Welcome to Aftermarket Report, a newsletter where we do a quick daily wrap-up of what happened in the markets, both in India and globally.
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Market Overview
Nifty 50 opened with an 80-point gap-up at 25,139.35 but dropped nearly 150 points in the first hour, testing the 25,090 mark. It then consolidated between 25,100 and 25,150 till noon. In the second half, the index gradually moved higher with minor dips, crossed 25,200 after 2 PM, and sustained above it for over 90 minutes before closing at 25,219.90, up 0.63%.
A broad-based rally across sectors lifted the markets, helping Nifty close above the key 25,200 level. Looking ahead, investors remain focused on upcoming earnings announcements and global trade developments.
Broader Market Performance:
Broader markets had a mixed session with a bullish bias today. Of the 3,055 stocks traded on the NSE, 1,497 advanced, 1,460 declined, and 98 remained unchanged.
Sectoral Performance:
The top gaining sector for the day was Nifty Service, which rose by 0.87%, while the top losing sector was Nifty Realty, falling by 2.60%. Out of the 13 sectoral indices, 9 sectors closed in the green and 3 sectors ended in the red.
Note: The above numbers for Commodity futures were taken around 4 pm. Here’s the trend of FII-DII activity from the last 5 days:
Change in OI for the day
The following is the change in OI for Nifty contracts expiring on 24th July:
- The maximum Call Open Interest (OI) is observed at 25,500, followed closely by 25,200, suggesting strong resistance at 25,300 - 25,400 levels.
- The maximum Put Open Interest (OI) is observed at 25,200, followed closely by 25,100, suggesting strong support at 25,100 to 25,000 levels.
Note: OI is subject to multiple interpretations, but generally, an increase in Call OI indicates resistance in a falling market, and an increase in Put OI indicates support in a rising market.
Source: Sensibull
Tijori is an investment research platform, and they have constructed niche indices for various themes and sub-sectors. They help you understand the market performance of narrow slices of the market. You can also track the Promoter buying and other interesting stuff like Capex activity by the companies in the Tijori App’s idea dashboard.
What’s happening in India
India’s IPO market is set for a ₹2.6 lakh crore wave in H2 2025, led by Tata Capital, LG, and Groww. Over ₹1.15 lakh crore worth of issues are SEBI-approved, with more pending. Dive deeper
GMR Airports plans to raise ₹5,700 crore to refinance debt at a blended cost of 10.5%, aiming to reduce borrowing costs by 300 bps. Tata Capital, JP Morgan, Deutsche Bank, and Barclays are among the key contributors. The move follows recent restructuring and DIAL debt refinancing. Dive deeper
Hyundai Motor India received a ₹517.34 crore demand from GST authorities for alleged short payment of compensation cess on certain SUVs between Sep 2017 and Mar 2020. The company plans to appeal the order. It stated there is no impact on operations. Dive deeper
ITC Hotels has opened ‘Welcomhotel Prayagraj’ in Uttar Pradesh, adding to its presence of seven properties in the state. The new hotel offers 60 rooms and suites, with six more properties in the pipeline. Dive deeper
Colgate-Palmolive India reported a 12% YoY drop in Q1 profit to ₹321 crore, with sales falling 4.4% to ₹1,420.64 crore due to weak urban demand and high competition. The company expects a gradual recovery in the second half. Dive deeper
United Breweries reported a 6% YoY rise in Q1 FY26 PAT to ₹184 crore, driven by 11% overall volume growth and a 46% surge in premium segment sales. The company remains focused on brand-building and revenue management for long-term growth. Dive deeper
Mahindra Holidays reported a 33.6% rise in Q1 net profit to ₹78.7 million, driven by strong domestic sales. The company saw robust demand during the quarter ended June 30. Dive deeper
The Supreme Court dismissed a ₹1,323 crore damages appeal by Kalanithi Maran and KAL Airways against SpiceJet, citing delay and concealment in filings. The case stemmed from a share transfer dispute dating back to 2015. Dive deeper
Tata Capital is seeking a valuation of $18–20 billion in its upcoming IPO, aiming to raise $2.2 billion, with a launch expected in the first half of September. The revised valuation follows strong market sentiment and a recent rights issue. The company plans to file an updated draft prospectus shortly. Dive deeper
