Megacap Surge and FPI Returns Fuel Market Rally

Opening Recap

Market Pulse: Indian equities edge up after foreign portfolio investors poured ₹6,480 cr into the market this month, while seven of the top ten megacaps added over ₹2.16 lakh cr in combined value yesterday, suggesting scale still drives sentiment.

Key Movers: Reliance and Airtel led the valuation gains, with HDFC Bank joining in as TCS and Infosys trimmed their shadows.

Macro & Politics: Analysts flag local property taxes as under pressure after Barra Roantree’s call to boost levies, even as Europe braces for stagflation “cockroaches” ahead of central bank decisions.

What’s Next: Watch municipal budget speeches and the Calcutta Stock Exchange’s final Diwali before its exit to gauge the structural reshuffle that could guide future flows.

Market Commentary

Everyone’s focused on the FPI flip from sellers to buyers, but few are dialing into the Calcutta Stock Exchange’s voluntary exit—the kind of consolidation move that reshapes regional liquidity and picks off market niches forgotten by big exchanges. It’s a quiet shift few in Bloomberg terminals are tracking.

Consider the link between Barra Roantree’s warning on jacked-up property taxes and Europe’s looming macro “cockroaches”: both are red flags that policy makers have run out of fast fixes, squeezing consumer wallets and corporate margins at the same time. When politics gag policy, markets start pricing the grind.

The play here? Back telecom and energy, where real assets defy volatility, and steer clear of hyped AI darlings and IPO zealots. Track FPI flows like a sonar ping—you’ll get a heads-up on the next directional swing before the ticker tapes flash it.