Author: Eqwires

In a significant regulatory update, the Securities and Exchange Board of India (SEBI) has announced new intraday position limits for equity index options. The move is aimed at curbing excessive risk-taking and managing volatility, especially during expiry-day trading sessions that have seen sharp and unpredictable swings.

Effective from October 1, 2025, the framework introduces stricter controls on how much exposure entities can take during the trading day, without affecting genuine hedging or market-making activities.

Key Changes in Position Limits

SEBI’s circular outlines two new thresholds:

• Net Intraday Position Limit: ₹5,000 crore (futures-equivalent basis)
• Gross Intraday Position Limit: ₹10,000 crore (combined long and short positions)

These limits are significantly higher than the existing end-of-day net cap of ₹1,500 crore, allowing flexibility during the day while tightening surveillance.

Rationale Behind the Move

The decision follows repeated instances of:

• Large expiry-day positions causing abrupt price movements
• Unusual volatility in Nifty and Bank Nifty contracts
• Concerns over potential manipulation by high-frequency trading firms or large proprietary desks

SEBI aims to balance liquidity provision with systemic safety, especially during high-volume sessions that attract speculative trades.

Monitoring and Enforcement

To ensure compliance, stock exchanges will:

• Capture at least four random intraday snapshots of trader positions
• Include one snapshot between 2:45 PM and 3:30 PM, the most volatile period
• Review trading patterns of entities breaching limits
• Submit findings to SEBI for further surveillance and action

Penalty provisions for expiry-day violations will be enforced starting December 6, 2025, aligning with the end of SEBI’s glide path for position limits.

Impact on Market Participants

Positive Outcomes

• Reduces risk of sudden market disruptions
• Encourages disciplined trading behavior
• Protects retail investors from expiry-day volatility

Challenges Ahead

• Intraday traders may face tighter scrutiny
• Large desks must adapt to new exposure norms
• Liquidity providers must ensure collateral-backed positions

SEBI has clarified that genuine hedging and market-making activities will be permitted, provided they are backed by adequate cash or securities collateral.

Who Is Affected

• Applies only to index options (e.g., Nifty, Bank Nifty)
• Does not apply to single-stock derivatives
• All entities, including brokers, prop desks, and institutions, must comply

Exchanges and clearing corporations are expected to publish a joint Standard Operating Procedure (SOP) within 15 days to guide implementation.

Conclusion

SEBI’s new intraday position limits mark a proactive step toward cleaner expiry-day trading and greater transparency in India’s derivatives market. While the framework introduces tighter checks, it preserves flexibility for genuine participants.

For traders navigating this evolving landscape, having structured guidance and disciplined setups is more important than ever. That’s where platforms like Eqwires Research Analyst stand out — offering SEBI-registered trade strategies backed by logic, risk control, and real-time adaptability. In a market shaped by regulation and volatility, clarity and consistency are key.

Whether you’re a retail trader or managing client portfolios, staying informed and aligned with regulatory shifts will be essential for long-term success.

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The Indian equity markets opened September on a bullish note, with benchmark indices and broader markets rallying on the back of strong macroeconomic data, robust sectoral performance, and renewed investor optimism.

The Nifty 50 closed at 24,625 (+0.81%) and the Sensex ended at 80,364 (+0.70%), while the Nifty Midcap 100 and Nifty Smallcap 100 outperformed with gains of 2% and 1.6% respectively.

Drivers of the Rally

1. GDP Surprise: India’s Q1 FY26 GDP growth came in at 7.8%, beating consensus estimates and reinforcing the country’s position as the fastest‑growing major economy.
2. Auto Sales Boost: August auto sales data showed double‑digit growth for most manufacturers, lifting sentiment in mobility and ancillary stocks.
3. GST Collection Strength: August GST revenues rose 6.5% YoY to ₹1.86 lakh crore, signalling healthy consumption trends.
4. Sector Rotation: Investors moved into growth and cyclical sectors, trimming positions in defensives like FMCG and pharma.

