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
The Nifty opened flat at 24,620.65 and traded within a narrow 40-point range during the first half of the session. It attempted to break higher, reaching an intraday high of 24,691.75, but failed to sustain the momentum and slipped back slowly to earlier levels around 24,640. By the close, the index settled at 24,641.80, gaining 0.12% for the day. Nifty has been trading in a narrow range for the past three days.
Broader Market Performance:
The overall market breadth remained positive, outperforming the Nifty, with 1,501 stocks advancing, 1,305 declining, and 73 unchanged. The outperformance in Midcap and Small cap stocks is probably due to the below data point shared by Edelweiss Mutual fund.
Sectoral Performance:
Sectoral indices exhibited mixed performance today. Consumer Durables and Fast-Moving Consumer Goods (FMCG) sectors emerged as top gainers, while financial sectors, including Bank Nifty and Public Sector Undertaking (PSU) banks, closed in the red.
Note: The above numbers for Commodity futures were taken around 5 pm.
Change in OI for the day
The following is the change in OI for Nifty contracts expiring on 12th December:
- The maximum CE OI is at 24700 closely followed by 25000 and the maximum Put OI is at 24500 followed by 24600.
- Immediate support on the downside can be seen at 24500 levels followed by 24400-350 levels. Resistance on the upside is at 24700 and 24800 levels followed by 25000. Considering the narrow trading zone in the last three days, the above levels hold the key for the market trend going forward.
Note: OI is subject to multiple interpretations but generally, in a falling market if there is an increase in the call OI, it indicates resistance, and in a rising market, if there is an increase in the put OI, it indicates support.
Source: Sensibull
Tijori is an investment research platform, and they have constructed niche indices for various themes and sub-sectors. They help you get a sense of 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
The life insurance industry experienced a 4.5% YoY decline in premiums in November 2024, with total premiums at ₹25,306 crore. This decline was largely attributed to a drop in LIC’s performance, while the private sector saw a 31% YoY growth. For FY25, the industry overall saw a 16% growth in premiums, driven by private insurers like ICICI Prudential Life, Max Life, and HDFC Life. Dive deeper
Happiest Minds’ (-0.23%) subsidiary, PureSoftware, has enhanced its digital lending offerings through its Banking-as-a-Service (BaaS) platform, Arttha. The platform, which serves over 150 million users across 20 markets, helps financial institutions and telecom companies streamline payment and lending processes. Dive deeper
Shares of PNC Infratech Ltd. surged 12.37% to ₹347.90 after the company announced receiving a provisional completion certificate for a project two months ahead of schedule, making it eligible for an early completion bonus of ₹1,428 crore from NHAI. Dive deeper
Shares of Delta Corp Ltd. surged by 8% today after Chief Economic Advisor V Anantha Nageswaran’s comments on the potential for innovation in cryptocurrencies and online gaming. The stock closed 4.89% higher at ₹127.70. Dive deeper
Adani Group has opted to fund the Colombo Port project using its own resources, withdrawing its request for financing from the US International Development Finance Corporation (DFC). The project, part of the consortium with Sri Lanka’s John Keells Holdings and the Sri Lanka Ports Authority, is on track for commissioning by early next year. Dive deeper
Glance and Airtel Digital TV have partnered to introduce Glance TV, which turns idle TV screens into AI-powered smart surfaces displaying live, personalized content. Initially launched on over one million Airtel Xstream devices, the platform aims to expand to four million devices in India by mid-2025, with potential plans for international expansion. Dive deeper
SEBI has approved the exit of the Indian Commodity Exchange (ICEX) as a recognized stock exchange. ICEX, based in Surat, Gujarat, had its recognition withdrawn in May 2022 for failing to meet net worth and other regulatory conditions. Despite efforts to comply, including raising funds and allowing new investors, ICEX could not meet the requirements, leading to a voluntary surrender of recognition. ICEX has since settled dues transferred its Investor Protection Fund to SEBI, and is required to change its name. The exit will take effect upon publication in the official gazette, marking the end of ICEX’s operations in the commodity derivatives market. Dive deeper
Swiggy has introduced “One BLCK,” an invite-only premium membership offering benefits such as faster deliveries, an On-Time Guarantee, and complimentary items when dining out. It also includes all the features of the current Swiggy One membership, along with exclusive perks from partner brands. The membership is available at a launch price of INR 299 for three months and is being rolled out in phases. Dive deeper
Meanwhile, Swiggy’s shares fell by 3.9% to ₹522.55, as 6.5 crore shares became available for trade following the expiration of a mandatory lock-in period. This drop comes as some pre-IPO investors likely booked profits. Dive deeper
Tata Power Renewable Energy Limited (TPREL) has partnered with Tivolt Electric Vehicles to enhance EV charging infrastructure for commercial vehicles across India. The collaboration will leverage TPREL’s EV charging expertise and Tivolt’s network of small electric commercial vehicles, providing accessible and sustainable charging solutions. Dive deeper
Cyient (+1.01%) has opened a new office in Parramatta, Sydney, to expand its presence in Australia. The office, with over 100 associates, will focus on supporting the company’s growth in the connectivity sector and fostering collaboration with local partners. Dive deeper
Inox Wind (-2.14%) has announced the entry of its parent company, INOXGFL Group, into the solar energy sector through Inox Solar. The company aims for a manufacturing capacity of 5 GW of solar modules and 2.5 GW of solar cells by 2026, with an investment of Rs 1,500 crores. The first solar module manufacturing unit in Gujarat, with a capacity of 1.2 GW, is expected to be operational by March 2025. This expansion complements Inox Wind’s wind business, offering integrated renewable energy solutions. Dive deeper
