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 45-point gap-down at 24,956.65 and dropped another 200 points in the first hour, testing the 24,750 level. The index then consolidated briefly before spiking 300 points in just 30 minutes to test 25,060. However, in the second half, markets cooled off, falling 350 points from the day’s high to hit 24,700 around 2 PM. Nifty recovered some ground afterward, gaining 140 points to close at 24,826.20, down 0.69% eventually.
Driven by the weekly expiry, the headline index saw sharp volatility with an intraday swing of over 1,000 points. Rising macroeconomic uncertainty remains a key concern. Investors are closely watching the progress of the India-U.S. trade deal, while the ongoing earnings season continues to influence near-term market direction.
Broader Market Performance:
Broader markets had a mixed session with a negative bias today. Of the 2,955 stocks traded on the NSE, 1,412 advanced, 1,462 declined, and 81 remained unchanged.
Sectoral Performance:
Nifty PSU Bank was the top gainer, rising by 0.26%, while Nifty FMCG was the top loser, declining by 0.88%. Out of the 12 sectoral indices listed, 3 sectors closed in the green and 10 sectors ended in the red, indicating broad-based weakness in 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 29th May:
- The maximum Call Open Interest (OI) is observed at 25,000, followed closely by 25,200 & 25,100, suggesting strong resistance at 25,000 - 25,200 levels.
- The maximum Put Open Interest (OI) is observed at 24,500, followed closely by 25,000, suggesting strong support at 24,700 to 24,600 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 mandated that equity derivatives can expire only on either Tuesday or Thursday, with each exchange choosing one day. Weekly index options and all other equity derivatives must follow revised expiry norms to reduce volatility. Exchanges must submit proposals by June 15 and align with the new framework. Dive deeper
IndiGo co-founder Rakesh Gangwal reportedly sold a 5.8% stake worth ₹11,928 crore via a block deal, as part of his ongoing exit strategy. His holding has reduced from 36.6% in 2022 to 13.5%. Dive deeper
Indian bond prices rebounded after a lower-than-expected RBI surplus, supported by policy easing hopes. The 10-year yield closed at 6.2046%, with near-term OIS rates largely steady. Focus now shifts to upcoming GDP data and the June 6 policy meet. Dive deeper
JioBlackRock Asset Management, a 50:50 JV between Jio Financial Services and BlackRock, has received SEBI approval to start its mutual fund business in India. The firm plans to launch data-driven investment products targeting retail and institutional investors. Sid Swaminathan has been appointed as MD & CEO. Dive deeper
KEC International flagged a shortage of nearly 5,000 workers as its biggest challenge, despite strong margins and order inflows. Q4 net profit rose 77% YoY to ₹268 crore, with revenue up 11.5% and EBITDA margin improving to 7.8%. The firm targets ₹30,000 crore in orders for FY26. Dive deeper
Shriram Properties reported a Q4 FY25 net profit of ₹47.66 crore, more than doubling from ₹20.16 crore last year, with income rising to ₹427.51 crore. FY25 profit stood at ₹77.30 crore, slightly up YoY, while annual income dipped marginally. Dive deeper
JSW Steel’s $74 million acquisition of Mozambique’s coal asset is back on track after concession rights were restored to the seller. The project offers access to 280 million tons of premium coking coal. The deal had faced delays due to earlier lease revocation and competing interests. Dive deeper
TV ad volumes in 2024 rose 14% over 2020 but dipped 4% from 2023, with Q2 seeing a short-lived rise. Food & Beverages led with a 21% share, while HUL was the top brand at 16%. Over 4,000 new advertisers entered, with top 10 advertisers accounting for 45% of total volumes. Dive deeper
Sagility B.V., backed by EQT, will offload up to ₹2,671 crore worth of shares in Sagility India through an offer for sale, reducing its stake by as much as 15.02%. The base offer of 346.13 million shares opens on May 27 for non-retail and May 28 for all investors, with a floor price set at ₹38, a discount to the last closing price. Dive deeper
