Where is the market headed?
The markets were happy today, boosted by some positive talks with the UK team. There is growing evidence that India is now pushing hard to build stronger business ties with the EU and the UK while slowly reducing its exposure to the US. This seems to be the clear trend at the moment.
Another major headline today was that India may start paying for Russian oil in yuan. These moves are strong signals from India to the US — that while America may still be the big power globally, India is no longer ready to bow down easily.
Of course, such steps may invite some reaction in the form of tariffs or other trade actions, but it’s worth appreciating the government’s stand. It takes courage to hold your ground in front of a global superpower. In my view, countries that have bowed to the US have often suffered later, because once you give in to a bully, the bullying never stops. So it’s a strong position to take, and the markets seem to be taking some relief from this situation as well.
Apart from this, there was also some positive news about regulations. The talk around weekly expiries seems to be taking a more favorable turn, suggesting they might stay. Capital market stocks were leading the rally today, along with metals, which are on fire. Metal stocks are now at all-time highs, not just industrial metals but even precious ones. This broad-based metal rally is giving strength to the market.
Market Overview
Looking at the charts, things don’t look bad. After being hit yesterday, the market bounced back strongly today. Nifty was up 0.54%.
Nifty Next 50
Nifty Junior gained 0.56%, and midcaps and small caps were also showing renewed confidence. Midcaps rose 0.83%, while small caps remained stable.
Nifty Mid and Small Cap
Bank Nifty
Nifty Bank also recovered, up 0.3%. Overall, the market looked well under control.
GOLD
Gold, meanwhile, is unstoppable at ₹1,22,164 for 10 grams. Since August 20th, there have been only six red days in forty days, and none have led to any meaningful correction. This kind of strength shows that the rally is still intact. Every time people think gold has topped out, it keeps making new highs — from ₹55,000 to ₹1,22,000, and possibly beyond.
Advance Decline Ratio
The advance-decline ratio also improved through the day, closing with 310 advances against 190 declines — a healthy sign.
Heat Maps
Stocks like JSW Steel, Tata Steel, Sun Pharma, L&T, Reliance, TCS, SBI, and Hindustan Unilever all performed well. In the Nifty Next 50, stocks like CG Power, Hindustan Zinc, Vedanta, and Jindal Steel saw fantastic gains.
Mover Of The Day
MCX was the star of the day, jumping 7% as silver and gold futures trading volumes shot up. More volume means more money for exchanges, and investors clearly recognized that.
Sectoral Overview
All sectoral indices were in the green, which is another positive sign. Metals and Capital Markets led with 2% gains each, while defense, IT, Commodities, and Manufacturing were up between 1% and 1.5%. Metals are now at new all-time highs, with Hindustan Copper, Hindustan Zinc, and NMDC leading. When a stock or a sector hits an all-time high, it faces no selling pressure because nobody is stuck at a higher price — that’s why such moves can go on strongly.
Capital market stocks, which had been dull for months, finally showed life with a strong 2.15% jump led by MCX, Motilal Oswal, BSE, and Angel One.
Sector of the Day
Nifty Metal Index
Nifty Capital Market Index
U.S. Market
In the US, markets also continued their winning streak. The S&P 500 gained 0.58%, NASDAQ 1%, and Russell 1%. Over the past six months, the NASDAQ has delivered an impressive 34% return and nearly 26% in the past year. Stocks like AMD, Broadcom, and Nvidia continue to shine there.
Tweets Of the Day
The tweet of the day came from Katusa Research, showing how gold’s $500 moves have been getting faster with time. Earlier, it took 832 days for gold to move $500; now, the latest $500 move happened in just 35 days — the fastest ever. If this exponential pace continues, gold could touch $4,500 by early November and possibly even $5,000 by year-end.
Another tweet raised concern about silver ETFs. It showed that silver ETFs were trading at a massive 20–25% premium over the actual silver price. This means people buying ETFs are overpaying significantly, and if the premium disappears, they could lose 15–20% instantly.
