..... . VALI disclosures . .....

31/10/26, US Financial Markets Report

2026-10-31T11:51:07.723+05:30

The Nasdaq Composite plunged 2.86% on Friday, marking its steepest single-day percentage decline since June 5, as disappointing quarterly results from Intel and Amazon intensified concerns over the enormous investments technology companies are making in artificial intelligence (AI) and how quickly they can generate returns.

The technology-heavy index shed 747.73 points to close at 25,437, while the S&P 500 dropped 1.82% to 7,580.07. The Dow Jones Industrial Average declined 572.25 points, or 1.09%, to settle at 51,770.31.

The Nasdaq has now fallen 7.8% from its record closing high of October 6, reflecting growing investor unease over the sustainability of the AI-driven rally. The S&P 500 and Nasdaq also ended October in the red, although the Dow managed to register a monthly gain.

The immediate trigger for Friday's selloff was a disappointing earnings-driven reaction to results from Intel and Amazon, released late Thursday. Intel shares crashed 28.6%, while semiconductor and server-making stocks faced heavy selling.

Nvidia declined 4.2%, Advanced Micro Devices (AMD) slumped 10.9%, and the broader semiconductor index shed 7.2%, taking its monthly losses beyond 15%. Server manufacturers Dell and HP fell 10.8% and 9.6%, respectively.

"It's fair to say that this week, not just today, has been very much about the future of AI and what that's going to look like, whether there will be a positive return on investment and if so, how quickly," Oliver Pursche, senior vice president at Wealthspire Advisors in New York, told Reuters.

"Companies that are performing and meeting the very lofty expectations that have been set are doing well. Those that are falling short and seem to be missing the mark or not executing as expected are getting punished," he added.

According to Reuters, more than $2 trillion in market value is set to disappear from the Nasdaq 100 in October, as Big Tech earnings have intensified scrutiny of the returns on AI investments. The index has declined more than 5.8% this month.

The concerns have grown as major cloud and technology companies continue to raise their spending projections. Meta Platforms, Alphabet and Amazon have signalled higher investments in AI infrastructure as they compete to expand computing capacity.

The prospect of sustained spending at such levels has also raised questions about how companies will finance their expansion, particularly as borrowing costs increase.

Meta's plans for a record $97.5-billion fundraise have added to concerns about potential shareholder dilution and the growing financial burden of its AI ambitions.

Microsoft, meanwhile, is reportedly considering raising around $25 billion through its first US investment-grade bond sale in more than nine years. Meta, Amazon and Alphabet have collectively issued hundreds of billions of dollars in bonds over the past four years, adding to investor concerns about the industry's growing reliance on debt.

Morgan Stanley expects capital expenditure on AI infrastructure to exceed $1 trillion next year. JPMorgan has forecast global AI-related capital spending could reach $5.5 trillion by 2030, with around $900 billion expected to be spent in 2026.

The concerns extend beyond infrastructure costs to the ability of technology companies to sustain growth in their core businesses.

According to Bloomberg, the advertising, consumer and retail operations that underpin the biggest US technology companies are showing signs of slowing, even as their combined AI investment commitments approach $750 billion this year.

Alphabet suffered its biggest-ever one-day percentage decline on Thursday after its results raised concerns over its core search advertising business and accelerating cash expenditure.

S&P Global Ratings has also taken an initial step towards potentially downgrading Meta's credit rating within the next two years, citing pressure on its balance sheet from elevated AI-related spending, Bloomberg reported.

Apple, meanwhile, reclaimed its position as the world's most valuable publicly traded company from Nvidia, as investors appeared to favour the iPhone maker amid concerns over the financial demands of the AI race.

However, not all technology companies have faced the same pressure. Microsoft and SpaceX have stood out from the broader gloom, with results indicating that investments in AI are beginning to translate into business returns.

Despite the market reaction, corporate earnings across the broader S&P 500 have remained relatively strong. Of the 299 companies that had reported third-quarter results, 82% had exceeded consensus estimates, according to LSEG data cited by Reuters. Analysts are now expecting earnings growth of 31.6% year-on-year for the quarter.

Outside technology, energy stocks were among the relative gainers on Friday after Exxon Mobil and Chevron reported quarterly profits above market expectations.

Both companies benefited from stronger refining margins amid disruptions to global energy supplies linked to the US-Israeli war with Iran and the Russia-Ukraine conflict. Exxon Mobil rose 2.2%, while Chevron gained 2.8%.

Cryptocurrency-linked stocks, however, came under pressure following reports that hackers had stolen $6.3 billion from Binance, the world's largest cryptocurrency exchange.

Coinbase, Strategy and Robinhood declined between 7.2% and 10.6%.

The broader market's weakness was also reflected in trading breadth. On the New York Stock Exchange, declining stocks outnumbered advancing shares by a ratio of 1.8 to 1. On the Nasdaq, the ratio widened to approximately 3 to 1, with 3,622 stocks falling against 1,196 advancing.

Trading volumes across US exchanges reached 19.87 billion shares, compared with the 20-day average of 17.26 billion.

Report by with inputs from NewsAgencies by Network18

31/10/26, Reliance Industries.. Q2 results

2026-10-31T04:51:50.202+05:30

Reliance Industries Ltd reported its strongest-ever quarterly financial performance in the September quarter, with record revenue, EBITDA and net profit, as robust performance in its oil-to-chemicals business and growth in digital services and retail drove a 28 percent increase in revenue.

Consolidated revenue rose to a record Rs 3.62 lakh crore in the fiscal second quarter. EBITDA grew 24 percent to an all-time high of Rs 62,409 crore, while net profit increased 34 percent to a record Rs 29,550 crore. The company's net profit for the first half of FY27 crossed Rs 50,000 crore for the first time.

Reliance Industries incurred capital expenditure of Rs 38,153 crore during the quarter, funding projects in its oil-to-chemicals and new energy businesses, while expanding infrastructure and distribution networks across its consumer businesses. Net debt stood at Rs 1.17 lakh crore at the end of September, down from Rs 1.23 lakh crore at the end of June. The net debt-to-EBITDA ratio improved to 0.47 times.

Mukesh D Ambani, Chairman and Managing Director, Reliance Industries, said: "During 2Q FY27, our businesses delivered a strong performance despite a complex operating environment. Commodity markets remained volatile while geopolitical tensions continued to weigh on global supply chains. Against this backdrop, the domestic orientation of our portfolio, combined with operational discipline and versatility of our integrated businesses, helped Reliance navigate external volatility effectively."

Jio Platforms lists after record IPO

Reliance's digital services business recorded growth in revenue and earnings during the quarter, with Jio Platforms Ltd reporting revenue of Rs 47,485 crore, up 11.3 percent year on year. Growth was driven by subscriber additions, higher average revenue per user (ARPU) and expansion in digital services.

Jio Platforms' EBITDA rose 16.6 percent to Rs 21,879 crore, while its EBITDA margin expanded 250 basis points to 54.1 percent.

The quarter also saw Jio Platforms make its stock market debut on October 28, following an initial public offering that raised Rs 30,188 crore. The IPO, the largest in India's history, was subscribed more than 22 times. Jio Platforms is now the country's second-most valuable listed company.

Mukesh D Ambani, Chairman and Managing Director, Reliance Industries, said: “This week marked a historic moment in Reliance's value creation journey with Jio's record-setting listing on Indian bourses. With over 22x subscription, and strong listing appreciation, the issue has set multiple global benchmarks. JPL is now India's second largest company. It demonstrates the depth of confidence investors place in Jio's solid foundation and strong growth visibility."

Jio's total subscriber base exceeded 542 million, with net additions of 9.1 million during the quarter. Its 5G subscriber base reached 300 million, an increase of 66 million over the past 12 months. 5G accounted for about 56 percent of total wireless traffic.

Fixed broadband subscribers reached 30 million, including 15.1 million JioAirFiber users. JioAirFiber accounted for more than 75 percent of fixed broadband net additions over the past 12 months.

ARPU increased 3.5 percent year on year to Rs 218.8, supported by a better subscriber mix and positive seasonality. Data traffic grew 22.1 percent to 71 exabytes, with average monthly consumption per user at 44.2 GB. Monthly churn remained stable at 1.6 percent.

Akash M Ambani, Managing Director of Jio Platforms Limited, said: "This quarter's results continue to reflect the strength of our 5G network, and the growing reach of our broadband and digital services. We would continue to build our capabilities across satellite communications, 6G intellectual property and AI embedded in our core voice and data services as we create lasting value for our stakeholders."

He added that Jio is the only player in the country with a full-stack technology across seven layers, with deep engineering and proprietary IP contributions. “We have unmatched distribution capabilities, both on the consumer side and on the enterprise side,” he added.

On international opportunities, Akash Ambani said Jio will be very selective about international markets. “We will not be selling our proprietary stacks as a hardware commission or our software as a SaaS service. What we imagine the business model here to be is to be an actually managed service partner with our customers. It's not going to be a heavy capex rollout. You won't see us going and putting up towers and fibre and infrastructure only,” he said.

