24/10/26, 👉Why are foreign investors still selling Indian stocks:

FPIs continue to sell Indian equities aggressively. So far, FPIs have sold shares worth over Rs 2.92 lakh crore ($31.9 billion) in the current calendar year. That is the highest sales on record. In CY25, their sales totaled Rs 1.65 lakh crore ($18.8 billion).

The outflows are not showing signs of stopping. In the first 7 trading days of October, FPIs net sold equities totaling Rs 41,486.99 crore in the cash market. That marks a significant increase in selling compared to the Rs 45,536 crore net outflow in September.

Here’s why FIIs may want to pull out money from India: “A stronger dollar and higher US yields may raise the hurdle rate for emerging market equities. Foreign investors could face a double hit when the rupee weakens, which may generally prompt selling in expensive, FPI-heavy segments. FPI outflows have been part of the rupee’s story this year. Domestic SIP flows may continue to provide a buffer. However, in my view, sustained FPI selling could weigh on valuations until yields stabilize,” says Pandey.

👉Indian investors in US stocks: a weak rupee adds returns

For Indian investors in US stocks, any depreciation in the INR against the USD adds to returns. However, this should not be the only reason for an Indian to invest abroad. “For Indian investors with US assets, a stronger dollar can support INR-denominated portfolio returns, but currency should remain a secondary consideration. The underlying investment and its valuation should still drive the decision,” says Shah.

Wall Street’s leading indices, the S&P 500 and Nasdaq, sit near record highs. But three things could knock them in the medium term: weaker earnings against high expectations, a cooling in AI infrastructure spending, or the 10-year yield rising past 6%.

“This is a double-edged sword. Currency gains can reverse when the dollar turns. With US 10-year yields above 5.3%, valuation risk in US equities could be rising. In my view, investors may do well to treat currency as a source of volatility for now rather than a return driver,” adds Pandey.

👉Bottom line:

Indian investors should watch the rupee-dollar rate more than the DXY. The DXY tells you about the dollar’s global standing. The rupee-USD rate tells you what it means at home, for inflation, company profits and market stability.

Watch the 10-year US Government bond yield above all. If it climbs to 6%, as is being expected, Indian equities are likely to feel more pressure. Next is the rupee-dollar rate. It appears to have stabilized and strengthened for now. But further weakness in the rupee cannot be ruled out.

In the end, it comes down to two things: bond yields and the strength of the dollar. How these two indicators move over the next few weeks, if not months, will set the direction for equity market investors.

 Article written by Sunil Dhawan 

Source: Financial Express 

Disclaimer: This article is for informational purposes only. It does not constitute investment advice or a recommendation to buy or sell any security or currency.

24/10/26, Silver Prices

 Silver is sliding, and fast. In India, prices have crashed nearly 50% from the all-time high of Rs 3,84,632 per kg, hit on January 29.

On Friday, October 23, the December 2026 silver futures contract on MCX slipped below Rs 2 lakh per kg. It fell 1.72% to trade at Rs 1,96,170, down Rs 3,429 from the previous close. Fresh lows, and falling demand, are keeping the pressure on.

On MCX, silver spot prices closed at Rs 2,00,853 per kg, and slipped by over 3% on October 23 to trade around Rs 1,94,383. Meanwhile, most Silver ETFs are also down over 3% during the trading hours on Friday.

The global picture looks no better. In the international market, spot silver traded at about $54 per ounce. A day earlier, COMEX silver futures collapsed 4.60% to $54.7. That is their lowest settlement since November 2025. The metal is now down more than 21% year-to-date. It also sits about 55% below its January record high of $121.

What is dragging silver down?

One big reason is the deepening selloff in technology and artificial intelligence stocks. Traders are selling precious metals to cover losses in other assets. The equity downturn grew worse this week after Meta Platforms’ plans to increase capital expenditure. This reignited concerns that tech companies may take on more debt to fund the AI buildout.

Oil is adding to the pressure. Brent crude climbed above $114 per barrel on Friday, its highest level in over five months. Escalating Houthi attacks on Saudi targets and reports of possible renewed US strikes against Iran raised supply risks in the Middle East.

Are rate hikes back on the table?

Rate hikes are still on the radar. Higher oil prices are increasing inflation worries, and the US dollar has gained strength. This has strengthened expectations that interest rates could stay high for longer. Markets expect a policy hold on October 27–28, with significant chances of a December increase. Why does that hurt silver? Higher expected rates raise the opportunity cost of holding it. The dollar remains strong and industrial activity is moderating, which adds to the pressure.

Where is the silver lining for metals?

There is a silver lining for metals, and it comes from bond markets. Yields are easing. But look closer. It isn’t because inflation is cooling. It is because of the equity market meltdown. Investors are dumping AI-linked stocks and moving the money into safer bonds. That demand is pushing yields lower.

