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 opened with a 50-point gap up at 24,996.20, following a strong reversal in U.S. markets. However, the index quickly turned lower, slipping to 24,880 in the first hour. It briefly recovered to the 24,950 zone in the next hour, but selling pressure intensified thereafter. Nifty broke key support levels of 24,800 and eventually breached 24,700 in the final hour, closing at 24,683.90, down 1.04%.
Today’s weaker sentiment was driven by reports of rising COVID-19 cases in India and other Asian countries, along with growing macroeconomic uncertainty. Investors are closely tracking updates on the India-U.S. trade deal. The ongoing earnings season also remains a key factor for near-term market direction.
Broader Market Performance:
Broader markets had a weak session today. Of the 2,969 stocks traded on the NSE, 915 advanced, 1,974 declined, and 80 remained unchanged.
Sectoral Performance:
All sectoral indices ended in the red, with no gainers for the day. The top losing sector was Nifty Auto, which declined by 2.17%. In total, 12 sectors closed lower, while none ended in the green, indicating broad-based weakness across the market.
Note: The above numbers for Commodity futures were taken around 5 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 22nd May:
- The maximum Call Open Interest (OI) is observed at 25,000, followed closely by 25,100 & 25,200, indicating strong resistance at 25,000 to 25,200 levels.
- The maximum Put Open Interest (OI) is 24,500, followed by 24,700, suggesting strong support at these levels.
Note: OI is subject to multiple interpretations, but generally, an increase in the call OI indicates resistance in a falling market, and an increase in the put OI indicates support in a rising market.
Source: Sensibull
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What’s happening in India
SEBI has introduced new internal audit norms for market infrastructure institutions (MIIs), requiring them to establish an audit committee. The audit must be conducted by an independent firm, reporting solely to the committee. These provisions will take effect 90 days from May 19, 2025. Dive deeper
The RBI has issued revised draft directions capping a single RE’s contribution to an AIF at 10%, with a collective ceiling of 15% for all REs. Investments above 5% require provisions if the AIF holds debt in a debtor company linked to the RE. Comments on the draft are invited until June 8, 2025. Dive deeper
The government has modified import rules for gold and silver to align tariffs with customs regulations. Imports of specific gold items will now only be allowed through RBI-nominated agencies or qualified jewellers. Similar conditions have been imposed on certain silver products that were previously freely importable. Dive deeper
The RBI has approved Emirates NBD Bank’s plan to set up a wholly-owned subsidiary in India, converting its existing branches. The subsidiary will require Rs 300 crore in capital and a 10% capital adequacy ratio. The parent bank can hold 100% equity for a prescribed period. Dive deeper
Embassy Office Parks REIT has raised Rs 2,000 crore through NCDs at 7.21% to refinance existing debt, reducing interest costs by 77 basis points. The move is part of its capital management strategy. The transaction was supported by 11 institutional investors. Dive deeper
The Supreme Court has allowed taxpayers to use accumulated Input Tax Credit (ITC) for mandatory pre-deposits in GST appeals, easing cash flow issues. This ruling improves liquidity for exporters, MSMEs, and corporates. ITC funds in the Electronic Credit Ledger can now be used for pre-deposits, streamlining appeal processes. Dive deeper
DLF plans to launch housing projects worth Rs 17,000 crore in FY26, capitalizing on strong demand for luxury homes. The company reported Rs 21,223 crore in sales bookings for FY25, up 44% YoY, and saw a 39% rise in Q4 net profit to Rs 1,282 crore. Dive deeper
Samsung Electronics and its workers reached a pact on wage hikes, promotions, and benefits, including an Rs 18,000 salary increase over three years. The agreement also includes enhanced leave, transportation, and medical benefits. Tamil Nadu government helped broker the deal. Dive deeper
Hon Hai is investing $1.5 billion into its India unit to expand production capacity as Apple shifts iPhone manufacturing away from China. The bulk of India-made iPhones are assembled in southern India. Apple plans to import most iPhones sold in the US from India by next year. Dive deeper
Bajaj Auto is exploring ways to participate in KTM AG’s restructuring through its subsidiary, Bajaj Auto International Holdings BV. The company raised €566 million ahead of KTM’s restructuring deadline. Bajaj holds a 49.9% stake in KTM’s parent, Pierer Mobility AG. Dive deeper
Coffee Day Trading Ltd. (CDTL), a subsidiary of Coffee Day Enterprises, plans to sell its 47.49% equity stake in Magnasoft Consulting India Pvt. Ltd. for â‚ą23.56 crore. The stake, comprising 2,61,85,728 shares, will be sold to Innovic Management Services at â‚ą9 per share, though the sale agreement is yet to be signed. Dive deeper
IDFC First Bank’s shareholders rejected a resolution to appoint a Warburg Pincus nominee director due to concerns over the lack of a minimum shareholding threshold. Despite this, Warburg Pincus and ADIA will invest ₹7,500 crore through a preferential equity issue. The move will result in a 14.5% equity dilution. Dive deeper
Waaree Energies’ board approved acquisitions of Kamath Transformers for Rs 293 crore and Green New Delhi Forever Energy for Rs 1 lakh per share, aimed at business expansion. Both deals are expected to be completed in FY26 and will be funded entirely through cash. Dive deeper
