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Below the Quote on Daily Market Commentary for October 28th 2026 by Siddhartha Khemka - Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd

Indian equities are likely to remain range-bound ahead of the US Federal Reserve’s policy decision, with a rate hold widely expected. However, the Fed’s guidance on the future rate trajectory will be crucial for near-term market direction, particularly given September’s projections indicating the possibility of another hike by December. Crude oil prices and the rupee will also remain key monitorable. In the primary market, Jio Platforms made a strong debut, listing at rs 1,358 on both exchanges, a 21.36% premium to its issue price of rs 1,119 and closing at rs 1,419 (+26.8%), taking its market capitalisation to rs 13 lakh crore, making it India’s second-most valuable listed company after Reliance. The strong debut breaks the recent run of disappointing mega-IPO listings and signals sustained investor appetite for quality offerings, potentially supporting the IPO pipeline into the next quarter. Investors will track the Fed’s policy decision and Q2 results from Coal India, Asian Paints, InterGlobe Aviation, Trent, Laurus Labs, Ambuja Cements, Godrej Consumer Products, Welspun Corp, Suzlon Energy, MTAR Technologies, Pine Labs and Deepak Nitrite, among others, on Thursday. The Fed’s commentary, crude oil prices and the rupee will remain key near-term triggers. The Nifty closed at 22,698, down 0.2%, after recovering 180 points from days’ low. Broader markets outperformed, with the Midcap 100 and Smallcap 100 gaining 0.4% and 0.9%, respectively. Auto led sectoral gains at 1.4%, followed by Consumer Durables (+1.4%) and Media (+1.4%), while led the fall Oil & Gas (-2.2%), IT (-1.2%) and Realty declined 0.9%. IT weakness extended into a second session following Infosys’ lower FY27 revenue guidance, keeping concerns over sector growth and AI-led disruption in focus. On the macroeconomic front, India’s outward FDI declined 13.96% to US$4.34 billion in September from US$5.05 billion in August, according to RBI data. Broadband subscribers rose 0.59% to 1,107.68 million in September, as per TRAI data. Separately, SEBI extended the compliance deadline for debenture trustees undertaking activities outside its purview to April 2027. The Cabinet approved Rs 10,016 crore towards dearness allowance, rs 10,000 crore for the Container Manufacturing Promotion Scheme, Rs7,395 crore for the PM Viksit Gram Swaraj Yojana and rs 1,856 crore for the Khelo India Sports Goods Manufacturing Plan. The measures are expected to support consumption, strengthen domestic container manufacturing, promote rural development and boost indigenous sports goods production.

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