Across ETFs, corporate bonds, and SME stocks, roughly ₹14,520 crore changed hands this week (20–24 July), alongside another ₹19,630 crore in block and bulk deals. ETFs told a clear story - silver up, banking down. SME breadth was weaker, with more declines than advances. Corporate bonds firmed modestly, though the week's biggest bond "movers" traded on volumes too thin to trust at face value.Here is the detail:
ETFs: silver leads, banking lags
ETF turnover for the week came to ₹13,473 crore, with breadth skewed negative - 102 symbols closed up, 222 closed down, against 8 flat. Despite more decliners than advancers, the week's biggest single-name moves were on the upside, all in one theme:
Top gainers were dominated by silver ETFs - SILVERAG (+3.15%), SILVERIETF (+3.05%), SILVER (+3.05%), SILVERBND (+2.99%), and SILVERADD (+2.97%) all moved together, a sign of a genuine sector move rather than a single-fund anomaly.
Top losers clustered in banking-themed ETFs - ABSL10BANK (-4.97%), MOBANK10 (-4.47%), BANK10ADD (-4.43%), SBIETFPB (-4.38%), and PVTBANIETF (-4.34%).
The heaviest turnover, as usual, sat in the largest and most liquid funds: SILVERBEES (₹2,073 crore, +2.95%), LIQUIDBEES (₹1,593 crore, flat), GOLDBEES (₹1,025 crore, +1.83%), LIQUIDCASE (₹935 crore, flat) and NIFTYBEES (₹702 crore, -1.90%). Three symbols touched a new 52-week high this week and none touched a new 52-week low.
Corporate Bonds: firmer prices, but check the volume first
Corporate bond breadth was positive this week - 172 symbols up, 107 down, 30 flat - and 57 symbols touched a new 52-week high against 8 new lows, on ₹33 crore of total turnover across the week.
The largest single-name percentage moves, though, are a good reminder of why turnover and trade count matter as much as price for this instrument. The week's top "gainer," 980SCL33D, was up 27.74% — on turnover of just ₹12,218 for the entire week, well under the ₹1 lakh floor for even a "Moderate" liquidity badge. The next few names on both the gainers and losers list (1125VCCL27 +20.00%, 930APMD27 -25.72%, 945SCL32 -14.95%) tell the same story - thin, sparsely-traded issues where one or two trades can move the printed price a long way without reflecting genuine two-sided demand. The names actually carrying the week's volume - 915APSBC35, 830NHAI27, 871REC28 - barely moved at all, which is the more representative picture of the segment this week.
SME: breadth turns negative, and one number needed a second look
SME breadth was the weakest of the three lanes this week - 196 symbols up against 310 down (17 flat) - on ₹1,016 crore of turnover. New 52-week lows (16) outnumbered new highs (12) for the first time this week across the three instrument lanes.
Top gainers: CELLPOINT (+31.48%), UTKAL (+27.20%), MARC (+27.14%), PPSL (+22.73%), ESFL (+22.14%).
Top losers: PSRAJ (-79.35%), VMOBILE (-34.08%), C2C (-32.12%), GIRIRAJ (-29.63%), SHANTHALA (-23.24%).
That PSRAJ number is well beyond what a real single-week move looks like, so before it went anywhere near this page we checked it the way we always do with an outsized print — same discipline as the PSUBANK split from a couple of weeks ago. PSRAJ closed at ₹411 on 23 July and ₹86.30 on 24 July, a single-session move, not a gradual slide. Unlike ETFs, NSE's SME bhavcopy does carry a corporate-action flag, and it is set on PSRAJ for exactly that date - confirmation this was a flagged corporate action, not a data error or a genuine 79% single-day crash. It was also isolated because no other SME symbol dropped anything close to that on the same day. We are leaving it out of anything we would call a "top mover" headline, same as the exclusion rule the PSUBANK post led us to add for moves beyond ±50%.
C2C also stood out - the single most-traded SME name of the week (₹70.7 crore) while dropping 32.12%, a real, liquid decline rather than a thin-volume artifact.
Smart Money: a large post-listing exit dominates the week
Block and bulk deals combined for ₹19,630 crore across 93 symbols this week, with net sellers (53 symbols) outnumbering net buyers (37).
The week's flow was dominated by one story: SHADOWFAX, where early investors sold roughly ₹1,555 crore more than they bought, almost entirely in a single session on Friday. The bulk deal records show EIGHT ROADS INVESTMENTS MAURITIUS II LIMITED and FLIPKART INTERNET PRIVATE LIMITED - both early/anchor shareholders - selling a combined ₹1,542 crore worth of shares at ₹204–205 apiece, absorbed by a cluster of brokerage and proprietary desks. That pattern is that a handful of large, tightly-priced sell prints from named early investors, all on one day — reads as a post-listing stake sale rather than any kind of adverse signal on the stock itself. SHADOWFAX (₹2,338 crore) and BLUESTONE (₹2,466 crore) were, by a wide margin, the two most active names in block and bulk deals this week.
On the buying side, the largest net accumulation was in CMLL (net ₹91.7 crore), GANDHAR (net ₹58.0 crore), and TANLA (net ₹51.6 crore) - all with buy and sell volumes closer to balanced than SHADOWFAX's one-sided print, which is the typical shape for a "smart money" accumulation story. Track the full list, updated daily, on the Smart Money page.
All figures are from NSE end-of-day bhavcopy data for 20–24 July 2026, as published on bhavcopydata.com. See the ETF, Corporate Bonds, and SME pages for the full daily breakdown.