The yield on the US 10-year Treasury note held around 4.97% on Friday. It had fallen by more than 10 basis points in the previous session to its lowest level in a month. The decline came as the selloff in technology and AI stocks prompted investors to seek safer assets, including government bonds.

Why has silver fallen harder than gold?

Of the two precious metals, silver has fallen harder. The reason is its double role. Silver is both an investment asset and an industrial metal. Gold faces the same monetary pressure and the same headwinds. But silver also depends on manufacturing demand, and that double exposure has made its decline sharper.

Can import duties save Indian silver prices?

The increase in import duties in May has offered some support to domestic silver prices. It makes imports more costly, which cushions Indian prices when global prices fall. But the shield has limits. Domestic prices still depend on international silver prices and currency fluctuations. The metal’s approximately 50% decline from its peak in India shows that higher import duties cannot avert a significant correction.

Article by Sunil Dhawan

Source: Financial Express 

Disclaimer: This article is for informational purposes only and does not constitute investment advice. 

24/10/26, Gold Prices

Gold is slipping again in the international market and $4,000 per ounce is the support line everyone is watching. A fall below that figure could weigh further on sentiment. Yet not every force is against the metal.

Seven global triggers are pulling the metal in different directions, and a few could work in its favour. Here are the factors weighing on gold, which could push prices to fresh highs.

1. Brent above $115 is bad news for gold

The US-Iran war sits at the centre of most pricing worries across financial assets. Gold has not been spared.

Oil traded near $70 per barrel before the war disrupted supplies through the Strait of Hormuz. Now it is around $116. That is more than 60% above pre-war levels. Even a July dip back to the pre-war level did not last.

The impact of volatile oil prices is visible on the yellow metal. Gold is down 25% from pre-war levels and 28% from its peak of $5,602 on 29 January 2026.

Why investors cannot ignore it: Oil feeds inflation, and inflation feeds rate hike bets. A sharp move in oil, in either direction, can swing gold prices quickly.

2. Is gold still an inflation hedge?

Gold is seen as the best bet against inflation. But there is a catch. When inflation rises, central banks raise interest rates to cool it.

History shows that gold has outperformed inflation  by 5-6% over the long run. In the short to medium term, though, other factors also influence gold prices.

So where does that leave gold today? Not in a comfortable spot. US inflation remains sticky and is running above 3%, and the forces behind the price surge are still active. US annual inflation rose more than expected in September to 3.7% from 3.4% in August.

Higher inflation raises the odds of more Fed rate hikes, which push up Treasury yields and the dollar index, making non-yielding gold less attractive.

Inflation might be here to stay if International Monetary Fund (IMF) numbers hold. In a recent report, the IMF expects global inflation to increase to 4.7% this year from 4.1% in 2025, before easing back to 4.1% in 2027.

If inflation spikes further and stays higher through 2027, gold could regain its role as an inflation hedge, but only if real yields stop rising.

Why investors cannot ignore it: This trigger decides which story gold follows. If rate hikes win, gold falls. If bond yields ease, despite rising inflation, the hedge case returns.

3. More Fed rate hikes are priced in

US Fed rate hikes are negative for gold. The Fed did not raise rates for about three years, but in September, it hiked them by 25 basis points to 3.75%-4.00%, and more hikes are expected. A higher-rate scenario is mostly a headwind for gold. The rule is simple: higher interest rates strengthen the dollar and make yield-bearing assets more attractive, so money moves out of gold, which pays no interest.

So where does that leave gold today? The markets expect rates to remain unchanged in October, but a 25-bps hike is expected at December’s Federal Open Market Committee (FOMC) meeting.

Why investors cannot ignore it: The US Fed’s FOMC meeting tone moves gold faster than most triggers. Any hint around the Fed’s future rate campaign can shift prices quickly

4. Bond yields near 5% are a threat to gold

US Treasury bond yields have climbed to levels not seen in decades. Here is why: Investors have been selling bonds, pushing prices lower and sending yields higher. It is not restricted to the US. Bond yields in many other developed nations, such as Japan, the UK and Germany, are also at multi-year highs.

The bigger question is why investors are shunning US government bonds globally. There are two main reasons. First, investors expect interest rates to stay higher, mainly because global inflation does not look set to ease anytime soon. Second, the US fiscal burden makes investors demand a higher term premium to hold long-duration government bonds.

If inflation keeps rising, rates will continue to go up, and that pushes yields higher. In early October, the 10-year Treasury yield hit a high of 5.31%, and the 30-year Treasury yield touched a high of 5.67%.

