DayStarter

Market snapshot

Equities: Friday close

Nifty 50 closed at 22,520.45, around 205 points above its opening level, ending the week higher. It opened 83 points up at 22,315. IT stocks led the move after TCS reported a decent set of results, while easing global tensions helped stop the recent rise in oil prices.

The index crossed 22,450 by 10 AM and briefly moved towards 22,525 around 11:15 AM. It then gave up some gains. Buying strengthened again after 1:30 PM and took Nifty to an intraday high near 22,580 around 2:15 PM, before it slipped in the final hour.

The Sensex closed at 72,472.33 on Friday.

Sector performance

IT rose 3.02% and was the strongest sector. Fourteen of the 15 sectors advanced, while Oil & Gas slipped 0.09%. Media, IT and Private Banks remain the strongest relative performers over both 20 and 60 sessions.

Stocks: Winners and losers

Hexaware Technologies rose 5.30% on 112 times its usual volume. KEC International and Cyient also posted strong gains on heavy trading. Adani Ports saw a major delivery spike, with 84% of traded shares going to delivery compared with its usual 52%.

Commodities and currency

By 19:22 IST, MCX silver was up 2.2% at ₹2,26,212 and gold was 1.2% higher at ₹1,51,380. Crude oil slipped 0.2% to ₹8,844 and was down 5.4% over 20 sessions. Natural gas rose 1.4% to ₹310.00.

Crude oil fell below $91 a barrel after rising 3.6% in the previous session. Signs of renewed US-Iran diplomatic engagement reduced supply concerns, while expectations that China may resume refined fuel exports also weighed on prices.

The rupee closed at ₹96.73 per dollar on Friday. It has weakened nearly 8% so far this calendar year, according to Bloomberg data. Emkay Global expects the RBI’s weekend measures to push the rupee about 1% higher on Monday.

IDFC First Bank’s Gaura Sengupta expects the rupee to trade at ₹96.50-97 by the end of March, while ANZ’s Dhiraj Nim expects it to weaken to ₹97.50 over the next six to 12 months.

Institutional flows and derivatives positioning

FIIs net sold ₹6,206 crore on 9 October, while DIIs net bought ₹4,743 crore.

Put writing increased, lifting the put-call ratio from 0.73 to 1.14. Implied volatility fell from 13.5% to 10.8%. FIIs held only 9.6% of their index-futures positions long, compared with 82% for retail investors and HNIs. Seven of the 12 largest changes in stock-futures open interest were long buildups.

Emerging markets saw outflows of $60 billion in the first half of FY27, according to Institute of International Finance data cited by IDFC First Bank.

The macro view

Data week ahead

• September retail inflation is due on Monday. A Mint poll of 19 economists expects inflation at 5.6%, a 23-month high, compared with 4.8% in August. Core inflation rose to 4.3% in August, according to CMIE.
• The IMF releases its World Economic Outlook on Tuesday. In April, it projected India’s FY27 growth at 6.5%. The World Bank has since raised its forecast to 7.1% from 6.6%, while S&P Global and Moody’s are at 7%.
• India’s merchandise trade deficit narrowed 1.3% year-on-year to $26.87 billion in August. The statistics ministry releases September PLFS data on Thursday. Unemployment was 5% in August, with rural unemployment at 4.1% and urban unemployment at 6.8%.
• Iran’s crude production fell 35.2% year-on-year in August and Saudi Arabia’s fell 25.1%, while the UAE’s production rose 17.8%. Opec releases its September oil market report on Tuesday.
• SBI Capital Markets expects the RBI to raise the repo rate by 75-100 basis points in the current tightening cycle. Sixteen central banks raised benchmark rates at their September and October meetings.