During the quarter, Jio showcased Jio Call Agent, an AI-powered call assistant, and JioFrames, AI-native smart camera frames, at the India Mobile Congress 2026. It also launched JioShield, a family-safety app, as part of its 10th anniversary celebrations.

JioStar revenue grows

JioStar's revenue from operations increased 10.1 percent year on year to Rs 6,806 crore despite a weak advertising environment. EBITDA from operations stood at Rs 1,372 crore, with a margin of 22.1 percent.

JioHotstar averaged about 440 million monthly active users during the quarter, up 10 percent from a year earlier. The platform also relaunched internationally as JioHotstar in Singapore, the UK and Canada.

The England-India cricket series became the biggest bilateral overseas series ever on JioHotstar. Wimbledon, the US Open and the Premier League maintained stable viewership, with stronger monetisation.

Reliance Retail revenue rises 6.4%; festive calendar shift affects performance

Reliance Retail Ventures Ltd (RRVL) reported a 6.4 percent year-on-year increase in gross revenue to Rs 91,716 crore, adjusted for the demerger of the Consumer Brands business. The company's performance was affected by the shift in the festive calendar to the December quarter.

EBITDA, before a one-time impairment charge, stood at Rs 6,228 crore, with a margin of 7.8 percent. The 120-basis-point moderation in margin reflected the timing of the festive season, absorption of input-cost inflation and continued investment in scaling its business-to-business and digital commerce operations.

Isha M Ambani, Executive Director, Reliance Retail Ventures Limited, said: “Our customers' trust and continued engagement across our stores and digital platforms remain central to our growth. We are building a future-ready retail business by combining our extensive physical network with digital convenience, technology, and a deep understanding of Indian consumers. The new model with fast growing Digital Commerce and B2B channels is working and funded by the profits of offline business."

Reliance Retail opened 303 stores during the quarter, taking its total store count to 19,947. Its operating area stood at 77.5 million sq ft. Transactions grew 7 percent year on year despite major festivals shifting to the third quarter.

In grocery, like-for-like growth was 3 percent. The company launched its Smart 2.0 format with AI-enabled ordering, while business-to-business revenue grew 10 percent. JioMart recorded 42 percent revenue growth, driven by higher average order values and a 24 percent increase in units per order. Its network expanded to more than 5,000 stores across over 1,000 cities.

The consumer electronics business recorded 8 percent like-for-like growth, led by mobiles, laptops and IT peripherals, and appliances. Fashion and lifestyle registered like-for-like growth of 3 percent, while AJIO's catalogue expanded 23 percent to 3.3 million options. Reliance Retail also launched Fabletics and signed an exclusive partnership with SKIMS.

“We made a conscious call to significantly grow our online business, invest in the infrastructure and the technology there, and the benefits of that scale will come in the next couple of years,” said Dinesh Taluja, CFO, Reliance Retail

Taluja added that several macro factors are impacting demand, even as the company is confident of strong sales in Q3 driven by the festive season, which has shifted largely into Q3 this year.

O2C biz posts record quarterly earnings

Reliance's oil-to-chemicals (O2C) business delivered its strongest-ever quarterly performance, with revenue rising 44.2 percent year on year to Rs 2.32 lakh crore, led by sharply higher crude oil and product prices.

EBITDA surged 67.9 percent to an all-time high of Rs 25,203 crore, while the EBITDA margin expanded 160 basis points to 10.9 percent.

Transportation fuel cracks, a measure of refining margins, rose 3 to 3.7 times from a year earlier and reached historic highs. Margins in the polyester business reached a three-year high, helped by a 15 percent increase in the spread between paraxylene (PX) prices and its raw material costs, and a 52 percent rise in the spread for purified terephthalic acid (PTA), an intermediate product made from paraxylene and used in polyester manufacturing.

Crude oil prices rose 40.6 percent year on year, while downstream chemical product prices increased 25 to 35 percent.

The company said earnings growth was constrained by continued costs related to the special additional excise duty (SAED) on exports and under-recoveries in domestic fuel retailing by Jio-bp.

Reliance achieved record crude processing volumes despite disruptions in the Strait of Hormuz, sourcing crude from Europe, Latin America and North America. The company said this helped India meet domestic fuel demand without resorting to imports.

Jio-bp expanded its network to 2,304 fuel retail outlets. Combined petrol and diesel volumes rose 4.2 percent year on year, while electric vehicle charging volumes under Jio-bp Pulse increased 60 percent to 15.8 GWh.

“We have a structurally positive view on the O2C segment. Downstream has been enormously valuable for us. Our crude sourcing has shifted to the Americas and the Mediterranean region,” said Srikanth Venkatachari, CFO, Reliance Industries.

Commenting on Reliance's new energy business, Venkatachari said that the business is accelerating and that it will start contributing to revenue from FY28.

Oil and gas earnings marginally lower

Revenue from the oil and gas segment was broadly stable at Rs 6,020 crore. Lower gas production and price realisation from the KG-D6 fields were largely offset by higher condensate price realisation and improved coal-bed methane (CBM) volumes and pricing.

EBITDA declined 2 percent to Rs 4,901 crore. A favourable movement in exchange rates partly offset lower revenue and higher government levies.

CBM production increased 23.6 percent year on year. The company said its multi-lateral well campaign was progressing, with 37 of the planned 40 wells drilled and 35 connected to production.

Average production during the quarter was 24 million standard cubic metres a day of KG-D6 gas and about 15,903 barrels a day of oil and condensate.

“The margin environment has been pretty strong, with tightness in product markets. Structural supply constraints continue. On the crude side there is a lot of dislocation happening. However, movement through Strait of Hormuz has improved,” said Srinivasan T, Chief Operating Officer, O2C (Refining), Reliance Industries.

He added that the loss of refining capacity in the Middle East and Russia is driving prices. “Brent has ranged from $72 per bbl to $130/bbl, causing higher opex,” he said

30/10/26, Godrej Consumer Products

2026-10-30T20:01:01.349+05:30

Shares of Godrej Consumer Products Ltd (GCPL) plunged over 7 percent to a four-year low of Rs 777.20 on Friday, October 30, on the NSE, as investors weighed the company's July-September quarter earnings against mounting concerns over higher input costs, deteriorating microeconomic condition, margin pressure and a pending leadership appointment for its India business.

The Godrej Group stock opened at Rs 815 and fell 7.14 percent from its previous close of Rs 837 to hit an intraday low of Rs 777.20 on the NSE, its lowest level in over four years. It eventually pared some losses to settle 2.27 percent lower at Rs 818.10. The stock was the top loser on the Nifty FMCG index, which closed 0.53 percent lower at close.

Godrej Consumer Products shares have fallen nearly 5 percent so far in October and 26.80 percent over the past one year. The stock is down 34.46 percent on year-to-date basis.

GCPL Q2 results

The selloff came despite the fast-moving consumer goods (FMCG) major reporting the highest on-year rise in its net profit in the last six quarters for the September quarter, in which its bottom line declined for two quarters. It reported a 13.84 percent year-on-year increase in its consolidated net profit to Rs 522.92 crore for the September quarter of FY27, driven by volume growth. It had posted a net profit of Rs 459.34 crore in the July-September quarter a year ago

However, rising input costs and concerns over the sustainability of margin recovery have tempered investor sentiment. The absence of a new chief executive officer for the company's India business remains another overhang.

Total revenue from operations rose 19 percent to Rs 4,413.09 crore in Q2 FY27, against Rs 3,708.19 crore in the corresponding period of the preceding fiscal.

In Q2 FY27, consolidated sales grew by 19 percent YoY on the back of underlying volume growth of 8 per cent, the company said in its earnings statement.

The FMCG major reported a 12 percent YoY growth in EBITDA (earnings before interest, taxes, depreciation, and amortisation). Total expenses of GCPL stood at Rs 3,758.26 crore, up 20.6 per cent YoY, in the second quarter of FY27.

Brokerages on GPCL share: HSBC retains Hold; CLSA remains cautious

Brokerages offered a mixed outlook on GCPL after the earnings announcement, with concerns over inflation and margins offset by confidence in its volume growth and full-year guidance.

HSBC on GPCL share: Hold, Target price Rs 960

Brokerage firm HSBC has maintained a ‘Hold' rating on the stock with a target price of Rs 960. The brokerage noted that India and consolidated volume growth remained stable at 7 percent and 8 percent, respectively, while EBITDA growth came in at 12 percent YoY. Africa emerging as the company's top-performing region.

HSBC believes GPCL is on course to meet FY27 guidance, but rising inflation continues to pose a headwind, especially for India margins. The brokerage made modest EPS revisions but retained ‘Hold' as management change and raw material overhang cloud outlook.

CLSA on GCPL share: Underperforms, Target price Rs 747

CLSA, meanwhile, maintained its ‘Underperform' rating with a target price of Rs 747. The brokerage noted that consolidated sales growth was at 19% YoY, or 15% in constant currency terms. However, raw material inflation led to a 500-bps standalone gross margin contraction YoY, despite pricing growth of 6%.

