Indian Market in October: Reliance’s Pushback Against Elon Musk, Jio Platforms’ World Record & More.
- PhonePe Invest
- 6 min read
- 06 Nov 2026
Indian equity markets staged a rebound in October 2026. Nifty 50 and Sensex closed comfortably in the green, propelled by a surge in the IT sector alongside steady support from PSU banks and media.
DIIs comfortably absorbed outflows from FIIs. A sharp sell-off in safe-haven assets, marked by declines in gold and silver, signalled reviving risk appetite amid a headline-heavy month for big tech and corporate India.
Let’s take a closer look at everything that shaped the markets in the month that went by:
Sector Radar
Precious Metals
| Gold (10g) | ₹1,40,054.00 | -5.16% |
| Silver (1kg) | ₹1,81,344.00 | -18.17% |
Stock Action
SBINState Bank of India reported a cyberattack involving 3,897 customer records containing personally identifiable information leaked on the dark web.
GAILGAIL, India’s top natural gas distributor by market share, reported a two-fold increase in its net profit after tax to ₹4,650 crore for the September quarter Q2FY27, from ₹2,217 crore a year ago. Its revenue surged over 30% to ₹45,924 crore, with gas marketing revenue rising 31% to ₹41,226 crore. The company also said it granted in-principle approval to list subsidiary GAIL Gas through an IPO, potentially selling up to 25%.
WELCORPWelspun Corp approved investments of up to ₹2,280 crore to expand steel pipe manufacturing capacity in the US and establish new manufacturing and coating facilities in Jordan.
VEDLVedanta reported a 151% YoY jump in consolidated net profit to ₹6,202 crore, while revenue grew 57% to ₹25,812 crore. EBITDA reached a record ₹9,938 crore, supported by favourable market conditions, regulatory factors and higher volumes, partially offset by rising costs.
JPLJio Platforms’ IPO received over 1 crore applications with hours of bidding still remaining, setting a reported global record for the highest number of IPO applications. It surpassed the previous record of approximately 97 lakh applications held by Waaree Energies.
TATACOMMTata Communications plans to invest $400–450 million over the next three to five years to build a 10,000-km fibre network connecting major data centres and AI hubs across India. The network will offer 7.2 petabytes of capacity and integrate with its global infrastructure to support growing AI computing and connectivity requirements.
RELIANCEReliance Industries pushed back against Elon Musk’s criticism over delays in Starlink’s India entry, clarifying that Jio’s satellite services are also awaiting government approvals. The company said that it has never feared competition.
Macro & Global
- The US Federal Reserve kept interest rates unchanged at 3.75%–4.00% at its October meeting, following a 25-basis-point hike in September, with two policymakers favouring another increase.
- The Union Cabinet approved a ₹10,000 crore Container Manufacturing Promotion Scheme to develop domestic manufacturing capacity and reduce India’s dependence on imported shipping containers. The scheme will offer financial support until 2039-40, aiming to cut import dependence, bridge cost gaps and boost annual capacity tenfold to 750,000 TEUs (twenty-foot equivalent units).
- Microsoft is offering voluntary buyouts to approximately 60,000 employees, representing more than a quarter of its global workforce, as it looks to control costs and fund its AI investments.
- SpaceX secured $40 billion in debt financing to purchase GPUs for AI computing infrastructure, supported by revenues from its Starlink and launch businesses. Elon Musk warned that AI-focused cloud companies without independent revenue streams could face funding constraints, consolidation and potential failures.
FII vs. DII Trends
Tracking India’s evolving market ownership trends
| FII (₹ in Cr) | DII (₹ in Cr) | |
| October 2026 | -45,161.71 | 62,220.11 |
| September 2026 | -44,012.82 | 76,030.29 |
| August 2026 | -7,531.84 | 58,268.15 |
IPO Watch
Mainboard IPOs — Companies That Went Public (Market Cap > ₹1,000 Cr)
| Name | Issue Price (₹) | Listed Price (₹) | Listing Gains |
| Paras Healthcare Limited | 693.00 | 720.00 | +3.90% |
| Jio Platforms Limited | 1,119.00 | 1,358.00 | +21.36% |
| Zetwerk Manufacturing Business Limited | 151.00 | 159.25 | +5.46% |
| Bonfiglioli Transmissions Limited | 586.00 | 586.00 | 0.00% |
| Tonbo Imaging India Limited | 700.00 | 1,162.00 | +66.00% |
| Sahajanand Medical Technologies Limited | 344.00 | 371.15 | +7.89% |
| Fusion CX Limited | 289.00 | 292.00 | +1.04% |
| HD Fire Protect Limited | 271.00 | 335.00 | +23.62% |
| Vishal Nirmiti Limited | 220.00 | 215.00 | -2.27% |
| Nityas Gems And Jewellery Limited | 75.00 | 82.00 | +9.33% |
| SRIT India Limited | 130.00 | 139.80 | +7.54% |
| Shah Investor’s Home Limited | 167.00 | 171.00 | +2.40% |
| Orient Cables (India) Limited | 272.00 | 450.00 | +65.44% |
| German Green Steel and Power Limited | 139.00 | 142.00 | +2.16% |
| Runwal Enterprises Limited | 305.00 | 305.00 | 0.00% |
| Acevector Limited (Snapdeal IPO) | 32.00 | 28.30 | -11.56% |
| Moneyview Limited | 34.00 | 55.61 | +63.56% |
| A-One Steels India Limited | 405.00 | 462.00 | +14.07% |
That’s a wrap for October!
From sector moves to macro trends and market risks, we’ve covered what mattered.
See you next month. Till then, stay informed and invest intelligently with PhonePe Invest.
