 by 1:15 PM. However, buying emerged from the lows, helping the index recover towards 22,650 by 1:45 PM.

The recovery failed to sustain, with Nifty slipping back below 22,625 and oscillating between 22,600 and 22,630 through much of the final hour. A brief recovery attempt towards the close also failed to gather momentum. Nifty eventually closed at 22,622.70, around 90 points below its opening level, giving up the previous session’s gains as selling pressure in the second half weighed on market sentiment.

Fear & Greed Index

The Fear & Greed Index improved from 21 to 28, moving out of extreme fear into the fear zone. Risk appetite improved, although weak market trends, elevated volatility and bearish foreign investor positioning continue to weigh on sentiment.

Market Breadth

Market breadth remained positive despite Nifty’s decline, with 1,376 advancers against 944 decliners. The average Nifty 500 stock gained 0.24% even as the index fell 0.24%, while the share of stocks above their 50-day average improved to 24.3%.

52 Week Highs & Lows

Valuation Check

Sectoral Indices Performance

FMCG led with a 1.21% gain, while Pharma fell 1.30%, with seven of 15 sectors advancing. Media, IT and Private Banks remain the relative leaders over 20 and 60 sessions, although Media is the only sector trading above all four key moving averages.

Winners & Losers

Transformers and Rectifiers surged 14.97% on 17× usual volume, while Vedanta Power gained 12.75% on 20× volume. BHEL hit a fresh 52-week high, while LIC Housing Finance led F&O losers with a 5.14% decline.

Delivery Data

Global Markets

Commodities

Institutional Flows & Participant Positioning

The put-call ratio fell from 1.27 to 0.91, reflecting weaker put positioning relative to calls, while implied volatility rose from 12.6% to 13.1%. FIIs remain heavily bearish with just 9.4% of index-futures positions long, against 85% for retail and HNIs; six of the 12 largest stock-futures OI moves were short buildups.

Options imply a 22,337–22,888 range into October 19 expiry, with the heaviest put OI at 22,000 and call OI at 23,000. The 20-day moving average at 22,858 remains the first major trend hurdle.

Thematic Indices

Tijori’s niche indices, where today’s move sorts pockets of the market beyond standard sector baskets. You can also track promoter buying and other interesting stuff, like Capex activity by the companies in the Tijori App’s idea dashboard

F&O Corner

Top Stories in India

Fairfax Financial will acquire a 60.72% stake in IDBI Bank for ₹52,878 crore ($5.6 billion), valuing the lender at around ₹87,100 crore. The transaction represents one of India’s largest banking deals, with the government and LIC retaining a combined 34% stake. Dive deeper

India’s WPI inflation rose to 11.39% in September from 9.92% in August, driven by higher food, fuel and manufactured goods prices. Fuel and power inflation climbed to 25.85%, while crude petroleum and natural gas inflation surged to 57.32%. Dive deeper

Canara Bank reported an 8.4% YoY rise in Q2 FY27 net profit to ₹5,175 crore, while operating profit grew 2% to ₹8,758 crore. Global advances increased 19.5% to ₹13.75 lakh crore, while deposits rose 13.1% to ₹16.97 lakh crore. Dive deeper

Biocon signed a global patent settlement and licensing agreement with Genentech for Pebrilzo, its biosimilar version of the breast cancer drug Perjeta. The agreement resolves pending patent disputes across multiple markets, including the US and Canada. Dive deeper

BHEL’s Q2 FY27 consolidated net profit more than doubled YoY to ₹821 crore, while total income rose 24% to ₹9,553 crore. Growth was supported by higher revenue from its power and industry businesses. Dive deeper

Tata Technologies reported a 4% YoY rise in Q2 FY27 net profit to ₹171 crore, while revenue jumped 28% to ₹1,699 crore. Its services business grew 34% to ₹1,356 crore, supported by demand from automotive and manufacturing clients. Dive deeper

Top Stories Globally

US annual inflation accelerated to 3.7% in September from 3.4% in August, exceeding expectations of 3.6%. Higher energy prices drove the increase, with gasoline prices rising 34.2% YoY and fuel oil prices jumping 74.2%. Dive deeper

Crude oil traded around $95 per barrel as improving shipments through the Strait of Hormuz and higher Saudi production helped offset concerns over renewed attacks in the Middle East. Dive deeper

Japan will invest up to $21 billion in two semiconductor factories in New York, operated by GlobalFoundries and jointly owned by US and Japanese interests. The investment forms part of Japan’s broader $550 billion investment commitment to the US. Dive deeper

China’s exports surged 36.3% YoY in September, beating expectations of 25.5% growth, while imports rose 31%. Strong demand for semiconductors and green technology products helped widen the country’s trade surplus. Dive deeper

Iron ore futures fell toward CNY 670 per tonne, hitting four-year lows, as increased blast furnace maintenance in China weakened demand while rising inventories in Australia and Brazil added to supply pressure. Dive deeper

The dollar index rose as much as 0.5% to 102.72, its highest since April 2025, as stronger-than-expected US inflation reinforced expectations of further Federal Reserve tightening. Dive deeper

Management Chatter

In this section, we highlight interesting comments from management at major companies and from policymakers in the Indian and Global Economies.