Consolidated EBITDA was in line with CLSA's estimates but 2% below consensus expectations. The brokerage also said that GCPL highlighted further aggressive pricing increase in the soaps and detergents portfolio as both businesses retain normal margins.

GPCL has maintained guidance of double-digit consolidated revenue and Ebitda growth in FY27.

Emkay on GPCL share: Buy, Target price Rs 1,250

Emkay Global Financial Services reduced its target price on GCPL by 12 percent to Rs 1,100 from Rs 1,250, while maintaining its ‘Buy' recommendation.

The brokerage expects the company's revenues to grow 12 percent at a compounded annual rate. The company's guidance for "double-digit" sales and earnings before interest, tax, depreciation, and amortisation for 2026-27 (Apr-Mar) is achievable, Emkay Global said.

Looking forward, the company's management expects to maintain its consolidated double-digit growth in revenue and earnings before interest, tax, depreciation, and amortisation in the second half of the current financial year, through cost savings, price hikes and investing in brands. The company's management expects detergent growth to remain strong, due to formalisation and migration from powders to liquids. While soaps continue to face pricing issues due to severe raw material inflation. This could be offset by growth in other segments, it said.

Equirus Securities: Long, Target price Rs 1,087 with 30% upside

Equirus Securities maintained a ‘Long' rating on GCPL with a target price of Rs 1,087, implying an upside potential of around 30 percent.

Motilal Oswal on GPCL share: Buy, Target price Rs 1,050 with 25% upside

Motilal Oswal Financial Services retained its ‘Buy' outlook on GCPL with a target price of Rs 1,050, implying an upside potential of around 25 percent. The brokerage maintained its earnings-per-share estimates for FY27-FY29 and expects the company to deliver high-single-digit underlying volume growth (UVG) in India alongside double-digit consolidated revenue and EBITDA growth in FY27.

It expects GAUM continue to deliver strong growth and profitability, while Indonesia's momentum to remain healthy. “Elevated commodity inflation is likely to keep near-term margins under pressure. However, calibrated pricing and cost-saving initiatives should support absolute EBITDA growth, with margin recovery hinging on pricing realization and input-cost trends,” it said.

It expects revenue and EBITDA to grow at compound annual growth rates of 14% and 13%, respectively, over FY26-FY29

Written by Sharmeeli Mallik

Source : Network18

30/10/26, INDEX LEVELS

2026-10-30T07:49:25.685+05:30

30/10/26, Motilal&Oswal Financial services

2026-10-30T07:06:16.162+05:30

Motilal Oswal Financial Services Ltd on Thursday reported a three-fold jump in consolidated profit after tax to Rs 1,081 crore for the September quarter of FY27, driven by strong growth in its asset management business.

The company had posted a profit after tax of Rs 363 crore in the year-ago period.

Revenue from operations increased to Rs 3,042 crore in the July-September quarter of the current fiscal, from Rs 1,850 crore a year ago, the diversified financial services company said in a stock exchange filing.

The Asset Management (AMC and MO Alternates) business reported a 69 percent year-on-year jump in net profit to Rs 304 crore, emerging as the largest contributor to profit.

Total assets under management (AUM) grew 26 percent year-on-year to around Rs 2.23 lakh crore.

"Q2FY27 reflects the deliberate shift in our earnings mix. Asset Management is now our largest profit pool, and two-thirds of our revenue is recurring, which makes our earnings more resilient through market cycles," said Motilal Oswal MD & CEO of MOFSL.

During the quarter, the firm, which has businesses spanning broking, wealth management, asset management, investment banking and lending, received SEBI's approval to act as a custodian of securities, completing another part of its institutional services offering.

It plans to commence operations in the fourth quarter of FY27, subject to meeting operational readiness requirements.

Report by PTI

30/10/26, IIFL Capital

2026-10-30T06:51:01.830+05:30

IIFL Capital has launched a block deal in Sagility Ltd for up to $249.6 million (around Rs 2,377 crore).

The offer price could be around Rs 42.45 per share, which is a 4.94 percent discount to the closing price on October 29. Promoter Sagility B.V. is expected to be seller in a block deal, likely offloading around 12 percent of total equity in the company.

Sagility's promoter Sagility B.V. had sold a 16.43 percent stake through a bulk deal in November 2025, reducing its shareholding to 50.95 percent.

The deal is being run by IIFL Capital.

Meanwhile, Sagility, the tech-enabled healthcare focused solutions and services provider to US health insurance companies, recorded profit of Rs 284.2 crore for quarter ended September 2026, growing 13.3 percent from Rs 250.8 crore.

Revenue from operations increased 22.5 percent to Rs 2,032.1 crore, compared to Rs 1,658.5 crore in the same period.

Report by Khushi Keswani

Source:Network18

30/10/26, Today's Market

2026-10-30T06:37:04.179+05:30

The Nifty 50 staged a strong recovery on October 29, rising more than 1 percent to decisively cross its 20-day EMA at 22,824, following a pause in US Federal Reserve rate hikes and some easing in oil prices. Momentum indicators also showed signs of improvement. However, the broader technical structure remains bearish, with the index trading below its 50-day and 200-day EMAs. Going forward, a sustained move above the 22,800 level will be crucial for further upside towards 23,000–23,200, a key resistance zone that coincides with the 50-day EMA at 23,164. On the downside, a break below 22,800 could see the index test support at 22,700, followed by 22,500, which remains a crucial support level, experts said.

Here are important points we have collated to help you spot profitable trades:

1) Key Levels For The Nifty50 (22,937)

Resistance based on pivot points: 22,968, 23,040, and 23,157

Support based on pivot points: 22,735, 22,663, and 22,547

Special Formation: The Nifty 50 formed a long bullish candle on the daily charts following an indecisive patterns, indicating the emergence of strong buying interest. The index climbed above its 20-day EMA and the midline of the Bollinger Bands but continued to trade below its 50-day and 200-day EMAs, both of which were sloping downward. The RSI rose to 50.85 and sustained its bullish crossover, while the MACD maintained its uptrend above the signal line. The histogram also formed a dark green bar after contracting over the previous six sessions. These indicators suggest improving bullish momentum, although the broader trend remains cautious.

2) Key Levels For The NiftyBank (54,910)

Resistance based on pivot points: 55,002, 55,222, and 55,578

Support based on pivot points: 54,290, 54,070, and 53,714

Resistance based on Fibonacci retracement: 55,128, 55,538

Support based on Fibonacci retracement: 54,035, 52,784

Special Formation: The Bank Nifty surged 1.18 percent and formed a long bullish candle on the daily timeframe for the second consecutive session, indicating that bulls are steadily gaining strength. The index reclaimed the 50 percent Fibonacci retracement level of its recent decline from 56,065 to 53,626 but failed to surpass its 20-day EMA and the midline of the Bollinger Bands. It also continued to trade well below its 50-day and 200-day EMAs. The RSI climbed to 47.06, sustaining its bullish crossover, while the MACD appeared poised for a positive crossover. The MACD histogram's red bar also shrank significantly after expanding over the previous three sessions. These indicators suggest improving bullish momentum and the possibility of further recovery, although the index needs to reclaim its key moving averages to strengthen the near-term outlook.

3) Nifty Call Options Data:

According to the weekly options data, the maximum Call open interest was seen at the 23,500 strike (with 1.18 crore contracts). This level can act as a key resistance level for the Nifty in the short term. It was followed by the 23,400 strike (81.42 lakh contracts) and 23,000 strike (80.33 lakh contracts).

Maximum Call writing was observed at the 23,500 strike, which saw an addition of 39.14 lakh contracts, followed by the 23,400 and 23,300 strikes, which added 33.68 lakh and 18.9 lakh contracts, respectively. The maximum Call unwinding was seen at the 22,700 strike, which shed 28.83 lakh contracts, followed by the 22,800 and 22,750 strikes, which shed 17.93 lakh and 13.28 lakh contracts, respectively.

4)Nifty Put Options Data:

On the Put side, the 22,700 strike holds the maximum Put open interest (with 91.99 lakh contracts), which can act as a key support level for the Nifty in the short term. It was followed by the 22,800 strike (85.05 lakh contracts) and the 22,600 strike (76.58 lakh contracts).

The maximum Put writing was placed at the 22,800 strike, which saw an addition of 58.24 lakh contracts, followed by the 22,900 and 22,700 strikes, which added 45.09 lakh and 40.99 lakh contracts, respectively. There was hardly any Put unwinding seen in the 22,550-23,500 strike band.

5)Nifty Bank Call Options Data:

According to the monthly options data, the maximum Call open interest was seen at the 56,000 strike, with 10.87 lakh contracts. This can act as a key resistance level for the index in the short term. It was followed by the 55,000 strike (10.45 lakh contracts) and the 55,500 strike (6.5 lakh contracts).

