Macro & Global Overview

Global Trade & Economy
• The U.S.–China trade war has flared up again, with Washington threatening to impose 100% tariffs on Chinese imports from November 1. Beijing’s export controls on rare earth elements have heightened global supply chain concerns.
• Asian markets declined nearly 2% (excluding Japan), while U.S. futures hinted at mild recovery. Investors are bracing for short-term volatility.
• The Indian rupee remained stable around ₹88.74–₹88.80 per USD, supported by RBI intervention hopes.

Policy & Regulatory Backdrop
• The RBI is reviewing credit risk norms to make lending more dynamic and risk-sensitive, possibly improving capital flows in banking and NBFC sectors.
• Globally, central banks remain cautious, balancing inflation concerns with slowing growth.
• SEBI has eased its penalty framework for brokers to improve compliance efficiency.

IPO & Market Liquidity
• October continues to be a record IPO month, with close to USD 5 billion expected in new issues — including Tata Capital and LG India.
• This wave of primary market activity may attract liquidity but also temporarily divert funds from secondary equities.

• Market Sentiment Snapshot
• Indices: Nifty and Sensex opened lower, mirroring weak global cues. Gift Nifty indicated a 70–90-point negative bias at the start.
• Breadth: Market participation remains narrow; investors are preferring defensive or selective midcap opportunities.
• Analysts advise a stock-specific approach with tight stop-losses given rising volatility.
• Global cues remain cautious amid U.S.–China trade escalation and holiday-thinned liquidity.
• Indian equities are expected to open mildly negative, following weak cues in Asia.
• PSU banks and renewables likely to remain in focus, while IT and metals may stay under pressure.
• Defensive sectors (pharma, FMCG) could attract rotational interest.

• Levels to watch:
o Nifty support: 24,900–25,250
o Nifty resistance: 25,500–25,800

Key Corporate Highlights
• Tata Capital debuted on the exchanges with a modest 1.2% listing premium, reflecting steady investor appetite for financial services.
• Waaree Renewable Technologies surged 8–13% on robust Q2 results, highlighting continued investor interest in the renewable energy space.
• BLS International dropped sharply after being barred by the Ministry of External Affairs from new government tenders for two years.
• Analyst stock ideas: Manorama Industries, Asahi India Glass, Bajaj Consumer Care, Borosil Renewables, and Le Travenues were highlighted as technical breakout candidates.
• Concord Control Systems: Raises stake in Progota India to 46.5%.

Corporate Results Highlights
Avenue Supermarts (DMart) – Q2 FY26 Results
• Revenue: ₹16,676 crore (↑15.5% YoY) vs ₹14,445 crore
• EBITDA: ₹1,214 crore (↑11% YoY) vs ₹1,094 crore
• EBITDA Margin: 7.3% vs 7.6%
• Net Profit: ₹685 crore (↑3.9% YoY) vs ₹660 crore

Euro Pratik Sales – Q1 FY26 Results
• Revenue: ₹64.5 crore (↑33.2% YoY) vs ₹48.4 crore

Waaree Renewable Technologies – Q2 FY26 Results (Consolidated)
• Revenue: ₹775 crore (↑47.7% YoY) vs ₹524 crore
• EBITDA: ₹158 crore vs ₹61.6 crore
• EBITDA Margin: 20.4% vs 11.7%
• Net Profit: ₹116 crore vs ₹53.5 crore

BLS International Services
• The Ministry of External Affairs has barred participation in new MEA tenders for two years.
• The company clarified that the move will not materially affect operations, as Indian Missions account for ~12% of revenue and 8% of EBITDA.

Reliance Power
• ED arrest: Executive Director and CFO, Ashok Kumar Pal, arrested in a money laundering case and resigned immediately.
• The company clarified that Anil Ambani is not associated with the firm for over 3.5 years.

Welspun Enterprises
• Board meeting on Oct 15, 2025, to consider fundraising via convertible equity warrants.
• Declared L1 bidder for:
o ₹7,300 crore 6-lane Pune–Shirur highway (MoRTH-backed, 29-year concession).
o ₹3,145 crore Panjrapur 910 MLD water treatment project with Veolia
Water Technologies.

Muthoot Finance
• Denied allegations related to handling investor funds in the Srei Group matter; stated no business or financial link exists.

New Delhi Television (NDTV)
• Completed rights issue raising ₹396.49 crore; oversubscribed 1.11x.
• Equity share capital rises from 6.45 crore to 11.28 crore shares.

Zen Technologies
• Won a ₹37 crore order from the Ministry of Defence for advanced anti-drone systems.

Bajaj Finserv
• General Insurance: Gross direct premium of ₹2,218.77 crore in September and ₹11,554.35 crore in H1 FY26.
• Life Insurance: New business premium of ₹1,374.58 crore in September and ₹6,327.17 crore in H1 FY26.

Medplus Health Services
• Subsidiary received temporary suspension of a drug license for one

Karnataka store.

Corporate Leadership update
• Quess Corp: CFO Sushanth Pai resigns, effective Oct 17.
• Mahalaxmi Rubtech: CFO Rajendra Mehta resigns effective Nov 30.
• Hind Rectifiers: Appoints Manoj Nair as CEO.

Market Actions
• Stock Splits:
o Gokul Agro (₹2 → ₹1) — Ex-date tomorrow
o Tata Investment Corp (₹10 → ₹1) — Ex-date tomorrow
• Spin-off: Tata Motors — Ex-date tomorrow
• Rights Issue: Suraj Industries — Ex-date Monday
• ASM Framework (Stage I): BlueStone added
• Circuit Filter Changes:
o 10% → 5%: Coolcaps, KIOCL
o 5% → 20%: Dreamfolks

Market & Commodity Summary (As of 8:10 AM IST)
Asset / Indicator Latest Change (%)
Gold (₹/10g) 63,730 +1.68%
Silver (₹/kg) 4,067.45 +3.48%
Crude Oil (USD/barrel) 88.72 –0.52%
Brent Oil (USD/barrel) 102.60 +1.59%
Natural Gas (USD/MMBtu) 5.05 +3.17%
Dollar Index 98.00 Unchanged
INR/USD 88.72 Stable
Bitcoin (USD) 63,527 –2.32%