HDB Financial Services, a unit of HDFC Bank, is nearing SEBI approval for its $1.5 billion IPO, which would be the largest by a shadow bank in India. Dive deeper
Oyo has begun talks with banks for a fresh IPO attempt, targeting a $6–7 billion valuation and a possible listing by FY26-end. The company may file its DRHP by August–September, backed by improved financials and an estimated ₹620 crore FY25 profit. Dive deeper
BEML shares surged 22% in three days after Q4 profit rose 11.9% YoY to ₹287.55 crore and revenue increased to ₹1,656.36 crore. Despite a slight annual revenue dip, strong short-term momentum has driven recent gains. Dive deeper
Olectra Greentech may lose a major Maharashtra order after failing to deliver 1,000 buses by the May 22 deadline, with only 220 of 5,150 buses supplied so far. The state transport minister has called for the cancellation of the contract. Olectra said it hasn’t received any official notice yet. Dive deeper
Reliance Infrastructure reported a Q4 FY25 net profit of ₹4,387 crore, reversing a ₹220 crore loss from the previous year. Full-year profit stood at ₹4,938 crore, aided by an exceptional gain and improved EBITDA. The company also reduced its standalone net debt to zero by March 2025. Dive deeper
India has invited BRICS nations to boost cooperation in the startup sector to foster innovation and cross-border collaboration. The proposal was made at the 9th BRICS Industry Ministers’ meeting in Brasilia. Dive deeper
SBI Life Insurance and Vidyaniti LLP acquired a combined 4.25% stake in National Highways Infra Trust (NHIT) for ₹1,100 crore at ₹133.57 per unit. SBI Life picked up 1.93%, while Vidyaniti bought 2.3%. NHAI offloaded the same number of units as part of the transaction. Dive deeper
India’s PC market grew 8.1% YoY in Q1 2025 with 3.3 million units shipped, driven by strong notebook and AI PC demand, IDC reported. Consumer segment rose 8.9%, while commercial desktops fell due to weak government demand. HP led with 29.1% share, followed by Lenovo and Dell. Dive deeper
Dabur India’s board has approved the amalgamation of Sesa Care Pvt. into the company with no cash consideration, subject to regulatory and stakeholder approvals. The move aims to strengthen Dabur’s hair care portfolio by leveraging Sesa’s ayurvedic brand presence. Dive deeper
Adani Ports has set up a step-down subsidiary, East Africa Ports FZCO, in Dubai via its arm Adani International Ports Holdings. The entity will focus on investments and enterprise management. It was registered in the Dubai Multi Commodities Centre on May 26, 2025. Dive deeper
NSE has offered ₹10 billion to SEBI to settle a long-pending case, potentially clearing the way for its IPO. SEBI appears open to the proposal, with a decision expected soon. Dive deeper
What’s happening globally
Japan’s 10-year bond yield fell to 1.46%, its third straight decline, as reports of reduced super-long bond issuance eased market pressure. This follows weak demand at a recent 20-year auction. BOJ Governor Ueda reaffirmed readiness to adjust policy and flagged upside inflation risks. Dive deeper
US factory orders fell 6.3% in April 2025 to $296.3 billion, the sharpest drop since January 2024 but milder than the expected 7.8% decline. The fall followed front-loaded demand and new 10% tariffs, with steep drops in transportation and capital goods orders. Dive deeper
Moody’s revised Hong Kong’s long-term credit rating outlook to ‘stable’ from ‘negative’, citing its resilient economy and strong policy framework despite global trade tensions. The move reflects confidence in Hong Kong’s credit profile even as China’s outlook remains negative. S&P maintains Hong Kong’s rating at AA+ with a stable outlook. Dive deeper
Germany’s 10-year Bund yield fell to 2.5%, its lowest in nearly three weeks, as global bond yields declined amid Japan’s potential bond supply cut and easing trade tensions. Dive deeper
France’s annual inflation eased to 0.7% in May 2025, the lowest since February 2021 and below expectations. The slowdown was led by falling energy prices and softer service costs, while food inflation edged up. EU-harmonised inflation also dropped to 0.6% year-on-year. Dive deeper