Top Gainers — September 1, 2025

Stock	Sector	Gain %	Key Catalyst
Ola	New‑Age Mobility	~10%	Record EV sales in August, expansion into Tier‑2 cities
Kaynes Tech	Electronics Mfg	~9%	Large export order wins, strong guidance for FY26
GMDC	Mining & Minerals	~8%	Commodity price uptick, higher production volumes
MCX	Financial Services	~7%	Surge in commodity derivatives volumes, new product launches
Swiggy	Food Delivery	~7%	Improved profitability metrics, market share gains in quick commerce
RVNL	Rail Infra	~6%	Fresh project awards from Indian Railways, robust order book
Zydus Wellness	FMCG/Healthcare	~10%	Overseas acquisition announcement

Top Losers — September 1, 2025

Stock	Sector	Loss %	Key Catalyst
Sun Pharma	Pharma	-2.0%	Profit‑booking after recent rally
ITC	FMCG	-1.8%	Mild selling pressure in defensives
Hindustan Unilever	FMCG	-1.5%	Sector rotation into cyclicals
Titan	Consumer Durables	-1.4%	Weak jewellery sales data
Cipla	Pharma	-1.3%	Regulatory concerns in export markets
L&T	Infra	-1.2%	Marginal correction after strong run
HDFC Bank	Banking	-1.1%	Profit‑booking in large private banks

Sectoral Performance

• Winners: Auto (+2.8%), Consumer Durables (+2.1%), Metals (+1.6%), IT (+1.6%)
• Laggards: FMCG and Pharma saw mild declines due to capital rotation into growth sectors.

Macro & Market Link

The combination of strong GDP growth, healthy GST collections, and upbeat corporate commentary has reinforced the bullish medium‑term outlook for Indian equities. Midcap and smallcap segments continue to attract retail and HNI participation, while FIIs have turned net buyers after weeks of outflows.

Investor Perspective

For traders and investors, days like September 1 highlight the importance of:

• Tracking macro triggers like GDP and GST data
• Identifying sector rotation early to capture momentum
• Using derivatives and options to hedge or amplify returns during high‑volatility phases

This is where working with a SEBI registered research analyst can make a difference. Firms like Eqwires Research Analyst — recognised as one of the best SEBI registered companies in India — specialise in translating macroeconomic cues and corporate developments into best investment strategies. Known as a best option trades provider and top stock market services provider in India, Eqwires blends technical and fundamental research to help clients position for both short‑term trades and long‑term portfolio growth.

Outlook

With macro data supportive and sectoral breadth improving, analysts expect the market to maintain its upward bias in the near term. However, valuations in certain pockets remain elevated, making stock selection and disciplined risk management critical.

For investors, combining macro awareness with expert guidance — as offered by Eqwires Research Analyst — can help navigate opportunities in leaders like Ola, Kaynes Tech, GMDC, MCX, Swiggy, and RVNL, while avoiding potential pitfalls in underperforming sectors.

Eqwires Research Analyst

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In a move that could reshape India’s electric mobility supply chain, Ashok Leyland, the flagship of the Hinduja Group and India’s second‑largest commercial vehicle manufacturer, has announced a ₹5,000 crore investment to establish a domestic battery manufacturing ecosystem. The company has entered into a long‑term exclusive partnership with China’s CALB Group, one of the world’s leading battery technology providers, to localise production and reduce dependence on imports.

The investment will be deployed over 7–10 years and will serve both automotive and non‑automotive applications, including energy storage systems — a sector poised for rapid growth as India integrates more renewable energy into its grid.

Strategic Rationale

Ashok Leyland’s battery venture is designed to:

• Support its own EV portfolio — particularly electric buses and trucks under its subsidiary Switch Mobility.
• Cater to non‑captive demand — supplying batteries to other automakers and industrial energy storage projects.
• Establish a Global Centre of Excellence — focusing on R&D in battery materials, recycling, battery management systems (BMS), and advanced manufacturing processes.

Dheeraj Hinduja, Chairman of Ashok Leyland, said:

“Our strategic partnership with CALB is a significant step towards creating a localised battery supply chain in India to accelerate EV adoption and reduce dependence on fossil fuels.”

Shenu Agarwal, MD & CEO, added:

“In the initial phase, the new battery business shall focus on the automotive sector, and then move to non‑automotive areas as well, including energy storage systems.”

Market Context

India’s EV market is at an inflection point:

• Policy Push: Government incentives under FAME‑II and state EV policies are driving adoption.
• Cost Challenge: Batteries account for 35–40% of an EV’s cost; localisation is key to affordability.
• Supply Chain Security: Global battery supply is concentrated in a few countries, making localisation critical for energy security.

CALB brings expertise in lithium‑ion cell chemistry, large‑scale production, and integrated battery solutions — capabilities that can accelerate India’s EV transition.