As of today, bond yields have eased a bit as money from a sell-off in the equity market flowed into safer bonds, with investors shedding AI stocks.

It may still be too early to say that bond yields have reversed direction. Unless yields ease for the same reasons that drove them higher in the first place, it is premature to expect a sustained boost for gold.

Why investors cannot ignore it: Yields are gold’s closest rival. When a safe government bond pays close to 5%, a metal that pays nothing must work harder to attract an investor’s money.

5. Central banks are still buying, but slower

Central banks kick-started gold’s recent bull run in October 2023 with a buying spree rarely seen before. Central Banks worldwide bought nearly 1,000 tonnes of gold annually over the past three years, well above their historical average. This sustained demand helped push gold prices to record highs.

In 2026, central banks continue to buy gold, though at a slower pace. Even this reduced buying appears to be providing enough support to keep prices around $4,000 an ounce.

Why investors cannot ignore it: Central banks are gold’s biggest steady buyers. Slower buying could weaken the floor under prices. A pickup could strengthen it.

6. Geopolitics is shaping demand and supply

One of the primary reasons central banks add gold to their reserves is geopolitical events that lead to economic uncertainty. Recent gold sales by two countries show how financial pressures can force central banks to tap their reserves.Turkey sold gold to help stabilise the lira, while Russia drew on its gold reserves amid fiscal pressure from war spending and sanctions.

Geopolitical uncertainty usually lifts gold. If geopolitical tensions escalate sharply, gold could find renewed support as investors seek safe-haven assets.

Why investors cannot ignore it: Geopolitics cuts both ways. It can add demand through safe-haven buying, and it can add supply when countries sell gold under pressure.

7. A stronger dollar makes gold dearer

In the international market, gold is priced in dollars. A stronger dollar makes it more expensive for holders of other currencies. That is the story in 2026. The Dollar Index hit an 18-month high near 102.50 earlier this month and remains a headwind for gold until it weakens. The 2025 numbers support this strongly: the Dollar Index fell nearly 12%, while gold surged 65% as the greenback weakened.

Why investors cannot ignore it: The dollar is the other side of the gold trade. Any weakness in the dollar index could signal that gold’s biggest headwind is easing.

Bottomline

Gold sits near $4,000 with these triggers acting on it. Oil, rate hikes, bond yields, and a strong dollar are weighing on prices. Central bank buying and geopolitics are providing support. Inflation could go either way. The next big move depends on which side gets stronger. The main triggers to watch: Oil prices and the Fed’s December rate stance

Article written by Sunil Dhawan 

Source: Financial Express

Disclaimer: This article is intended for informational purposes only and should not be construed as investment advice, financial guidance, or a recommendation to buy or sell any asset. 

24/10/26, Report on Aerospace Metal Stocks

India's Aerospace Industry  is taking off, and the opportunity goes beyond aircraft makers and defence giants. Rising air travel, growing aircraft production and higher defence spending are creating demand for specialised materials and components used in the sector.

The government’s push for domestic manufacturing, along with India’s cost advantage and skilled workforce, is also opening up opportunities across aircraft manufacturing, precision engineering, avionics and maintenance, repair and overhaul (MRO), according to the All India Association of Industries.

While the big names often grab the spotlight, several ancillary companies operate behind the scenes, supplying the specialised metals  that go into aircraft and aerospace equipment. As the industry expands, these businesses are worth watching.

Here are four stocks to watch in India’s aerospace metals market.

👉1 Dynamatic Technologies

Dynamatic Technologies is a manufacturer of highly engineered, mission critical products for the Aerospace, Hydraulic and Metallurgy industries. 

Established in 1973, the company has manufacturing and engineering facilities in India and Europe, serving customers across six continents. While it is a major player in hydraulic gear pumps, its aerospace business is another key part of its operations.

Dynamatic Technologies manufactures complex airframe structures and flight-critical components for the aerospace industry. It supplies global aircraft manufacturers and defence companies, including Airbus, Boeing, Bell Helicopters, Dassault Aviation and  Hindustan Aeronautics  (HAL).

The company’s expertise in metallic aero-structures and assemblies also places it within the broader aerospace metals value chain. These metal-based structures and precision components form an important part of aircraft manufacturing, where precision and reliability are critical.

To strengthen its presence in this segment, Dynamatic Technologies signed a Memorandum of Agreement with Hutchinson to support the growth of India’s aerospace industry. The collaboration combines Hutchinson’s expertise in composite and multi-material systems with Dynamatic Technologies’ capabilities in metallic aero-structures and assemblies.

This makes Dynamatic Technologies a stock to watch in India’s aerospace metals market.

Dynamatic Technologies Share Price Performance- 1 Year

Data Source: BSE

👉2 Jindal Stainless

It is India’s largest stainless steel manufacturer and one of the top three stainless steel producers globally.