The ED has filed a FEMA complaint against Myntra for allegedly violating FDI norms involving ₹1,654 crore. Myntra is accused of routing all wholesale sales to its group firm Vector E-Commerce, breaching the 25% limit. The case pertains to unauthorised multi-brand retail trading under FDI rules. Dive deeper
What’s happening globally
WTI crude fell below $65 per barrel, extending its slide for a fourth session amid inventory concerns and trade uncertainty. API data showed a slight crude draw but higher distillate stocks. Markets remain cautious ahead of tariff deadlines and trade talks involving China and the EU. Dive deeper
Gold eased to around $3,420/oz, retreating from a five-week high as optimism over recent US trade deals reduced safe-haven demand. Agreements with Japan, the Philippines, and Indonesia lifted sentiment, though uncertainty lingers with the EU. Dive deeper
The dollar index held steady around 97.5 after a three-day slide, as markets assessed new trade developments. A US-Japan deal introduced 15% tariffs on Japanese exports, with investment and market access pledges. Meanwhile, signs of a China tariff truce extension and Fed caution on rate cuts added support. Dive deeper
South Africa’s inflation rose to 3% in June, a four-month high, driven by higher food, health, and services costs. Housing and transport inflation eased, while core inflation edged down to 2.9%, the lowest since April 2021. Monthly CPI rose 0.3% in June. Dive deeper
Turkey’s consumer confidence fell to 83.5 in July, the lowest since February, with declines across all components. Households grew more pessimistic about their finances, the broader economy, and job prospects. Sentiment around savings and durable goods also weakened slightly. Dive deeper
US copper futures hit a record $5.8/lb after tariff plans on refined copper widened the spread with LME prices to 30%. The move raised concerns over domestic supply, given high import reliance and limited refining capacity. Dive deeper
Amazon is shutting down its Shanghai AI lab amid US-China tensions, according to a Financial Times report. The move is part of broader strategic adjustments, with AWS staff in China reportedly once exceeding 1,000. Amazon has not officially commented. Dive deeper
Management chatter
In this section, we pick out interesting comments made by the management of major companies and policymakers of the Indian and Global Economy.
Pankaj Chaudhary, Minister of State for Finance, on corporate tax revenue foregone
“The government is estimated to have forgone around ₹99,000 crore in revenue in the 2023-24 fiscal on account of tax incentives extended to corporates.”
“Corporate tax rates have been gradually reduced since 2016 while phasing out the exemptions and incentives.”
“Estimated revenue foregone for the financial year 2024-25 till date is not available.” - Link
Ankur Goel, CFO, Akasa Air, on Boeing deliveries and growth outlook
“We expect plane deliveries from Boeing to pick up over the coming years and to reach our target fleet of 226 aircraft by 2032, up from 30 currently.”
“Available seat kilometers are expected to increase by more than 30% this fiscal year, on top of 50% growth the year before.”
“Deliveries have been delayed due to regulatory scrutiny of the 737 MAX and a seven-week workers’ strike.” -Link
Have you checked out The Chatter?
Every week, we listen to the big Indian earnings calls—Reliance, HDFC Bank, and even smaller logistics firms—and copy the full transcripts. We then remove the fluff and keep only the sentences that could move a share price: a surprise price hike, a cut-back on factory spending, a warning about weak monsoon sales, or a hint from management on RBI liquidity. We add a quick, one-line explainer and a timestamp so you can trace the quote back to the call. The whole thing lands in your inbox as one sharp page of facts you can read in three minutes—no 40-page decks, no jargon, just the hard stuff that matters for your trades and your macro view.
Go check out The Chatter here.
Also reading Mind Over Markets by Varsity?
It goes out thrice a week, covering markets, personal finance, or the odd question you didn’t know you had. The Varsity team writes across three sections: Second Order , Side Notes , and Tell Me Why , thoughtfully put together without trying to be too clever.
Go check out Mind Over Markets by Zerodha Varsity here.
Calendars
In the coming days, we have the following significant events and corporate actions:
That’s it from us for today. We’d love to hear your feedback in the comments, and feel free to share this with your friends to spread the word!
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