Industry Impact

• Commercial Vehicles: Local battery production could lower costs for electric buses and trucks, making them more competitive for fleet operators.
• Energy Storage: With India’s renewable energy capacity expanding, demand for grid‑scale storage solutions is set to surge.
• Technology Transfer: The partnership is expected to bring advanced manufacturing know‑how to India, fostering a skilled workforce in battery engineering.

Investor Perspective

For investors, this move signals:

• Long‑term growth potential in EV and clean energy sectors.
• Opportunities in ancillary industries — from raw materials to recycling.
• Potential stock market momentum for companies aligned with the EV supply chain.

This is where market intelligence becomes crucial. Many traders and investors rely on SEBI registered research analysts to interpret such macro‑level developments and translate them into actionable strategies.

Eqwires Research Analyst — Linking Macro Trends to Market Moves

Among India’s leading advisory firms, Eqwires Research Analyst is often cited for its ability to connect policy shifts, corporate investments, and sectoral trends into best investment strategies.

• Best SEBI Registered Research Analyst in India: Eqwires operates under SEBI regulations, ensuring transparency and compliance.
• Best Option Trades Provider: Known for timely, well‑researched derivatives strategies that align with market triggers like major corporate announcements.
• Best Stock Market Services Provider in India: Offers equity, derivatives, and portfolio advisory, blending technical and fundamental analysis.
• Best SEBI Registered Company in India: Recognised for disciplined research processes and client‑centric service.

In the context of Ashok Leyland’s battery investment, Eqwires’ analysts might explore:

• EV Supply Chain Plays: Identifying listed companies in battery materials, charging infrastructure, and component manufacturing.
• Options Strategies: Structuring trades around potential volatility in auto and energy stocks.
• Long‑Term Portfolios: Positioning for the structural growth of India’s clean mobility sector.

Outlook

Ashok Leyland’s ₹5,000 crore commitment, coupled with CALB’s technological expertise, could be a defining moment for India’s EV ecosystem. It addresses cost, supply chain, and technology gaps — all critical for scaling electric mobility.

For investors, the opportunity lies not just in Ashok Leyland itself, but across the entire EV value chain. Partnering with a trusted SEBI registered research analyst like Eqwires can help navigate these opportunities with precision, whether through short‑term option trades or long‑term investment strategies.

Eqwires Research Analyst

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info@eqwires.com

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India’s Goods and Services Tax (GST) revenue for August 2025 reached ₹1.86 lakh crore, marking a 6.5% year‑on‑year increase compared to August 2024. This performance underscores the resilience of the Indian economy, supported by steady domestic demand, improved compliance, and robust activity in key sectors such as manufacturing, FMCG, services, and infrastructure.

While the figure is marginally lower than July’s ₹1.96 lakh crore, it remains well above the ₹1.80 lakh crore mark for the sixth consecutive month — a sign of sustained momentum despite global economic uncertainties.

Key Numbers and Break‑Up

• Gross GST Revenue: ₹1,86,315 crore
• Year‑on‑Year Growth: +6.5%
• Domestic GST Revenue: ₹1.37 lakh crore (+9.6% YoY)
• GST from Imports: ₹49,354 crore (‑1.2% YoY)
• Refunds Issued: ₹19,359 crore (‑20% YoY)
• Net GST Revenue (after refunds): ~₹1.67 lakh crore (+10.7% YoY)

State‑wise Performance

Large industrial states such as Maharashtra, Karnataka, Tamil Nadu, and Uttar Pradesh posted healthy double‑digit growth in collections, reflecting strong manufacturing output and service sector expansion. Smaller states like Sikkim, Meghalaya, and Nagaland recorded the highest percentage gains, driven by improved compliance and targeted enforcement measures.

A few regions, including Chandigarh, Manipur, and Jharkhand, saw marginal declines, largely due to seasonal factors, lower import activity, and sector‑specific slowdowns.

Policy Context and GST Council Agenda

The GST Council is scheduled to meet in early September 2025 to discuss:

• Rate Rationalisation: Moving towards a simplified two‑slab structure (5% and 18%) to reduce classification disputes.
• Potential GST Cuts: On insurance premiums and select consumer goods to boost affordability.
• GST 2.0 Reforms: Promised by the government as a “Diwali gift” to businesses, aimed at simplifying compliance, reducing filing frequency, and enhancing input tax credit mechanisms.
• Digital Compliance Push: Expansion of e‑invoicing and AI‑based fraud detection to further improve revenue efficiency.