The company is expanding its presence in specialised markets, including defence, aerospace and space. 

Its Hisar facility has received AS 9100D certification, a quality management standard for the aviation, space and defence industries. Jindal Stainless has also been developing specialised steel grades for applications in these sectors.

During FY26, the company’s strategic arm, Jindal Defence and Aerospace (JDA), commissioned an electroslag remelting facility to manufacture high-performance alloys and steel. 

This expands its capabilities in producing specialised materials for strategic industries. The company is also working on special alloy steels with strength exceeding 800 MPa for use in defence, aerospace and transportation.

Its presence in the space sector is also growing. JDA secured orders for special alloy plates and low-alloy steel sheets for the Gaganyaan mission, with the materials intended for motor casings and critical components of the GSLV Mk-III launch vehicle. 

The company also received its first commercial order from a leading aerospace manufacturer to supply low-alloy steel for Small Satellite Launch Vehicles (SSLVs).

With its growing capabilities in specialised steel, high-performance alloys and aerospace-grade materials, Jindal Stainless is expanding its role in India’s aerospace metals supply chain, making it a stock to watch in this segment.

Jindal Stainless Share Price Performance- 1 Year

Data Source: BSE

👉3 Mishra Dhatu Nigam (MIDHANI)

It is a government-owned company specialising in high-performance metals and alloys for defence, aerospace and other strategic industries.

Established in 1973 under the Ministry of Defence, MIDHANI manufactures superalloys, titanium alloys and special steels used in applications where materials must withstand extreme temperatures, pressure and stress. Its products include forgings, rolled products and precision fasteners, with manufacturing facilities in Hyderabad, Telangana, and Rohtak, Haryana.

The company is strengthening its position in the aerospace supply chain. In FY26, MIDHANI secured NADCAP certification for heat treatment and airworthiness certificates from CEMILAC for ten critical aerospace-grade alloys. These credentials support its efforts to supply specialised materials to global aerospace manufacturers.

MIDHANI has also developed several alloy grades for aircraft engine applications. It became the first company in India to receive S400 approval from GE Aerospace for its metallic materials laboratory, covering chemical, mechanical and metallographic testing. This allows MIDHANI to provide commercial testing services for GE Aerospace materials worldwide.

Beyond this, the company is undertaking development work on superalloys and titanium alloys for India’s Advanced Medium Combat Aircraft programme.

With its focus on aerospace-grade superalloys, titanium alloys and specialised metals for aircraft engines, MIDHANI has a direct presence in the aerospace materials supply chain, making it a stock to watch in India’s aerospace metals market.

Mishra Dhatu Nigam Share Price Performance- 1 Year

Data Source: BSE

👉4 PTC Industries

The company is an Indian manufacturer of precision metal components, titanium castings and superalloy castings for the aerospace, defence and other strategic industries.

The company specialises in manufacturing complex components from high-performance metals, using advanced casting technologies to meet the stringent requirements of aerospace and defence applications. It is also building an integrated titanium and superalloy manufacturing platform at its Strategic Materials Technology Complex in Lucknow, Uttar Pradesh.

PTC Industries is expanding its capabilities beyond component manufacturing into strategic materials. 

Through advanced melting technologies and metal recycling, the company aims to strengthen India’s domestic capabilities in titanium and superalloys, which are essential for demanding aerospace applications.

Its recent orders reflect its growing presence in this segment. The company received an order from BrahMos Aerospace for critical titanium components and another from the Vikram Sarabhai Space Centre (ISRO) for double vacuum arc remelted (VAR) aerospace-grade titanium ingots.

Additionally, its subsidiary, Aerolloy Technologies, entered into a long-term agreement with Honeywell Aerospace Technologies to supply titanium and superalloy castings, strengthening its ties with the global aerospace industry.

PTC Industries has also raised Rs 18 bn from Indian and international investors to expand its manufacturing capabilities and support future growth.

With its focus on aerospace-grade titanium, superalloys and precision metal components, along with orders from defence, space and global aerospace players, PTC Industries is a stock to watch in India’s aerospace metals market.

PTC Industries Share Price Performance- 1 Year

Data Source: BSE

Conclusion

India’s aerospace industry is entering a growth phase, creating opportunities for companies that supply specialised metals, high-performance alloys and precision components. 

As aircraft production, defence spending and space programmes expand, demand for these materials is expected to remain an important part of the industry’s growth story.

However, investors should look beyond the sector’s growth potential and assess each company’s financial performance, order book, expansion plans and valuations before making investment decisions.

Written by Equity Master

Source: Financial Express 

Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such.

