Market View 22th October, 2026

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

Asian markets traded lower on Thursday, tracking weakness in US equity futures as mixed earnings from major technology companies raised concerns over the sustainability of the AI-driven rally. South Korea, Japan Chinese witnessed declines. Investors remained cautious amid uncertainty over technology sector earnings and future growth prospects. US markets opened on a mixed note on Wednesday as strong results from SpaceX and Super Micro Computer supported sentiment around AI and space-related stocks. However, Netflix shares came under pressure after the company issued a weaker-than-expected profit forecast. The Dow remained marginally lower, while the S&P and Nasdaq gained, supported by strength in technology stocks. Later, US equity futures weakened as investors assessed quarterly results from major technology companies, including Meta Platforms and Tesla. Concerns over elevated valuations and the sustainability of AI-related investments weighed on sentiment. Indian markets ended lower on Wednesday, dragged by selling pressure across most sectors. The Sensex and Nifty declined, while the Bank Nifty underperformed the broader market, reflecting weakness in banking stocks.

Key Quarterly Results for Today:

ACCELYA, ADANIENSOL, ATGL, BANSALWIRE, BLUESTONE, CHENNPETRO, CIEINDIA, COLPAL, CREDITACC, CYIENT, GHVINFRA, GRWRHITECH, HAVELLS, HINDPETRO, J&KBANK, JSL, MAHLIFE, MAHSCOOTER, NAM-INDIA, NUVOCO, ORIENTCEM, PAISALO, PITTIENG, RALLIS, SAGILITY, SAPPHIRE, SWIGGY, TTML, ZEELEARN.

Economic Calendar:

• USD: Initial and Continuing Jobless Claims Data on 22^nd October 2026.
• IND: HSBC Composite, Manufacturing & services PMI and Foreign Reserves Data on 23^rd October 2026.
• USD: S&P Global Composite, Manufacturing and Services PMI Data on 23^rd October 2026.
• IND: Industrial Production Data on 28^th October 2026.

IPO Watch:

BROKERAGE

MORGAN STANLEY ON VISHAL MEGA MART:

Target ₹146 Recommendation Overweight, Broad-based miss; impact of festive shift greater than expected, Reiterated FY27 double-digit SSSG target, implying lower growth in Q2 to be compensated in Q3, No customer demand moderation seen so far across regions, No further price hikes needed, at current levels of inflation, Confident on being able to maintain YoY margins in FY27, aided by cost re-engineering.

CITI ON ETERNAL:

Target ₹385 Recommendation Buy, Gearing Up On Growth; Entrenching Quick Commerce Advantages, Q2 EBITDA missed due to escalation in growth investments, Commentary bullishness on competitive positioning, near-term growth, degree of discretion in balancing growth-margin matrix was high, Eternal remains top pick in India Internet.

CITI ON M&M FINANCE:

Target ₹420 Earlier Target ₹440 Recommendation Buy, GS3/GS2 Improves; Credit Costs Well Contained Despite Apprehensions, Spreads dragged by elevated liquidity and trade advances; NIMs anchored above 7%, Broad-based disbursement momentum; non-wheels diversification scaling up, Operating leverage gaining traction; frontline productivity unlocked, Robust capitalization and conservative liquidity cushion.

MORGAN STANLEY ON SRF:

Target ₹2260 Recommendation Underweight, Non Fluoro verticals drag, Consolidated gross margin fell reflecting both raw material cost inflation and seasonal/sequential demand softness after a very strong Q1, Chemicals segment was broadly in-line, with SRF citing robust refrigerant sales volumes, Stay cautious near term as we expect India’s R-32 supply to expand materially into 2027.

International Markets:

U.S & Europe:

*As per 22^th October.

Asian markets

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

FII & DII Data in Cr.

News Updates:

Source: Moneycontrol, Bloomberg Quint, Investing

Disclosure

InCred Markets Limited (“the Company”), Formerly known as Elite Wealth Limited (The company is Wholly Owned Subsidiary of InCred Capital Financial Services Limited) does/ does not do business with companies covered in its research reports. Investors should be aware that the Company may/may not have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only information in making their investment decision and must exercise their own judgment before making any investment decision.

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Disclosure Appendix
Analyst Certification (For Reports)
Vindhyachal Prasad, InCred Markets Limited, vindhyachal@elitestock.com

The analyst(s) certify that all of the views expressed in this report accurately reflect my/our personal views about the subject company or companies and its or their securities. I/We also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report. Unless otherwise stated, the individuals listed on the cover page of this report are analysts in the Company.

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Country Specific Disclosures
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Entities Disclosures

InCred Markets Limited (Formerly known as Elite Wealth Limited) (IML henceforth), is a SEBI Registered Analyst having registration no. INH100002300, having its registered office at Casa Picasso, Golf Course Extension, Near Rajesh Pilot Chowk, Radha Swami, Sector-61, Gurgaon-122001 Haryana, Telephone: 0120-4477777, and Website: www.incredmarkets.com. There is no material conflict of interest with the subject company. The company and the Research Analyst have no actual or beneficial interest of one percent or more in the subject company.

The Company discloses all material information about itself including its business activity, disciplinary history, the terms and conditions on which it offers research report, details of associates and such other information as is necessary to take an investment decision, including the following:

1. Reports
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