Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Bottom-Up

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
Highlights: Currently eight pair trade opportunities persist across three markets and four sectors.
</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlights: Currently eight pair trade opportunities persist across three markets and four sectors.


Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (12 Oct 2026)

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Systemic credit growth has seen further acceleration to ~17.7% YoY as of mid-Jun’26, led by banks shifting focus away purely from maintaining a balanced LDR, improving trends in corporate credit, MSME lending and strong growth in certain retail segments (gold, auto).</li><li>Provisional updates underscore this trend, and we expect our coverage universe banks to deliver ~17/2% YoY/QoQ credit growth, with SFBs leading the growth momentum.</li><li>Within our coverage, we expect SFBs/Mid-Pvt Banks/PSBs/Larger Pvt Banks to grow at ~27/20/17/16% YoY, respectively. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Systemic credit growth has seen further acceleration to ~17.7% YoY as of mid-Jun’26, led by banks shifting focus away purely from maintaining a balanced LDR, improving trends in corporate credit, MSME lending and strong growth in certain retail segments (gold, auto).Provisional updates underscore this trend, and we expect our coverage universe banks to deliver ~17/2% YoY/QoQ credit growth, with SFBs leading the growth momentum.Within our coverage, we expect SFBs/Mid-Pvt Banks/PSBs/Larger Pvt Banks to grow at ~27/20/17/16% YoY, respectively. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Banking, Financial Services and Insurance (BFSI) - Q1FY27 Result Preview

<ul><li>Market Performance: Recovery Supported by Improving Risk Sentiment: Indian equity markets staged a recovery during June 2026 after witnessing heightened volatility earlier in the month.</li><li>The decline in geopolitical risk premium following the de-escalation of tensions in West Asia, coupled with a sharp correction in crude oil prices, encouraged investors to gradually rebuild equity exposure.</li><li>The Nifty Smallcap 250 (4.30%) and Nifty Microcap 250 (6.35%) outperformed frontline indices, supported by strong domestic liquidity, while NIFTY 50, Nifty 500 and Nifty Midcap 100 gained marginally by 1.35%, 1.5% and 0.12%, respectively, MoM.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Market Performance: Recovery Supported by Improving Risk Sentiment: Indian equity markets staged a recovery during June 2026 after witnessing heightened volatility earlier in the month.The decline in geopolitical risk premium following the de-escalation of tensions in West Asia, coupled with a sharp correction in crude oil prices, encouraged investors to gradually rebuild equity exposure.The Nifty Smallcap 250 (4.30%) and Nifty Microcap 250 (6.35%) outperformed frontline indices, supported by strong domestic liquidity, while NIFTY 50, Nifty 500 and Nifty Midcap 100 gained marginally by 1.35%, 1.5% and 0.12%, respectively, MoM.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Index Rebalance

National Stock Exchange of India / Index Rebalance

National Stock Exchange of India (NSE IN)

<ul>
<li>NSE listed on BSE on 24 Sep 2026. It would rank 11th by full market cap among the Nifty 50 members.</li>
<li>In this note, we analyze its path into the Nifty 50 under the NIFTY methodology.</li>
<li>We cover its IWF and FF estimates, F&amp;O entry, the timeline to Nifty 50 entry, and the SEBI permission NSE needs to trade on NSE.</li>
</ul>


NSE listed on BSE on 24 Sep 2026. It would rank 11th by full market cap among the Nifty 50 members.
In this note, we analyze its path into the Nifty 50 under the NIFTY methodology.
We cover its IWF and FF estimates, F&amp;O entry, the timeline to Nifty 50 entry, and the SEBI permission NSE needs to trade on NSE.


<ul><li>Market Recap: Volatility Persists: Indian markets experienced sharp swings during May 2026 amid fluctuating global risk sentiment.</li><li>The Nifty 50 remained under pressure due to weakness in heavyweight Banking, IT, and Oil-linked sectors, while broader markets demonstrated resilience.</li><li>The Nifty Midcap100 and Nifty Smallcap 250 outperformed frontline indices, supported by stronger earnings growth, domestic liquidity, and sectoral rotation into industrials, capital goods, defence, manufacturing, and select consumption themes. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Market Recap: Volatility Persists: Indian markets experienced sharp swings during May 2026 amid fluctuating global risk sentiment.The Nifty 50 remained under pressure due to weakness in heavyweight Banking, IT, and Oil-linked sectors, while broader markets demonstrated resilience.The Nifty Midcap100 and Nifty Smallcap 250 outperformed frontline indices, supported by stronger earnings growth, domestic liquidity, and sectoral rotation into industrials, capital goods, defence, manufacturing, and select consumption themes. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Axis Top Picks for the Month of June 2026

India

Bajaj Finance is an Indian deposit-taking non-banking financial company (NBFC) that offers a diversified portfolio of financial products and services. These include consumer loans, SME and commercial lending, rural lending, fixed deposits, and various investment and insurance products. The company is headquartered in Pune, India, and was founded on March 25, 1987.

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Bajaj Finance (BAF IN)

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (12 Oct 2026)

Discover eight pair trade opportunities across three markets and four sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Banking, Financial Services and Insurance (BFSI) - Q1FY27 Result Preview

Systemic credit growth has seen further acceleration to ~17.7% YoY as of mid-Jun’26, led by banks shifting focus away purely from maintaining a...

Axis Direct

Axis Top Picks - July 2026

Recovery Supported by Improving Risk Sentiment: Indian equity markets staged a recovery during June 2026 after witnessing heightened volatility...

Axis Direct

NSE: From Nifty 500 to Nifty 50

NSE listed on BSE on 24 Sep 2026 and is the 12th largest Indian listed company by full market cap. NIFTY entry needs trading on NSE, and so SEBI...

Ke Yan, CFA, FRM

Axis Top Picks for the Month of June 2026

The Nifty 50 remained under pressure due to weakness in heavyweight Banking, IT, and Oil-linked sectors, while broader markets demonstrated...

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (12 Oct 2026)

​Discover eight pair trade opportunities across three markets and four sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Banking, Financial Services and Insurance (BFSI) - Q1FY27 Result Preview

Systemic credit growth has seen further acceleration to ~17.7% YoY as of mid-Jun’26, led by banks shifting focus away purely from maintaining a...

Axis Direct

Axis Top Picks - July 2026

Recovery Supported by Improving Risk Sentiment: Indian equity markets staged a recovery during June 2026 after witnessing heightened volatility...

Axis Direct

NSE: From Nifty 500 to Nifty 50

NSE listed on BSE on 24 Sep 2026 and is the 12th largest Indian listed company by full market cap. NIFTY entry needs trading on NSE, and so SEBI...

Ke Yan, CFA, FRM

Axis Top Picks for the Month of June 2026

The Nifty 50 remained under pressure due to weakness in heavyweight Banking, IT, and Oil-linked sectors, while broader markets demonstrated...

Axis Direct

Discover eight pair trade opportunities across three markets and four sectors using statistical mean-reversion methodology for actionable insights.