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 strong 169-point gap-up at 23,222, supported by gains in Reliance following its robust quarterly earnings and a more than 3% decline in oil prices. The index initially witnessed some volatility before gaining momentum, climbing steadily towards 23,300 within the first 30 minutes. Buying interest continued through the morning, pushing Nifty towards 23,350 around 10:45 AM.
However, the rally lost some steam as profit-booking emerged at higher levels, dragging the index back towards 23,300 by 11:45 AM. A brief recovery attempt pushed it towards 23,340 around noon, but the gains failed to sustain.
In the second half, selling pressure intensified as Nifty slipped below 23,300 shortly after 12:30 PM, eventually falling towards an intraday low near 23,210 around 1:30 PM. However, buying interest emerged at lower levels, triggering a steady recovery through the afternoon.
The index reclaimed 23,250 by 2 PM and gradually climbed towards 23,325 around 2:45 PM. Despite some consolidation in the final hour, Nifty managed to hold on to its recovery and eventually closed at 23,440.80 after a strong closing auction, around 219 points above its opening level, as easing oil prices and positive earnings-related sentiment helped sustain the upward momentum.
Fear & Greed Index
The Fear & Greed Index improved from 27 to 32, although sentiment remains in the fear zone. Easing safe-haven demand and equities outperforming government bonds suggest improving confidence, but elevated volatility and weak broader market trends continue to weigh on sentiment.
Market Breadth
Market breadth improved significantly, with 1,690 advancing stocks against 653 declining, nearly 2.6 gainers for every loser. The share of Nifty 500 stocks above their 50-day average jumped to 24.1%, although only 11 stocks hit fresh 52-week highs, suggesting the broader recovery is still in its early stages.
52 Week Highs & Lows
Valuation Check
Sectoral Indices Performance
Oil & Gas surged 5.95%, leading the 11 sectors that ended in the green, while Media slipped 0.76%. IT, PSU Banks and Media remain the strongest relative performers over 20 and 60 sessions, while Healthcare, IT, Media and Pharma trade above all four key moving averages.
Winners & Losers
Reliance Industries surged 11.60%, while Dixon Technologies jumped 11.99%, leading the F&O gainers. ITI hit the 20% upper circuit on 90× usual volume, while Welspun Living gained 10.62% to a fresh 52-week high.
Delivery Data
Global Markets
Commodities
Institutional Flows & Participant Positioning
Implied volatility for the November 9 expiry rose from 13.8% to 14.5%, indicating slightly costlier protection. FIIs bought 7,554 index-futures contracts worth ₹1,113 crore, although just 10.6% of their outstanding positions remain long, compared with 80% for retail and HNIs. Short covering dominated stock futures.
Options imply a 23,177–23,482 range into the November 3 expiry, with the heaviest put OI at 23,000 and call OI at 24,000. The 100-day moving average at 23,692 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
Reliance Industries shares surged nearly 12%, marking their biggest single-day gain in over six years, after the company reported record Q2 FY27 earnings. Consolidated revenue rose 28% YoY to ₹3.62 lakh crore, EBITDA grew 24% to ₹62,409 crore, and net profit jumped 34% to ₹29,550 crore, driven by strong performance across its O2C, digital and retail businesses. Dive deeper
SEBI has recommended removing long-term capital gains (LTCG) tax for foreign portfolio investors and providing tax relief to domestic mutual fund investors switching between schemes, as per Reuters. The proposals aim to address investor concerns amid persistent foreign outflows and India’s underperformance relative to other emerging markets, although the government will make the final decision. Dive deeper
The Defence Ministry signed contracts worth ₹53,866.5 crore with Garden Reach Shipbuilders & Engineers (GRSE) and Goa Shipyard (GSL) to build eight Next Generation Corvettes for the Indian Navy. GRSE will construct five vessels and GSL three, marking the first competitively awarded project for indigenously designed Navy warships. Dive deeper
Microfinance lender Spandana Sphoorty Financial reported unauthorised transactions worth approximately ₹7.8 crore from one of its bank accounts on November 1. The company immediately suspended affected services, requested banks to freeze beneficiary accounts and reverse transactions, and filed a complaint with the National Cyber Crime Reporting Portal. Dive deeper
Devyani International, which operates KFC and Pizza Hut outlets in India, reported a sharp reduction in consolidated net loss to ₹0.024 crore (₹2.4 lakh), compared with ₹2.19 crore a year earlier. Strong same-store sales growth at KFC helped offset rising raw material costs, sending the company’s shares up as much as 5.8%. Dive deeper
Adani Group-owned Ambuja Cements announced plans to invest approximately ₹14,500 crore to add 30 million tonnes per annum (MTPA) of cement capacity, taking its total capacity to 155 MTPA by FY30. The expansion will focus on eastern, western and northern India through new facilities and upgrades to existing plants. Dive deeper
India’s manufacturing PMI eased to 54.7 in October from 55.1 in September, indicating a moderation in factory activity while remaining firmly in expansionary territory. Output and new orders grew more slowly, although export order growth hit a six-month high and selling price inflation eased to nearly a four-year low. Dive deeper
Escorts Kubota reported a 21.4% YoY decline in consolidated net profit to ₹250 crore, despite revenue growing 16.2% to ₹3,243 crore. Higher commodity costs and an unfavourable product mix weighed on its tractor business, with agricultural machinery operating margins falling to 7.8% from 12.8% a year earlier. Dive deeper
Top Stories Globally
Brent crude fell 4.5% towards $108 per barrel as renewed diplomatic efforts between the US and Iran eased concerns over further supply disruptions. President Donald Trump reportedly favoured giving negotiations more time before considering military action, while Iranian officials signalled that a deal remained possible following Qatar-mediated talks. Dive deeper
US stock futures advanced as technology and AI-related shares showed signs of stabilising following a difficult October, when the Nasdaq-100 lost over $2.5 trillion in market value. Investors remained cautious about Big Tech’s surging AI expenditure and increasing reliance on debt financing, while attention shifted to the upcoming US midterm elections and corporate earnings. Dive deeper
Japan’s manufacturing PMI declined to 53.3 in October from 54.1 in September, marking the slowest expansion in seven months as output and new orders lost momentum. Factory activity remained in expansionary territory for a tenth consecutive month, supported by semiconductor and AI-related demand, although rising input costs added pressure. Dive deeper
Chinese EV maker BYD reported an 11% YoY increase in October vehicle sales to 4.9 lakh units, extending its growth streak to six consecutive months. Overseas shipments surged 102.8% to 1.7 lakh units, helping offset sluggish domestic demand and intensifying price competition in China’s EV market. 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.
Finance Minister Nirmala Sitharaman on sustaining Capital expenditure:
"Capital expenditure is a very important component of our growth strategy because till such time the private sector also comes in to expand capacity, it is important for the government to push through with capital expenditure."
"We are happy to extend that. We shall continue doing that because India's growth momentum should not be lost at all." - 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!