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 modest 28-point gap-up at 22,965, despite weak global cues driven by concerns over the sustainability of AI-related capital expenditure and elevated oil prices. The index initially witnessed volatility, recovering towards 22,990 before selling pressure dragged it to an intraday low near 22,910 around 10:30 AM.
However, buying interest emerged at lower levels, triggering a sharp recovery that pushed Nifty past 23,000 by 11 AM and towards 23,100 around noon. The index maintained its upward momentum through the first half, eventually touching an intraday high near 23,115 around 1 PM.
In the second half, the rally gradually lost steam as profit-booking at higher levels dragged the index below 23,050 by 1:30 PM. Selling pressure intensified further, pushing Nifty towards 23,000 around 2 PM before a brief recovery lifted it back towards 23,075. However, the rebound failed to sustain, with the index slipping towards 23,000 again in the final hour. Despite the late volatility, Nifty managed to hold above the psychologically important 23,000 mark, eventually closing at 23,053.10, around 90 points above its opening level, extending its recent recovery amid persistent global uncertainties.
Fear & Greed Index
The Fear & Greed Index slipped from 28 to 26, remaining in the fear zone despite Nifty’s gains. Defensive stocks continue to outperform high-beta stocks, while elevated volatility and weak broader market trends keep sentiment cautious.
Market Breadth
Market breadth deteriorated sharply, with 1,834 declining stocks against just 493 advancing, nearly four losers for every gainer. Only 19.2% of Nifty 500 stocks remain above their 50-day average, while 57 stocks hit fresh 52-week lows against just 11 new highs.
52 Week Highs & Lows
Valuation Check
Sectoral Indices Performance
IT surged 2.32%, leading the four sectors that ended in the green, while Consumer Durables fell 1.78%. IT, Media and PSU Banks remain the strongest relative performers over 20 and 60 sessions, while high-beta stocks significantly underperformed low-volatility stocks, highlighting weak risk appetite.
Winners & Losers
Laurus Labs surged 7.20% to a fresh 52-week high, while Vedanta Power jumped 14.72% on 13× usual volume. Intellect Design Arena plunged 16.31%, while Sagility fell 5.78% on 43× volume amid a large stake sale worth ₹2,395 crore.
Delivery Data
Global Markets
Commodities
Institutional Flows & Participant Positioning
Put writing strengthened, pushing the PCR from 1.31 to 1.42, while implied volatility eased from 13% to 12%. FIIs remain heavily short-positioned, with just 11.1% of their index-futures positions long, compared with 80% for retail and HNIs.
Options imply a 22,795–23,258 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 23,255 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
India’s fiscal deficit stood at ₹7.14 lakh crore during April–September FY27, accounting for 42.1% of the government’s full-year target of ₹16.96 lakh crore. This compares with 36.5% of the annual target recorded during the same period last year, indicating a faster pace of deficit accumulation. Dive deeper
Sun Pharmaceutical reported a 36.2% YoY decline in consolidated net profit to ₹1,989 crore, missing estimates due to a one-time loss of ₹1,269 crore. However, revenue grew 11.9% to ₹16,199 crore, beating expectations, while profit before exceptional items and tax rose 6.3% to ₹4,428 crore. Dive deeper
AU Small Finance Bank is investigating a potential data leak involving a Salesforce-hosted platform containing limited information related to its vehicle loan customers. The bank clarified that its internal systems remain unaffected and all banking services are operating normally, amid heightened regulatory scrutiny of cybersecurity practices. Dive deeper
Aditya Birla Capital reported a 38% YoY increase in net profit to ₹1,288 crore, while revenue grew 31% to ₹16,545 crore, supported by strong performance across its businesses. Total lending assets under management, including NBFC and housing finance operations, rose 32% to ₹2.34 lakh crore. Dive deeper
State-owned GAIL reported a more than twofold increase in net profit to ₹4,650 crore, compared with ₹2,217 crore a year earlier, driven by strong growth in its natural gas marketing business. Revenue surged over 30% to ₹45,924 crore, with gas marketing revenue rising 31% to ₹41,226 crore. Dive deeper
India’s foreign exchange reserves fell by $1.2 billion to $719.74 billion in the week ended October 24, following a $5 billion decline in the previous week. Reserves have now fallen significantly from their record high of $785.71 billion reached in early September. Dive deeper
Indian Oil Corporation reported a nearly threefold YoY jump in standalone net profit to ₹21,630 crore, while revenue grew 30% to ₹2.63 lakh crore. Earnings were boosted by ₹7,243 crore in government compensation for losses incurred on domestic LPG sales during April–September, helping offset the impact of higher crude oil prices. Dive deeper
Top Stories Globally
Cryptocurrency exchange Binance suffered a record $6.3 billion theft, with blockchain analysts attributing the attack to North Korean hackers. Binance temporarily halted withdrawals and pledged to cover customer losses, while stablecoin issuers including Tether and Circle quickly froze approximately half of the stolen assets. Dive deeper
Brent crude climbed above $113 per barrel, approaching its four-year high of $116.72, as renewed threats of US military action against Iran raised concerns over supply disruptions. Tensions intensified following reports of potential US strikes and two tanker incidents near the Strait of Hormuz, despite ongoing diplomatic efforts. Dive deeper
Reddit shares tumbled 23% in premarket trading after the company warned that Google’s growing use of AI in search was reducing referral traffic and could hurt user growth. Pinterest also declined over 7% after issuing weaker-than-expected fourth-quarter revenue guidance amid reduced advertising spending by European cross-border sellers. Dive deeper
Foxconn, the world’s largest contract electronics manufacturer, said it is exploring a collaboration with OpenAI, although details of the potential partnership remain undisclosed. Chairman Young Liu confirmed meeting OpenAI CEO Sam Altman and indicated that an announcement would follow once the agreement is finalised. Dive deeper
Intel shares plunged 23% in after-hours trading after the chipmaker warned of continued cash burn amid weak PC demand, manufacturing bottlenecks and heavy spending on production expansion. Rising memory prices and supply constraints have further pressured its PC business while limiting its ability to capitalise on growing demand for data-centre chips. Dive deeper
Amazon shares fell as much as 7% in extended trading after the company reported substantial third-quarter cash burn and signalled further increases in AI-related capital expenditure next year. Despite accelerating growth at Amazon Web Services, investors remained concerned about spending, while its fourth-quarter revenue forecast of $240–247 billion had a midpoint slightly below estimates. 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.
Amit Syngle, MD and CEO of Asian Paints on the current demand scenario:
“It requires constant balancing. In a discretionary category like home repainting and renovation, you have to closely monitor demand elasticity to see what the consumer is willing to absorb. We are taking it step-by-step; we have already taken an additional increase of about 3.5% in November. Currently, rural markets are growing at a faster pace than urban markets, though we remain mindful of a slight monsoon deficit that could impact later quarters.” - 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 history of earnings trades, the research behind the rise and fall in implied volatility, and what happens when we test these strategies on Indian stocks.
We start with what results trades are and how option buyers and sellers approach them. We then look at the research that first documented this pattern, from a 1979 study of US companies to more recent research on Indian stock options. Next, we test a strategy that involves buying an at-the-money straddle before earnings and exiting before the results announcement.
Using data from 209 Indian F&O stocks between October 2021 and August 2026, we examine ten different entry points to understand how the timing of a trade affects its performance.
We look at the average returns, win rate, median returns, and stock-by-stock performance to understand whether buying options ahead of results offers a consistent edge.
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!