24/10/26, The 10 stocks covered here have potential upside estimates ranging from 22% to 91%, based on the target prices cited in the reports.

The Indian stock market ended the week of October 19-23, 2026, with sharp losses. The Sensex fell 2.15%, while the Nifty 50 declined 2.36%, as rising crude oil prices, foreign investor selling and mixed September-quarter earnings weighed on sentiment.

However, brokerage reports identified potential opportunities in 10 stocks, with indicated upside ranging from 22% to 91% based on their target prices.

The 10 stocks covered here have potential upside estimates ranging from 22% to 91%, based on the target prices cited in the reports.

1. Swiggy: Nuvama sees 91% upside potential

Nuvama has retained its ‘Buy’ rating on Swiggy, although it has lowered its target price from Rs 444 to Rs 403. The revised target still implies an upside of around 91% from the reference market price used in its report.

According to the brokerage report, Swiggy’s revenue increased 11.1% quarter-on-quarter to Rs 7,570 crore in the September quarter. However, losses widened, with earnings before interest, tax, depreciation and amortisation (EBITDA) loss reaching Rs 770 crore and net loss standing at Rs 920 crore.

Food delivery contribution margin improved to 7.7%, while Instamart’s contribution margin declined to minus 1%. 

2. KEI Industries: Jefferies sees 59% upside potential

Jefferies has a ‘Buy’ rating on KEI Industries and a target price of Rs 6,150, implying an upside of nearly 59% from the reference market price.

According to the global investment bank report, demand for cables and power transmission infrastructure could support growth over the next two years. KEI’s capacity expansion at Sanand, Gujarat, has started commissioning in phases and is expected to contribute to future growth.

“This is a premium to the last 5- year avg of 36x P/E, as visibility on exports and power transmission is improving. Our EPS factors in 20% CAGR over FY26-29E,” it said.

3. Vishal Mega Mart: JM Financial sees 49% upside potential

JM Financial has maintained its ‘Buy’ rating on Vishal Mega Mart, with an unchanged target price of Rs 134. This indicates an upside potential of around 49% from the reference price used in its report.

The retailer’s September-quarter performance fell short of expectations. According to JM Financial, EBITDA was 8% below its estimate, while profit after tax missed expectations by 12%. Net profit rose 3.7% year-on-year to Rs 160 crore.

The timing of festivals affected demand during the quarter, with Navratri, Durga Puja and Dussehra shifting into the December quarter. Apparel sales grew 9.5%, compared with 18.2% growth in fast-moving consumer goods (FMCG).

4. Sobha: Motilal Oswal sees 45% upside potential

Motilal Oswal has retained its ‘Buy’ rating on Sobha and set a target price of Rs 1,710 per share. This represents an upside of around 45% from the reference market price.

According to the brokerage report, Sobha recorded pre-sales of Rs 2,210 crore in the September quarter, up 16% year-on-year. Bengaluru accounted for 60% of bookings, followed by the National Capital Region at 27%.

However, the company also reported lower revenue and profit. Motilal Oswal has highlighted a pipeline of 18 projects covering 20.4 million square feet, with a combined gross development value of Rs 31,400 crore. 

5. Eternal: JM Financial sees 44.2% upside potential

JM Financial has a ‘Buy’ rating on Eternal and a 12-month target price of Rs 450, implying an upside potential of 44.2% from the reference market price.

The brokerage highlighted growth in both Blinkit’s quick-commerce business and Zomato’s food delivery operations. Blinkit’s net order value increased 79.3% year-on-year in the September quarter, while Zomato’s net order value grew 21.5%.

Blinkit’s adjusted EBITDA improved to Rs 1.84 billion, with its margin rising to 0.9% from 0.6% in the previous quarter. The company has also raised its store expansion targets. 

6. Crompton Greaves Consumer Electricals: Jefferies sees 41% upside

Jefferies has retained its ‘Buy’ rating on Crompton Greaves Consumer Electricals, with a target price of Rs 305. The target implies an upside of around 41% from the reference market price.

According to the report, Crompton Greaves September-quarter profit after tax was in line with expectations, while sales grew 18% year-on-year and adjusted profit after tax rose 30%.

The company has increased prices in its electrical consumer durables segment to manage higher input costs. 

7. Bajaj Finance: Nomura sees 32.7% upside potential

Nomura has maintained its ‘Buy’ rating on Bajaj Finance and set a target price of Rs 1,270, implying an upside potential of 32.7% from the reference market price.

Bajaj Finance September-quarter profit growth was in line with the brokerage’s estimate, and it raised its full-year loan growth guidance. Nomura expects lending growth to remain healthy, with newer businesses such as gold loans adding to the portfolio.

However, higher interest rates could put pressure on net interest margins, which measure the difference between interest earned and interest paid. 

