Daily Market Update - 23rd October 2026 by Ventura Securities Ltd
Market Outlook: Indian markets are likely to open higher on 23rd October, with Gift Nifty gaining 0.73% following a weak close in the previous session. On 22nd October, Nifty 50 declined 0.54% to 22,687.65 and Sensex fell 0.62% to 73,249.39, extending their three-day losing streak. Market breadth remained weak, with 2,670 stocks declining against 1,323 advancing, while Midcap and Smallcap indices declined 0.87% and 1.14%, respectively. India VIX remained elevated at 15.76. Nifty's immediate support is placed at 22,550–22,500, with a break below this zone potentially opening room towards 22,300–22,200, while 22,800–22,900 remains the immediate resistance zone. Global cues are mixed, with the S&P 500 and Nasdaq 100 declining 1.21% and 2.90%, respectively, although Gift Nifty indicates a positive opening.
FII & DII Activity: Foreign institutional investors remained net sellers on 22nd October, selling Rs 3,458.7 crore, while domestic institutional investors continued to provide support with net buying of Rs 2,891.3 crore. October FII selling has reached approximately Rs 52,353 crore, with foreign investors remaining net sellers in 12 of 14 sessions, whereas DII purchases have reached around Rs 55,875 crore. The continued divergence between FII selling and DII buying remains an important factor cushioning the broader market, although sustained foreign outflows could continue to weigh on market sentiment.
Sector Activity: Sectoral performance remained largely negative on 22nd October, with Nifty Pharma being the only notable gainer, rising 0.12%, led by Auropharma and PPL Pharma. Nifty PSU Bank also edged up 0.07%, supported by SBI and Union Bank. On the weaker side, Nifty FMCG declined 1.41%, Smallcap 100 fell 1.14%, Smallcap 250 declined 1.09% and Nifty IT fell 1.05%. Nifty Energy declined 1.05%, while Nifty Oil & Gas fell 0.86%. The weakness was broad-based across mid- and small-cap stocks, reflecting continued risk aversion, while pharma and select PSU banking stocks demonstrated relative resilience.
Long, Short, Long Unwinding & Short Covering: Fresh long build-up was visible in Sagility (+2.1%, OI +7.8%), SRF (+2.1%, OI +6.2%), Federal Bank (+1.0%, OI +4.3%), Indus Towers (+1.2%, OI +3.3%) and PB Fintech (+1.9%, OI +1.2%), indicating fresh bullish positioning in select financial, chemical and telecom names. Fresh short build-up was seen in Swiggy (-5.7%, OI +12.7%), Nippon Life AMC (-3.4%, OI +9.6%), Enrin (-1.2%, OI +12.5%), Power India (-3.7%, OI +6.0%) and Kalyan Jewellers (-4.4%, OI +3.7%). Long unwinding was observed in KEI, Waaree Energies, IREDA, L&T and PI Industries, while short covering was visible in Kaynes, Indian Hotels, Bajaj Holdings, Zydus Life and IRFC.
Top 5 News:
NLC India: The company signed MoUs with Odisha’s investment agency IPICOL for a proposed 3,200 MW coal-based power plant comprising four 800 MW units, involving an estimated investment of Rs 35,000 crore. It is also evaluating a Rs 2,000 crore beach sand mineral processing facility and studying coal gasification for synthesis gas production for fertiliser manufacturing.
eMudhra: The board decided to exit the global SSL/TLS certificate business following the recent certificate security incident. The business contributes approximately 1% of global revenue, while digital signatures, eSign and enterprise security platforms will continue operating separately. Affected customers will receive replacement certificates from partners free of charge.
Adani Energy Solutions: Q2 FY27 PAT increased 145% YoY to Rs 1,364 crore, while total income rose 51% to Rs 10,239 crore and EBITDA increased 67% to Rs 3,548 crore. The addition of the Vizag and Satara transmission projects took the transmission pipeline to approximately Rs 87,000 crore, while cumulative smart-meter installations reached 1.482 crore.
Swiggy: Q2 FY27 consolidated net loss narrowed to Rs 922 crore from Rs 1,092 crore, while revenue from operations increased 36.1% YoY to Rs 7,571 crore. Food-delivery adjusted EBITDA reached Rs 341 crore, while Instamart NOV grew 31.4% YoY to Rs 6,594 crore. Instamart added 69 dark stores, taking its network to 1,240 stores, although its adjusted EBITDA loss remained elevated at Rs 895 crore.
Pitti Engineering: The company approved rs 450 crore of capex to be implemented in phases through FY31, funded through internal accruals and debt. Annual sheet-metal lamination capacity is proposed to increase from 1,08,000 MT to 1,60,000 MT, while machining capacity is expected to rise from 8.14 lakh hours to 13.14 lakh hours. The project will also consolidate fragmented lamination operations in Karnataka into an integrated facility.
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