Nifty crosses 25,000; IT & Financials lead gains
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.
In our latest episode of In The Money by Zerodha video series, Sandeep breaks down the week’s market action despite shortened trading hours—analyzing the RBI’s monetary policy, revised GDP outlook, and their impact on NIFTY and BANKNIFTY’s strong performance led by PSU Banks and Metals. He also explores the precious metals rally with Gold and Silver hitting record highs, contrasted against crude oil’s continued weakness.
Market Overview
Nifty opened flat with a modest 23-point gap-up at 24,917 and slipped slightly in early trade before finding support near 24,880. The index gradually recovered through the morning, moving past 24,950 in the first hour as buying picked up across key sectors.
In the second half, the upward momentum strengthened, with Nifty extending gains above 25,000 and sustaining a steady climb through the afternoon. Despite minor intraday volatility, the index held firm and closed at 25,077.65, up nearly 200 points from the day’s low, marking a strong start to the week driven by broad-based buying in large-cap names.
Market sentiment has once again turned cautious after tariffs on Pharma and a hike in H1-B visa fees affecting the IT sector. As we advance, investors will closely track the upcoming quarterly results, festival season sales, and management commentary on demand trends across industries.
Broader Market Performance:
Broader markets had a mixed session with a bearish bias today. Of the 3,216 stocks traded on the NSE, 1,386 advanced, 1,730 declined, and 100 remained unchanged.
Sectoral Performance
Nifty IT led the gains with a strong 2.28% rally, followed by Nifty Service and Nifty Bank. On the flip side, Nifty Media was the top laggard, slipping 0.90%, with Nifty Metal also losing 0.89%. Out of the 12 sectoral indices, 8 closed in the green while 4 ended in the red.
Here’s the trend of FII-DII activity from the last 5 days:
Change in OI for the day
The following is the change in OI for Nifty contracts expiring on 7th October:
The maximum Call Open Interest (OI) is observed at 25,200, followed by 25,100, suggesting resistance at 25,100 - 25,200 levels.
The maximum Put Open Interest (OI) is observed at 25,000, followed by 24,900, suggesting strong support at 25,000 to 24,900 levels.
Note: OI is subject to multiple interpretations, but generally, an increase in Call OI indicates resistance in a falling market, and an increase in Put OI indicates support in a rising market.
Source: Sensibull
Tijori is an investment research platform, and they have constructed niche indices for various themes and sub-sectors. They help you understand the market performance of narrow slices of the market. You can also track the Promoter buying and other interesting stuff like Capex activity by the companies in the Tijori App’s idea dashboard
What’s happening in India
The HSBC India Services PMI eased to 60.9 in September 2025 from 62.9 in August, indicating slower growth in new business and activity. Input and selling price inflation moderated, and employment rose slightly. Business confidence improved to a six-month high on optimism over efficiency and tax cuts. Dive deeper
The HSBC India Composite PMI fell to 61.0 in September 2025 from 63.2 in August, indicating a slowdown in output across manufacturing and services. New orders and export growth eased, while inflation trends diverged between sectors. Overall cost and price pressures softened to recent lows. Dive deeper
The rupee hovered near a record low of 88.7 per dollar, pressured by US tariffs, immigration rules, and foreign outflows. RBI interventions curbed volatility, though dovish policy signals added to weakness. Dive deeper
India and the EU began the 14th round of FTA talks in Brussels on October 6, aiming to resolve pending issues for an early conclusion. Negotiations, resumed in 2022 after an eight-year pause, also cover investment protection and geographical indications. The EU seeks tariff cuts on autos, medical devices, and select goods. Dive deeper
Jindal Stainless, through its subsidiary Jindal Stainless Steelway, inaugurated its first stainless steel fabrication unit at Washivali near Mumbai. The ₹125 crore, 4 lakh sq. ft. facility will serve the bridge sector, focusing on girder fabrication, with capacity expected to rise to 18,000 tonnes annually by FY27. Dive deeper
India’s office leasing hit a record 59.6 million sq. ft in the first nine months of 2025, led by technology firms and GCCs, CBRE said. Bengaluru, Mumbai, and Delhi-NCR accounted for 61% of total absorption. Dive deeper
The Supreme Court will examine a plea challenging the constitutional validity of the Securities Transaction Tax under the Finance Act, 2004. The petition claims STT causes double taxation and violates fundamental rights. Dive deeper
Tata Capital opened its $1.7 billion IPO today, India’s largest listing this year, with shares priced at ₹310-326 apiece. The issue includes 475.8 million new and existing shares from Tata Capital, its parent, and the International Finance Corporation (IFC), and will close on Wednesday. Dive deeper
Kotak Mahindra Bank reported strong provisional Q2 FY26 results, with average total deposits up 14.4% year-on-year to ₹5.1 lakh crore and net advances rising 14.6% to ₹4.48 lakh crore. CASA balances grew 11.2% to ₹2.24 lakh crore, reflecting continued operational strength and customer trust. Dive deeper