8. Oberoi Realty: JM Financial sees 32.1% upside potential

JM Financial has a ‘Buy’ recommendation on Oberoi Realty, with a target price of Rs 2,250. This implies a potential upside of 32.1% from the reference market price.

According to the brokerage report, the Oberoi Realty recorded quarterly pre-sales of Rs 9,150 crore, supported by the launch of Three Sixty North in Gurugram. The project contributed Rs 7,890 crore, with 97% of the launched area booked.

JM Financial expects new projects to support the sales pipeline. 

9. ACME Solar Holdings: Nomura sees 26% upside potential

Nomura has initiated coverage on ACME Solar Holdings with a ‘Buy’ rating and a target price of Rs 505, indicating an upside of 26% from the reference market price.

According to the brokerage report, the company is expected to add 4.3 gigawatts of contracted capacity over FY27-FY29. Nomura expects this expansion to support revenue and EBITDA growth over the period.

ACME Solar is also increasing its focus on firm and dispatchable renewable energy, which combines power generation with storage to meet specified delivery schedules. 

10. CEAT: Nomura sees nearly 22% upside potential

Nomura has retained its ‘Buy’ rating on CEAT, although it reduced its target price by 6% to Rs 4,009 per share. The revised target implies an upside of nearly 22% from the reference market price.

The tyre maker’s September-quarter revenue was in line with Nomura’s projections, while its EBITDA margin exceeded expectations. However, the brokerage expects raw material prices to rise sequentially in the December quarter, putting pressure on costs.

“It has taken 12-13% price hikes so far in replacement and 14-15% in OE, and more hikes are planned in 3Q. Price hikes by competitors also have been similar with a lag,” Nomura said.

Overall, Swiggy, KEI Industries and Vishal Mega Mart feature among the stocks with the highest indicated upside, while the remaining picks span sectors such as real estate, consumer durables, financial services and renewable energy.

Article written by Olivia Kunjumon

Source: FinancialExpress 

Disclaimer: This article is based on research reports from one or more brokerage firms and is for informational purposes only. The views, target prices, and recommendations expressed are those of the respective brokerage firms

24/10/26, The Securities Exchange Board of India

The Securities Exchange Board of India (SEBI) has relaxed rules requiring research analysts to maintain recordings of their calls with institutional investors, in a move aimed at improving ease of doing business.

In a circular issued on Friday, the market regulator said research analysts and research entities would no longer be required to maintain call recordings of their interactions with institutional investors. The revised rules will come into effect on November 8, 2026.

The relaxation follows representations from market participants and an amendment to the SEBI (Research Analysts) Regulations. However, research analysts will continue to be required to maintain records of interactions with all other clients, including prospective clients, where conversations relating to their services have taken place. These records may include signed physical documents, call recordings, emails from registered email IDs, SMS messages and other legally verifiable records.

SEBI clarified that the requirement to maintain interaction records applies to both fee-paying and non-fee-paying clients. Non-fee-paying clients include those receiving research services as a value-added service alongside other paid services availed from the research entity or another entity within the same family or group.

The regulator also clarified that separate call recordings are not required when client interactions take place through channels such as email, where a digital record is available.

Research analysts and research entities must maintain records from the first interaction with a client until the completion of research services. These records must generally be preserved for five years. However, if a dispute has been raised, the records must be retained until it is resolved. Records specifically required to be preserved by SEBI must be maintained until further instructions from the regulator.

The regulator said the purpose of maintaining interaction records is to document communications and address potential client grievances relating to research services.

The circular also directs the Research Analysts Administration and Supervisory Body (RAASB) to make the necessary changes to its rules and bye-laws and inform registered research analysts about the revised requirements

Report by Brajesh Kumar 

Souce: Network18 

23/10/26, PostMarket News

Foreign institutional investors (FIIs) turned net buyers in Indian equities on Friday, purchasing a net Rs 887.65 crore. They had sold a net Rs 3,458.70 crore on Thursday. Domestic institutional investors (DIIs) continued their strong support, buying a net Rs 3,235.36 crore, according to exchange provisional data.

FIIs bought shares worth Rs 14,445.54 crore and sold Rs 13,557.89 crore during the session. DIIs bought Rs 19,232.31 crore and sold Rs 15,996.95 crore.

The modest FII inflow trims October's cumulative FII selling to roughly Rs 51,500 crore. FIIs have been net sellers in most sessions this month, with only a handful of net-buying days (including 16 October, 21 October and now 23 October). The largest single-day outflow remains the Rs 12,943.58 crore seen on 8 October.

DIIs have been net buyers in the large majority of sessions, with cumulative buying for the month now exceeding Rs 59,000 crore. That continues to more than offset FII selling, leaving the combined net flow for October still positive.