Sectoral Impact

• FMCG & Retail: Strong domestic GST collections point to healthy consumer spending, benefiting companies in packaged goods, apparel, and electronics.
• Manufacturing: Higher tax inflows from industrial states suggest robust production activity, particularly in auto, engineering, and capital goods.
• Services: IT, financial services, and hospitality continue to contribute significantly to GST growth.
• Imports: The slight decline in GST from imports may reflect currency volatility, global trade softness, and a shift towards domestic sourcing.

Market and Investor Perspective

GST collections are a key macroeconomic indicator for equity markets. Consistently high revenues often correlate with:

• Improved corporate earnings in consumption‑linked sectors.
• Positive sentiment among domestic and foreign institutional investors.
• Opportunities in derivatives and options trading based on sectoral momentum.

For traders and investors, aligning strategies with macroeconomic trends can be critical. Many rely on SEBI registered research analysts for timely, data‑driven insights. Among these, Eqwires Research Analyst is recognised for delivering best investment strategies, quality option trades, and comprehensive stock market services in India. As one of the best SEBI registered companies in India, Eqwires combines regulatory compliance with in‑depth market research to help clients position themselves effectively in both bullish and volatile conditions.

Outlook

With GST revenues maintaining an upward trajectory and reforms on the horizon, the macro backdrop for India remains constructive. Analysts expect continued support for growth from strong domestic demand, policy stability, and infrastructure spending.

For investors, blending macroeconomic awareness with disciplined execution — as advocated by top research firms like Eqwires — can help navigate both short‑term opportunities in options and equities, and long‑term wealth‑building strategies in the stock market.

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Reliance Industries Ltd (RIL) hosted its 48th Annual General Meeting (AGM) with high expectations and delivered a slew of announcements, including the long-awaited Jio IPO timeline, a strategic push into artificial intelligence, and aggressive targets in FMCG and clean energy. Yet, the stock fell over 2% on the day, closing at ₹1,355.45 on the BSE, even as benchmark indices remained relatively stable.

This apparent disconnect between bullish announcements and bearish price action has sparked debate among investors. Here’s a breakdown of the four key reasons behind the fall—and whether it signals a buying opportunity.

1. AGM-Day Pattern: Sell the News

Historically, RIL shares have shown a tendency to decline on AGM day, regardless of the announcements. For the fourth consecutive year, the stock has dipped post-event, suggesting a “sell the news” pattern driven by short-term traders and profit-booking.

This behavior reflects elevated expectations leading into the AGM, followed by a cooldown once announcements are priced in.

2. Holding Company Discount

Despite the Jio IPO announcement, investors remain cautious about the structural complexity of RIL. The conglomerate’s multiple verticals—telecom, retail, energy, and now AI—are housed under a holding structure that often trades at a discount compared to pure-play peers.

Unless Jio and Retail are spun off with transparent valuations and shareholder participation, the holding company discount may persist.

3. Limited Immediate Upside from Jio IPO

While the Jio IPO is slated for H1 2026, the benefits are not immediate. Investors looking for near-term catalysts may be disappointed by the long lead time. Additionally, there’s uncertainty over whether existing RIL shareholders will receive direct allotments or benefit from the listing premium.

The IPO is expected to be one of India’s largest, but its impact on RIL’s consolidated earnings and valuation will unfold gradually.

4. Broader Market Sentiment and Rotation

The Sensex ended the day slightly lower, and broader market sentiment remains cautious amid global tariff tensions, currency volatility, and profit-booking in large-cap stocks. Investors may be rotating into midcaps or defensive sectors, temporarily sidelining RIL despite its long-term potential.

Is This a Buying Opportunity?

Most analysts believe the dip is temporary and not reflective of RIL’s fundamentals. The AGM outlined multiple growth engines:

• Jio IPO: Unlocking value in India’s largest telecom platform
• Reliance Intelligence: Strategic entry into AI infrastructure and consumer tech
• FMCG Push: ₹1 trillion revenue target to challenge incumbents
• New Energy: Ambition to match O2C profitability within 5–7 years

Mukesh Ambani reiterated his goal to more than double EBITDA by 2028, signaling strong long-term growth.

Brokerages continue to maintain bullish ratings, citing reasonable valuations and upside potential from telecom, retail, and clean energy verticals.

Conclusion

RIL’s share price dip post-AGM may be a case of short-term noise masking long-term value. With multiple growth levers in motion and strategic clarity across verticals, the current weakness could offer a compelling entry point for investors with a multi-year horizon.

As always, timing matters—but conviction matters more.

Eqwires Research Analyst

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info@eqwires.com

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