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.
Follow Market Alerts by Zerodha on X (Twitter) to get instant summaries of key exchange filings as soon as they happen. These alerts are delivered in real time by Tijori.
Market Overview
Nifty opened with a sharp gap-down of 172 points at 24,939.75 following U.S. strikes in Iran over the weekend and slipped further by 115 points to test 24,825 in the first hour. However, the index gradually recovered, crossing the 25,000 mark by 1:30 PM. After trading in a narrow range between 25,000 and 25,050 for about an hour, Nifty eased in the final hour to close at 24,971.90, down 0.55%.
Market sentiment remains cautious amid escalating tensions in the Middle East, which have pushed oil prices higher. Investors are closely tracking geopolitical developments and awaiting updates on global tariff actions.
Broader Market Performance:
Broader markets had a mixed session today. Of the 2,995 stocks traded on the NSE, 1,364 advanced, 1,545 declined, and 86 remained unchanged.
Sectoral Performance:
The top-gaining sector for the day was Nifty Media, up 4.39%, while Nifty IT was the worst performer, falling 1.48%. Out of the 12 sectoral indices, 5 ended in the green, led by Consumer Durables, Metal, Pharma, and Energy, while 7 closed lower, including FMCG, Auto, and IT.
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 26th June:
- The maximum Call Open Interest (OI) is observed at 25,000, followed closely by 25,200, suggesting strong resistance at 25,300 - 25,400 levels.
- The maximum Put Open Interest (OI) is observed at 25,000, followed closely by 24,900, suggesting strong support at 24,800 to 24,700 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
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 HSBC Composite PMI rose to 61.0 in June, the highest since April 2024, driven by strong growth in manufacturing and services. Export orders hit a record, boosting new orders, while employment rose amid sustained backlogs. Price pressures eased, though business sentiment softened slightly. Dive deeper
India’s HSBC Manufacturing PMI rose to 58.4 in June, the highest since April 2024, driven by strong domestic and export demand. Employment growth hit a series peak, while input cost inflation eased. Output prices remained firm, and business confidence improved modestly. Dive deeper
India’s HSBC Services PMI rose to 60.7 in June, the fastest pace since August 2024, supported by strong growth in output and new orders. Employment rose but at a slower rate, while both input and output price inflation eased. Business confidence for the year ahead softened. Dive deeper
PhonePe, India’s largest digital payments firm backed by Walmart, is preparing to file IPO papers by August to raise up to $1.5 billion at a potential $15 billion valuation. The listing will be managed by Kotak Mahindra Capital, JPMorgan, Citigroup, and Morgan Stanley. Dive deeper
Zee Entertainment announced plans to achieve EBITDA breakeven for Zee5 in FY26, aiming to improve margins to 18–20% and grow ad revenue by 8–10%. It will also issue convertible warrants worth ₹2,237 crore and focus on enhancing viewership, liquidity, and strategic execution. Dive deeper
Amazon has launched its first global diagnostics service in India, offering at-home lab testing across six cities through the Amazon app. Partnering with Orange Health Labs enables booking of 800+ tests with doorstep sample collection in 60 minutes and digital reports within six hours. Dive deeper
Shares of small finance banks surged after the RBI announced a relaxation in priority sector lending norms, lowering the mandatory target from 75% to 60% starting FY26. The move aims to offer operational flexibility while ensuring credit flow to key sectors. Dive deeper
Bharat Electronics received fresh orders worth â‚ą585 crore to supply missile systems, communication equipment, and jammers. This follows a â‚ą2,323 crore order earlier this month for naval missile system spares. Dive deeper
Reliance Infrastructure’s subsidiary JR Toll Road Pvt Ltd settled its ₹273 crore debt with Yes Bank, including interest, under an amended agreement. The company, also a guarantor, confirmed full discharge of its obligations. Yes Bank holds no stake and isn’t a related party. Dive deeper
Ideaforge Technology secured a â‚ą137 crore order from the defence ministry to supply mini UAVs with accessories, to be delivered within 12 months. Dive deeper
Prosus has postponed the IPO of its Indian digital payments firm PayU, shifting focus to strengthening the business over the next 6 to 12 months. Dive deeper
Air India has cut up to 5% of its narrow-body services until July 15, suspending select international and reducing domestic routes due to technical snags. This follows a 15% cut in wide-body international operations earlier. Dive deeper
Nuvoco Vistas has completed its â‚ą1,800 crore acquisition of Vadraj Cement, boosting its cement capacity by over 20% to 31 MTPA. The deal, executed via its subsidiary Vanya Corp, was approved by NCLT and outbid the Adani group in a court-monitored auction. Dive deeper
Ellenbarrie plans to raise â‚ą400 crore through fresh equity and â‚ą452.5 crore via offer for sale to reduce debt and fund expansion. Margins and returns have improved, but risks like geographic concentration and rising receivables persist. The IPO suits long-term investors with high-risk tolerance. Dive deeper
HAL secured a ₹511 crore deal to acquire ISRO’s Small Satellite Launch Vehicle (SSLV) technology, enabling it to build and operate SSLV rockets independently. It plans to produce 6-8 rockets annually, with ISRO supporting the first two missions. Dive deeper
Zen Technologies’ board approved acquiring a 54.67% stake in TISA Aerospace for ₹6.56 crore, marking its entry into loitering munitions and UAVs. The move strengthens Zen’s presence in indigenous defence tech and aligns with future battlefield needs. Dive deeper