Brajesh Kumar Singh, MD and CEO, on recent IRDAI regulatory shifts & RBI’s stricter cash reserve requirements:

“Regarding regulatory shifts, proposed insurance distribution commission caps will impact our bancassurance earnings by around ₹150 crore in life insurance, with total fee income reduction across mutual funds and wealth distribution capped at roughly ₹200 crore. Additionally, maintaining average CRR balances at 99% impacts margins by approximately ₹8 crore per month.” - Link

The week ahead & Corporate Actions

Corporate Actions

Published by Zerodha. Not investment advice. Data from NSE, BSE, and MCX.

In our latest episode of In The Money by Zerodha, we explore the story of Paul Tudor Jones, the legendary macro trader known for his approach to risk management and his role during the 1987 stock market crash.

From an early career setback in cotton trading to the lessons he took away from Silver Thursday, we look at the experiences that shaped his trading philosophy.

How did Jones approach risk? What did he learn from his early losses? And what can his career teach us about surviving the markets over the long run?

Check out In The Money

That’s it from us for today. We’d love to hear your feedback in the comments, and feel free to share this with your friends to spread the word!

Welcome to Aftermarket Report, a newsletter where we do a quick daily wrap-up of what happened in the markets, both in India and globally.

Markets Today

Nifty opened flat at 22,364, led by strength in IT stocks following a strong set of earnings from HCLTech. The index quickly gained momentum after the opening bell, climbing above 22,450 within the first 15 minutes and crossing 22,550 by 9:45 AM. However, the early rally lost steam around 10 AM, with Nifty facing resistance near 22,570 and gradually slipping towards 22,500 by 11 AM.

The index remained largely range-bound between 22,490 and 22,530 through the rest of the morning, as some profit booking emerged at higher levels.

The second half began steadily, with Nifty recovering towards 22,550 around 12:30 PM before slipping back into a narrow range. The index continued to consolidate between 22,530 and 22,560 through much of the early afternoon, with buying momentum remaining subdued.

However, sentiment improved sharply after 2 PM following FM’s comments on openness to discussing & reviewing LTCG & STT, triggering a steady rally that pushed Nifty above 22,600 and eventually past 22,650 by 2:40 PM. Buying strengthened further in the final hour, with the index crossing the 22,700 mark and moving towards the day’s high. Nifty eventually closed at 22,721.95, nearly 350 points above its opening level, marking a strong recovery session as sustained buying in the second half helped the index finish near its intraday highs.

Fear & Greed Index

The Fear & Greed Index improved sharply from 13 to 21, but remained in extreme fear. Risk appetite showed signs of recovery, although weak market trends and defensive stocks outperforming high-beta stocks continue to reflect underlying caution.

Market Breadth

Market breadth improved, with 1,356 advancers against 959 decliners, although large-cap stocks led the rally. Only 21.5% of Nifty 500 stocks are above their 50-day average, while four stocks hit fresh 52-week highs against three new lows.

52 Week Highs & Lows

Valuation Check

Sectoral Indices Performance

IT surged 5.22%, leading gains across 14 of 15 sectors, while Pharma was the only sector in the red (-0.01%). Media, IT and Pharma remain the relative leaders over 20 and 60 sessions, with Media the only sector trading above all four key moving averages.

Winners & Losers

Birlasoft jumped 8.76% on nearly 10× usual volume, while HCL Technologies gained 8.42% on heavy trading. RBL Bank plunged 7.10%, while IndusInd Bank recorded a delivery spike, with 76% of traded shares going to delivery against its usual 50%.

Delivery Data

Global Markets

Commodities

Institutional Flows & Participant Positioning

Put writing strengthened, lifting the PCR from 0.73 to 1.27, while implied volatility fell from 14.6% to 12.6%. FIIs remain heavily bearish with just 9.8% of index-futures positions long, against 83% for retail and HNIs; six of the 12 largest stock-futures OI moves were long buildups.