On a year-to-date basis, FIIs remain heavy net sellers in the range of Rs 4.5 lakh crore, while DIIs have absorbed well over Rs 6.9 lakh crore.

Market performance

Indian equities fell for a fourth straight session on Friday. The Nifty 50 declined about 88 points, or 0.39%, to close at 22,600. The Sensex fell roughly 126 points, or 0.17%, to 73,123.83. Broader markets underperformed sharply: the Nifty Midcap 100 fell over 2% and the Nifty Smallcap 100 dropped nearly 3%.

Almost all major sectoral indices ended lower. Metals, consumer durables, realty and PSU banks were among the weakest, with losses ranging from 2% to nearly 3%. IT and a few defensive pockets held up relatively better but still closed modestly lower.

Brent crude climbed further, trading around $114-115 a barrel amid continued concerns over supply disruptions linked to Houthi attacks and elevated geopolitical risk in West Asia.

Market participants continue to flag rising crude prices, inflation worries and the ongoing earnings season as key near-term drivers. Stock-specific action is expected to remain elevated as more Q2 results are released in the coming sessions.

Source : Network18 

23/10/26, Adani PowerQ2

Adani Power has reported a 134% year-on-year (YoY) increase in its net profit to Rs 6,919.45 crore in Q2FY27, from Rs 2,952.78 crore reported in Q2FY26.

Adani Power’s revenue stood at Rs 19,438.68 crore, up 44.45% from Rs 13,456.84 crore reported in Q2FY26.

On a sequential basis, Adani Power’s net profit rose 43.98%. Revenue also increased 2.84% quarter-on-quarter (QoQ).

Adani Power eyes timely capacity addition to meet India’s power demand

S B Khyalia, CEO of Adani Power, said, “Adani Power continues to grow from strength to strength, achieving newer milestones in profitability and project execution. As India’s leading private thermal power producer, our vision is focused on ensuring the timely availability of high quality and reliable power supply to meet the country’s growing base load requirements. The primacy of domestic coal-based power in meeting India’s long-term power needs has become clearer every day in light of geopolitical events and climate vagaries. We are proud to be the leaders in capacity addition to address the need of 100 GW new thermal power capacities by 2032. We are ensuring, with the determined support of our experienced teams and capable partners, that India will always have access to the power supply it needs round-the-clock to meet its growth aspirations.”

Report by Kushbu Kumari 

Source: Financial Express 

23/10/26, intraday news/Sharp Fall in Market

Benchmark indices Sensex  and Nifty significantly fell from their highs to trade in deep red on October 23 due to various reasons, including FII selling and rising crude prices.

At 10:59 am, the Sensex was down 627.39 points or 0.86% at 72,622.00, and the Nifty was down 249.40 points or 1.1% at 22,438.25. About 519 shares advanced, 3,245 shares declined, and 140 shares were unchanged. Sensex fell 1,100 points from day's high while Nifty was trading below 22,450-mark.

Mahindra & Mahindra, Titan Co., and Hindalco Industries added significant downside pressure on the 50-stock index while IT giants Infosys, Tata Consultancy Services, and Reliance Industries lent support. TCS rose 3% and was the top gainer in the key index while Hindalco Industries fell over 2% to be the worst-hit stock. Ahead of reporting its earnings for the September quarter, Infosys rose around 2.5%.

While the Nifty Smallcap 100 fell a touch over 3%, mid-cap trackers lost around 1.4% each. On the National Stock Exchange, the advance-decline ratio leaned sharply towards the laggards.

Key reasons behind market decline

1) FII selling

On 22nd October 2026, FIIs remained net sellers, offloading equities worth Rs 3,459 crore, while DIIs provided buying support with net purchases of Rs 2,891 crore. However, domestic institutional buying only partially offset the sustained selling pressure from foreign investors.

2) Rising crude prices

The benchmarks have lost about 2% in the last three sessions, with sentiment dampened by a rise in Brent crude oil futures to $113.5 a barrel, on concern over further energy disruption after Houthi attacks on top exporter Saudi Arabia.

"Brent near $114 is a dominant risk for India," said Hariselvan Radhakrishnan, founder and CEO of HST Wealth, adding that oil is no longer just creating temporary pressure on sentiment, but could intensify inflation and hurt consumption and corporate profitability.

3) Technical reason

Nifty needs to trade above 22,800 for any bullishness to return to the market, said analysts.

"Nifty is likely to extend the last three sessions corrective consolidation and trade in the range of 22,500-23,150. Index has support at 22,500-22,400 levels being the 80% retracement of the last two weeks pullback 22180-23,175. A breach below 22,400 will negate the last two weeks pullback and open downside towards recent low of 22,180 levels.