Maximum Call writing was observed at the 54,900 strike (with the addition of 50,760 contracts), followed by the 55,200 strike (39,780 contracts) and 56,500 strike (37,980 contracts). The maximum Call unwinding was seen at the 55,000 strike, which shed 98,730 contracts, followed by the 54,500 and 54,300 strikes, which shed 60,390 and 50,010 contracts, respectively.

6) Nifty Bank Options Data:

On the Put side, the 55,000 strike holds the maximum Put open interest (with 10.74 lakh contracts), which can act as a key level for the index in the short term. This was followed by the 54,000 strike (7.13 lakh contracts) and the 56,000 strike (6.38 lakh contracts).

The maximum Put writing was placed at the 54,500 strike (which added 99,720 contracts), followed by the 54,900 strike (67,050 contracts) and 54,700 strike (62,160 contracts). The maximum Put unwinding was seen at the 54,100 strike, which shed 23,910 contracts, followed by the 53,700 and 53,800 strikes, which shed 9,690 and 4,170 contracts, respectively.

7) Funds Flow (Rs in crores)

8) Put-Call Ratio

The Nifty Put-Call ratio (PCR), which indicates the mood of the market, jumped to 1.31 on October 29, compared to 1.07 in previous session.

The increasing PCR, or being higher than 0.7 or surpassing 1, means traders are selling more Put options than Call options, which generally indicates the firming up of a bullish sentiment in the market. If the ratio falls below 0.7 or moves towards 0.5, then it indicates selling in Calls is higher than selling in Puts, reflecting a bearish mood in the market.

9) India Vix

The India VIX, also known as the fear index, fell 6.94 percent to 15.11, extending its decline for the third consecutive session and offering some relief to the bulls. However, the index needs to fall below the 13 mark for bulls to move into a comfort zone and for greater stability to emerge in the market.

Report prepared by Sunil Sankar Matkar

Source: Network18

29/10/26, stocks specific

2026-10-29T07:03:25.708+05:30

Asian Paints, Coal India, InterGlobe Aviation, Ambuja Cements, Asset Reconstruction Company (India), Blue Star, CARE Ratings, Equitas Small Finance Bank, ESAF Small Finance Bank, Firstsource Solutions, Godrej Consumer Products, Horizon Industrial Parks, ICRA, Indian Energy Exchange, Kalpataru, Laurus Labs, Milky Mist Dairy Food, Motilal Oswal Financial Services, Pine Labs, Shadowfax Technologies, Suzlon Energy, Symphony, Thyrocare Technologies, Trent, Vedanta Power, V-Guard Industries, Vedanta Oil and Gas, Voltamp Transformers, and Welspun Corp will announce their quarterly earnings today.

Quarterly Earnings

Hero MotoCorp Q2 (Standalone YoY)

Profit grows 4.55% to Rs 1,456.2 crore Vs Rs 1,392.8 crore

Revenue increases 21.1% to Rs 14,687.4 crore Vs Rs 12,126.4 crore

RR Kabel Q2 (Consolidated YoY)

Profit spikes 55.3% to Rs 180.6 crore Vs Rs 116.3 crore

Revenue zooms 51.8% to Rs 3,284 crore Vs Rs 2,163.8 crore

Pidilite Industries Q2 (Consolidated YoY)

Profit rises 7.2% to Rs 626.5 crore Vs Rs 584.6 crore

Revenue jumps 20.9% to Rs 4,297.6 crore Vs Rs 3,554.4 crore

Meesho Q2 (Consolidated YoY)

Loss narrows to Rs 132.4 crore Vs loss of Rs 411.3 crore

Revenue surges 34.4% to Rs 4,131.6 crore Vs Rs 3,073.7 crore

PNB Housing Finance Q2 (Consolidated YoY)

Profit grows 6% to Rs 617 crore Vs Rs 582 crore

Net interest income jumps 15% to Rs 878 crore Vs Rs 765 crore

Aeroflex Industries Q2 (Consolidated YoY)

Profit surges 156.85% to Rs 36.6 crore Vs Rs 14.2 crore

Revenue zooms 87% to Rs 207.4 crore Vs Rs 110.9 crore

Stocks to Watch

Dr Reddy's Laboratories

The US Food and Drug Administration (USFDA) has classified the inspection outcome for FTO-SEZ Process Unit-02 in Andhra Pradesh as Voluntary Action Indicated (VAI) and officially closed the inspection.

The US health regulator had conducted a Pre-Approval Inspection (PAI) and a Good Manufacturing Practices (GMP) inspection at the facility.

Fortis Healthcare

Fortis Healthcare has acquired Suguna Hospital, a 110-bed facility in Bengaluru, for approximately Rs 277 crore. The hospital has the potential to expand its capacity to around 150 beds.

Titagarh Rail Systems

Titagarh Rail Systems has received an additional order for 4,955 BOXNHL wagons, valued at Rs 1,716.90 crore, from the Ministry of Railways. With this addition, the total quantity of BOXNHL wagons under the order has increased to 9,994, at the same price and under the same terms and conditions.

The total amended value of the contract, following the increase in quantity, stands at Rs 10,404.10 crore.

Awfis Space Solutions

Awfis Space Solutions has announced the launch of new centres in Pune, Bengaluru and Mumbai, adding around 1.45 lakh sq ft of premium Grade A+ space to its portfolio.

Bulk Deals

Jubilant Ingrevia

East Bridge Capital Master Fund I purchased 9.21 lakh equity shares of Jubilant Ingrevia for Rs 55.46 crore. The acquisition represented 0.57 percent of the company's paid-up equity capital, at an average price of Rs 601.75 per share.

Mehul Telecom

3 Sigma Global Fund, a Mauritius-based foreign portfolio investor, sold 1.1 lakh equity shares of Mehul Telecom for Rs 1.26 crore. The sale represented 1.05 percent of the company's paid-up equity capital. The shares were sold at Rs 114.35 apiece.

As of September 2026, 3 Sigma Global Fund held a 1.65 percent stake in Mehul Telecom, equivalent to 1.72 lakh equity shares.

Sollfege Smart Electronics

Kuber India Opportunity Fund exited Sollfege Smart Electronics by selling its entire holding of 3.6 lakh shares, representing a 3.6 percent stake, for Rs 1.98 crore.

The shares were sold at Rs 55 apiece

Source :Network18

29/10/26, BIZnews / Jio Platforms

2026-10-29T06:52:21.987+05:30

Jio Platforms' strong market debut on Wednesday helped the Reliance Group overtake the Tata Group to become India's most valuable conglomerate by market capitalisation.

Jio Platforms shares extended their gains on debut day, rising nearly 27 percent over the issue price and taking the company's market capitalisation past Rs 13 lakh crore.

The combined market value of the Reliance Group crossed Rs 30 lakh crore, surpassing the Tata Group's Rs 25 lakh crore, according to data compiled by Bloomberg News.

The strong listing also helped Jio Platforms overtake Bharti Airtel to become India's most valuable telecom company by market capitalisation. It secured the second position among India's listed companies by market value, behind its parent Reliance Industries.

The Tata Group had remained India's most valuable conglomerate for most of the past decade, the data showed.

Jio Platforms's market capitalisation rose by Rs 52,031.02 crore from Rs 12,50,586.39 crore to Rs 13,02,617.41 crore on its debut day itself.

The mega Jio IPO was fully subscribed within 100 minutes of opening, making it the fastest fully subscribed public issue in Indian history.

The qualified institutional buyers' portion, worth Rs 5,500 crore, was fully subscribed within the first 10 minutes. By the close of bidding, the issue was subscribed 22.2 times.

At the issue price, Jio Platforms was valued at around Rs 10.3 lakh crore, or $108 billion, placing it among founder-led businesses such as Meta, Alibaba and SpaceX that achieved valuations exceeding $100 billion around the time of their IPOs.

Written by Paras Bist

Source: Network18

Disclaimer : Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

29/10/26, INDEX LEVELS

2026-10-29T06:18:01.726+05:30

SENSEX

NIFTY50

NIFTY BANK

28/10/26, Market Crash/ Intraday Report

2026-10-28T11:10:54.365+05:30

Benchmark indices Sensex and Nifty were trading in deep red (up to 1.25% lower) on October 28 due to various reasons, including rising crude prices.

At 10:18 am, the Sensex was down 919.10 points or 1.25% at 72,679.57, and the Nifty was down 231 points or 1.02% at 22,518.75. About 1,529 shares advanced, 1,850 shares declined, and 187 shares were unchanged.

Thirteen of the 16 major sectors logged losses.

Key factors behind market decline

1) Rising crude prices

Oil prices climbed 1.6% to $115.7 a barrel after an attack on a refinery in top exporter Saudi Arabia renewed concerns about energy supply disruptions and inflation.

2) FOMC decision awaited

While the Fed is widely expected to leave interest rates unchanged later in the day, its commentary on mounting price pressures from higher oil prices and the future path of monetary policy will be crucial for global markets.