Options imply a 22,516–23,102 range into October 19 expiry, with the heaviest put OI at 22,500 and call OI at 23,000. The 20-day moving average at 22,882 remains the first major trend hurdle.

Thematic Indices

Tijori’s niche indices, where today’s move sorts pockets of the market beyond standard sector baskets. You can also track promoter buying and other interesting stuff, like Capex activity by the companies in the Tijori App’s idea dashboard

F&O Corner

Top Stories in India

NPCI deferred the implementation of merchant discount rate (MDR) charges on select UPI transactions until after Diwali. The levy was originally scheduled for October 15, with a revised date to be announced later. Dive deeper

Tata Elxsi reported a 10% YoY rise in Q2 FY27 net profit to ₹170 crore, while revenue grew 15% to ₹1,056 crore. Higher employee and operating costs kept profit growth below revenue growth. Dive deeper

Sun Pharma’s board approved a proposal to raise up to ₹10,000 crore through non-convertible debentures (NCDs). Dive deeper

ICICI Life Insurance reported a 25% YoY rise in Q2 FY27 net profit to ₹374 crore, supported by higher premium income. Net premium earned grew 16.5% to ₹13,804 crore. Dive deeper

SEBI extended its relaxation allowing companies to revise IPO fresh issue sizes by up to 50% without filing new draft offer documents until March 31, 2027, subject to specified conditions. Dive deeper

Top Stories Globally

South Korea’s Kospi plunged 7.4% to its lowest level since July, dragged down by a sharp sell-off in semiconductor stocks. Samsung Electronics fell 7.7% and SK Hynix dropped 8.8% amid concerns that advances by Chinese chipmaker CXMT could intensify competition in the global memory chip market. Dive deeper

Crude oil fell below $92 per barrel, snapping a three-session rally as the US temporarily eased restrictions on Russian diesel exports for six months, raising expectations of additional global energy supplies. Dive deeper

OPEC+ crude oil production rose by around 900,000 barrels per day to 39.07 million bpd in September, driven largely by higher Saudi Arabian output despite continued disruptions in the Strait of Hormuz. Dive deeper

The dollar index fell 0.3% to 102.26, retreating from an 18-month high of 102.61 as oil prices eased and investors reassessed geopolitical risks ahead of the US midterm elections. Dive deeper

The IMF raised its 2026 global growth forecast to 3.1% from 3%, with growth expected to accelerate to 3.4% in 2027. Resilient advanced economies and rising AI investment supported the upgrade, although elevated energy prices remain a key risk. Dive deeper

Management Chatter

In this section, we highlight interesting comments from management at major companies and from policymakers in the Indian and Global Economies.

FM Nirmala Sitharaman says the government is open to hearing views on LTCG tax review:

“LTCG, a lot of people are commenting on it, both Indian and foreign investors. This debate on STT in the market and the question of treating all asset classes similarly, there is a lot of debate. It is healthy to have this debate.”

"We are very close to the Budget and the preparation for the Budget has started, and it may not be the best time for me to say what I will or what I will not consider" - Link

The week ahead & Corporate Actions

Corporate Actions

Published by Zerodha. Not investment advice. Data from NSE, BSE, and MCX.

In our latest episode of In The Money by Zerodha, we explore the story of Paul Tudor Jones, the legendary macro trader known for his approach to risk management and his role during the 1987 stock market crash.

From an early career setback in cotton trading to the lessons he took away from Silver Thursday, we look at the experiences that shaped his trading philosophy.

How did Jones approach risk? What did he learn from his early losses? And what can his career teach us about surviving the markets over the long run?

Check out In The Money

That’s it from us for today. We’d love to hear your feedback in the comments, and feel free to share this with your friends to spread the word!

Welcome to Aftermarket Report, a newsletter where we do a quick daily wrap-up of what happened in the markets, both in India and globally.

Markets Today

Nifty opened with a 73-point gap up at 22,593, tracking a fairly stable global backdrop, a slight cooldown in oil prices, and RBI measures aimed at supporting the rupee. However, the positive opening failed to sustain as selling pressure emerged almost immediately, dragging the index below 22,550 within the opening minutes. Despite a few recovery attempts, Nifty continued to drift lower through the first hour, slipping below 22,500 by 10 AM.

Weakness intensified after 10:30 AM, with the index steadily declining towards 22,400 by 11 AM. The selling pressure eased slightly around noon, with Nifty finding some support near 22,360 and attempting a modest recovery towards 22,400.

The second half remained largely subdued, with Nifty oscillating between 22,360 and 22,400 through much of the early afternoon as buying interest remained limited. Selling pressure picked up again after 2 PM, pushing the index below 22,350 and eventually towards an intraday low near 22,305 around 3 PM.