RVNL has secured a â‚ą178.64 crore contract from IRCON International to install signalling, telecommunications, and Electronic Interlocking (EI) systems at 10 new stations. The project is set for completion within 11 months. Dive deeper
JK Paper’s Q4FY25 earnings report revealed a 72.3% drop in net profit to Rs 77.05 crore. Revenue declined slightly, and EBITDA margins contracted due to rising imports and high wood costs. Despite profit pressures, the company achieved record sales and recommended a Rs 5 per share dividend. Dive deeper
Hindalco reported a 66% YoY increase in Q4FY25 net profit to Rs 5,283 crore, with revenue rising 16% to Rs 64,890 crore. EBITDA grew by 24% to Rs 9,774 crore. The company also approved a dividend of Rs 5 per share and acquired a 100% stake in EMIL Mines for Rs 48 lakh. Dive deeper
Pfizer Ltd reported an 85% increase in Q4 net profit to â‚ą330.94 crore, driven by an exceptional item gain from asset sales. Revenue rose to â‚ą591.91 crore, up from â‚ą546.63 crore YoY. The company also declared a â‚ą165 per share dividend for FY25. Dive deeper
Karur Vysya Bank reported a 12.5% increase in Q4 net profit to Rs 513 crore, driven by growth in profitability and improved asset quality. The bank’s total deposits grew by 14%, and it achieved its highest-ever annual profit of Rs 1,942 crore. Dive deeper
Max Healthcare reported a 29% rise in Q4 revenue to Rs 2,429 crore, with PAT at Rs 376 crore. The company saw strong growth from new units, contributing 15% to revenue. EBITDA for the quarter grew 26% YoY, and the company plans further expansions in the coming months. Dive deeper
What’s happening globally
Brent crude oil futures stayed around $65 per barrel as traders assessed risks from US-Iran nuclear talks and a US sovereign downgrade by Moody’s. Slower growth in China and potential ceasefire talks between Russia and Ukraine added to the bearish sentiment. Dive deeper
The dollar index fell to 100.1, driven by concerns over the US economic outlook and Moody’s downgrade of the US rating to Aa1. Fiscal anxiety grew with President Trump’s tax cuts and trade tariff threats. Fed officials indicated that rate cuts may not occur before September. Dive deeper
The Reserve Bank of Australia cut its cash rate to 3.85% in May, the first rate cut since January, as inflation eased into the target range. It noted uncertainties due to global trade policy volatility and weaker external demand. The labor market remains tight, with unemployment at 4.1%. Dive deeper
Germany’s producer prices fell 0.9% YoY in April 2025, mainly due to lower energy prices. Non-durable consumer goods and capital goods saw price increases, while excluding energy, producer prices rose 1.5%. On a monthly basis, the PPI dropped by 0.6%. Dive deeper
The People’s Bank of China cut key lending rates to record lows in May, with the one-year loan prime rate (LPR) lowered to 3.0% and the five-year LPR to 3.5%. This is the first reduction since October, following Beijing’s monetary easing measures to support the economy amid trade tensions with the U.S. Dive deeper
The UK imposed sanctions on British accountant John Michael Ormerod for procuring ships for Russia’s shadow fleet. Ormerod allegedly acquired 25 oil tankers for Lukoil to help evade sanctions. The sanctions also target two Russian ship captains, 18 vessels, and 46 financial institutions. Dive deeper
Honda is scaling back its EV strategy due to slowing sales in the U.S., reducing its planned investment in electrification by $21 billion. The company has scrapped its goal for EVs to make up 30% of global sales by 2030, focusing more on hybrid production instead. Honda’s CEO emphasized that the long-term shift toward electrification remains, though delayed. Dive deeper
Intel is exploring the sale of its networking and edge unit as part of CEO Lip-Bu Tan’s plan to focus on core areas like PCs and data centers. The company is in early talks and has engaged investment bankers. This follows efforts to streamline operations after previous diversification attempts. 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.
Supreme Court on AGR Relief Plea by Telecom Companies
“The petitions are misconceived.” - Bench of Justices J.B. Pardiwala and R. Mahadevan, rejecting pleas from Vodafone Idea, Airtel, and Tata Teleservices for AGR relief.
“No telecom operator shall raise any dispute in respect of the demand… based on the judgment of this court of October 24, 2019.” - The bench reiterating its earlier stand against reassessment.
“The sector has benefited immensely under the scheme… yet ensured they do not pay licence fees based on agreed AGR.” - Observation from the 2019 ruling upholding DoT’s AGR calculation mechanism. - Link
Finance Minister Nirmala Sitharaman on regulatory clearances as India negotiates FTAs with several countries
“In today’s fast-paced economy, delays in regulating clearances can lead to uncertainty, disrupt commercial timelines and potentially erode the intended value of transactions and globally it has an impact, even as we negotiate free trade agreements with different countries, because the agility, nimbleness and the readiness of regulators is very keenly watched by investors…That has a very serious connotation when you’re looking at agreeing on FTAs within reasonable timelines,” - 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.
Calendars
In the coming days, we have the following significant events and corporate actions:
What’s your view for tomorrow’s market move?
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