NSE was closed on Monday 14 September, so this was a four session week. Across ETFs, corporate bonds and SME stocks, roughly INR 8,962.8 crores changed hands, alongside another INR 22,536.9 crores in block and bulk deals. ETF breadth stayed negative at 84 funds up against 214 down, weighed down by a rough Monday to Wednesday stretch, even as one thin international fund kept extending an already extreme rally. SME breadth was also negative, 180 up against 347 down, and one stock appeared to have collapsed 77.9% before turning out to be a corporate action, not a crash. Corporate bond trading stayed thin, as usual. Block and bulk flow swung sharply negative on Wednesday alone after a single large investor exit. Here is the detail, based on insights from bhavcopydata.com.
ETFs, a thin fund's rally keeps extending
ETFs carried INR 7,746.3 crores of the week's lane turnover, the average fund down 1.26% on Tuesday, then up 0.10%, 0.55% and 0.67% across Wednesday, Thursday and Friday, a rough start followed by a steady recovery. Breadth finished negative, 84 funds up against 214 down and 8 unchanged. Only 1 fund touched a fresh 52 week high all week, and none reached a fresh 52 week low.
Excluding the outlier discussed below, International funds still led every category, up 9.77% on a turnover weighted basis against INR 306.4 crores of turnover. The Mirae Asset S&P 500 Top 50 ETF (MASPTOP50) rose 32.47% on INR 81.3 crores, and the Mirae Asset NYSE FANG+ ETF (MAFANG) rose 5.31% on INR 85.2 crores. Two other international trackers moved the opposite way, the Motilal Oswal Nasdaq 100 ETF (MON100) down 0.75% on INR 114.8 crores and the Mirae Asset Hang Seng TECH ETF (MAHKTECH) down 1.04%, a useful contrast since it means the rally was concentrated in the thinnest, least mainstream international trackers rather than a broad move across every Nasdaq or Asia linked fund on the site. Equity Index funds slipped 0.12% on a turnover weighted basis, Sector and Thematic funds fell 0.85%, and Debt funds were roughly flat at plus 0.07%.
One outlier needs its own line, again. The Motilal Oswal Nasdaq Q-50 ETF (MONQ50) closed the week up 83.2%, rising from INR 216.35 to INR 396.30, on top of the 52.43% rise already covered in last week's wrap. Turnover climbed alongside the price every session this week, from INR 15.1 crores on Tuesday to INR 87.0 crores by Friday, and the fund hit what looks like its daily price band on three of the four sessions, closing up 19.8%, 20.0% and 20.0% in a row. The Mirae Asset S&P 500 Top 50 ETF (MASPTOP50) moved almost identically on Friday alone, up 19.9% on INR 51.97 crores, a different fund from a different asset manager posting nearly the same one day move. Two unrelated thin international funds moving together like this points to a real, shared cause rather than a data error specific to one symbol, most likely thin float running into a premium over net asset value, though we cannot confirm the exact mechanism from bhavcopydata.com's data alone. We continue to exclude MONQ50 from the category average above given its size, and will keep tracking it next week.
Corporate bonds, another very thin week
Corporate bonds traded just INR 24.2 crores across 261 bonds. Breadth was mildly positive, 131 up against 100 down and 30 unchanged. 13 bonds touched a fresh 52 week high against 12 at a 52 week low, a close to even split. As in prior weeks, the weekly change table is full of double digit movers on almost no turnover, a 10.15% Sammaan Capital secured NCD maturing 2028 (1015SCL28A) topped the table up 34.13%, on total turnover of INR 39,820, a single trade or two meeting a stale quote rather than any real repricing. We do not treat figures like this as genuine price moves.
SME, a bonus issue that looked like a crash
SME stocks traded INR 1,192.3 crores across 539 names, with breadth negative at 180 up and 347 down. 11 stocks touched a fresh 52 week high against 26 at a 52 week low.
Oriana Power Limited (ORIANA) needs its own explanation before anything else. The stock closed Thursday at INR 1,348.85, then opened Friday at INR 276.50 and closed at INR 271.75, a headline weekly fall of 77.9%. This was not a crash. NSE's own corporate action indicator on bhavcopydata.com flags Friday's row with the code XO, present only on that single day and absent on every other day in the stock's recent history. Dividing INR 1,348.85 by INR 271.75 works out to almost exactly 4.96, close enough to 5 to point at a 1 for 4 bonus issue, where four new shares are issued for every one already held and the price divides by roughly five to keep total holder value unchanged. We flag this with reasonable confidence given the corporate action code and the clean ratio, though we have not independently confirmed the exact bonus terms, and we exclude ORIANA from every mover figure in this section.
Away from that one stock, Kaushalya Logistics Limited (KLL) led ordinary gainers, up 31.98% on modest turnover, followed by Maxposure Limited (MAXPOSURE) up 28.25%, Utssav CZ Gold Jewels Limited (UTSSAV) up 22.92%, Auro Impex and Chemicals Limited (AUROIMPEX) up 21.18%, and Refractory Shapes Limited (REFRACTORY) up 21.03%. On the other side, Madhur Knit Crafts Limited (MADHURKNIT) fell 30.57%, ABH Healthcare Limited (ABH) fell 30.22%, Qualiance International Limited (QUALIANCE) fell 18.53%, and both M.V.K. Agro Food Products Limited (MVKAGRO) and Polysil Irrigation Systems Limited (POLYSIL), the pair flagged for correlated circuit streaks in an earlier wrap, fell 18.51% and 18.48% respectively this week.
This week in smart money, Peak XV's Groww exit dominates a negative week
Block and bulk deals totalled INR 22,536.9 crores across 110 stocks this week, of which only 51 were net bought. Daily flow was mildly positive on Tuesday at plus INR 36.4 crores, before swinging to negative INR 1,647.3 crores on Wednesday alone, then recovering to plus INR 369.5 crores on Thursday and plus INR 663.7 crores on Friday. One caveat on these totals, a trade reported through both the block and bulk windows can appear twice in the combined figures above, so the true distinct value is somewhat lower, though the direction of the week's flow is unaffected.
Billionbrains Garage Ventures Limited (GROWW) was almost entirely responsible for the Wednesday swing and for the week's single biggest net sell, negative INR 1,756.2 crores, all of it one bulk deal. Peak XV Partners Investments VI-1, the venture fund formerly known as Sequoia India, sold 91.7 million shares at INR 191.49 each, with no offsetting block or bulk buy recorded in the stock all week. Entero Healthcare Solutions Limited (ENTERO) was the largest single block deal of the week even so, HDFC Mutual Fund buying 1.39 million shares at INR 1,695.0 for INR 235.6 crores on Friday, though other sellers across the week still left the stock net sold by INR 40.9 crores overall.
On the buy side, Avalon Technologies Limited (AVALON) was net bought by INR 177.5 crores and Karamtara Engineering Limited (KARAMTARA) by INR 176.2 crores, both entirely one directional with no offsetting sells recorded, and Pine Labs Limited (PINELABS) was net bought by INR 299.6 crores, the largest net buy of the week.
Track the full list, updated daily, on the Smart Money page. More insights are on bhavcopydata.com.
All figures are from NSE end of day bhavcopy data for 15 to 18 September 2026, as published on bhavcopydata.com. See the ETF, Corporate Bonds, and SME pages for the full daily breakdown, and follow the author at @psanivarapu or prashanthsanivarapu for more.