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 73-point gap-up at 24,825.10, driven by positive global cues. After hitting a high of around 24,880 in the first five minutes, the index began to decline, touching 24,720 in the first half. It then traded in a narrow range between 24,720 and 24,770 before making a day’s low of 24,677.30. A recovery followed, taking the index back to the 24,730–24,750 zone. In the last 30 minutes, Nifty spiked 130 points from 24,750 to retest 24,880 and eventually closed at 24,833.60, up by 0.32%, due to the 30-minute weighted average closing rule.
Going forward, rising macroeconomic uncertainty remains a key concern. Investors are closely monitoring developments in the India-U.S. trade deal, while the ongoing earnings season continues to shape near-term market sentiment.
Broader Market Performance:
Broader markets had a mixed session with a mildly positive bias today. Of the 2,947 stocks traded on the NSE, 1,510 advanced, 1,373 declined, and 64 remained unchanged.
Sectoral Performance:
Nifty Metal was the top-gaining sector, rising by 1.21%, followed closely by Nifty Realty with a gain of 1.14%. On the other hand, Nifty PSU Bank was the worst performer, slipping 0.24%, while Nifty FMCG also ended in the red with a 0.13% decline. Out of the 12 sectoral indices, 10 closed in the green, while only 2 ended in the red, reflecting a broadly positive market sentiment.
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 5th June:
- The maximum Call Open Interest (OI) is observed at 25,000, followed closely by 24,800, suggesting strong resistance at 25,000 - 25,100 levels.
- The maximum Put Open Interest (OI) is observed at 24,800, followed closely by 24,500, suggesting strong support at 24,600 to 24,500 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
RBI’s balance sheet grew 8.2% YoY to ₹76.25 lakh crore in FY25, led by higher gold, domestic, and foreign investments. Domestic assets formed 25.73%, while foreign currency assets, gold, and others made up 74.27%. It also transferred ₹44,861 crore to the contingency fund. Dive deeper
Gold jewellery consumption in India is expected to fall by 9-10% in FY26 due to a sharp rise in prices, according to an ICRA report. Meanwhile, demand for bars and coins is projected to grow 10%, continuing the safe-haven trend amid global uncertainties. Dive deeper
RBI’s gold reserves rose to 879.58 metric tonnes in FY25, up 57.48 tonnes YoY, with their value surging 57% to ₹4.3 lakh crore. The increase was driven by fresh purchases, higher gold prices, and rupee depreciation. Gold holdings contributed to the 8.2% expansion in the RBI’s balance sheet. Dive deeper
RBI projected India’s real GDP growth at 6.5% for FY26, citing strong macroeconomic fundamentals, resilient financial markets, and continued policy support. Manufacturing and agriculture are expected to gain traction, backed by domestic demand and government initiatives. Risks remain from global volatility and inflation pressures. Dive deeper
Reliance Jio added 26.4 lakh subscribers in April, up from 21.7 lakh in March, maintaining its lead in net additions. Bharti Airtel added 1.71 lakh users, down from 12.5 lakh, while Vodafone Idea and BSNL lost 6.47 lakh and 1.55 lakh subscribers, respectively. Dive deeper
Welspun Corp’s Q4 net profit rose 143% YoY to ₹699.19 crore despite a decline in revenue, aided by lower expenses. It reduced gross debt by ₹1,000 crore and ended FY25 with ₹1,049 crore in net cash. The company declared a ₹5 final dividend and guided FY26 revenue at ₹17,500 crore. Dive deeper
The value of e-rupee in circulation rose to ₹1,016 crore by March 2025, up from ₹234 crore a year earlier, according to the RBI’s annual report. The central bank is now exploring cross-border CBDC pilots, though no timeline has been specified. Dive deeper
Ola Electric’s Q4 FY25 net loss more than doubled YoY to ₹870 crore as revenue fell 62% to ₹611 crore. EBITDA loss widened to ₹658 crore with deliveries dropping 55% YoY. Dive deeper
SEBI has barred former IndusInd Bank CEO Sumant Kathpalia and four senior executives from the securities market for trading while in possession of unpublished price-sensitive information related to derivative trade discrepancies. The internal impact was estimated at ₹2,362 crore, with share sales occurring before disclosure. SEBI’s probe remains ongoing. Dive deeper
SAIL reported a 23% decline in FY25 net profit to â‚ą2,371 crore, with total income at â‚ą1.03 lakh crore. The board proposed a final dividend of â‚ą1.60 per share. However, Q4 net profit rose 11% YoY to â‚ą1,251 crore. Dive deeper