3) Technical reason

Nifty needs to trade above 22,700 for bullishness to return to the market, said analysts.

"Failure to move above 22,830 will signal extension of the last three sessions consolidation in the range of 22,370-22,830. Within the consolidation immediate support is placed at 22,500-22,630 being the confluence of Tuesday low and retracement of last two sessions pullback," said Pabitro Mukherjee, Deputy Vice President-Research, Bajaj Broking.

"After the recent pressure, the 22,500 level will be an important support to watch, while 22,700–22,800 is likely to act as the immediate resistance zone. The market remains under pressure, and a sell-on-rise approach looks preferable until Nifty shows a sustained recovery above resistance. However, after a sharp gap-down, traders should avoid chasing fresh shorts at the opening and watch how the index reacts around support. A decisive break below 22,500 could trigger further weakness, while a recovery towards 22,700–22,800 may attract selling pressure. The focus will remain on whether Nifty can hold the 22,500 zone or whether selling intensifies further," said Gaurav Udani, Founder, Thincredblu Securities.

4) Selling in IT shares

IT stocks, which earn a significant share of their revenue from the US, dropped 2.3%, leading the sectoral losses. with Infosys, HCL Tech leading the losses by falling 4.6% and 3.2%, respectively.

28/10/26, Gold Prices

2026-10-28T11:01:38.916+05:30

Indian jewelers are holding back gold purchases ahead of their busiest demand season, betting that a recent drop in prices has further to run, according to the country's biggest precious metals refiner.

Large jewelry chains that typically account for the bulk of sales have yet to fully return to the market, said Samit Guha, chief executive officer and managing director of MMTC-PAMP India Pvt., a joint venture of state-owned MMTC Ltd. and Swiss refinery PAMP SA. Buying has instead been led by small- and mid-sized jewelers, some of which have placed repeat orders, he said.

Gold fell below $4,000 an ounce last week for the first time since July, extending its decline to about 24% since the US-Iran war began in late February. Prices had surged past $5,400 to a record in January.

Bigger jewelry makers typically step up purchases when prices start rising to lock in supplies before they become more expensive, while drawing down inventories when they expect further declines, Guha said.

Demand in the world's second-biggest gold consumer has remained subdued this year after the government more than doubled the import duty to 15% in May. Prime Minister Narendra Modi has also repeatedly urged Indians to curb purchases to contain a widening trade deficit. The South Asian nation imports nearly all the gold it consumes. The higher tariff has also pushed more buying into under-the-counter cash markets.

“The increase in duty has impacted purchases for us,” Guha said.

The caution contrasts with China, the world's biggest gold consumer, where household demand has picked up recently as prices declined. India's reluctance to buy adds to signs of weakness just as demand enters its strongest period, with purchases typically concentrated between October and December around Diwali, which falls on November 8 this year.

Tighter import rules and weaker rural demand following El Niño-driven monsoon disruptions are expected to curb India's gold imports, according to Citi Research. Shipments may total about 106 tons from October through December, roughly half the historical fourth-quarter average of 212 tons, it said.

MMTC-PAMP's gold sales are running below last year's levels, with demand skewed toward smaller coins and bars, Guha said. September sales were roughly flat from a year earlier, while buying has picked up a little in October.

“If gold rebounds, we will see buying,” he said

Source: Bloomberg

28/10/26, PreMarket REPORT

2026-10-28T08:51:37.297+05:30

Indian benchmark indices Sensex and Nifty are likely to open sharply lower on Wednesday, with GIFT Nifty plunging 1 percent, signalling a weak start despite gains across Asian markets and Wall Street. A renewed rally in global technology stocks, driven by optimism around artificial intelligence, has lifted global sentiment. However, Indian equities could be weighed down by a fresh surge in crude oil prices, escalating geopolitical tensions and caution ahead of the US Federal Reserve's policy decision.

GIFT Nifty's November futures contract was trading at 22,588 around 8:00 am, down 224 points, or 0.98 percent, from yesterday's close. Indian equities ended almost unchanged on Tuesday amid F&O expiry-related volatility, with the Sensex slipping 8.08 points, or 0.01 percent, to 73,598.67 and the Nifty declining 3.45 points, or 0.02 percent, to 22,749.75. Foreign institutional investors turned net buyers, purchasing equities worth Rs 4,240 crore, while domestic institutions sold shares worth Rs 1,250 crore.

Asian markets rally on renewed AI optimism

Asian equities advanced on Wednesday as renewed enthusiasm for artificial intelligence-related stocks supported risk appetite ahead of earnings announcements from major technology companies. The recovery in Asian technology stocks followed overnight gains on Wall Street.

MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.85 percent, while Japan's Nikkei rose 1.2 percent. South Korea's technology-heavy Kospi jumped more than 3 percent, leading gains across the region. US equity futures were largely unchanged as investors awaited the Federal Reserve's policy announcement later on Wednesday.

Wall Street rises as Nasdaq jumps over 1 percent

US equities ended higher on Tuesday, supported by a technology-led rally as the third-quarter earnings season gathered momentum and investors awaited the Federal Reserve's interest-rate decision.

The Nasdaq Composite surged 308.43 points, or 1.18 percent, to 26,477.81, outperforming the other major indices as artificial intelligence-related stocks attracted buying interest. The S&P 500 gained 45.83 points, or 0.60 percent, to 7,722.60, while the Dow Jones Industrial Average edged up 15.99 points, or 0.03 percent, to 52,377.57.

Brent jumps above $115 after Saudi refinery attack

Crude oil prices rose sharply on Wednesday after an attack on a refinery in Saudi Arabia renewed concerns over energy supplies from the Middle East. Brent crude futures climbed $1.48, or 1.3 percent, to $115.36 a barrel, while West Texas Intermediate rose $1.22, or 1.22 percent, to $101.12 a barrel.

Fed policy decision in focus amid inflation concerns

The US Federal Reserve's policy decision later on Wednesday will be a key event for global financial markets. The central bank is widely expected to leave interest rates unchanged, with investors focusing on policymakers' guidance regarding the future trajectory of borrowing costs. Inflation remains a central concern for the Fed, particularly as the prolonged Middle East conflict and elevated energy prices threaten to keep price pressures high.

Crude oil, FII flows to determine market direction

Ponmudi R, CEO of Enrich Money, said Indian equities are likely to remain cautious ahead of the Federal Reserve's policy decision, with investors also tracking global market movements and energy prices. He expects sentiment to remain guarded ahead of the announcement, despite the recovery in global equity markets.

According to Ponmudi, the near-term direction of Indian equities will depend largely on the Fed's policy signals, movements in crude oil prices and foreign portfolio investor flows. He also expects volatility to persist as investors assess the implications of monetary policy developments and geopolitical uncertainty.

Report prepared by Shaleen Agrawal

Source : Network18

28/10/26, INDEX LEVELS

2026-10-28T08:44:13.130+05:30

SENSEX

NIFTY 50

NIFTY BANK

27/10/26, Foreign institutional investors (FIIs) bought Indian equities worth a net Rs 4,240.39 crore on Tuesday. That is their highest single-day net buying this month. Domestic institutional investors (DIIs) sold a net Rs 1,250.03 crore, according to the exchange's provisional data

2026-10-27T22:06:48.454+05:30

FIIs bought shares worth Rs 24,517.65 crore and sold Rs 20,277.26 crore during the session. DIIs bought Rs 15,702.74 crore and sold Rs 16,952.77 crore.

The previous October high for FII net buying was Rs 1,165.92 crore on October 16. Tuesday's figure is more than three times that. It also reverses Monday's net selling of Rs 1,462.49 crore.

DIIs were net sellers for the first time since October 16, when they sold Rs 3,661.28 crore.

On a year-to-date basis, FIIs have sold a net Rs 4,51,756 crore. DIIs have bought a net Rs 7,00,002 crore.

Market Performance

Indian equities are expected to remain in a consolidation phase, with focus shifting to the Jio Platforms listing and the Federal Reserve's policy decision and accompanying commentary on Wednesday.

Siddhartha Khemka - Head of Research, Wealth Management, Motilal Oswal Financial Services, said, "Investors will track Q2 results tomorrow from Hindustan Unilever, Adani Ports, Adani Enterprises, TVS Motor, Hyundai Motor India, Pidilite Industries, Vedanta, Cholamandalam Investment and Finance, Hero MotoCorp and JSW Energy, among others."

The Nifty 50 closed flat at 22,750, down 5 points while the Midcap 100 and Smallcap 100 gained 1% and 2.7%, respectively, supported by value buying and improving breadth in mid- and small-cap stocks following the recent sell-off.

India VIX declined 4.4%. Media, Realty and Pharma outperformed, while Cement, Private banks and IT lagged. The Nifty IT index fell over 1.4% after Infosys cut its FY27 revenue outlook, with the stock down 0.3% alongside declines in TCS and Wipro, while concerns over AI-led disruption and traditional IT spending added to the pressure on sector.

