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 small 41-point gap down at 25,214, tracking mixed global cues, with oil prices remaining stable even as the US Dollar Index hovered near 52-week highs. However, the index quickly recovered from its opening weakness, rallying sharply towards 25,350 within the first 30 minutes before touching an intraday high near 25,380 around 10 AM.
The early momentum gradually faded as selling pressure emerged at higher levels, dragging Nifty below 25,300 by 11:15 AM. Weakness continued through the rest of the morning, with the index slipping towards 25,225 shortly after noon.
The second half began on a volatile note, with Nifty attempting a recovery towards 25,275 around 12:50 PM before slipping back towards 25,225. Buying interest returned around 1:30 PM, pushing the index towards 25,280, but the recovery struggled to sustain as selling pressure persisted at higher levels. The index remained largely range-bound between 25,240 and 25,270 through the final hour, before a modest recovery in CAS helped it close at 25,299.35, around 85 points above its opening level. Despite the recovery from the day’s lows, the inability to sustain the early rally reflected continued profit-booking at higher levels.
Fear & Greed Index
The Fear & Greed Index climbed from 69 to 74, moving further into the greed zone as market momentum and risk appetite improved. However, elevated volatility and defensive stocks outperforming high-beta stocks suggest some underlying caution despite the rally.
Market Breadth
Market breadth remained positive, with 1,315 advancing stocks against 1,036 declining. The share of Nifty 500 stocks above their 50-day moving average jumped 4.2 percentage points to 62.6%, although only 45.9% of NSE stocks trade above their 200-day averages, highlighting the incomplete longer-term recovery.
52 Week Highs & Lows
Valuation Check
Sectoral Indices Performance
Realty surged 4.51%, leading the eight sectors that ended in the green, while Auto declined 1.02%. PSU Banks, Financial Services and Pharma remain the strongest relative performers over 20 and 60 sessions, with 14 of 15 sectors trading above their 200-day moving averages.
Winners & Losers
Gabriel India surged 16.53% on 30× usual volume, while Godrej Industries jumped 11.88% and Avanti Feeds gained 8.35% on nearly 63× usual volume. On the downside, Page Industries plunged 12.91% on 13× usual volume, while Paytm and Kalyan Jewellers gained over 7% each to hit fresh 52-week highs.
Delivery Data
Global Markets
Commodities
Institutional Flows & Participant Positioning
Implied volatility declined from 17.8% to 15.5%, making downside protection cheaper, while options and futures positioning remained relatively stable. FIIs bought 20,694 index-futures contracts worth ₹3,557 crore, lifting their long positioning to 37%, among their least bearish readings over the past year.
Options imply a 24,919–25,650 range into the November 17 expiry, with the heaviest put OI at 24,000 and call OI at 26,000. Nifty's 200-day moving average at 23,990 remains an important longer-term technical support level.
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 retail inflation accelerated to 6.09% in October from 5.54% in September, crossing the RBI’s upper tolerance limit of 6% for the first time since October 2024. Food inflation surged to 8.94%, driven by a 116% jump in onion prices and sharp increases in garlic, ginger and lemon prices, while rural inflation climbed to 6.63%. Dive deeper
Zee Entertainment’s board approved a share buyback worth up to ₹600 crore through the tender offer route. The company plans to repurchase up to 6.59 crore shares at ₹91 apiece, representing approximately 6.86% of its total paid-up equity share capital. Dive deeper
Hindustan Aeronautics reported a 16% YoY increase in consolidated net profit to ₹1,936 crore in Q2 FY27, while revenue grew 14.8% to ₹7,613 crore. However, EBITDA rose 11.6% to ₹1,739 crore, missing estimates, while operating margins contracted to 22.8% from 23.5% a year earlier. Dive deeper
Page Industries reported a modest 3.8% YoY increase in net profit to ₹202.5 crore in Q2 FY27, despite revenue growing 11.5% to ₹1,440 crore. Higher cotton and crude oil-linked input costs weighed on operating margins, overshadowing healthy volume growth and premiumisation, sending the company’s shares down more than 12%. Dive deeper
Bharat Dynamics reported a 15% YoY decline in net profit to ₹183.5 crore in Q2 FY27, even as revenue surged 43.3% to ₹1,664 crore. Sequentially, profit rebounded 54% and revenue jumped 191%, but the annual profit decline weighed on investor sentiment, with shares falling over 3%. Dive deeper
CleanMax signed an MoU with the Andhra Pradesh government to invest ₹50,000 crore in developing 3 GW of clean energy generation facilities, including wind, solar and 1 GW of pumped hydro capacity. The electricity generated will support an AI compute facility being developed in collaboration with cloud infrastructure provider Neysa. Dive deeper
Ola Electric reported a narrower consolidated net loss of ₹362 crore in Q2 FY27, compared with ₹418 crore a year earlier, supported by restructuring and cost-cutting measures. Total expenses declined 28.4% to ₹639 crore, although gross margins slipped to 29.93% from 30.9% in the corresponding quarter last year. Dive deeper
Top Stories Globally
Brent crude climbed above $93 per barrel, recovering some earlier losses as negotiations between the US and Iran remained stalled. Tehran rejected Washington’s demand to surrender enriched nuclear material and reiterated that US sanctions and the naval blockade must be lifted before the Strait of Hormuz can reopen.Dive deeper
Germany’s DAX 40 surged over 1% to cross 26,900, setting a fresh record high and extending its winning streak to four consecutive sessions. Strong corporate earnings and easing crude oil prices supported investor sentiment, outweighing renewed concerns surrounding technology stocks. Dive deeper
Nvidia CEO Jensen Huang has resigned following revelations of two extramarital affairs, including one involving a suspected Chinese intelligence operative. The company has named CFO Colette Kress as interim CEO while its board begins searching for a permanent successor, considering both internal and external candidates. Dive deeper
The US dollar eased after briefly touching a 19-month high, with the dollar index reaching 103.08 before retreating towards 102.88. Stronger-than-expected US inflation and hawkish Federal Reserve commentary have raised expectations of another interest rate hike in December, with policymakers leaving open the possibility of a larger 50-basis-point increase. 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.
Manappuram Is Moving Back Towards Traditional One-Year Loans:
“We are also slowly moving from 3-month and 6-month products to 1-year products. We lend these short-term products only after assessing the customer. Short-term products will come down, and more of the portfolio will move to 1-year products.”
“For customers who are very clear about their short-term requirements, we will continue with that. For others who have no certainty about short-term redemption, we will move to 1-year-plus products. We do not induce customers to avail short-term loans.” - Link
The week ahead & Corporate Actions
Corporate Actions
Published by Zerodha. Not investment advice. Data from NSE, BSE, and MCX.
In our latest special episode of In The Money by Zerodha, we test two strategies on Indian stocks: selling a naked straddle after results and selling an iron fly with defined risk.
Using data from 209 Indian F&O stocks between October 2021 and August 2026, we examine six exit timings, from the same day to five trading days later. We analyse average returns, win rates, median returns, and stock-by-stock performance to understand how holding periods affect results.
We then test an iron fly strategy, where protective options limit potential losses. We examine how protection costs affect returns and why positive median returns can coexist with negative average percentage returns.
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!
A NICE AND INFORMATIVE DISCUSSION. GREAT..