Market View 28th October, 2026

View on market: Volatility persists, eagerly searching for growth:

Asian markets traded higher on Wednesday, tracking gains on Wall Street as investors awaited the US Federal Reserve’s interest rate decision. South Korea’s Kospi surged after SK Hynix reported strong quarterly results, supported by robust revenue and operating profit growth. Japan’s Nikkei and Topix also advanced, while Australia’s ASX gained, reflecting positive regional sentiment. US stocks opened higher on Tuesday ahead of major technology company earnings. Easing crude oil prices provided some relief to investors before the Federal Reserve’s policy decision. The Nasdaq, S&P and Dow Jones all advanced as investors assessed corporate earnings and the outlook for interest rates. Indian benchmark indices ended Tuesday’s volatile session nearly flat as investors remained cautious due to elevated crude oil prices and ongoing geopolitical tensions in the Middle East. The Sensex and Nifty closed slightly lower, while Bank Nifty declined more sharply, reflecting continued weakness in banking stocks.

Key Quarterly Results for Today:

20MICRONS, AARTIPHARM, ACMESOLAR, ADANIENT, ADANIPORTS, AEROFLEX, AGI, ANANTRAJ, ARVIND, ATLASCYCLE, BAJAJELEC, BANDHANBNK, CARTRADE, CHOLAFIN, CRAFTSMAN, CUB, ECLERX, EMKAY, FORCEMOT, GMRAIRPORT, GOKULAGRO, GOODLUCK, HEROMOTOCO, HINDUNILVR, HYUNDAI, IIFLCAPS, INFOBEAN, JSWENERGY, KPITTECH, KPRMILL, KTKBANK, MASFIN, MEESHO, MOSCHIP, NAUKRI, ONMOBILE, PIDILITIND, PNBHOUSING, PVRINOX, REFEX, TVSMOTOR, ZENSARTECH.

Economic Calendar:

• USD: Fed Monetary Policy API & EIA Crude Oil Inventory and MBA 30–Year Mortgage Rate on 28^th October 2026.
• IND: Industrial Production Data on 28^th October 2026.
• USD: Fed Press Conference & GDP Growth Rate Q3 and PCE Price Index Data and Initial & Continuing Jobless Claims Data on 29^th October 2026.
• IND: Bank Loan & Deposit Growth Rate and Foreign Reserve Data on 30^th October 2026.

BROKERAGE

JEFFERIES ON BAJAJ AUTO:

Target ₹11500 Recommendation Hold, Delivering Well Despite Cost Pressures, Q2 growth led by better realizations, 2W demand momentum remains strong in both India and export markets, Bajaj is doing well in EVs and has regained some share in exports, Domestic motorcycle market share has been under pressure.

JEFFERIES ON SBI LIFE:

Target ₹2500 Recommendation Buy, Q2 Results: In Line; Growth to Accelerate in H2, VNB margin of 29% led by a favorable mix, FY27 premium growth guidance, implying an acceleration in H2, See FY29 VNB margin of 28.7%, above 26-28% target, as ULIP mix falls, Stock has derated due to regulatory risks, see SBI Life as least exposed, with new opportunities emerging.

JEFFERIES ON MARUTI:

Target ₹13500 Earlier Target ₹16500 Recommendation Buy, Weak Q2 and Another Earnings Cut, Retain Buy but keep it lower in pecking order after TVS, Eicher & M&M, Industry registration growth has come off in recent weeks, Maruti was sanguine and expects 10% domestic growth in H2, Margin outlook remains clouded, although market share is showing some stabilization.

JEFFERIES ON L&T:

Target ₹4700 Earlier Target ₹5000 Recommendation Buy, Outperformance should continue, Q2 EBITDA was 5% lower than expectations, 22% YoY rise in H1FY27 order flow is tracking ahead of L&T’s annual 10-12% YoY guidance, Management maintained its FY27E E&C margin and 10-12% YoY revenue growth guidance, Outperformance should continue given strong order book and execution.

International Markets:

U.S & Europe:

*As per 28^th October.

Asian markets

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

FII & DII Data in Cr.

News Updates:

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Vindhyachal Prasad, InCred Markets Limited, vindhyachal@elitestock.com
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