Germany’s GfK Consumer Climate rose to -19.9 for June 2025, its highest since November 2024, but below forecasts. Economic and income expectations improved sharply, but buying appetite weakened and saving intentions grew, reflecting continued consumer caution amid global uncertainties. Dive deeper
EU passenger car registrations rose 1.3% YoY in April 2025, led by gains in Spain and Italy, while Germany and Belgium saw slight declines. BEV registrations surged 34.1%, with strong growth in Germany and Belgium. Year-to-date, overall car sales fell 1.2%, but BEVs rose 26.4%, reaching 15.3% market share. Dive deeper
South Korea’s consumer sentiment index jumped to 101.8 in May 2025 from 93.8 in April, its highest since October 2024. The rebound was driven by easing political uncertainty ahead of elections and optimism over a potential US tariff deal. Dive deeper
BYD slashed prices on 22 models by up to 34% to revive weak demand, sparking a sell-off in Chinese EV stocks amid fears of intensified price wars. Despite rising inventory and margin pressure across the sector, BYD’s scale and cost efficiencies helped it post strong April sales and surpass Tesla in Europe and on quarterly net income. Dive deeper
Salesforce announced an $8 billion acquisition of Informatica to enhance its AI data tools, marking its biggest deal since acquiring Slack in 2021. The move aims to strengthen its position in the $150 billion+ data enterprise market and expand AI-powered offerings. The deal is set to close early next fiscal year. Dive deeper
Xiaomi posted record Q1 revenue of ¥111.3 billion and a 65% rise in net profit to ¥10.7 billion, driven by its premium product strategy. Its EV unit generated ¥18.1 billion from 75,869 SU7 deliveries, despite recent setbacks. The new YU7 SUV will launch in July. Dive deeper
Sony will spin off its financial arm via a direct listing on September 29, distributing over 80% of shares to investors. The move separates its financial and entertainment businesses under Japan’s new tax rules. Sony aims to focus more on entertainment and chip manufacturing. Dive deeper
KFC plans to invest £1.49 billion ($2 billion) in the UK and Ireland over five years, creating over 7,000 jobs and opening 500 new outlets. The expansion includes upgrading 200 sites and capitalising on the rising demand for fried chicken. 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.
Binod Kumar, MD & CEO, Indian Bank, on FY26 credit outlook and growth drivers
“We remain optimistic about achieving our 10-12% credit growth target for FY26, supported by an improving macro environment, expected policy rate cuts, and stronger retail and MSME credit demand.”
“On the corporate side, we are seeing demand for brownfield expansion, but large firms are relying on internal accruals; only 20–30% of sanctioned term loans are being disbursed.”
“To sustain CASA and drive deposit growth, we’re introducing green deposits, floating-rate FDs, and auto-sweep products, along with expanding our Resource Acquisition Centres.” - Link
Hiroki Totoki, CEO, Sony Group, on spin-off strategy and entertainment focus
“The spin-off will help clarify the different capital strategies of our financial and non-financial businesses, improving investor understanding.”
“We’re exploring options to invest in chip manufacturing, which may include partnerships or a fab-light strategy.”
“Entertainment, especially anime and image sensors, remains a core focus—we see significant opportunity as global demand continues to grow.” - Link
Saurav Mitra, Director (Finance) & CFO, Petronet LNG Ltd, on LNG demand and capacity utilization
“We are expecting a year-on-year growth of around 5% to 6% in LNG consumption.”
“Given Dahej’s strategic location, we are confident of strong utilization of the expanded capacity.”
“This growth outlook supports a positive demand environment for our infrastructure.” - Link
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Calendars
In the coming days, we have the following significant events and corporate actions:
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