Tale of the Tape 

Good evening everyone!

$NIFTY50.NSE ( ▼ 0.68% ) and Sensex ended with minor losses after a choppy trading session. Midcaps (-0.6%) and Smallcaps (-0.2%) had a red day too. The advance-decline ratio was in favour of the bears (3:2). Check out the Stocktwits Sentiment Meter:

It was a mixed-bag kinda day for sectors. IT (-2.9%) stocks fell, with the index officially entering bear territory. Real Estate (-1.7%) and PSU Banks (-1.1%) also saw selling pressure. NBFCs (+0.5%) and Auto (+0.5%) saw decent buying.

Reliance and Airtel signed surprising deals with Elon Musk’s Starlink! More details below on why they went from foes to kinda friends.

Analysts are bullish on $TATAMOTORS.NSE ( ▼ 0.1% ) after meeting with the management. Read our full story on what’s got them so excited.

$INDUSINDBK.NSE ( ▼ 1.03% ), $POLICYBZR.NSE ( ▲ 1.33% ) and $RAMCOCEM.NSE ( ▲ 0.85% ) saw big moves today. Check out their charts below to find out more.

$INFY.NSE ( 0.0% ) was the top Nifty loser after Morgan Stanley downgraded the stock & cut its target price to Rs 1,740 p/sh vs Rs 2,150 p/sh earlier. PS - US recession concerns didn’t help sentiment either.

$KAYNES.NSE ( ▲ 0.31% ) cracked over -9% intraday before paring most losses after its MD got a notice from SEBI over insider trading.

$LICI.NSE ( ▼ 0.6% ) was in focus after reports said the GOI was planning to sell a 2%-3% stake in FY26.

$BEL.NSE ( ▲ 2.24% ) bagged a Rs 2,463 cr contract from the defence ministry for supply of radars to the IAF.

Here are the closing prints:

Market
Star(Link) Aligns With India

Elon Musk’s Starlink will make its India entry with the help of both Mukesh Ambani and Sunil Mittal! That’s right, both Jio and $BHARTIARTL.NSE ( ▼ 0.21% ) will sell Starlink devices in India, market the company’s services to their users and even help with customer service & installation.

FYI - this is a big U-turn from just a year ago, when both Airtel and Jio were complaining non-stop about Starlink. Both companies accused Musk of predatory pricing and said that the GOI was granting him an unfair advantage by refusing to auction satellite spectrum. 

So WTF changed? It’s partly ‘keep your friends close, but enemies closer’. But it’s also a sign that Mittal and Ambani don’t really want a direct fight with Musk anymore, especially because he’s Trump’s right-hand man now! 

As Bexley Advisor’s Utkarsh Sinha says: “Reliance Jio and Bharti are no longer treating satellite broadband as a threat but as core infrastructure they can lease. This move ensures they remain gatekeepers of India’s internet expansion, even as Starlink scales.”

As for Musk, the GOI has been sitting on its licence application for years now, with reports saying there are national security concerns. What better way to persuade the GOI than by tying up with Ambani and Mittal?

Finally, most experts agree that satellite broadband will be a pretty niche market right now, serving primarily rural customers. The pie isn’t large enough that all big players need to start fighting just yet. This is partly why Airtel and $RELIANCE.NSE ( ▼ 0.83% ) both gave up their initial gains today. That said, when the market does mature, both Ambani and Mittal have satellite networks of their own (Jio’s JV with SES and Airtel’s stake in OneWeb) to eventually challenge Starlink!

Stocktwits Specials
Rakesh Jhunjhunwala Portfolio Changes

​​We all miss the legendary investor – Rakesh Jhunjhunwala! In this video, we cover his top holdings and latest portfolio updates along with fundamental and technical views on the same