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 massive 417-point gap-up at 24,378, tracking buoyant global markets and a sharp 9% decline in oil prices following the US midterm elections. The index initially witnessed some volatility, slipping towards 24,320 within the opening minutes before recovering sharply towards 24,440 around 9:50 AM. However, the recovery failed to sustain, with Nifty gradually slipping back towards 24,350 by 10:45 AM. The index remained largely range-bound between 24,350 and 24,420 through the rest of the morning.
The second half began on a positive note, with buying interest gradually picking up and pushing Nifty above 24,450 around 1 PM. The upward momentum strengthened after 1:30 PM, taking the index past 24,500 and towards an intraday high near 24,580 around 1:45 PM.
However, some profit booking emerged at higher levels, dragging the index back towards 24,500 by 2:20 PM. Buying interest returned shortly after, helping Nifty recover towards 24,560 before momentum moderated in the final hour. The index eventually closed at 24,536.60, nearly 160 points above its opening level, marking the best session in 6 months as easing oil prices and positive global cues supported market sentiment.
Fear & Greed Index
The Fear & Greed Index climbed from 53 to 62, moving further into the greed zone as market momentum strengthened and demand for downside protection eased. However, elevated volatility and defensive stocks outperforming high-beta stocks remain signs of caution.
Market Breadth
Market breadth remained positive, with 1,611 advancing stocks against 751 declining, while cash-market turnover jumped 46% above its recent median. The share of Nifty 500 stocks above their 50-day moving average surged 9.5 percentage points to 46.9%, although longer-term participation remains relatively weak.
52 Week Highs & Lows
Valuation Check
Sectoral Indices Performance
Auto surged 4.14%, leading the 13 sectors that ended in the green, while Media declined 0.84%. IT, Media and Realty remain the strongest relative performers over 20 and 60 sessions, while 12 of 15 sectors now trade above their 200-day moving averages, signalling improving sectoral trends.
Winners & Losers
UNO Minda surged 11.54% to a fresh 52-week high, while Ashok Leyland gained 10.50% and Bajaj Finance rose 7.65%. On the downside, PI Industries plunged 19.07% on 31× usual volume, while Cummins India fell 14.11% amid heavy trading activity.
Delivery Data
Global Markets
Commodities
Institutional Flows & Participant Positioning
Put writing strengthened, pushing the put-call ratio from 1.15 to 1.29, while implied volatility increased to 15.4%. FIIs bought 48,541 index-futures contracts worth ₹7,884 crore, lifting their long positioning to 21.5%, among their least bearish readings over the past year.
Options imply a 24,229–24,862 range into the November 9 expiry, with the heaviest put OI at 23,000 and call OI at 25,000. Nifty’s 200-day moving average at 23,999 now becomes an important technical level to watch following the breakout.
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
Bharti Airtel reported a 24% YoY increase in consolidated net profit to ₹10,710 crore, while revenue grew 16.7% to ₹60,878 crore. India revenue rose 9.4% to ₹42,308 crore, supported by strong customer additions and improved realisations, with average revenue per user (ARPU) increasing to ₹271 from ₹256 a year earlier. Dive deeper
Adani Ports announced plans to acquire a 100% stake in Netherlands-based Evos, Europe’s second-largest independent liquid storage operator, at an enterprise value of €2.56 billion. The all-cash transaction values Evos’ equity at €1.18 billion, marking a significant expansion of Adani Ports’ international infrastructure business. Dive deeper
Mahindra & Mahindra reported a 25% YoY increase in consolidated net profit to ₹4,588 crore, while revenue grew 25% to ₹57,553 crore. Strong performance in its automotive business, particularly SUVs, supported earnings growth, although weaker farm equipment performance and higher commodity costs weighed on operating profitability. Dive deeper
Cummins India reported an 18.5% YoY decline in consolidated net profit to ₹507 crore, despite revenue growing 4.1% to ₹3,301 crore. EBITDA fell 27.1% to ₹506 crore, while operating margins contracted sharply to 15.3% from 21.9% a year earlier, reflecting pressure on profitability. Dive deeper
BEML reported a 31.3% YoY decline in consolidated net profit to ₹33 crore, even as revenue surged 42.1% to ₹1,192 crore. Higher material costs, operating expenses and taxes weighed on profitability, while the company secured orders worth ₹6,229 crore during the quarter, taking its order book to ₹21,388 crore. Dive deeper
ONGC reported a 57% YoY increase in net profit to ₹15,489 crore in Q2 FY27, supported by higher oil and gas realisations despite largely flat production. Revenue rose 32.8% to ₹43,875 crore, although profit declined sequentially from ₹17,034 crore in the previous quarter. Dive deeper
Life Insurance Corporation of India (LIC) reported a 20% YoY increase in net profit to ₹12,076 crore in Q2 FY27, while total income rose 9.7% to ₹2.63 lakh crore. Net premium income grew 16.2% to ₹1.47 lakh crore, supported by higher renewal premiums, which increased to ₹68,375 crore from ₹64,996 crore a year earlier. Dive deeper
Top Stories Globally
Brent crude traded around $95 per barrel after plunging nearly 9% in the previous session to a two-month low. The decline followed a Democratic sweep in the US midterm elections, raising expectations of increased political pressure on President Donald Trump to end the conflict with Iran amid concerns over rising gasoline prices. Dive deeper
Japan’s largest steelmaker, Nippon Steel, raised its fiscal 2026 net profit forecast by 52% to ¥440 billion ($2.8 billion). Stronger-than-expected earnings from its US Steel business drove the upward revision. Dive deeper
The US trade deficit contracted 0.7% to $105 billion in September, even as imports climbed to record levels amid heavy corporate spending on artificial intelligence. Despite higher tariffs, the country recorded its largest goods trade deficits with several trading partners, including Mexico, Vietnam, Taiwan and South Korea. Dive deeper
Qualcomm shares fell around 9% in premarket trading after smartphone chip sales missed Wall Street expectations, raising concerns about weakness in its core handset business. Rising memory costs and slowing smartphone demand weighed on sentiment, overshadowing growth opportunities in data-centre chips and AI infrastructure. Dive deeper
The Bank of England raised its benchmark interest rate by 25 basis points to 4%, marking its first rate hike since August 2023. The decision passed by an 8–1 majority as policymakers warned that UK inflation could climb towards 5% by mid-2027, driven partly by higher energy prices. 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.
Uday Kotak, Founder of Kotak Mahindra Bank on Indian equities:
“India is not looking as expensive as it did six months to a year ago on a relative basis compared to other markets. And, of course, India offers higher growth.”
“The markets have been rocky as global institutions withdrew significant amounts of money due to the relatively higher valuations of Indian markets compared to other countries, where equities were trading at lower multiples.”
“As the overhang of excessive investment in AI capex eases, we hope foreign portfolio investment flows will stabilise.” - 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 bring you the second episode of The Fortnightly Show, a 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 the latest US Federal Reserve decision, its impact on global markets and the rupee, and what could bring foreign investors back to India. We also explore the outlook for NBFCs amid rising crude prices, a weak monsoon, and regulatory changes.
Finally, we look at key levels for Nifty and Bank Nifty, the outlook for gold and silver, the rupee’s movement against the Chinese yuan, and the sectors and opportunities our guests are tracking over the coming weeks.
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!