A brief recovery attempt in the final minutes helped the index reclaim 22,350, but the broader weakness persisted. Nifty eventually closed at 22,363.35, around 230 points below its opening level, giving up all its early gains as persistent selling pressure and weak domestic sentiment overshadowed the relatively stable global cues.

Fear & Greed Index

The Fear & Greed Index slipped from 14 to 13, remaining in extreme fear. Weak market trends, elevated volatility, and defensive stocks outperforming high-beta stocks continue to reflect cautious sentiment.

Market Breadth

Market breadth was slightly positive, with 1,219 advancers versus 1,100 decliners, despite Nifty’s decline. The average Nifty 500 stock gained 0.48% even as the index fell 0.20%, while only 19.8% of stocks remain above their 50-day average.

52 Week Highs & Lows

Valuation Check

Sectoral Indices Performance

Media surged 4.60% to lead, while FMCG fell 1.67%, with only five of 15 sectors advancing. Media, Private Banks and Pharma remain the relative leaders over 20 and 60 sessions, with Media the only sector trading above all four key moving averages.

Winners & Losers

Gallantt Ispat jumped 18.23% on 277× usual volume, while New India Assurance gained 15.28% on heavy trading. Avenue Supermarts was the weakest F&O stock, falling 4.32%, while Kalyan Jewellers recorded a sharp delivery spike.

Delivery Data

Global Markets

Commodities

Institutional Flows & Participant Positioning

Call writing intensified, pulling the PCR down from 1.14 to 0.73, while implied volatility for October 19 expiry rose to 14.6%. FIIs remain heavily bearish with just 9% of index-futures positions long, while retail and HNIs are 84% long; seven of the 12 largest stock-futures OI moves were short buildups.

Options imply a 22,179–22,482 range into October 13 expiry, with the heaviest put OI at 22,000 and call OI at 22,600. The 20-day moving average at 22,916 remains the first major trend hurdle.

Thematic Indices

Tijori’s niche indices, where today’s move sorts pockets of the market beyond standard sector baskets. You can also track promoter buying and other interesting stuff, like Capex activity by the companies in the Tijori App’s idea dashboard

F&O Corner

Top Stories in India

The rupee surged 96 paise to ₹95.75/$, recording its biggest single-day gain in over six months, following a series of RBI measures aimed at curbing dollar demand and speculative pressure on the currency. Dive deeper

The RBI introduced measures to curb oil companies’ spot dollar demand and speculative corporate hedging. Banks must maintain a 20% cash reserve on qualifying rupee-linked forex derivative contracts above $2 million, while the minimum daily CRR maintenance requirement will rise from 90% to 99% from October 16. Dive deeper

HCLTech reported a 21.2% YoY rise in Q2 FY27 consolidated net profit to ₹5,132 crore, while revenue grew 11.5% to ₹35,620 crore. Sequentially, profit increased 11% and revenue rose 3%. Dive deeper

India’s CPI inflation rose to a 21-month high of 5.54% in September, compared with 4.83% in August, driven by rising food prices and an unfavourable base effect. The reading brings inflation closer to the RBI’s 6% upper tolerance limit. Dive deeper

LTTS launched its first AI-native Engineering Intelligence Lab for digital manufacturing in India, built using Siemens and Nvidia technologies. The facility will focus on digital twins, autonomous systems and AI-driven automation across manufacturing and supply chains. Dive deeper

Monthly SIP contributions reached a record ₹32,490 crore in September, up from ₹32,297 crore in August. Equity mutual fund inflows climbed to a five-month high of ₹38,306 crore, despite continued weakness in stock markets. Dive deeper

Technip Energies secured an EPC contract from HPCL for its Mumbai Refinery modernisation project. The contract covers a 550 KTA hydrocracker and catalytic dewaxing unit and an 850 KTA solvent deasphalting unit. Dive deeper

Century Plyboards inaugurated a ₹215 crore plywood manufacturing facility in Punjab, with an initial annual capacity of 60,000 cubic metres. Capacity is expected to increase to 1 lakh cubic metres, with potential annual revenue of around ₹600 crore at full utilisation. Dive deeper

The government proposed a 30% cap on trade margins for certain anti-cancer drugs, potentially reducing retail prices by 20–70% and saving patients ₹2,500 crore annually. The Supreme Court suggested extending the proposal beyond cancer medicines to other drugs. Dive deeper