Policy and industry

• Daily coal supplies to power plants rose around 36% from September lows. The daily stock depletion rate more than halved from 0.243 MT in September to 0.116 MT in October. The Coal Ministry said conditions are stabilising, although coal stocks have not started rebuilding yet.
• The government released the draft National Steel Policy 2047. It targets crude steel capacity of 604 million tonnes and finished steel demand of 505 million tonnes by 2047. India imports nearly 92% of its coking coal.
• Atomic Energy Commission chairman Ajit Kumar Mohanty said the private sector is expected to invest around ₹7.5 trillion and contribute 30 GW to India’s 100 GW nuclear power target by 2047. Installed nuclear capacity is currently about 9 GW.
• The government is considering an ₹8,000 crore outlay and a not-for-profit company to build a genetic database. The GenomeIndia project has completed 10,174 whole genome sequences.
• India is considering requiring locally made inverters and domestic battery components in the next phase of PM Surya Ghar, which has a ₹75,000 crore outlay, renewable energy secretary Santosh Kumar Sarangi said.
• Not a single e-ambulance has been registered under the ₹500 crore allocation within the ₹11,900 crore PM E-Drive scheme, according to Vahan data. India recorded 15,529 new ambulance registrations in FY26.
• The shipping ministry plans to lead a delegation to South Korea and Japan next month to seek shipbuilding investment. HD Hyundai signed an MoU in December 2025 to explore a $4 billion shipyard at Thoothukudi.
• India put its national laboratory network on alert and reviewed antibiotic stocks after reports of a laboratory worker’s death in Russia’s Irkutsk region. Officials consider the risk of domestic transmission negligible.

Prices and consumption

• Jio-bp raised petrol and diesel prices by ₹5 and ₹3 a litre from Sunday, people familiar with the matter said. Nayara Energy made a similar increase on 3 October.
• E-commerce firms sold around ₹24,000 crore of goods in the first two days of the festive sale, with about 8-9 crore orders, according to Redseer Strategy Consultants.
• Maize prices paid by poultry farmers rose to ₹27-28 a kg in late September from ₹12-14 in 2019, putting pressure on broiler margins. The southwest monsoon ended 13% below normal.
• Net office leasing across eight major cities fell 20% to 36.7 million sq. ft in January-September, according to Cushman & Wakefield.

Mint, 12 October 2026; Zerodha AfterMarket Report

Corporate action and earnings

Domestic corporate developments

Results and results previews

Poonawalla Fincorp’s Q2 FY27 net profit rose more than five times year-on-year to ₹375 crore. Total income rose 70% to ₹2,625 crore. AUM stood at ₹74,008 crore and net interest margin improved 16 basis points sequentially to 9.26%.

Gold retailers reported strong but slower Q2 growth. Titan’s revenue rose 25%, Kalyan Jewellers over 26%, Senco Gold 29%, PC Jeweller 28% and PN Gadgil 22.4%.

Emkay expects HDFC Life’s Q2 APE to grow 9%, SBI Life’s 11% and Axis Max Life’s 8%. It expects ICICI Prudential Life to lead private peers with 18% growth. General insurers face aggressive pricing and monsoon-related claims.

Indian IT and the US green-card freeze

The US suspended eight major technology companies, including Infosys, Wipro and Tata, from a federal labour certification programme used for employment-based green cards.

Mint’s analysis of US data since 2008 shows that India’s five largest IT companies received fewer than 58,000 of 1.45 million PERM certifications, or about 4%. They received 1,440 in FY25 compared with 7,798 in FY15. Amazon, Microsoft and Google received around 38,254, 35,062 and 25,287 respectively.

Deals and companies

• Tata Motors raised its offer for Iveco by 2% to €14.40 per share on 9 October and called it its best and final price. The tender had received acceptances for 28.4% of shares. Davidson Kempner, Syquant Capital and Petrus Advisers, which together hold about 20.4%, had not tendered ahead of the 26 October deadline.
• Exor has tendered its 27.06% stake in Iveco, which carries 43% of voting rights. The offer needs 80% acceptance if shareholders approve a resolution at the 16 October EGM, otherwise it needs 95%.
• Elon Musk said Starlink will be priced affordably in India, continuing his comments about Mukesh Ambani. The government has said all three satellite ventures, including Starlink and Jio’s, are still waiting for final security clearance.
• NTPC is in talks with South Africa’s Eskom on a green energy collaboration, including a possible joint venture, South Africa’s high commissioner Anil Sooklal said.
• Avenue Supermarts added 15 DMart stores in the July-September quarter, taking its total to 518. Aditya Birla Renewables is reportedly seeking ₹14,517 crore of rupee loans to fund its acquisition of Shell’s Indian renewable energy arm.
• Brigade Enterprises expects pre-sales to grow 21% to ₹9,000 crore this financial year. PNB Housing Finance MD and CEO Ajai Shukla expects the RBI’s rate hike to improve net interest margin slightly.
• Audi India is considering local manufacturing of a battery EV and aims to double its luxury market share to 15-16%. Encalm Hospitality is targeting a ₹5,000 crore business over five years.
• Google’s planned $15 billion data centre in Visakhapatnam is facing opposition from residents over water, power and land. ICICI Direct expects rising input costs to put pressure on FMCG operating margins in the September quarter.

