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 flat at 22,690, but quickly gained momentum as the US Federal Reserve’s decision to pause rate hikes and a modest decline in crude oil prices helped improve market sentiment. The index witnessed steady buying interest from the opening minutes, climbing towards 22,750 by 9:45 AM before extending its gains to 22,800 around 10 AM. The recovery gathered further momentum, pushing Nifty towards 22,875 by 10:30 AM.
However, selling pressure emerged at higher levels, dragging the index back towards 22,815 around 11 AM. Buying interest returned shortly after, helping Nifty recover towards 22,850 by 11:45 AM. The index remained largely range-bound between 22,840 and 22,870 through the rest of the morning, as traders consolidated the early gains.
The second half began on a cautious note, with Nifty initially slipping towards 22,800 around 12:45 PM before buying interest emerged once again. The recovery gathered momentum after 1 PM, pushing the index back above 22,850 by 1:30 PM. Buying intensified through the afternoon, with Nifty reclaiming 22,900 around 2 PM and extending its gains towards 22,950 by 2:30 PM.
The index continued to hold near the day’s highs through the final hour, briefly touching an intraday high near 22,960 around 2:50 PM. Despite some minor profit booking towards the close, Nifty managed to sustain most of its gains and eventually settled at 22,936.75, around 250 points above its opening level and nearly 238 points higher than the previous close. The strong recovery throughout the session reflected an improvement in market sentiment, supported by the Fed’s decision to hold rates steady and some relief from elevated crude oil prices.
Fear & Greed Index
The Fear & Greed Index improved from 22 to 28, moving out of extreme fear into the fear zone. Easing safe-haven demand helped sentiment recover, although defensive stocks continue to outperform high-beta stocks and underlying market trends remain weak.
Market Breadth
Market breadth improved, with 1,398 advancing stocks against 938 declining. The share of Nifty 500 stocks above their 50-day average rose to 20.4%, while 11 stocks hit fresh 52-week lows against eight new highs, suggesting a gradual improvement in underlying participation.
52 Week Highs & Lows
Valuation Check
Sectoral Indices Performance
Realty surged 2.75%, leading the 14 sectors that ended in the green, while Auto slipped 0.24%. IT, Media and PSU Banks remain the strongest relative performers over 20 and 60 sessions, with IT, Media and Pharma trading above all four key moving averages.
Winners & Losers
Birlasoft jumped 11.89% on 25× usual volume, while Poonawalla Fincorp gained 9.49%. Adani Ports surged 6.29% to a fresh 52-week high, while eClerx Services plunged 11.02% on heavy trading volumes.
Delivery Data
Global Markets
Commodities
Institutional Flows & Participant Positioning
Put writing strengthened, pushing the PCR from 1.07 to 1.31, while implied volatility eased from 15.3% to 13%. FIIs remain heavily bearish, with just 11.5% of their index-futures positions long, compared with 81% for retail and HNIs.