Jaguar Land Rover, Tata Motors’ UK subsidiary, plans to raise a £500 million private loan to support suppliers and stabilize operations after a major cyberattack. The funding is separate from a pending £1.5 billion state-backed guarantee, with full production recovery expected only by Christmas. Dive deeper
The Supreme Court has deferred Vodafone Idea’s plea challenging the DoT’s ₹9,450 crore AGR demand to October 13. The company seeks to quash the claim and reassess dues up to FY17, citing inconsistencies with earlier guidelines. Dive deeper
Canara Robeco AMC set a price band of ₹253-₹266 per share for its ₹1,326 crore IPO, an offer-for-sale of 4.98 crore shares by Canara Bank and ORIX Corporation Europe. The issue opens on October 9 and closes on October 13, with listing expected on October 16. Dive deeper
HDFC Bank reported a 15.1% year-on-year rise in average deposits to ₹27.15 lakh crore and a 9% increase in advances to ₹27.95 lakh crore for Q2FY26. CASA deposits grew 8.5%, while time deposits rose 18.6%, reflecting steady growth across segments. Dive deeper
NSE has revised lot sizes for index derivatives effective October 28, 2025, to align with SEBI guidelines. Nifty, Bank Nifty, FinNifty, and Midcap Nifty lots will reduce to 65, 30, 60, and 120, respectively, while Nifty Next 50 stays at 25. Existing sizes remain valid for contracts expiring till December 30, 2025. Dive deeper
What’s happening globally
Gold prices jumped past USD 3,900 per ounce for the first time ever, driven by safe-haven demand amid a weakening yen, U.S. government shutdown fears, and rising bets on further Fed rate cuts. Dive deeper
Silver climbed above $48.3 per ounce, its highest level since April 2011. Dive deeper
Japan’s Nikkei 225 surged ~5% to a record high after the Liberal Democratic Party elected Sanae Takaichi, seen as a fiscal dove, as its leader, fueling expectations of aggressive stimulus, weaker yen, and dovish BOJ policy. Dive deeper
Brent crude rose nearly 2% to $65.6 per barrel after OPEC+ approved a modest 137,000 bpd output hike for November. Dive deeper
Eurozone retail sales rose 0.1% in August 2025, recovering slightly from July’s decline, supported by higher food and fuel sales. France and Spain recorded gains, while Germany and Italy saw modest drops. Year-on-year growth eased to 1.0%, the slowest since July 2024. Dive deeper
UK new car sales rose 13.7% year-on-year in September 2025 to 312,891 units, the strongest since 2020. Fleet demand and record BEV registrations led growth, with electrified vehicles dominating new sales. Year-to-date, the market is up 4.2%, and BEVs hold a 22.1% share. Dive deeper
AMD shares surged after announcing a multi-year deal to supply AI chips to OpenAI, expected to generate tens of billions in annual revenue. The agreement includes an option for OpenAI to acquire up to 10% of AMD and involves large-scale GPU deployment starting in 2026. Dive deeper
Tesla’s sales in Germany fell 9.4% in September to 3,404 units, extending a sharp decline through 2025. Sales for January–September dropped 50.3% year-on-year, despite overall electric vehicle registrations in Germany rising 31.9% during the month. Dive deeper
Blackstone and Abu Dhabi’s Lunate are teaming up to build a $5 billion logistics platform in the GCC, tapping into booming freight demand and leveraging regional trade corridors to scale integrated supply-chain assets. Dive deeper
Management chatter
In this section, we pick out interesting comments made by the management of major companies and policymakers of the Indian and Global Economy.
Milind Agrawal, Research Analyst & Fund Manager, SBI Mutual Fund, on PSU banks and NBFCs
“Most PSU banks are now growing faster than the system average. Their margins are holding up better, too, and this quarter could mark the bottom for margins.”
“With credit growth near 11%, stable asset quality, and solid return on equity, PSU banks are perfectly placed to shine.”
“GST cuts, tax reliefs, and rising consumer confidence have kickstarted a consumption comeback. NBFCs financing personal loans and lifestyle spending will be the biggest beneficiaries.” - Link
S. Jaishankar, External Affairs Minister, on India-U.S. trade talks
“Whatever happens at the end of the day, there has got to be a trade understanding with the U.S... because it is the world’s largest market, but it has to be an understanding where our bottom lines, our red lines are respected.”
“We have issues with the United States, largely because we haven’t yet found a landing ground for our trade discussions. Efforts are underway to get there.”
“I would hesitate to read too much into these issues; a large part of the relationship is continuing as business as usual, and in some areas, doing even better than before.” - Link
🧑🏻💻Have you checked out The Chatter?
Every week, we listen to the big Indian earnings calls—Reliance, HDFC Bank, and even smaller logistics firms—and copy the full transcripts. We then remove the fluff and keep only the sentences that could move a share price: a surprise price hike, a cut-back on factory spending, a warning about weak monsoon sales, or a hint from management on RBI liquidity. We add a quick, one-line explainer and a timestamp so you can trace the quote back to the call. The whole thing lands in your inbox as one sharp page of facts you can read in three minutes—no 40-page decks, no jargon, just the hard stuff that matters for your trades and your macro view.
Go check out The Chatter here.
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Calendars
In the coming days, we have the following significant events and corporate actions:
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!