Adani Ports and SEZ will raise â‚ą5,000 crore through a 15-year secured NCD issue opening on May 29, aimed at capex and debt refinancing. This marks its largest bond issuance, with bonds rated Crisil AAA. Dive deeper
RITES signed an MoU with Shree Cement for the development of rail infrastructure and allied services. The agreement aims to enhance collaboration in infrastructure-related projects within the rail sector. Contract size details were not disclosed. Dive deeper
Bata India’s Q4 FY25 net profit declined 28% YoY to ₹45.9 crore, with revenue down 1.2% at ₹788 crore and EBITDA margin slightly contracting to 22.6%. The company declared a final dividend of ₹9 per share for the year ended March 2025. Dive deeper
Indian bond yields remained stable after the 10-year benchmark breached a key level, driven by expectations of a rate cut in June. The new 10-year yield hovered around 6.17%, with the market eyeing upcoming GDP data and a scheduled bond auction. Dive deeper
Nuvama Wealth reported a 41% YoY rise in Q4 FY25 net profit to â‚ą255 crore, with total income at â‚ą1,125 crore. For FY25, net profit grew 58% to â‚ą985 crore. The board declared an interim dividend of â‚ą69 per share for FY26. Dive deeper
What’s happening globally
The US court ruling blocking Trump’s tariffs may boost India’s trade leverage, especially in ongoing talks with Washington. Exporters in pharma and textiles could benefit as global supply chains seek to reduce reliance on China. The verdict also limits future US tariff powers, introducing legal uncertainty into global trade dynamics. Dive deeper
Nvidia reported record Q1 revenue of $44.06 billion, up 69% YoY, driven by surging AI data center demand despite a $4.5 billion impact from China export curbs. Net income rose to $18.8 billion, and CEO Jensen Huang reaffirmed strong AI growth and U.S. manufacturing investments. Dive deeper
WTI crude rose to $62.9 per barrel on easing tariff risks and tightening supply concerns. Trade clarity boosted demand outlook, while disruptions in Libya and Venezuela added to supply worries. Markets now await OPEC+’s output decision, expected to raise production modestly. Dive deeper
Fed minutes showed officials viewed the recent tariff hikes as larger than expected, adding high uncertainty to the economic outlook. They flagged rising risks to both employment and inflation but agreed to maintain a patient stance. The Fed held rates steady at 4.25%–4.50% for the third straight meeting. Dive deeper
The US economy contracted 0.2% annualized in Q1 2025, marking the first decline in three years. Stronger fixed investment and export growth partially offset weak consumer spending, a sharp drop in federal spending, and a surge in imports ahead of Trump-era tariff hikes. Dive deeper
Corporate profits in the US fell 3.6% QoQ to $3.19 trillion in Q1 2025, the sharpest drop since Q4 2020. Undistributed profits declined 12% and net cash flow fell 4.7%, while net dividends rose 1.9%. Year-on-year, profits were up 5.1%. Dive deeper
South Africa’s PPI inflation held steady at 0.5% YoY in April 2025, the lowest in four months, as declines in fuel and chemical prices offset rises in textiles and food products. On a monthly basis, producer prices rose 0.5%, slightly down from 0.6% in March. Dive deeper
The 10-year US Treasury yield rose above 4.5%, driven by reduced safe-haven demand after a court ruling invalidated Trump’s reciprocal tariffs. The decision, which applies broadly, is expected to be appealed. Dive deeper
Spain’s retail sales rose 4% YoY in April 2025, the fastest in four months, driven by stronger non-food sales. Food sales growth eased, while monthly retail trade increased 0.7%. Year-to-date, retail trade is up 3.5% over the same period last year. 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.
Chief Economic Adviser (CEA) V. Anantha Nageswaran on India’s economic outlook
“Achieving and sustaining 6.3–6.8% GDP growth seems a reasonable prospect… The IMF agrees with us.”
“Industry must prepare for a stronger rupee by boosting productivity.”
“Private sector needs to take over the mantle of capital formation… to drive job creation and aggregate demand.” - Link
Jensen Huang, CEO, Nvidia, on US manufacturing and China chip export controls
“We expect to build everything from chips to supercomputers in America by the end of the year, working with TSMC, Foxconn, and Winstron.”
“China is one of the world’s largest AI markets and a springboard to AI success… its AI will move on with or without US-made chips like Nvidia’s.”
“The AI race isn’t just about chips. The software stack is equally critical.” - 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.