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.
What data points and transformations do you want to see?
We’re trying out a new format for the Aftermarket Report, with much more comprehensive coverage of the data that shapes the trading day.
Beyond the headline indices, we’re now tracking market breadth, new highs and lows, sector and thematic performance, delivery data, F&O positioning, global markets, commodities, flows, and more. We’re also looking at ways to transform this raw data into insights that are actually useful for traders and investors.
The idea is simple: bring different datasets together in one place to give you a clearer picture of what’s happening beneath the surface of the market.
This is still a work in progress, and we’d love your feedback. What data points are we missing? What transformations, ratios, comparisons, or indicators would you find useful? Also tell us what worked, what didn’t, and what felt unnecessary.
Your feedback will help shape the Aftermarket Report from here.
Markets Today
Nifty opened with a 44-point gap down at 22,709, tracking lacklustre global cues and weakness in IT stocks following reports of Microsoft offering voluntary exit packages to 25% of its global workforce. The index initially came under selling pressure, slipping towards 22,660 within the opening minutes before staging a sharp recovery towards 22,800 around 10 AM.
However, the recovery failed to sustain, with Nifty slipping back towards 22,700 by 10:20 AM. Buying interest returned shortly after, pushing the index towards 22,780 around 10:50 AM, but selling pressure at higher levels dragged it back towards 22,720 by 11:30 AM. The index remained volatile through the rest of the morning, oscillating between 22,730 and 22,780 before recovering towards 22,780 around noon.
The second half began on a positive note, with Nifty extending its gains to an intraday high near 22,830 around 12:40 PM. However, the rally quickly lost momentum as sharp selling emerged, dragging the index below 22,690 by 1:15 PM. Weakness intensified through the afternoon, with Nifty slipping towards an intraday low near 22,640 around 2:15 PM.
The index remained under pressure for the next 20 minutes before a sharp recovery emerged after 2:30 PM, pushing it back above 22,700 and towards 22,770 by 3 PM. Despite some volatility in the final hour, Nifty managed to hold most of its recovery and eventually closed at 22,749.75, around 41 points above its opening level but flat when compared to the previous close. The late rebound helped erase most of the day’s losses, although weakness in IT stocks and the lack of strong positive triggers continued to weigh on overall market sentiment.
Fear & Greed Index
The Fear & Greed Index slipped from 20 to 18, remaining in extreme fear despite improving market breadth. Defensive stocks continue to outperform high-beta stocks, while elevated volatility and weak underlying trends keep sentiment cautious.
Market Breadth
Market breadth improved significantly, with 1,695 advancing stocks against 639 declining, or nearly three gainers for every loser. The share of Nifty 500 stocks above their 50-day average jumped from 12.6% to 17.6%, although 35 stocks still hit fresh 52-week lows against just seven new highs.
52 Week Highs & Lows
Valuation Check
Sectoral Indices Performance
Media surged 3.66%, leading the 11 sectors that ended in the green, while Private Banks slipped 0.73%. IT and Media remain the strongest relative performers over 20 and 60 sessions and are the only two sectors trading above all four key moving averages.
Winners & Losers
Ola Electric surged 16.23%, while Onesource Specialty Pharma jumped 13.78% on 31× usual volume. Sona BLW gained 8.95% and hit a fresh 52-week high, while MTAR Technologies saw a sharp delivery spike, with 54% of traded shares taken to delivery against its usual 20%.
Delivery Data
Global Markets
Commodities
Institutional Flows & Participant Positioning
Call writing strengthened, pulling the PCR down from 1.11 to 1.05, while implied volatility eased from 16.9% to 15.4%. FIIs sold 18,771 index-futures contracts worth ₹2,849 crore, with just 11.7% of their positions long, compared with 81% for retail and HNIs.