Primary market and fundraising

Jio Platforms plans to price its IPO at ₹1,065-1,119 per share, targeting a valuation of up to ₹10.3 lakh crore, or $107 billion, and raising around ₹30,200 crore, according to Bloomberg reports. Subscription is expected to open on 21 October, with listing on 28 October.

Airtel Money debuted on the London Stock Exchange in its largest IPO in five years. The shares rose as much as 2.1% above the £1.96 offer price. The offering raised around £529 million and valued the company at about £5.3 billion.

IPOs this week include HD Fire Protect, Fusion CX, Sahajanand Medical, Tonbo Imaging and Zetwerk. India’s manufacturing startups have raised $1.92 billion so far in 2026, up from $164 million in 2020, according to Venture Intelligence.

Zerodha AfterMarket Report; Mint, 12 October 2026

Upcoming events

For results, dividends and corporate actions, check NSE, BSE and the Tijori App.

Global pulse

Global indices

Three of the eight tracked overseas markets rose in their latest session. Hong Kong’s Hang Seng led with a 1.8% gain, while the Nasdaq 100 fell 1.3%.

Global macro and geopolitics

• UNCTAD expects global growth to slow to 2.6% in 2026 from 2.9% in 2025 because of the energy shock from the Middle East conflict. Global trade is expected to grow 4% in real terms after reaching a record $35 trillion in 2025.
• The World Bank expects global growth to slow to 2.5% in 2026 from 2.9%. Crude oil has risen from around $70 a barrel to $98-100 over seven months.
• US President Donald Trump called on Ukraine to replace Volodymyr Zelensky and pressed Kyiv to stop strikes on Russian oil refineries, a day after announcing a deal to increase Russian diesel exports.
• Saturday’s strike on Riyadh’s main airport killed 12 people and injured 309. The airport was hit again on Sunday, the fourth attack in a week. Asked whether the US would join strikes against the Houthis, Trump said: “We may. We’re going to look at it.”

Global business and technology

• US and European telecom stocks fell after SpaceX reportedly agreed to acquire an $8 billion spectrum portfolio. T-Mobile, Verizon and AT&T fell 5.5-7.4% in premarket trading.
• PepsiCo raised €1 billion, or $1.12 billion, through three-year and nine-year bonds, a day after lowering its earnings growth outlook.
• Tesla’s China-made EV sales rose 5% year-on-year to 95,366 units in September, its 11th straight month of annual growth.
• Former Warner Bros. Discovery CEO David Zaslav will receive a $606.1 million payout from his equity holdings after Paramount’s acquisition.

Zerodha AfterMarket Report; Mint, 12 October 2026

Management chatter

Verbatim quotes from named individuals, as published by Mint.

Weekend recap: 10-11 October 2026

RBI moves to shield the rupee

The Reserve Bank of India tightened foreign-exchange derivative rules on Saturday to slow the rupee’s decline. The currency closed at ₹96.73 per dollar on Friday and has been under pressure from continued foreign capital outflows and higher fuel prices. Net FII outflows this year stand at $26.3 billion, while Brent is at $104.4 a barrel compared with $72 before the US-Iran war.

• The threshold for forex derivative contracts without an underlying exposure was cut from $100 million to $5 million.
• A special window will supply dollars to BPCL, HPCL and IndianOil through designated banks.
• Banks must hold cash equal to 20% of the rupee value of forex derivative deals above $2 million under a Foreign Exchange Risk Reserve.
• Cancelled rupee derivative contracts cannot be rebooked, and limits for exchange-traded rupee currency derivatives have been reduced.

Bankers said the 20% levy will make it much more expensive for importers to hedge their exposure and could cause forward premiums to fall sharply. Some described the measures as restrictive.

Trade: Circumstances have changed

Commerce and industry minister Piyush Goyal said on Saturday that circumstances have changed since India and the US announced a framework for an interim trade agreement in February, and that the final agreement will reflect the new situation. Under the framework, the US removed the 25% penalty on India for buying Russian oil and cut its tariff to 18%. The US Supreme Court later invalidated the reciprocal tariffs on 20 February. On 24 February, the US imposed a blanket 10% tariff on all countries for 150 days.

