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BEARISHDaily Pulse · 26 Oct

FIIs have dumped ₹73,038 Cr over 20 sessions while domestic money added ₹82,114 Cr—a structural rotation that's masking how weak the market actually is.

The last five days paint a story of FIIs in retreat. Friday's ₹888 Cr inflow was the exception; the preceding session saw a ₹3,459 Cr exit. Over 20 sessions, FIIs are down ₹73,038 Cr while DIIs have cushioned the fall with ₹82,114 Cr in buying. Yet Nifty sits flat at 22,690 with a BEARISH signal—meaning domestic money is essentially propping up a market FIIs no longer believe in.

The options picture adds urgency: PCR at 1.13 signals put-call imbalance, and with just one day to expiry, volatility is compressing before the next release. BankNifty's PCR of 0.82 is even tighter. The non-obvious read: three large-cap names—Adani Enterprises, Apollo Hospitals, Nestlé India—are down 15–17% over 30 days, yet FIIs appear to be nibbling. This isn't conviction; it's either liquidation across a basket or selective picking in what looks like a sinking boat.

Auto-generated from NSE flow & options data, every trading evening. Not investment advice.

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ENERGY & POWER

India's Power Capex Hits ₹8.5 Lakh Crore Through 2030—But NTPC & POWERGRID Are Priced for Perfection

India's power generation capex cycle is genuinely structural: 136 GW renewables by FY37, 10 GW NTPC expansion, grid buildout accelerating. Problem: NTPC trades at 22× earnings, POWERGRID at 18×, leaving near-zero margin for execution slippage or rate volatility.

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DEFENCE

₹4.8 Lakh Cr Defence Order Book Hides a ₹2.2 Lakh Cr Execution Problem — HAL, BDL Hitting Capacity Walls

Indian defence PSU order books have swelled to ₹4.8 lakh crore, but actual annual revenue run-rates are ₹45,000-50,000 crore — a 9-10 year delivery pipe that masks falling margins and capex constraints. PLI incentives are driving valuations up while production capacity remains bottlenecked.

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IT SERVICES

India IT Q2 FY27: ₹9.5B Deal Win Masks Margin Compression & Organic Growth Stall

TCS landed ₹9.5B in deals but organic growth flatlined while AI-driven repricing cuts margins 80–120 bps. Rupee weakness is the only earnings prop left standing.

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