Daily Market Update – 28th October 2026 by Ventura Securities Ltd
Market Outlook: Indian markets are likely to open on a cautious note, with Gift Nifty down 80.5 points (-0.35%) despite positive global cues. US markets closed higher, with the S&P 500 up 0.60%, Dow Jones 0.03% and Nasdaq 100 1.29%, while Asian markets are also broadly firm. Nifty closed almost flat at 22,749.75 on 27th October and remains below its key 20-, 50-, 100- and 200-day EMAs. Immediate support is placed at 22,647/22,545, while resistance stands at 22,840/22,931. The Fed policy decision, India's September industrial output data and elevated crude prices will remain the key drivers for today's session.
FII & DII Activity: Foreign investors turned strong buyers on 27th October, recording net buying of Rs 4,240.4 crore, with purchases of Rs 24,517.7 crore against sales of Rs 20,277.3 crore. This was their strongest single-day buying in October and marks a meaningful reversal from the persistent selling trend seen earlier in the month. DIIs, however, turned net sellers for the first time since 16th October, selling Rs 1,250 crore. The FII reversal is a positive signal for market sentiment, although the broader October foreign-flow trend remains weak and needs to sustain over multiple sessions to confirm a meaningful change in positioning.
Sector Activity: Sector performance remained mixed on 27th October, with strong gains in Media and broader markets offsetting weakness in Cement and Banking. Nifty Media surged 3.66%, led by Sun TV (+9.25%) and Prime Focus (+8.98%), while Nifty Smallcap 100 and Smallcap 50 gained 2.69% and 2.66%, respectively. Nifty Auto rose 1.48%, Pharma 1.91%, Healthcare 1.65%, Consumer Durables 1.19%, India Manufacturing 1.45% and Energy 0.68%. On the weaker side, Nifty Cement declined 2.03%, Private Banks fell 0.73% and Nifty Bank declined 0.72%, led by weakness in Ambuja Cement, IndusInd Bank, Axis Bank, AU Small Finance Bank and SBI.
Long, Short, Long Unwinding & Short Covering: Fresh long build-up was seen in Bajaj Auto, PG Electroplast, Bank of Maharashtra, Mankind Pharma and United Spirits, with both price and open interest increasing. Fresh short build-up emerged in Mazagon Dock, Paytm, Ambuja Cements, Bharat Dynamics and HDFC Life, where prices declined alongside higher open interest. Long unwinding was visible in IREDA, ICICI Lombard, IRFC, L&T Finance and Hyundai, indicating reduction in existing long positions. Short covering was observed in Sona BLW, KFin Technologies, Tata Consumer, Power India and Force Motors, where prices gained while open interest declined.
Top 5 News:
Tata Motors – Iveco Acquisition Moves to Completion: Final tender results confirmed acceptance of 238.16 million Iveco shares, taking Tata Motors' ownership to 89.42%, excluding treasury shares. The transaction consideration is approximately €3.43 billion at €14.40 per share, with payment and ownership transfer scheduled for 30 October.
L&T – Record Order Inflow Despite Margin Pressure: Q2 FY27 revenue increased 16% YoY to Rs 78,750 crore and profit attributable to shareholders rose 33% to Rs 5,202 crore. Order inflow reached a record Rs 1,47,665 crore, up 28% YoY, while the order book expanded 28% to Rs 8,53,514 crore. EBITDA growth was limited to 1%, with margin declining to 8.7% from 10%.
Waaree Energies – Strong Revenue Growth, Margin Compression: Q2 FY27 revenue increased 23.9% YoY to approximately Rs 7,518 crore, while profit attributable to shareholders declined 14.7% to Rs 718.7 crore. EBITDA declined around 5% to Rs 1,336 crore and margin contracted to 18% from 23%. The company also approved the acquisition of 100% of Waaree Green Data Centers.
Maruti Suzuki – Sales Growth Fails to Translate into Profit Growth: Q2 FY27 revenue increased approximately 26% to Rs 53,355 crore, supported by record quarterly vehicle sales of 6,96,654 units, up 26.5% YoY. However, net profit declined 26.4% to Rs 2,466 crore as expenses rose 29.7%, with higher commodity costs, adverse currency movements and mark-to-market losses weighing on earnings.
HDFC Bank – New CEO Takes Charge: Anup Bagchi assumed charge as Managing Director and CEO of HDFC Bank on 27 October for a three-year term approved by the RBI. He succeeds Sashidhar Jagdishan and brings prior experience as MD & CEO of ICICI Prudential Life Insurance and as an Executive Director at ICICI Bank.
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