Goyal said trade agreement talks with Mexico will begin next week. The UK and Canadian trade ministers are also due to visit India next week. He said export numbers through September were “good”. Separately, Norway’s State Secretary Astrid Bergmål said Norwegian seafood exports to India rose 24% between October 2025 and August 2026 under the India-EFTA pact, with salmon exports up 143%.

Delhi protest and related developments

More than 1,000 student protesters, activists and political leaders were detained in Delhi on Saturday. Forty-five metro stations were shut and central Delhi saw a near-total internet blackout as the Cockroach Janata Party attempted a protest at Jantar Mantar demanding chief election commissioner Gyanesh Kumar’s resignation. Founder Abhijeet Dipke, Saurav Das and Ashutosh Ranka were detained on arrival at Delhi airport, and the party named Ajinkya Shinde to lead the protest. More than 30,000 police and paramilitary personnel were deployed. Arvind Kejriwal, Mamata Banerjee, Pinarayi Vijayan and Manik Sarkar were detained and later released. In Mumbai, police detained Tushar Gandhi and more than 100 others.

The BJP called the protest a “flop show”. Party president Nitin Nabin accused opposition leaders and the CJP of trying to destabilise the country. Rahul Gandhi, speaking in Chennai, said “Modi is fighting for his survival”. Opposition MPs plan to march to the Supreme Court on Monday, while the court scheduled a special Sunday sitting on petitions challenging the detentions.

Elsewhere, seven people were killed in separate incidents across Manipur’s Kamjong, Ukhrul and Kangpokpi districts. The National Investigation Agency also registered a case under the Anti-Hijacking Act and UAPA over the 30 September cockpit attack on Captain Smit Machchar aboard a flydubai flight.

Fares, cars and students

Early-bird domestic airfares are becoming less common. A Delhi-Mumbai one-way economy ticket costs ₹6,200 on Akasa Air, ₹6,500 on IndiGo and ₹6,900 on Air India whether booked for the next day or for February 2027. A few months ago, early bookings were around ₹3,800. IndiGo and the Air India group hold 70% and 25% of the market, while daily domestic flight capacity has fallen from around 3,200 flights to 2,800-3,000.

Automakers enter the festive season without last year’s GST boost, which helped take festive passenger vehicle sales to nearly half a million. Dealers are also carrying high inventories. The US Department of Homeland Security proposed a $70,000 fee for initial OPT applications and $30,000 for STEM extensions on 7 October. Career Mosaic is seeing a 40% decline in Indian student applications to the US.

Business developments

Ericsson CTO Erik Ekudden said telecom operators can improve the performance of existing 5G networks by 25-30% using AI without adding new hardware. A special PMLA court directed the Enforcement Directorate to monetise attached assets in the ₹5,600 crore NSEL case and pay ₹1,950 crore to 63 Moons Technologies once the settlement trigger event occurs. India exported about $940 million of human hair in FY26, with about 98% of raw hair officially sent to Myanmar before reaching China’s wig hub of Xuchang.

Around the world

US President Donald Trump announced an initial series of Russian diesel shipments totalling about 13.5 million barrels starting this month, as the White House tries to reduce fuel prices before the November midterm elections. The US Treasury issued a waiver covering previously sanctioned Russian fuel, and US diesel futures traded at around $4.66 a gallon. Ukraine’s European allies, including the UK and Germany, repeated their support for Kyiv and for sanctions.

The Nobel Peace Prize went to Navi Pillay, a former International Criminal Court judge who oversaw a UN report that concluded Israel had committed genocide in Gaza. Trump called the decision “an indelible stain on the country of Norway”. Trump also named Katie Zacharia as White House press secretary, replacing Karoline Leavitt.

The week ahead

Lakmé Fashion Week returns to Delhi from 13 to 18 October with more than 50 designers and labels, including 16 first-time participants. The Lok Sabha Speaker has given 20 rebel TMC MPs until 20 October to respond to a disqualification petition.

The Economic Times (Mumbai), Sunday edition, 11 October 2026

Closing

DayStarter by Devraj compiles reported facts from the Zerodha AfterMarket Report, Mint and the public sources named above. It is for information only and is not investment advice.