Options imply a 22,694–23,251 range into the November 3 expiry, with the heaviest put OI at 22,000 and call OI at 23,500. The 50-day moving average at 23,277 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
IndiGo reported a narrower consolidated net loss of ₹1,879 crore in Q2 FY27, compared with ₹2,582 crore a year earlier, while total income rose 24% to ₹24,312 crore. However, expenses surged to ₹26,188 crore, including nearly ₹10,000 crore in aircraft fuel costs, continuing to weigh on profitability. Dive deeper
Asian Paints reported a 7.5% YoY increase in consolidated net profit to ₹1,068 crore, while net sales grew 16.9% to ₹9,954 crore, supported by strong domestic and international demand. However, operating margins contracted to 15.6% from 17.7% due to rising raw material costs and supply disruptions, despite selective price hikes. Dive deeper
The Power Ministry released the National Electricity Data Sharing Framework to standardise data classification and enable secure, structured information sharing across the power sector. Adoption will remain voluntary for electricity generators, distribution companies, transmission utilities and regulators, with safeguards to protect critical infrastructure information. Dive deeper
Welspun Corp approved investments of up to ₹2,280 crore to expand steel pipe manufacturing capacity in the US and establish new manufacturing and coating facilities in Jordan. The announcement came alongside its Q2 results, with net profit rising 3% YoY to ₹499 crore and revenue growing 6% to ₹4,644 crore. Dive deeper
Equitas Small Finance Bank shares fell 20% after MD and CEO P N Vasudevan resigned, citing concerns over a perceived conflict of interest arising from his daughter’s involvement in an RBI-licensed NBFC. Vasudevan said his resignation was intended to remove the resulting uncertainty surrounding the bank’s stock, while the company stated he would pursue personal and social initiatives. Dive deeper
Suzlon Energy reported a 69% YoY decline in consolidated net profit to ₹394 crore, compared with ₹1,279 crore a year earlier, largely due to a high base in the previous year. However, revenue grew 26%, supported by record wind turbine deliveries during the quarter. Dive deeper
Tata Group-owned Trent reported a 9% YoY rise in net profit to ₹490 crore, while revenue grew 23% to ₹5,788 crore, driven by strong performance across Westside and Zudio and continued store expansion. Operating EBITDA surged 37% to ₹785 crore, with margins improving to 11.6% from 10.5% a year earlier. Dive deeper
Top Stories Globally
Brent crude fell towards $114 per barrel, retreating from four-year highs as renewed diplomatic efforts raised hopes of easing Middle East tensions. Despite the decline, oil prices remain up over 17% this month, driven by regional conflicts and threats to shipping through the Strait of Hormuz, although energy flows have largely recovered. Dive deeper
The Federal Reserve kept interest rates unchanged at 3.75%–4.00% at its October meeting, following a 25-basis-point hike in September, with two policymakers favouring another increase. The central bank highlighted resilient economic growth and employment but warned that inflation remains elevated and geopolitical uncertainty continues to cloud the outlook. Dive deeper
Google parent Alphabet saw its shares tumble as much as 13.4% after third-quarter earnings missed Wall Street expectations. Slowing growth in its core search advertising business and rising AI-related spending raised investor concerns, wiping out hundreds of billions of dollars in market value. Dive deeper
Shell reported a third-quarter net profit of $10.81 billion, beating estimates of $10.33 billion, while TotalEnergies posted adjusted net income of $9.1 billion, ahead of expectations of $8.3 billion. Both benefited from higher energy prices and strong refining margins, with Shell raising its quarterly share buyback to $5 billion and TotalEnergies announcing $5 billion in planned buybacks over the next two quarters. Dive deeper
Chinese EV maker BYD reported a weaker-than-expected 28% YoY rise in net profit to 10 billion yuan ($1.5 billion), while revenue grew 13.6% to 221.5 billion yuan. Global vehicle sales increased 18.8% to over 1.32 million units, supported by more than doubling overseas shipments, although intensifying competition in China and international markets weighed on growth. 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.
S. Naren, ED and Chief Investment Officer at ICICI Prudential AMC bets on India as ‘Ultimate Contrarian Play’:
"The exuberance is not in India; it is in the US, The biggest contrarian opportunity today is for investors sitting in exuberant markets. Today in India, you can be contrarian."
"Anything connected to US AI is a sell, Everything can't be worth a trillion dollars. At some point in time, things will reverse. It is only a question of when." - 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 explore the history of earnings trades, the research behind the rise and fall in implied volatility, and what happens when we test these strategies on Indian stocks.
We start with what results trades are and how option buyers and sellers approach them. We then look at the research that first documented this pattern, from a 1979 study of US companies to more recent research on Indian stock options. Next, we test a strategy that involves buying an at-the-money straddle before earnings and exiting before the results announcement.
Using data from 209 Indian F&O stocks between October 2021 and August 2026, we examine ten different entry points to understand how the timing of a trade affects its performance.
We look at the average returns, win rate, median returns, and stock-by-stock performance to understand whether buying options ahead of results offers a consistent edge.
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!
The breadth detail is a good read on the rally: 1,398 advancers against 938 decliners, but only 20.4% of Nifty 500 stocks above their 50-day average, so participation is still thin underneath the 22,936 close. Pairing that with the Fear & Greed move from 22 to 28 fits the cautious tone.