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 76-point gap down at 22,524, tracking weak global cues amid elevated oil prices and growing concerns over debt markets linked to the AI investment boom. The index came under immediate selling pressure, slipping towards 22,400 within the first 15 minutes.
However, buying emerged from the lows, triggering a sharp recovery that pushed Nifty back above 22,500 by 9:45 AM and towards 22,700 around 10:15 AM. The recovery struggled to sustain at higher levels, with selling pressure returning shortly after and dragging the index below 22,600 by 11 AM. Weakness continued through the late morning, with Nifty slipping towards 22,535 around 11:30 AM before a modest recovery pushed it back towards 22,600 by noon.
The second half began on a cautious note, with Nifty initially recovering towards 22,635 around 12:30 PM before another round of selling dragged it back towards 22,580. However, buying momentum gradually strengthened after 1 PM, helping the index reclaim 22,650 by 1:20 PM.
The recovery continued through the afternoon, with Nifty climbing above 22,700 around 2:05 PM. Despite some consolidation between 22,680 and 22,710, the index maintained its upward momentum and moved towards 22,720 in the final hour. A strong finish helped Nifty close at 22,753.20, around 229 points above its opening level and nearly 0.7% higher than the previous close. The sharp recovery from the morning lows helped the index overcome its weak opening, even as concerns over elevated oil prices and global market uncertainty persisted.
Fear & Greed Index
The Fear & Greed Index recovered from 11 to 20, although sentiment remains in extreme fear. Foreign positioning improved sharply, but weak market trends and elevated volatility continue to weigh on sentiment.
Market Breadth
Market breadth improved, with 1,337 advancing stocks against 1,002 declining. However, only 12.6% of Nifty 500 stocks remain above their 50-day average, while 46 stocks hit fresh 52-week lows against just three new highs, suggesting the broader market remains weak.
52 Week Highs & Lows
Valuation Check
Sectoral Indices Performance
Metals surged 2.21%, leading the 13 sectors that ended in the green, while Media slipped 0.34%. IT, Media and Private Banks remain the strongest relative performers over 20 and 60 sessions, with IT the only sector trading above all four key moving averages.
Winners & Losers
Ather Energy surged 14.13%, while Mangalore Refinery jumped 12.55% on eight times its usual volume. AU Small Finance Bank fell 6.85%, while MTAR Technologies saw a sharp delivery spike, with 43% of traded shares taken to delivery against its usual 18%.
Delivery Data
Global Markets
Commodities
Institutional Flows & Participant Positioning
Put writing strengthened, pushing the PCR from 0.81 to 1.11, while downside protection became more expensive. FIIs bought a net 3,078 index-futures contracts worth ₹445 crore, although just 12.6% of their index-futures positions remain long, compared with 80% for retail and HNIs.
Options imply a 22,580–22,957 range into the October 27 expiry, with the heaviest put OI at 22,500 and call OI at 23,000. The 50-day moving average at 23,370 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
The government extended the RELIEF scheme by six months to March 31, 2027, to support exporters facing higher shipping and insurance costs due to West Asia tensions. Eligible exporters can receive 95% risk coverage through ECGC, along with protection against increases in insurance premiums beyond pre-disruption levels. Dive deeper
Tata Communications plans to invest $400–450 million over the next three to five years to build a 10,000-km fibre network connecting major data centres and AI hubs across India. The network will offer 7.2 petabytes of capacity and integrate with its global infrastructure to support growing AI computing and connectivity requirements. Dive deeper
Mankind Pharma reported a 37.7% YoY rise in consolidated net profit to ₹716 crore in Q2 FY27, compared with ₹520 crore a year earlier. Revenue grew 17.3% to ₹4,338 crore, supported by strong domestic demand for chronic therapies used to treat long-term illnesses. Dive deeper
ITC Hotels reported a 52% YoY increase in consolidated net profit to ₹203 crore in Q2 FY27, compared with ₹133 crore a year earlier. Revenue from operations rose 26% to ₹1,054 crore, while total income increased 25% to ₹1,106 crore. Dive deeper
HCLTech partnered with Japanese chipmaker Rapidus to develop next-generation semiconductor technologies, establishing dedicated engineering centres in Bengaluru and Hubli. The facilities will focus on chip design, process development and building Indian engineering talent to support Rapidus’ semiconductor operations in Japan. Dive deeper
Top Stories Globally
Crude oil prices declined to around $101 per barrel as renewed diplomatic efforts involving Saudi Arabia, Pakistan and Turkey raised hopes of easing US-Iran tensions. Prices also faced pressure as oil shipments through the Strait of Hormuz recovered to near prewar levels despite continued attacks on vessels. Dive deeper
SpaceX secured $40 billion in debt financing to purchase GPUs for AI computing infrastructure, supported by revenues from its Starlink and launch businesses. Elon Musk warned that AI-focused cloud companies without independent revenue streams could face funding constraints, consolidation and potential failures. Dive deeper
Verizon raised its annual wireless subscriber growth forecast after adding 406,000 postpaid subscribers in Q3, nearly double analysts’ expectations. The telecom company also signed an AI infrastructure agreement worth over $2 billion with Amazon Web Services. Dive deeper
Brazilian markets plunged following President Luiz Inácio Lula da Silva’s narrow re-election victory over Flávio Bolsonaro, with Lula securing 51.8% of valid votes against Bolsonaro’s 48.2%. Brazil’s benchmark IBOV index crashed 23.5% at the open, marking its biggest-ever intraday decline, while currency futures indicated a potential drop of over 10% in the Brazilian real. 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.
Anup, Retail Banking Management, of Kotak Mahindra Bank on monsoon deficit:
"Collection efficiencies in tractors have improved significantly, while we are seeing no visible impact on delinquency as of Q2 FY27. We remain very watchful of the evolving weather conditions. As you know, the rainfall deficit for this monsoon season has been about 13%." - 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 introduce Good Question, a new series where we answer the questions you ask about trading and the markets.
From understanding market movements and reading charts to trading strategies, risk management, and trading psychology, we break down complex concepts and address common doubts in a simple, practical, and easy-to-understand way.
Whether you’re just starting out or have been trading and investing for years, Good Question aims to help you make better sense of the markets, one question at a time.
Because sometimes, asking the right question is the first step to becoming a better trader.
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!
Nifty recovering from a gap down at 22,524 to close at 22,753 shows buyers stepping in, but breadth tells a more cautious story with only 12.6% of Nifty 500 stocks above their 50-day average. Fear & Greed lifting from 11 to 20 still leaves sentiment in extreme fear.