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• Equity benchmark Nifty declined nearly 1% to close below the 22,500 level, weighed down by heavy FII selling, weak global market cues, multi-year high US bond yields, crude oil prices above $100 per barrel, and concerns over delays in progress toward a US-Iran peace agreement. Market sentiment was further dampened by weak September monthly auto sales data.

• The Nifty fell 198 points, or 0.8%, to close at 22,421, although it recovered nearly 1% from the intraday low of 22,217, supported by short covering at lower levels. Investor sentiment remained under pressure as foreign institutional investors (FIIs) aggressively reduced their exposure to Indian equities, withdrawing around $2 billion, or nearly Rs 20,000 crore, over the past two trading sessions.

• FIIs sold equities worth Rs 10,148 crore on Wednesday and approximately Rs 8,000 crore in the previous session, taking their total selling for the week to more than Rs 26,000 crore. Most sectoral indices witnessed sharp declines, with the Nifty Auto Index emerging as the biggest laggard, falling 3.5% following disappointing September sales data from Maruti Suzuki, Eicher Motors and Bajaj Auto. In contrast, the Nifty IT Index gained 2%, supported by an upbeat current-quarter outlook from US-listed Micron.

• In global markets, US equities closed at a three-month low overnight, while European markets declined by up to 1% as rising crude oil prices pushed bond yields higher and revived concerns over inflation.

Technical Outlook:

• Nifty index opened negative and remained sideways in the first half before witnessing heavy selling pressure in the second half and it went towards 22200 zones. It witnessed a substantial recovery to 22400 zones towards the end amidst heightened volatility. It formed a bearish candle with a longer lower wick on the daily frame while the weekly chart formed a big bearish candle indicating sustained selling at higher levels. Now till it holds below 22500 zones weakness could extend towards 22300 then 22200 levels while on the upside hurdles can be seen at 22650 then 22750 zones.

• S&P BSE Sensex index opened on a negative note and traded in a range in the first hour. It witnessed intense selling from 72500 zones and dragged lower towards 71300 as bears took full charge. In the latter part of the session, the index witnessed a sharp bounce towards 72000 zones and trimmed few its intraday losses. It formed a small bodied candle with wicks on either sides on the daily chart indicating a clear tussle between bulls and bears. It formed a bearish candle on the weekly frame and has been making lower highs – lower lows from the last eight weeks. Now till it holds below 72000 zones, weakness could be seen towards 71500 then 71300 zones while hurdles can be seen at 72200 then 72500 zones.

Derivative Outlook:

• Nifty future closed negative with losses of 0.82% at 22520 levels. Positive setup seen in Mpahsis, CG Power, Coforge, RBL Bank and HDFC Life while weakness seen in PB Fintech, Bajaj Auto, Maruti, Uno Minda, Kalyan, Bluestar, LIC Housing, Shriram finance, Swiggy, UPL, REC, Jubilant Foodworks, Tata Steel and M&M.

• On option front, Maximum Call OI is at 22500 then 22700 strike while Maximum Put OI is at 22000 then 22300 strike. Call writing is seen at 22500 then 22600 strike while Put writing is seen at 22300 then 22200 strike. Option data suggests a broader trading range in between 22000 to 22800 zones while an immediate range between 22200 to 22600 levels.

• Hyundai Motor India records 'highest-ever' monthly sales in Sept at 77,916 units – Company reported its highest- ever monthly total sales including exports in September at 77,916 units, registering a 10.8% (YoY) growth.

• GST Collections Rise 14.7% YoY to above Rs2 Lakh Crore In September – The Goods & Services Tax (GST) collection witnessed a decent growth in the month of September 2026. Gross GST collections in September rose 14.7% year-on-year (YoY) to Rs 2.04 lakh crore.

• September auto sales – Eicher Motor sales at 1.34 lakh (up 8% YoY), VST Trillers sales at 5954 unit (up 33% YoY), Escorts sales at 15214 units (down 16.7% YoY), Hyundai Motor sales at 77196 (up 10.8% YoY). M&M PV sales at 64092 unit (up 14% YoY). M&M tractors sales at 52100 unit (down 21% YoY), Bajaj Auto sales at 5.28 lakh unit (up 5% YoY), SML Mahindra at 1124 unit (up 18% YoY). Force Motor sales at 4027 unit (up 62% YoY). Tata Motor CV September sales at 43487 unit (up 42.4% YoY), Maruti September sales at 236013 unit (up 24% YoY).

• CEAT expands Chennai plant to boost premium tyre production for India, global markets – Tyre maker CEAT on Thursday said it has expanded its Chennai plant capabilities across categories, boosting its capacity to manufacture advanced and premium products for domestic as well as key international markets, including Europe and North America.

• MTNL – Board approved the sale of its Powai property in Mumbai to the Income Tax Department for Rs 891.53.

• GPT Infraprojects – Company has secured a Rs 385 crore order from Transnet Freight Rail, South Africa, for manufacturing and supplying railway concrete sleepers over a fiveyear period.

• TD Power Systems – Company won a confirmed Rs 192 crore work order from a Multinational Corporation for US-based gas turbine generator supplies.

Global Market Update

• Asian Market – Asian stocks gained fueled by a sharp rebound in the technology shares as gains in the chip sector rose with an upbeat forecast from Micron for the current quarter. Both Japan and South Korea Index gained 2% each.

• European Market – The FTSE 100 fell, leading European stocks lower as rising oil prices drove bond yields higher and revived inflation concerns. . UK, Germany and France Index declined up to 1%.

• US Data – Manufacturing PMI and Initial Job data.

• Commodity – Brent Oil prices edged higher by 2% to above $100/bbl as Middle East crude exports continued to recover toward prewar levels, easing some immediate supply concerns even as risks around regional shipping and the U.S.-Iran conflict persisted.

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