"Brent crude remained elevated at around US$116/bbl, due to continued disruptions in West Asia keeping prices near six-month highs. The government approved amendments to the Central Motor Vehicles Rules, 2026, allowing certified flex-fuel vehicles to run on ethanol blends of up to E100, supporting ethanol adoption though the impact will depend on vehicle availability and fuel infrastructure. It also cleared defence acquisition proposals worth Rs 2.12 lakh crore, with 82% earmarked for domestic industry, strengthening the order outlook for defence manufacturers. Infrastructure spending reached Rs 17.73 lakh crore across 1,853 projects as of September against a planned outlay of Rs 37.56 lakh crore, with transport and logistics the largest component. Separately, the deadline for filing FY26 financial statements without additional fees has been extended to 31 December, and annual returns to 31 January," Khemka added

Source: Network18

27/10/26, Graphs for 28/10/26

2026-10-27T20:49:11.829+05:30

SENSEX

NIFTY 50

NIFTY BANK

27/10/26,PostMarket REPORT

2026-10-27T20:36:14.060+05:30

Indian benchmark indices ended almost unchanged amid volatility on the F&O expiry day, as investors remained cautious over elevated crude oil prices, renewed geopolitical tensions and the US Federal Reserve's policy decision due later this week.

At close, the Sensex was down 8.08 points or 0.01 percent at 73,598.67, and the Nifty was down 3.45 points or 0.02 percent at 22,749.75.

The broader markets outperformed the main indices with Nifty midcap index adding 0.8 percent and smallcap index rising 2.7 percent.

On the sectoral front, Media index up 3.6%, Realty and Pharma added 2% each and Auto index up 1.4%, while IT, Oil & Gas, Private Bank down 0.5% each.

Biggest Nifty gainers were Tata Consumer Products, Bharti Airtel, Trent, BSE Limited, Power Grid Corporation, while losers included Grasim Industries, SBI, Coal India, TCS and Asian Paints.

Among individual stocks, Transformers and Rectifiers (India) shares gained 5% after the company announced a Rs 1,250 crore investment to establish three greenfield manufacturing plants in Gujarat, while Highway Infrastructure shares rose 20% after receiving a letter of award (LOA) worth Rs 91.78 crore from the National Highways Authority of India (NHAI). Sigma Advanced Systems advanced 5% after securing an order worth Rs 973 crore from a NATO customer, while Genus Power Infrastructures gained 3% after approving a buyback.

Raymond Realty shares jumped 4% following a Rs 210 crore investment agreement with ICICI Prudential Real Estate Development Fund, while Tata Consumer Products rose 6% after reporting strong Q2 earnings. Ather Energy shares advanced 6% after HSBC maintained its 'buy' rating and raised the target price to Rs 1,800 per share.Sona BLW Precision Forgings and KFin Technologies shares rose 4-8% following their Q2 earnings announcements

On the downside, Aequs shares plunged 9% after its Q2 consolidated loss widened to Rs 52.3 crore, while Dalmia Bharat declined 6% after HSBC downgraded the stock to 'hold'. REC declined 3% after its Q2 consolidated profit fell.

The Indian rupee ended 7 paise higher at 95.12 per dollar on Tuesday, compared with the previous close of 95.19.

Nearly 180 stocks touched 52-week low, including Dalmia Bharat, Sumitomo, REC, Hindustan Unilever (HUL), ICICI Prudential Life Insurance, IRB Infrastructure Developers, Dabur India, IRCTC, CESC, PI Industries and Afcons Infrastructure, among others.

Outlook for October 28

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities

After showing a fine recovery from the lows on Monday, Nifty seems to have consolidated around the crucial resistance on Tuesday and settled with minor loss.

A small green candle was formed on the daily chart with upper shadow, which indicates an attempt to break above the immediate hurdle around 22800 levels.

After a series of underperformances, the broad market indices like midcap, small caps have outperformed the benchmark on Tuesday. Though, market closed on minor negative note, the overall market breadth was positive.

The underlying trend continues to be positive for the market and Nifty could eventually surpass the hurdle of 22800 in the short term. A decisive upside above the resistance could pull Nifty towards 23100 levels in quick period of time. Any dips could find support around 22600 levels.

Ajit Mishra, SVP – research, Religare Broking

Markets remained volatile on the monthly expiry day, ending largely unchanged as mixed cues kept participants cautious. Following a marginal decline, the Nifty oscillated within a narrow range for most of the session before settling at 22,749.75, while the Sensex closed at 73,598.67. The lack of a clear directional trend reflects continued uncertainty following the recent market correction.

Despite the relative resilience in benchmark indices, the lack of meaningful follow-through buying suggests that investor confidence remains fragile. Going forward, a decisive move above the 20-DEMA, currently around 22,825, would strengthen the prospects of further recovery towards 23,100-23,300 zone. Failure to cross this hurdle, however, could cause the recent rebound to lose momentum.

Traders should remain selective, avoid aggressive leverage and maintain strict risk management amid elevated event risks. Investors should continue to focus on fundamentally strong companies with resilient earnings and reasonable valuations, favouring staggered accumulation over indiscriminate buying until the market establishes a more sustainable recovery.

Written by Rakesh Patil

Source:Network18

27/10/26, Bajaj Auto Q2

2026-10-27T15:39:35.360+05:30

Bajaj Auto Q2 FY27 results: Two-wheeler and three-wheeler manufacturer Bajaj Auto reported a 35.2 percent year-on-year increase in standalone net profit to Rs 3,353.8 crore for the quarter ended September 30, 2026, supported by strong revenue growth.

The company's revenue from operations rose 34.1 percent to Rs 20,003.4 crore in the July-September quarter, compared with the corresponding period last year.

The results were announced on Tuesday, October 27, after the stock ended the trading session higher. Bajaj Auto shares closed at Rs 10,331 apiece, up 2.58 percent, ahead of the quarterly earnings announcement.

Written by Shaleen Agrawal

Source: Network18

27/10/26,Ignorance to Inquisitiveness to Dismay:-

2026-10-27T08:32:22.712+05:30

Having started Quantum Advisors in 1990 as India’s first institutional research house aimed at encouraging Foreign Portfolio Investors to allocate capital to India, I can state with confidence that, in 36 years of interaction with FPIs, we have never seen such dismay and irritation with India. While the level of inquisitiveness as indicated in the number of registered FPIs has surged 24x from 500 to 12,000 in the past twenty-five years and the current value of investments by FPIs in listed stocks is US$ 800 billion, the feeling of dismay is widespread.

In 1990, India was a closed and insular economy. The market capitalisation of publicly listed stocks was US$ 60 billion and our GDP was US$ 350 billion. A series of reforms by successive governments has seen the market cap of India surge over 70 times in 36 years to US$ 4 trillion while GDP has surged 12x to US$ 4 trillion. The BSE-30 Index has delivered an astounding growth of 150x in INR and – after adjusting for the nearly 80% decline in the value of the Indian Rupee since 1991 – that is still a dollar increase of 25x in 36 years. Governments – be it Congress or BJP, be it single party or coalition – have contributed to this mind-boggling success of the growth in India’s capital markets.

Yet, despite all the bonhomie at well-curated conferences, ‘dismay’ and ‘irritation’ reflect the present mood of FPIs towards India. Worryingly, this is not all due to cyclical factors such as “the lack of an AI-story” or “higher oil prices” or “rising global interest rates”: all factors beyond India’s control. The disappointment is that India could do far better on respecting foreign capital. As hosts we give the clarion call of welcoming the world to our doorsteps and, once in, we punish the FPIs who wish to participate – and help – in the growth of the Indian economy.

In the past India’s fortunes were linked to emerging market flows but India came out of every global crisis with more capital and more positivity. In 1991, India was a novelty – a large economy that had declared its willingness to accept foreign capital. Most FPIs were ignorant about India, and they invested in an “act of faith” as presciently described by Dr. Manmohan Singh, then the Finance Minister who led India’s reforms. By December 1994, FPI investment in India was US$ 10 billion but the Mexico Tequila crisis led to a sell-off in all emerging markets including India. The short-lived recovery was derailed by the Asian Crisis in July 1997 followed by the bankruptcy in 1998 of Long Term Capital Management which gambled under the guise of “management”! Despite a multitude of traumatic global events such as the bursting of the tech bubble in February 2000, the 9/11 attacks on USA in 2001, the SARS pandemic in 2003, the rupturing of the 2005 / 2008 BRIC madness, the bankruptcy of Lehman Brothers, the “twist” by the US central bank to increase interest rates in 2013 and the COVID pandemic in 2020, FPI flows into India continued on an upward trajectory. In this unusual global environment though, current reactions to India are increasingly being driven by our arrogant attitude to foreign capital and the lack of ease of doing business.