RBL Bank’s Q2 FY27 net profit jumped 2.7 times YoY to ₹482 crore, supported by strong loan growth. Net interest income rose 37% to ₹2,131 crore, while net interest margins improved 48 bps sequentially to 4.61%. Dive deeper

Top Stories Globally

Crude oil rose over 2% to above $93.8 per barrel, extending gains for a third consecutive session as renewed attacks on energy infrastructure in Ukraine and escalating Middle East tensions raised concerns over supply disruptions. Dive deeper

The US decision to allow Russian diesel supplies into American and global markets could ease fuel shortages but increase competitive pressure on Indian refiners. The move comes amid continued US trade restrictions targeting countries purchasing Russian energy. Dive deeper

The dollar index rose 0.2% to 102.43, trading near an 18-month high as Middle East tensions supported demand for the currency. Investors are awaiting US inflation data for further clues on the Fed’s interest rate outlook. Dive deeper

European natural gas prices have surged over 150% this year as disruptions in the Strait of Hormuz constrained LNG shipments from Qatar and the UAE. Prices could remain elevated for another year as Europe rebuilds depleted gas inventories. Dive deeper

Global smartphone shipments fell 20% YoY in Q3 2026, reaching their lowest third-quarter level since 2012, according to Counterpoint Research. Rising memory chip costs and supply shortages linked to AI infrastructure demand pressured production and sales. Dive deeper

Management Chatter

In this section, we highlight interesting comments from management at major companies and from policymakers in the Indian and Global Economies.

Finance Minister Nirmala Sitharaman on India’s Steel Industry:

“Since February 2026, the conflict in West Asia has disrupted shipping through the Strait of Hormuz and raised energy and freight costs across the industry.”

“Power grids, renewable energy installations, pipelines, railways, ships and defence platforms all depend on steel. As supply chains are reorganised around security as well as cost, the ability to produce steel domestically, particularly specialised grades, has become an element of economic security,”

While much of the global industry is grappling with excess capacity and weak demand, India is experiencing a different trajectory, driven by domestic consumption and sustained investment.

“At approximately 109 kg per person, against a world average of 209 kg, India’s steel consumption has considerable room to rise. The question, therefore, is what sustains this demand and how India intends to prepare its steel industry for the next phase of development.” - Link

The week ahead & Corporate Actions

Corporate Actions

Published by Zerodha. Not investment advice. Data from NSE, BSE, and MCX.

In our latest episode of In The Money by Zerodha, we start with: What happens after a stock makes a new 52-week high? Is it a sign that the stock has already run too far, or could it actually tell us something about where the stock goes next?

We then look at the academic research behind the 52-week high effect, including the 2004 study by George and Hwang and more recent research on Indian stocks, before exploring the behavioural explanation for why the effect might exist.

Finally, we run our own backtest on the NIFTY 750, looking at stocks that make a new 52-week closing high, applying a 52-week cooldown between signals, and tracking what happens over different holding periods.

Check out In The Money

That’s it from us for today. We’d love to hear your feedback in the comments, and feel free to share this with your friends to spread the word!

Welcome to the second weekly edition of Aftermarket Report, where we wrap up the week in the markets and take you through everything that mattered, both in India and globally.

Weekly market performance

Nifty ended a volatile week with a modest 0.44% gain, closing at 22,520, after swinging through a 544-point range. Despite the positive weekly close, the broader market remains firmly in a downtrend. Nifty is trading 6.5% below its 40-week moving average, a level it has remained below for 26 consecutive weeks.

What is the macro backdrop doing?

On the macro front, the benchmark 10-year G-Sec yield rose 14 bp over the week (approaching annual highs), while the rupee traded at ₹96.71 per US dollar.

Momentum continued to outperform reversal strategies, winning in 9 of the last 13 weeks. Over four weeks, Nifty 50 outperformed broader indices, while Alpha was the strongest factor and High Beta the weakest.

Fear & Greed trend

Market Breadth

Valuation Check

Nifty trades at 19.27× earnings, near its lowest valuation in five years, while smallcaps remain expensive at 34.03×. The equity risk premium stood at -2.18%, compared with its five-year median of -2.43%.

Sectoral summary

Media, Telecom, IT and Pharma remain the strongest sectors relative to Nifty 500 over 13 weeks. Financial Services and FMCG are showing improvement, while Metals, Capital Goods and Consumer Durables are losing momentum.

Selective stock screeners

Deals of the week

Institutional flows & positioning

FPIs sold ₹35,556 crore during the week, while DIIs bought ₹30,313 crore, absorbing much of the selling. Over four weeks, foreign outflows totaled ₹76,187 crore, while domestic inflows totaled ₹91,398 crore.

Week ahead