Mumbai | 07-Oct-2025, 10:15 IST — The volume radar was busy in early trade, with marquee names and select midcaps crowding the most active boards. Reliance Industries, Netweb Technologies, KIOCL, and Poonawalla Fincorp emerged as the top counters on NSE’s Most Active/Volume Gainers lists within the first 45 minutes of trade.
Reliance Concentrates Turnover
Among the day’s most active counters, Reliance Industries remained the clear leader on the value turnover side. Within the first 45 minutes of trade, its activity was already running sharply higher than the rolling 5-day average, highlighting the depth of flows concentrated in India’s most valuable company. Traders often regard Reliance’s tape as a proxy for market liquidity — when it dominates turnover, participation can feel narrow and index-heavy. The question being asked across dealing rooms was whether this concentration would broaden out into banks and other index heavyweights through the session, or if Reliance alone would continue to anchor value traded on the exchange. A one-sided dominance could keep breadth subdued, whereas broader rotation into financials or autos would lend healthier market texture.
PSU Metals and Netweb Shine
KIOCL, the iron ore and pellet-making PSU, once again found itself under the microscope after recent outsized moves. The stock’s volume spike was notable enough to keep traders on alert for potential exchange surveillance messages if such turnover persists. PSU metals have been in focus as part of the government’s infrastructure and mining push, and KIOCL’s appearance on the volume charts reinforced the market’s appetite for commodity plays.
Netweb Technologies, a relatively new-age IT infrastructure name, also secured a place on the turnover board. Market participants said its dual listing — on both “most active” and “volume spurt” pages — hinted at institutional probing rather than just retail churn. The company, which specializes in high-performance computing and cloud infrastructure, has been a consistent beneficiary of interest in domestic technology enablers.
NBFC Momentum: Poonawalla Fincorp
Poonawalla Fincorp rounded out the early movers, showing up strongly on both value and volume metrics. The counter has been building credibility with robust delivery percentages in recent weeks, indicating that buying is not purely speculative. Traders pointed to steady NBFC-focused flows as a sign of institutional participation. Its inclusion in the early volume radar underlined the broader theme of financial services — alongside PSU metals and IT — shaping the morning’s liquidity map.
| Stock | Turnover/Volume | Trend |
|---|---|---|
| Reliance | High value turnover | Liquidity concentration |
| Netweb Technologies | Volume spurt | IT infra demand play |
| KIOCL | Above baseline | PSU metals momentum |
| Poonawalla Fincorp | Strong activity | NBFC flows |
What to Watch
The spotlight remains firmly on Reliance vs Banks. Reliance Industries has dominated early turnover, but traders will be keen to see if liquidity broadens into private and PSU lenders as the day unfolds. Sustained flows into the banking pack could provide the market with stronger breadth, preventing Reliance from becoming the sole driver of activity.
Another theme is the transition from volume to price action. Counters such as KIOCL or Netweb Technologies, flagged early on the “volume spurt” board, may graduate to the “price band hitters” list if momentum builds. Such a shift would signal genuine directional conviction rather than just churn, and could invite additional speculative flows.
Finally, bulk deals in midcaps will be closely tracked at the end of the day. Disclosures in the exchange bulk-deal window often reveal institutional footprints, and repeated appearances in high-turnover names can validate whether the early surge was driven by strong hands or retail momentum.
Outlook
The early session suggests broad participation across heavyweights and thematic midcaps. If PSU metals sustain their momentum, NBFC counters continue to draw interest, and banks step up, the market could transition into a more balanced liquidity play. Without that rotation, however, the day risks being Reliance-led, with narrower breadth and higher intraday volatility.