"On the higher side immediate resistance is placed at 22,860 levels being the presence of 20 days EMA, while current week high of 23,175 is likely to act as major hurdle in the coming sessions.," said. Pabitro Mukherjee, Deputy Vice President-Research, Bajaj Broking.

"For traders, 22,600/73,200 and 22,550/73,000 would be important support levels. If the market manages to trade above these levels, a pullback could continue towards 22,800/73,700. Further gains could take the index to 23,000/74500. However, below 22,550/73,000, selling pressure is likely to increase, and the market may slide towards 22,450–22,350/72,700-72,500," said Shrikant Chouhan, Head Equity Research, Kotak Neo.

4) India VIX rises

India VIX, the volatility gauge, rose 8% to 17, which indicates market participants see short-term pressure in the markets.

Report by J.Jagannath

Source:Network18

23/10/26, INDEX LEVELS

23/10/26, Today's Market Strategy

Indian benchmark indices are likely to see a strong opening on October 23, tracking GIFT Nifty, which gained about 109 points at 22,816.50 in early trade.

Indian benchmark indices ended lower for the third consecutive session on October 22, with the Nifty slipping below 22,700 as escalating geopolitical tensions pushed crude oil prices above $110 per barrel.

Amid weak global cues, the market opened lower and remained in negative territory for most of the session. The Nifty fell below 22,600 intraday amid broad-based selling across sectors, but recovered from the day's low of 22,554.85 to close above 22,650.

 At close, the Sensex was down 460.30 points or 0.62 percent at 73,249.39, and the Nifty was down 123.70 points or 0.54 percent at 22,687.65.

Here is how financial markets across the globe fared overnight:

GIFT Nifty (Gains)

GIFT Nifty was trading strong at around 22,816.50 in early trade, indicating a positive start for the domestic equity markets.

Asian Markets (Down)

Asian indices were trading lower in the early trade on Friday.

South Korean stocks retreated as heavyweight chipmakers declined, following an overnight selloff in US technology shares amid elevated oil prices.

The Kospi index slid as much as 4.1% on Friday before paring about half of its losses, though it remained on course for a fourth straight week of declines.

US Equities (Gain)

US stocks tumbled on Thursday and the ​Nasdaq posted its steepest daily drop since early June as a batch of high-profile earnings reports ignited fresh fears about the AI spending race.

The ‌S&P 500 ended deep in negative territory. But the tech-laden Nasdaq, dragged down by microchips, suffered a steeper loss, falling 2.6% in the wake of a spate of high-profile AI-related earnings results.

The Dow Jones Industrial Average rose 11.89 points, or 0.02%, to 52,867.98, the S&P 500 lost 93.74 points, or 1.21%, to 7,663.43 and the Nasdaq Composite lost 694.00 points, or 2.60%, to 26,008.86.

Dollar Index (Down)

The US dollar index, which measures the currency against six peers, was trading lower at 101.54 in the early Friday trade.

US Bond Yield (Up)

The yield on 10-year Treasury was up 1 basis point at 4.96 percent and 2-year Treasury yield up more than 2 basis points at 4.66%.

Asian Currencies (Mixed)

Asian currencies traded mixed against the US dollar, with the Indonesian rupiah declining the most by 0.24 percent, followed by the Japanese yen, which fell 0.10 percent. The Thai baht, Taiwan dollar and Malaysian ringgit also weakened by 0.08 percent, 0.08 percent and 0.07 percent, respectively. On the other hand, the South Korean won rose 0.28 percent, while the Philippine peso gained 0.21 percent. The Chinese renminbi edged up 0.03 percent, and the Singapore dollar was marginally higher by 0.01 percent against the previous close.

Crude (Up)

Oil prices were little changed in early Asian trade on Friday, after rising 4% to a five-month high in the previous session due to concern of further energy supply disruption after Houthi attacks on top exporter Saudi Arabia.

Brent crude futures was down 21 cents, or 0.2%, at $112.96 a barrel, while US West Texas Intermediate crude was down 27 cents, or 0.3%, at $98.12.

Gold (Flat)

Gold steadied near its lowest close in more than three months as investors sold the precious metal in a cross-market stock rout.

Bullion was trading at around $4,025 an ounce after falling almost 3% in the previous session to its lowest since July 20.

Fund Flow Action

Foreign institutional investors (FIIs) turned net sellers on October 22, offloading equities worth Rs 3,458 crore. Meanwhile, domestic institutional investors (DIIs) remained net buyers for the third consecutive session, purchasing equities worth Rs 2,891 crore.

Hope you're all set for today's trade. We wish you a profitable day ahead.

Written by Rakesh Patil

Source: Network18