The dismay, disinterest, and irritation with India is led by local, home-grown factors. Between the India Shining, Incredible India, Resurgent India and “China+1” pitches made by ten successive governments since the 1990s, the undertone of policy making is an assumption that India is a must-own and must-have gem for FPI and the multinational / FDI. While it is true that India is an exciting economy with a great potential for decades to come, we need to be welcoming. Policies that are based on extraction by way of taxation of capital gains or an outdated mentality of boosting exports by depreciating the currency (which is a tax on the total capital that an FPI or FDI invests in Inda) has hurt the required rate of return – whether FPI or FDI.

Entities such as pension funds and endowments have no tax in their home country and the taxes on capital gains they pay in India cannot be offset by any other tax payment – precisely because they are tax free entities in their home countries! Furthermore, when pension funds move their India allocation from, say, a pool of capital investing in ‘international markets’ to a pool of capital investing in an ‘emerging market bucket’ – the tax man is quick to treat this as a sale and gleefully demands a capital gains tax. The draconian policy of imposing retrospective taxes puts the FPI in an awkward position where a current investor is footing the tax bill on a beneficiary who has already redeemed.

AI, Oil, and Governance

Currently, the passion for the ‘AI’ trade is a significant factor in deciding allocations from providers of capital. While the lack of an AI story in India is worrisome, more importantly the increasing focus on questionable governance in India is a further hurdle. Over the past 25 years, the GDP of China has grown 2x that of India but the returns from Indian stock markets has been 2x that of China. This was largely due to poor governance in China at the government policy level (supporting cronies and nationalistic policies) and at the company level (founders and managements stealing from minority investors). Having won the award for great governance for a few decades, FPIs are increasingly witnessing poor or uncertain governance in India.

What makes this worse is the personal experience and narrative of Indian origin staff who populate the leadership of many FPIs. Just as the tech giants have many Indian-origin CEOs, so do the FPIs. On a personal level, they have been witness to India’s wheels of corruption as they fulfill the necessary requirements to close accounts and distribute assets of their deceased parents. Tales of hardships of those who have family who own businesses in India add to the testing of the validity of the “India story” converts the India story from one of “ease of doing business” to the “grease of doing business”.

None of these negatives are new and attributable to any one government or one political party. Across the political spectrum, the disrespect for consistency of rules, the tampering of laws and the arrogance that breeds from an assumption that the India has a TINA (There Is No Alternative) factor has resulted in the current state of irritation, disappointment and dismay with India amongst the FPI community. Rather than seeing inflows of US$ 100 billion a year, we are seeing redemptions of US$ 25 billion a year. And it is not due to the AI we read about but due to the other AI we don’t write about: Arrogant India.

It is time to be humble and welcome and take steps to respect our FPI guests. If the FPIs make an effort to study, analyse and invest in India they deserve a Return on Effort which is not decapacitated by a capital gains tax or an ancient mindset of forcibly weakening the Indian Rupee to shelter exports. In a world where imports of goods are so last century thoughts, we need to build an eco-system to attract capital flows, without the punishment of capital blows.

Written by Ajit Dayal

Source:Financial Express

27/10/26, Market Likely to Open Lower

2026-10-27T08:14:16.599+05:30

Indian benchmark indices Sensex and Nifty are likely to open lower on Tuesday, with GIFT Nifty falling over 100 points, signalling a weak start despite a sharp rally across Asian markets and overnight gains on Wall Street. A rebound in global technology stocks, driven by renewed optimism around artificial intelligence following Anthropic's IPO filing, has lifted global sentiment. However, elevated crude oil prices, geopolitical uncertainty and caution ahead of the US Federal Reserve's policy decision could weigh on Indian equities.

GIFT Nifty was trading at 22,669 around 7:45 am, down 104.5 points, or 0.46 percent. Indian equities snapped a four-session losing streak on Monday, with the Sensex gaining 482.92 points, or 0.66 percent, to 73,606.75 and the Nifty advancing 153.20 points, or 0.68 percent, to 22,753.20. Foreign institutional investors sold equities worth Rs 1,462 crore, while domestic institutions bought shares worth Rs 2,609 crore, extending their buying streak to ten consecutive sessions.

Asian markets surge as AI optimism lifts technology stocks

Asian equities rallied on Tuesday as Anthropic's much-anticipated IPO filing revived investor appetite for artificial intelligence-related stocks ahead of major technology earnings and central bank policy decisions.

South Korea's Kospi jumped more than 4 percent in early trading, while Japan's Nikkei gained 1.9 percent. MSCI's broadest index of Asia-Pacific shares outside Japan rose 1.2 percent. US equity futures also traded higher, with Nasdaq futures gaining 0.4 percent after US semiconductor stocks rallied 2.8 percent overnight, recording their biggest one-day advance in a month.

Wall Street rebounds as Anthropic IPO filing boosts sentiment

US equities closed higher on Monday, with the S&P 500 and Nasdaq recovering after consecutive weekly declines as Anthropic's IPO filing supported renewed buying in AI-related stocks.

The Dow Jones Industrial Average rose 146.42 points, or 0.28 percent, to 52,361.58, while the S&P 500 gained 53.09 points, or 0.70 percent, to 7,676.77. The Nasdaq Composite advanced 214.04 points, or 0.83 percent, to 26,169.38.

Investors are now looking ahead to a busy week of market-moving events, including the Federal Reserve's policy statement on Wednesday, US economic growth and inflation data on Thursday, and a series of major corporate earnings announcements.

Brent slips but remains near six-month highs

Crude oil prices edged lower on Tuesday as hopes of a possible resolution to the US-Israeli war on Iran eased immediate supply concerns, although continued attacks on Saudi Arabia kept geopolitical risks elevated.

Brent crude futures fell 66 cents, or 0.57 percent, to $115.15 a barrel, while West Texas Intermediate declined 44 cents, or 0.43 percent, to $101.32 a barrel. Yet, Brent remained close to six-month highs, reflecting continued concerns.

Fed policy, geopolitical developments to guide Indian markets

Ponmudi R, CEO of Enrich Money, said the near-term direction of domestic equities is likely to remain sensitive to geopolitical developments, crude oil price movements and signals from the US Federal Reserve. He expects volatility to persist as investors balance external risks against the possibility of a sustained recovery in market sentiment.

The Federal Reserve's policy announcement on Wednesday will be a major event for global markets, with investors looking for indications of the future interest-rate trajectory.

27/10/26, INDEX LEVELS

2026-10-27T07:07:36.430+05:30

SENSEX

NIFTY BANK

NIFTY 50

26/10/26, PostMarket REPORT

2026-10-26T19:23:34.635+05:30

The Nifty 50 rebounded after range-bound trading to rally 0.7 percent on October 26, marking a positive start to the week after losing 2.4 percent in the previous week. The recovery came ahead of the monthly F&O expiry scheduled for October 27.

The formation of a Tweezer Bottom-like pattern near 22,380, close to the 200-week EMA, raised hopes of a potential trend reversal and a recovery in bullish momentum. However, sustained buying interest above the immediate resistance zone of 22,800–22,850, near the 20-day EMA, is needed to strengthen the recovery. The next crucial resistance lies at 23,200. Until the index breaks above these levels, further consolidation and range-bound trading cannot be ruled out, with 22,400 remaining a crucial support level, according to experts.

The broader technical structure remains weak, as the index continues to trade below all key moving averages—the 20-day, 50-day, 100-day and 200-day EMAs. Meanwhile, Brent crude oil futures continued to trade above the $100-a-barrel mark.

The Nifty 50 opened lower at 22,524 and declined to an intraday low of 22,387 in the first hour of trade, close to Friday's low. The index subsequently recovered and traded within a narrow range. Buying interest strengthened after 1 pm, helping the benchmark close at 22,753, up 153 points, or 0.68 percent.

On the daily chart, the index formed a long bullish candle with a noticeable lower wick, indicating a recovery from lower levels and improving buying interest. The candlestick patterns of the last two sessions suggest the formation of a Tweezer Bottom-like pattern, although it is not a classical formation.

"The bounce back of Monday signals a possible higher bottom reversal pattern around 22,400 levels. Further sustainable upside could confirm this reversal pattern," said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

According to Shetti, a decisive move above 22,800–22,850 could confirm a short-term reversal pattern and potentially attract further buying interest. However, any weakness could find immediate support around 22,550.

Monthly options data indicate that the 23,000 strike, which has the highest Call open interest, could act as a crucial resistance level for the Nifty 50. The 23,100 and 23,200 strikes are likely to be the next resistance zones.

On the downside, the 22,500 strike, which has the highest Put open interest, is likely to provide key support. The 22,600 and 22,400 strikes could offer additional support.

Meanwhile, India VIX, the market's fear gauge, rose 1.78 percent to close at 17.16, its highest closing level since May 22. The index has continued to move higher since last week, signalling elevated caution among market participants and posing a challenge to bullish sentiment.

Bank Nifty

The Bank Nifty broke below its September low in early trade and touched an intraday low of 53,775.5. However, the index recovered and subsequently traded within a range. It ended the session at 54,367, up 79 points, or 0.15 percent, forming a Hammer-like candlestick pattern, although not a classical one. The pattern indicates buying interest at lower levels.

