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 123-point gap down at 22,688, extending the previous session’s weakness as rising oil prices, which touched their highest levels since May, continued to weigh on market sentiment. The index witnessed sharp volatility in the opening minutes, initially plunging towards 22,560 before recovering to 22,650 around 9:45 AM.
However, the recovery failed to sustain, with Nifty slipping back towards 22,600 by 10 AM. Buying interest picked up shortly after, pushing the index above 22,700 around 10:15 AM and towards an intraday high near 22,785 by 11:10 AM. However, selling pressure returned at higher levels, dragging Nifty sharply below 22,700 and towards 22,620 by 11:45 AM. The index continued to struggle through noon, briefly slipping below 22,600 before recovering towards 22,650.
The second half remained highly volatile, with Nifty staging another sharp recovery towards 22,750 around 12:50 PM. However, the rebound quickly faded as selling resumed, dragging the index towards 22,620 shortly after. The index remained largely range-bound between 22,620 and 22,650 through much of the afternoon, reflecting continued uncertainty and a lack of sustained buying momentum.
A brief recovery around 2:40 PM pushed Nifty towards 22,705, but the gains were quickly erased. Buying interest returned in the final minutes, helping the index recover towards 22,690. Nifty eventually closed at 22,687.65, almost unchanged from its opening level but around 120 points below the previous close, as concerns over elevated oil prices and persistent domestic weakness kept markets under pressure.
Fear & Greed Index
The Fear & Greed Index remained at 13, firmly in extreme fear, compared with 28 a week ago. Weak market trends, elevated volatility and defensive stocks outperforming high-beta stocks continue to reflect cautious sentiment.
Market Breadth
Market breadth remained sharply negative, with 1,690 declining stocks against 636 advancing. Only 13.1% of Nifty 500 stocks are above their 50-day average, while 73 stocks hit fresh 52-week lows against just two new highs, highlighting continued weakness across the broader market.
52 Week Highs & Lows
Valuation Check
Sectoral Indices Performance
Pharma gained 0.12%, leading the three sectors that ended in the green, while Media fell 2.35%. IT, Media and PSU Banks remain the strongest sectors relative to Nifty 500 over 20 and 60 sessions, although IT is now the only sector trading above all four key moving averages.
Winners & Losers
Tata Teleservices surged 18.56% on 44× usual volume, while International Gemological jumped 10%. KEI Industries plunged 8.45% on heavy volume, while Indian Hotels gained 3.89% and hit a fresh 52-week high.
Delivery Data
Global Markets
Commodities
Institutional Flows & Participant Positioning
Put writing strengthened, lifting the PCR from 0.78 to 0.88, while FIIs sold a net 2,672 index-futures contracts worth ₹407 crore. Foreign investors remain heavily bearish with just 9.9% of index-futures positions long, compared with 82% for retail and HNIs.
Options imply a 22,410–23,010 range into October 27 expiry, with the heaviest put OI at 22,000 and call OI at 24,000. The 20-day moving average at 22,756 is the first trend hurdle for Nifty, which closed at 22,688.
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
SEBI has allowed investors to use the value of shares delivered through the Early Pay-In (EPI) facility to meet margin requirements for subsequent trades. The move reduces the need for additional margin funds, improving capital efficiency for traders in the cash market. Dive deeper
The Indian rupee weakened 0.4% to close at ₹94.8175 against the US dollar, ending its eight-session winning streak. Rising Brent crude prices and escalating Middle East tensions weighed on the currency, despite it touching a six-week high earlier in the session. Dive deeper
Swiggy reported a consolidated net loss of ₹922 crore in Q2 FY27, narrowing from ₹1,092 crore a year earlier, while revenue grew 36.1% YoY to ₹7,571 crore. Its food delivery business showed improving profitability, with gross order value rising 17.7% to ₹10,054 crore and adjusted EBITDA reaching ₹341 crore. Dive deeper
NCDEX announced its entry into equity and equity derivatives markets with the launch of NDEX and FINNDEX. NDEX tracks 20 large and liquid Indian stocks, while FINNDEX comprises 15 financial sector stocks, marking the exchange’s diversification beyond agricultural commodities. Dive deeper
Himadri Speciality Chemicals plans to invest ₹1,613 crore across lithium iron phosphate (LFP), speciality chemicals, carbon nanotubes and speciality carbon black. The expansion aims to strengthen its presence in energy-transition materials, with projects expected to be completed by Q4 of the next financial year. Dive deeper
Adani Energy Solutions reported a 148% YoY rise in consolidated net profit to ₹1,323 crore, while revenue increased 53% to ₹10,075 crore. Growth was driven by its transmission business, smart metering and energy solutions segment, whose revenue surged nearly 11 times YoY. Dive deeper
India’s copper demand increased 12% YoY to 2,100 kilotonnes in FY26, compared with 1,878 kilotonnes in FY25, according to the International Copper Association India. Strong demand from infrastructure, automobiles and construction supported the growth. Dive deeper
Top Stories Globally
Brent crude climbed toward $112 per barrel, nearing its four-year high of $114.44, amid fears of renewed US strikes against Iran. Reports of a potential US-Israeli military operation and Washington’s evacuation order for non-emergency personnel in Saudi Arabia added to concerns over escalating regional tensions. Dive deeper
Apple has restricted pre-orders of its first foldable smartphone, the iPhone Duo, to two units per customer amid limited initial availability. Launch-day delivery slots reportedly sold out within minutes, with several customers now facing delivery timelines extending into November and December. Dive deeper
Barclays announced plans to cut around 5,000 jobs, representing roughly 5% of its workforce, as part of a broader cost-reduction strategy. The bank cited AI-driven efficiencies and organisational simplification as key measures to reduce expenses and free up funds for investment. Dive deeper
Companies and governments worldwide rushed to patch critical security vulnerabilities in the widely used PHP programming language after millions of hacking attempts were detected. Several government websites were temporarily taken offline as a precaution while operators worked to secure their systems. Dive deeper
A New Mexico judge ordered Meta to pay $25 billion after a jury found that the company misled consumers about the privacy of their personal data. The case stemmed from the Cambridge Analytica scandal, involving allegations that millions of Facebook users’ data was accessed without consent. Dive deeper
Meta reported a 26% YoY increase in Q3 revenue, beating expectations, and projected Q4 revenue of $73–76 billion. The company also raised the lower end of its annual capital expenditure forecast as it expands AI infrastructure, supported by the launch of its Muse AI models and personal assistant. 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.
Atul Daga, Chief Financial Officer of Ultratech Cement on Cement price trends:
“In a normal year, cement prices slip during July and August as rains slow sites and dealer-chasing volumes. This year, the industry largely avoided that. Pan-India average trade prices for Q2 were stable in line with Q1, with the quarterly average 1–1.5% lower, mainly because of a soft August. In the second half of September, prices turned firmly upwards. We exited September with trade prices at least about 3% above the Q1 average. The quarterly average is weighted down by a soft August; the run rate we take into Q3 is materially better.” - 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 kick off The Fortnightly Show, a new 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 India’s evolving equity markets, the Nifty 50, the outlook for IT stocks, and the impact of interest rates and monsoons on consumption. We also explore the upcoming Jio Platforms IPO, foreign investor flows, and what drives global capital into and out of India. Finally, we look at the key events, index levels, and sectors to watch over the next two 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!