BEML (2.34%) Limited has secured a ₹136 crore contract from the Ministry of Defence for the supply of High Mobility Vehicles (HMV) 8x8. These vehicles will support the Battle Field Surveillance System (BFSS) Project, enhancing India’s defence capabilities. Designed for reliability in challenging environments, the vehicles feature advanced technologies such as independent suspension, air-cooled engines, and a central tyre inflation system. Dive deeper
Bharat Global Developers Ltd. (+5%) has secured a ₹650 crore annual supply contract with TATA Agro & Consumer Products. The agreement will see BGDL supply premium agricultural commodities such as tea leaves, coffee beans, pulses, and dry fruits. Dive deeper
ACME Solar Holdings Limited (-1.08%) has secured a 250 MW Firm & Dispatchable Renewable Energy (FDRE) project in the NHPC e-reverse auction held on December 10, 2024, at a tariff of INR 4.56 per unit. The project, which includes a green-shoe option to potentially expand to 500 MW, boosts ACME Solar’s total capacity to 6,970 MW. Dive deeper
Amazon has launched Tez, its rapid delivery arm, competing with players like Blinkit and Instamart, aiming to offer everyday essentials within 15 minutes. The company also committed to enabling $80 billion in exports from India by 2030, up from the $20 billion target for 2025. Dive deeper
Biocon Ltd. sold 80,00,000 shares of Syngene International Ltd. for approximately Rs 686 crore, reducing its stake to 52.46%. The transaction occurred via block deals on the BSE, with no buyers from the promoter group. Dive deeper
Life Insurance Corp. (LIC) raised its stake in Asian Paints Ltd. to 7% from 5% through open market transactions between Dec. 1 and Dec. 9, acquiring 6.72 crore shares at an average cost of Rs 2,891.25 per share. Dive deeper
Coca-Cola has sold a 40% stake in its Indian bottling arm, Hindustan Coca-Cola Beverages Pvt Ltd, to Jubilant Bhartia Group for ₹12,500 crore. This move marks a strategic shift, enhancing Bhartia Group’s presence in India’s beverage sector and aligns with Coca-Cola’s asset-light strategy. Dive deeper
What’s happening globally
China has initiated an investigation into Nvidia for possible violations of its anti-monopoly law and commitments made during the acquisition of Mellanox Technologies. Analysts suggest the probe may have limited impact, as Nvidia’s advanced chips are already restricted from being sold in China. Dive deeper
Alphabet’s shares rose 6% after Google announced its quantum computing chip “Willow,” which significantly outperformed its 2019 predecessor in a key benchmark. Willow, featuring about 100 qubits, is part of Google’s ongoing effort to develop practical quantum computers, with long-term applications expected in areas like drug discovery and energy. The chip marks a step closer to achieving large-scale quantum computing, although practical use may still be years away. Dive deeper
As per a Reuters report, Chinese authorities are considering allowing the yuan to depreciate in 2025 to counter anticipated U.S. trade tariffs under President Trump’s renewed leadership. Trump has proposed a 10% universal import tariff and a 60% tariff specifically on Chinese imports. A weaker yuan would make Chinese exports cheaper, potentially offsetting the impact of these tariffs. Dive deeper
U.S. President-elect Donald Trump has announced plans to expedite federal permits for energy and construction projects exceeding $1 billion in investment. This initiative aims to stimulate the U.S. economy by streamlining approvals, including environmental clearances, for substantial domestic investments. Dive deeper
Germany’s gas-fired electricity production surged to a two-year high in November 2024, increasing by a record 79% from the previous month. This significant rise was primarily due to a substantial decline in wind power output, which was 25% below the levels of October and November 2023. - Dive deeper
Nippon Life Insurance plans to acquire Resolution Life Group Holdings for $8.2 billion, marking its biggest acquisition. The Osaka-based insurer, already holding a 23% stake in Resolution, aims to make it a wholly owned subsidiary by the second half of 2025. This move aligns with Nippon Life’s strategy to diversify and expand its presence in global markets. 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.
Anantha Nageswaran, Chief Economic Adviser (CEA) on regulations
“We do need to make a distinction between regulation with respect to financial sector and regulation with respect to non-financial sector of the economy,”
" In the financial sector, competition sometimes leads to excessive risk taking and competition can be a source of instability rather than stability, which is not the case for non-financial sector of the economy. And the manifestation or climaxing of that was the 2008 global financial crisis," - Link
Anil Chaudhary, Former Chairman of SAIL
- Chinese govt is working hard on growing their consumption at any cost.
- Believe China will continue to dominate the world commodity market.
- Trump’s statement is unclear, will have to wait to determine the impact of tariffs on the Indian steel market.
- Indian economy will be impacted if we don’t stop the dumping of steel from China.
- Govt is considering imposing safeguard duty and that is the need of the hour.
- Safeguard duty of as high as 25% will hurt the consuming industry, we need to be rational. - Link
Gunender Kapur, MD & CEO, of Vishal Mega Mart on Quick commerce foray
It is a pilot that we started at the beginning of last year, and it’s very differentiated. It’s a very capital-efficient platform. Essentially, it works within a radius of 8-10 kilometres of every store. If you were to log into the app, you would automatically get tagged to the closest Vishal store, and then the inventory of only that store becomes visible to you. And if you were to place an order, you could get - if you so choose - the order delivered within two hours. And if you were to buy more than ₹300, the delivery is free. At less than that, you pay ₹29. The early signs have been very good. And I am quite happy to report that as we speak, we are present in about 390 cities in India, through this pilot. And we remain very optimistic. - Link
Calendars
In the coming days, we have the following major events and corporate actions:
That’s it from us. Do let us know your feedback in the comments and share it with your friends to spread the word.