A Hammer-like formation can signal a potential trend reversal, but confirmation in subsequent sessions through sustained upward movement is necessary. The broader technical structure remains weak, as the index continues to trade well below all key moving averages, which are also sloping downward.

"Going ahead, the 53,800–53,700 zone is expected to act as a crucial support area, as the previous swing low is positioned in this region. As long as the index sustains above 53,700, the short-term bias is likely to remain positive," said Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities.

On the upside, Bank Nifty could witness a pullback towards the 55,000 level initially, followed by 55,600 in the near term, he added.

Report by Sunil Shankar Matkar

Disclaimer: This article provides factual analysis only and is not, and should not be construed as, an offer, solicitation, or recommendation to buy or sell securities. Investors must conduct their own independent due diligence and seek advice from a SEBI-registered financial advisor.

26/10/26, intraday closing hour market report

2026-10-26T15:10:02.321+05:30

The benchmark equity indices Sensex and Nifty staged a sharp recovery on Monday, rebounding from early losses as investors bought beaten-down stocks after four consecutive sessions of declines.

At around 2:15 p.m., the BSE Sensex was trading at 73,484.89, up 361.06 points or 0.49 percent. The NSE Nifty rose 108.20 points or 0.48 percent at 22,708.20.

In early trade, the Sensex had fallen 609.26 points or 0.83 percent to 72,514.57, while the Nifty declined 212.65 points or 0.94 percent to 22,387.35.

Key factors behind sharp market reversal

1) Value buying: Investors bought beaten-down stocks at lower levels after four consecutive sessions of losses. The domestic markets ended lower last week, with rising crude oil prices amid tensions in West Asia raising concerns over inflation and corporate earnings. The Nifty declined 2.4 percent during the week, while the Sensex lost 2.2 percent.

2) Easing crude oil prices: Brent crude futures traded around USD 114.5 per barrel, easing from a near six-month high of USD 117 after the Indian market closed on Friday. However, ongoing attacks on Saudi Arabia by Yemen's Houthis kept concerns over oil supplies in focus.

Stock Market Today News

3) FII buying: Foreign institutional investors (FIIs) bought equities worth Rs 887.65 crore on Friday. Foreign investors have withdrawn Rs 48,056 crore from Indian equities so far in October. However, selling by foreign portfolio investors (FPIs) moderated significantly last week, with overseas investors turning net buyers on two trading days.

4) Firm global cues: Asian markets traded on a positive note, with Hong Kong's Hang Seng index in positive territory. US stock futures also traded higher, indicating a firm start for Wall Street equities.

Among stocks, Kotak Mahindra Bank gained more than 2 percent after second-quarter profit beat on robust loan ⁠demand and lower bad-loan provisions.

Shriram ⁠Finance fell 5 percent after cutting its annual loan-growth forecast and flagging higher credit costs.

Technical Outlook

Ponmudi R, CEO of Enrich Money, said "Nifty opened on a lower note near the 22,524 mark and continues to face sustained selling pressure, reflecting a deterioration in the near-term technical structure. The 22,400–22,300 zone represents the immediate support band, and a sustained breakdown below this range could accelerate the downside towards the 22,200–22,000 zone."

"On the upside, 22,600 now acts as the immediate resistance, followed by a stronger hurdle at 22,800. Unless the index reclaims these levels, the prevailing bearish momentum is likely to persist. Momentum indicators have weakened considerably, with the RSI slipping to 39, indicating strong selling pressure and a bearish near-term bias," he added.

Report written by Paras Bisht

Source:Moneycontrol

26/10/26, Intraday Market Report

2026-10-26T12:54:45.657+05:30

The benchmark equity indices Sensex and Nifty staged a sharp recovery on Monday, rebounding from early losses as investors bought beaten-down stocks after four consecutive sessions of declines.

At around 10 am, the BSE Sensex was trading at 73,327.52, up 203.69 points or 0.28 percent. The NSE Nifty rose 53.25 points or 0.24 percent to 22,653.25.

Stock Market Today News

Among stocks, Kotak Mahindra Bank gained more than 2 percent after second-quarter profit beat on robust loan ⁠demand and lower bad-loan provisions.

Shriram ⁠Finance fell 5 percent after cutting its annual loan-growth forecast and flagging higher credit costs.

Technical Outlook

Report by Paras Bhist

Source: Moneycontrol

26/10/26, Chinese smartphone brands are losing ground in India, with rising memory prices pushing up device costs, weakening demand in the entry-level segment, and forcing a rethink on product strategies as the market records its weakest third quarter in a decade

2026-10-26T12:37:04.244+05:30

The combined market share of Chinese players fell to around 68 percent in the September quarter from 75 percent a year earlier, analysts said.

Shipments were down 20 percent in the September quarter from the year-ago period, Counterpoint Research said. Omdia estimates a steeper 26 percent decline to 35.8 million units. IDC's preliminary data indicate a 23-25 percent fall to 35-37 million units during the festive-build period.

Chinese original equipment manufacturers (OEMs) have been hit the hardest by repeated price increases in the entry-level segment, which traditionally drives their volumes. Sanyam Chaurasia, principal analyst at Omdia, said.

“Their share declined from 75 percent to 68 percent in the July-September quarter,” he said.

Fewer affordable and online-exclusive launches weakened September inventory for Amazon and Flipkart's festive sales. Reduced surplus inventory constrained supplies to general trade retailers, Chaurasia told Moneycontrol.

“Chinese brands' share decline reflects near-term cost pressures and broader market changes. Rising DRAM and NAND prices disproportionately affect the budget and mass-market segments, where consumers are more price-sensitive and OEMs have less room to absorb cost increases,” Shubham Nimkar of Counterpoint Research told Moneycontrol.

Memory shortage is worsening as manufacturers such as Samsung Electronics, SK Hynix and Micron Technology prioritise higher-margin products for AI data centres.

According to TrendForce, memory components, which historically accounted for 10-15 percent of a smartphone's bill of materials, rose to 30-40 percent for certain mainstream configurations earlier this year.

Contract prices for an 8GB RAM and 256GB storage configuration nearly tripled YoY in the first quarter.

DRAM prices are expected to rise another 10-15 percent sequentially in the December quarter, while NAND flash prices could increase 15-20 percent, further squeezing entry-level manufacturers.

Vivo's shipments fell 34 percent YoY year to 6.4 million units in the September quarter, while Oppo declined 24 percent to 4.9 million units and Xiaomi dropped 28 percent to 4.7 million. Samsung reclaimed the top position with 6.7 million units, Omdia said.

IDC analyst Upasana Joshi said the decline in Chinese brands' share was largely cyclical, reflecting cost pressures rather than a loss of consumer preference.

Their concentration in the sub-$200 segment makes them particularly vulnerable to memory inflation. Shipments of below-$100 smartphones fell 74 percent YoY in Q3, she told Moneycontrol.

“We expect continued pressure on Chinese OEMs through the second half of 2026 and into 2027,” Joshi said. Elevated prices, limited discounting and inventory accumulated since the second half of 2026 would keep shipments weak in the December quarter, she said.

The festive season may support mid-premium and financed purchases but will not offset longer replacement cycles and higher entry prices. “Chinese OEMs, concentrated in the sub-US$200 bands, remain the most exposed,” she said.

Chaurasia said Chinese manufacturers were reducing entry-level models and expanding higher-value portfolios to protect margins.

Nimkar said they would likely combine price increases, selective cost absorption and portfolio optimisation to defend their value-for-money proposition.

Indian brands gain ground

Domestic smartphone brands' combined share rose to 7 percent in Q3 from 2 percent in last year, Counterpoint said, as local manufacturers increased shipments in lower price segments.

Joshi said Indian brands had an opening in affordable devices but scale remained a constraint because memory suppliers prioritise larger buyers. “Others include offline distribution depth, the need to compete on features at rising component costs, and thin margins at the lowest price points. Without secure supply, the opportunity is difficult to convert into meaningful shares,” she said.

Lava could benefit in entry-level 4G and affordable 5G smartphones. However, scaling up would require stronger distribution, inventory availability and after-sales infrastructure, Chaurasia said.

Shift to premium phones

Chinese manufacturers are cutting entry-level models, adjusting specifications and expanding mid-premium portfolios.

Some were shifting from 6GB+128GB to 4GB+64GB configurations and making selective display compromises, Chaurasia said.

IDC data shows shipments in the $400-$600 segment grew 60 percent YoY. Chinese brands are expanding premium offerings, including camera innovations and AI features, to improve margins.

Samsung's broad portfolio, distribution and financing programmes position it to benefit. Apple, which commanded 27 percent of smartphone market value in the second quarter, also stands to gain from premium demand, though higher prices and longer replacement cycles could limit unit growth, Joshi said.

Nimkar cautioned that neither company was guaranteed to absorb all the share lost by Chinese manufacturers, as affordability pressures affect the wider market.i

Article written by Danish Khan

Source: Network18