Indian Benchmarks Rebound as Nifty 50 Surges Over 1% on Thursday
Investors are now tracking ongoing Q2 earnings, crude oil movements, and global cues for further market direction.
The story
Indian equity benchmarks saw a rebound on Thursday, October 29, with the Nifty 50 climbing 1.05% by market close. The India VIX, a measure of market volatility, also eased significantly, falling 6.95% to 15.12 on the same day, indicating a calmer trading environment. This recovery followed recent declines. On Friday, October 30, early trading showed a mixed picture, with the Nifty 50 up 0.17% at 22,976.60 and the BSE Sensex up 0.06% at 74,192.81 by 10:56 AM IST.
Foreign Institutional Investors (FIIs) remained net sellers in the cash segment, offloading equities worth ₹943.60 crore on October 29. Domestic Institutional Investors (DIIs) provided support, acting as net buyers with an inflow of ₹1,924.41 crore on the same day. Sectoral performance on Friday saw Nifty IT gaining 1.83%, while Nifty Bank declined 0.33%. Broader markets, including Nifty Midcap 50 and Nifty Smallcap 50, experienced declines of 0.87% and 1.32% respectively. Individual stocks like Trent saw a 7% surge following its Q2 results, while Jio Platforms, which listed on October 28, traded 28% above its IPO price.
The tape
| Instrument | Last | Change |
|---|---|---|
| Nifty 50 | 22,983.95 | +47.21 (0.21%) |
| BSE Sensex | 74,323.2 | +172.16 (0.23%) |
| Nifty Bank | 54,726.15 | -183.50 (-0.33%) |
| India VIX | 15.12 | -1.13 (-6.95%) |
Flows & data
| Item | Reading | Read |
|---|---|---|
| FII Net | -₹943.60 Cr (Oct 29, 2026) | Foreign Institutional Investors were net sellers in the cash market. |
| DII Net | +₹1,924.41 Cr (Oct 29, 2026) | Domestic Institutional Investors were net buyers, absorbing FII selling. |
IPOs & the primary market
India's primary market saw significant activity with the listing of Jio Platforms Ltd. on October 28, following its ₹30,213 crore IPO. The shares debuted with a 21.36% gain and traded 28% above their issue price by October 30. Paras Healthcare Ltd., also listed on October 28, saw a 3.9% listing gain.
Several new issues are currently open for subscription. Mainboard IPOs include M.K.Sons Fine Jewels (October 28-30) and Bombay Coated & Special Steels (October 29-November 2), with the latter showing an unofficial grey market premium (GMP) of ₹9, indicating an estimated 10.98% gain. Among SME IPOs, Maxwell Engineering Solutions (October 30-November 3) has a notable GMP of ₹70, suggesting a potential 44.30% listing gain. BLS Polymers, which closed on October 29, also had a high GMP of ₹68, pointing to an estimated 45.33% gain. The robust GMPs for these issues highlight continued investor appetite in the grey market.
Valuation watch — India & global
India's equity market valuations in September 2026 showed the Nifty 50 trading at a trailing P/E ratio of 21.19, with a forward P/E of 18.68. The Cyclically Adjusted Price-to-Earnings (CAPE) ratio for India stood at 28.67 for the same period.
While these figures indicate a market above its long-term averages, some analysts note that the current environment is not yet signaling a full-blown bubble, though risks are accumulating. Globally, the US market's Shiller CAPE ratio was reported around 39-40 in November 2025, significantly higher than its historical average of 16-18, highlighting elevated valuations in developed markets.
The notable grey market premiums seen in recent Indian IPOs, such as Maxwell Engineering Solutions with an estimated 44.30% gain, suggest strong investor enthusiasm, a common signal of froth in the primary market. Sustained corporate earnings growth and controlled inflation are key factors supporting current valuations.
What we'll be watching
- Ongoing Q2 corporate earnings announcements.
- Bombay Coated & Special Steels IPO subscription closes on November 2.
- Antala Industries SME IPO subscription closes on November 2.
- Maxwell Engineering Solutions SME IPO subscription closes on November 3.
- Vectras Enprocon SME IPO subscription closes on November 3.
- Vedant Poly Fabs SME IPO opens on November 2.
Reporting + analyst voices: grounded via Google Search at publish time.