Granules India’s Telangana API facility received a Form 483 observation from the US FDA following an inspection. The company plans to respond within the stipulated time, noting the facility’s significance in paracetamol API production. Dive deeper
Motilal Oswal Alternates, the alternative investment arm of Motilal Oswal Group, has completed exits worth â‚ą1,050 crore from its second real estate fund with a corpus of â‚ą489 crore. The fund was deployed across mid-income housing projects in key urban markets and delivered a gross IRR of 18.3%. Dive deeper
What’s happening globally
The U.S. conducted airstrikes on Iran’s Natanz, Fordo, and Isfahan nuclear sites, which President Trump called “very successful.” While Iran confirmed the attacks, the IAEA reported no rise in radiation levels. Dive deeper
WTI crude briefly jumped 2.7% before easing below $74 as markets weighed Iran’s potential response to US strikes on its nuclear sites. Dive deeper
Gold slipped to around $3,350 per ounce as investors turned to the US dollar amid rising Middle East tensions following US strikes on Iran. Dive deeper
European natural gas futures rose above €41/MWh, nearing April highs, as geopolitical tensions escalated after U.S. strikes on Iranian nuclear sites. Dive deeper
Malaysian palm oil prices edged lower near MYR 4,100/tonne as weaker Dalian oils and India’s cancellation of 65,000 tonnes of imports dampened sentiment. Dive deeper
Germany’s HCOB Flash Composite PMI rose to 50.4 in June, marking the first expansion in six months, led by stronger manufacturing output. Services remained weak, but new orders rose for the first time in over a year. Input cost inflation eased, though firms cut jobs and future optimism softened. Dive deeper
Japan’s Manufacturing PMI rose to 50.4 in June, marking the first expansion since May 2024, driven by modest gains in output and employment. However, new orders and exports continued to decline amid US tariffs, and business sentiment remained subdued. Dive deeper
Tesla has begun testing paid robotaxi rides in Austin, Texas, marking its first deployment of driverless cars with passengers. Around 10 vehicles are operating under supervision in a limited zone, with rides priced at $4.20. The rollout follows new Texas legislation requiring permits for autonomous vehicles starting September 1. Dive deeper
Xiaomi will officially launch its new YU7 electric SUV on June 26, with CEO Lei Jun confirming that pricing details and order bookings will be announced at the event. The YU7 is the company’s second EV model, following earlier specification reveals in May. Dive deeper
Alibaba will merge its food delivery platform Ele.me and travel unit Fliggy into its core e-commerce business, aiming to reposition itself as a broader consumer platform. Dive deeper
Apple executives have reportedly held early internal talks about acquiring AI startup Perplexity, though no offer has been made and discussions haven’t involved Perplexity’s management. The move reflects Apple’s interest in AI search as it explores alternatives to Google for Safari. Dive deeper
Meta has partnered with Oakley to launch AI-powered smart glasses, expanding its wearable tech line after the success of Ray-Ban Meta glasses. 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.
Nilesh Shah, MD, Kotak Mahindra AMC, on oil risks and equity market outlook
“Indian equity and rates market is like a man having an average temperature as one leg is in cold water and the other in hot water.”
“Global factors from Trump policy to oil price/supply are boiling hot.”
“We need to keep a watch on the availability of oil as well as its prices. Oil prices crossing triple digits or restricted supply will have an adverse impact on the market.” - Link
Ramesh Damani, veteran investor, on market outlook and geopolitical impact
“What happened over the weekend has changed the contours of the Middle East conflict. Markets are beginning to sense a possibility of peace, and that is being priced in.”
“The thousand-point rally we saw on Friday shows the market is like a powder keg,
ready to go off. I wouldn’t want to be short here.”
“This is the kind of market where corrections should be used to build long-term positions. India’s structural story remains intact, and the market appears well-positioned to move higher.” - Link
Himanta Biswa Sarma, Chief Minister of Assam, on a 3,000-MW power project
“This 3,000-MW thermal power project will be coming up in our state. A sum of ₹40,000 crore will be spent on it, and the tender will be issued soon.”
“We thought that a project of similar investment should come to Kokrajhar, too. But, we don’t want to go ahead with it by taking the blame that we are after tribal land.”
“The land may not be given for the power project, but I think it is not correct for only a few people to have possession of so much land. Some institutions, like a hospital or a college, can come up there.” - Link
JD Vance, U.S. Vice President, on strikes against Iran’s nuclear program
“We’re not at war with Iran. We’re at war with Iran’s nuclear program.”
“I think that we have really pushed their program back by a very long time. I think that it’s going to be many, many years before the Iranians are going to be able to develop a nuclear weapon.”
“We do not want to protract this… We want to end the nuclear program, and then we want to talk to the Iranians about a long-term settlement here.” - 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?
- Positive
- Negative
- Flat
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!
We’re now on Telegram, follow us for interesting updates on what’s happening in the world of business and finance. Join the conversation on today’s market action here.