Options imply a 22,377–23,153 range into the November 3 expiry, with the heaviest put OI at 22,000 and call OI at 23,500. The 50-day moving average at 23,338 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
Larsen & Toubro reported a 33% YoY rise in consolidated net profit to ₹5,202 crore, while revenue grew 16% to ₹78,750 crore, driven by strong execution across its projects and manufacturing businesses. Order inflows surged 28% to ₹1.48 lakh crore, supported by large contracts in hydrocarbons, power transmission and infrastructure. Dive deeper
The government has sought feedback from investors, market participants and tax experts on long-term capital gains (LTCG) tax and securities transaction tax (STT). The review comes amid persistent foreign portfolio investor outflows and growing debate over the impact of capital market taxes on investment activity. Dive deeper
Bajaj Auto reported a 62% YoY jump in consolidated net profit to ₹3,436 crore, while revenue surged 59% to ₹25,126 crore, driven by strong exports and higher EV volumes. Total vehicle sales rose 20% to 15.4 lakh units, with exports jumping 41%, while domestic sales grew 4%.Dive deeper
Cipla reported a 35% YoY decline in consolidated net profit to ₹878 crore in Q2 FY27, compared with ₹1,351 crore a year earlier. Revenue from operations fell 2.4% to ₹7,404 crore, while rising expenses further weighed on profitability. Dive deeper
Maruti Suzuki reported a quarterly net profit of ₹2,415 crore, missing analysts’ estimates of ₹3,105 crore, as rising steel and copper prices weighed on profitability. However, revenue grew 26% to ₹53,340 crore, supported by strong demand for compact cars ahead of the festive season. Dive deeper
Japan’s JERA signed a binding agreement with AM Green Ammonia to procure approximately 70,000 tonnes of green ammonia annually from India over five years. The agreement also includes provisions for extending the supply arrangement, strengthening India’s emerging green ammonia export market. Dive deeper
Adani Group-owned ACC reported a nearly 91% YoY decline in standalone net profit to ₹101 crore, while revenue fell 4.7% to ₹5,612 crore. Higher fuel costs, weaker cement demand and severance expenses weighed on earnings, while the year-ago quarter had benefited from a ₹671 crore one-time tax provision write-back. Dive deeper
Top Stories Globally
Microsoft is offering voluntary buyouts to approximately 60,000 employees, representing more than a quarter of its global workforce, as it looks to control costs and fund its AI investments. The offers cover several divisions, including Copilot, Xbox, finance and Windows, while marketing, commercial business and security teams are excluded. Dive deeper
PayPal raised its full-year adjusted profit forecast, supported by improving margins and resilient consumer spending. The company continues to focus on reviving growth and improving profitability under CEO Enrique Lores amid intensifying competition from established technology companies and newer fintech players. Dive deeper
Nvidia announced a $3 billion investment in Meta’s equity offering as the companies expand their partnership around Meta’s Muse AI assistant and related models. The collaboration aims to improve AI performance and reduce operating costs by optimising Meta’s models and agents on Nvidia’s computing infrastructure. Dive deeper
HSBC reported a 32% YoY increase in third-quarter pretax profit to $9.6 billion, broadly meeting analysts’ expectations. However, shares declined 6% as revenue of $18.6 billion missed forecasts of $19 billion, while slowing wealth management growth and unchanged guidance disappointed investors. Dive deeper
Brent crude fell below $115 per barrel as renewed diplomatic efforts raised hopes of easing the US-Iran conflict and reducing supply disruptions. Talks involving Iran, Saudi Arabia, Pakistan and Turkey, alongside potential discussions with Russia, supported expectations of de-escalation, although geopolitical risks remain elevated. 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.
KVR Murty, whole-time member of SEBI on derivatives trading:
“Some guardrails may be required, and people may need more guidance given the kind of activity that we have seen, particularly the heightened activity on expiry days,”
“It is too early to say whether Sebi or brokers should take that role. Ultimately, investor interests and market integrity come first and last,”
“We do not want excessive regulation, nor do we want under-regulation. We aim for optimum regulation,” - Link
The week ahead & Corporate Actions
Corporate Actions
Published by Zerodha. Not investment advice. Data from NSE, BSE, and MCX.
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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.
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Because sometimes, asking the right question is the first step to becoming a better trader.
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!
Excellent round up …. 👌