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 22-point gap-down at 24,563 and, after initial volatility in the first few minutes, moved higher to touch 24,700 in the first hour. Over the next hour, the index slipped again by 150 points to test the 24,550 zone, after which it remained rangebound between 24,550 and 24,620 until 2 PM. In the final phase, markets turned negative, with Nifty eventually closing below 24,500 at 24,487.40, down 0.40%.
Market sentiment remained fragile amid negative global cues, persistent FII outflows, and muted earnings reactions. Investors are closely watching the escalating U.S.-India trade tensions, which are likely to guide near-term market direction.
Broader Market Performance:
Broader markets had a mixed session with a slight bearish bias. Of the 3,064 stocks traded on the NSE, 1,421 advanced, 1,542 declined, and 101 remained unchanged.
Sectoral Performance
Nifty Pharma led the gains, rising 0.69%, followed by Nifty Media and Nifty Auto, which gained 0.60% and 0.56% respectively. On the other hand, Nifty Bank was the worst performer, slipping 0.84%, followed by Nifty Realty and Nifty Consumer Durables, which declined 0.73% and 0.65% respectively. Out of the 12 sectoral indices, 6 closed in the green while 6 ended in the red, indicating a mixed market trend.
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 14th August:
- The maximum Call Open Interest (OI) is observed at 25,000, followed closely by 24,700, suggesting strong resistance at 24,700 - 24,800 levels.
- The maximum Put Open Interest (OI) is observed at 24,000, followed closely by 24,500, suggesting strong support at 24,400 to 24,300 levels.
Note: OI is subject to multiple interpretations, but generally, an increase in Call OI indicates resistance in a falling market, and an increase in 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 retail inflation eased to a provisional 1.55% in July 2025, the lowest in over eight years, driven by cooling food prices and a strong harvest. Rural inflation stood at 1.18%, urban at 2.05%, and housing inflation remained steady at 3.17%. This marks the first time in over six years that inflation fell below the RBI’s 2%–6% target band. Dive deeper
Debt mutual funds saw their best month of FY25 in July with Rs 1.06 lakh crore inflows, led by money market and liquid funds. Short-duration and corporate bond funds also attracted investors, while banking, PSU, and credit risk funds saw outflows. The strong inflows pushed fixed-income funds’ year-to-date net investments past Rs 2.28 lakh crore. Dive deeper
Larsen & Toubro secured an order worth over Rs 15,000 crore from Adani Power to build eight thermal power units totaling 6,400 megawatts. The project includes design, engineering, manufacturing, and commissioning of Boiler-Turbine-Generator packages and related systems. Dive deeper
BSE raised the criteria for SME migration to the mainboard, requiring Rs 15 crore operating profit over three years and at least 1,000 public shareholders. Companies must meet liquidity, net tangible assets of Rs 3 crore annually, and three years of compliance. The move aims to boost transparency and listing quality. Dive deeper
Kotak Mahindra MF, Citigroup, Fidelity, Morgan Stanley, and others bought a 10.64% stake in Home First Finance for Rs 1,307 crore through open market deals. Kotak Mahindra MF alone acquired 4.84% of the company. Private equity firm Warburg Pincus exited by selling its entire 10.64% stake. Dive deeper
HMPL’s subsidiary Quippo Oil & Gas won a ₹280.1 crore contract from Oil India to supply drilling on charter hire. This marks HMPL’s strategic move from a pure EPC operator to an integrated platform handling capital-intensive projects. Dive deeper
Muthoot Microfin returned to profit with a Rs 6.2 crore net gain in Q1 despite a 95% year-on-year drop and a prior quarter loss. GNPA rose to 4.85%, and provisions increased, but improved collection efficiency helped avoid additional management overlays. The company’s assets under management remained stable at Rs 12,253 crore. Dive deeper
Havells India expects its solar business to surpass Rs 1,500 crore in the next couple of years, driven by its Rs 600 crore investment in Goldi Solar. Despite a dip in Q1 revenue and profits, the company anticipates gradual improvement ahead. Dive deeper
JM Financial reported a 166% jump in consolidated net profit to Rs 454 crore for Q1 FY26, up from Rs 171 crore a year ago. Total income rose slightly to Rs 1,121 crore while expenses declined significantly. The company’s net worth crossed Rs 10,000 crore, supported by strong performance in real estate loans and distressed credit recovery. Dive deeper
Indian telecom operators are expected to raise tariffs again between October 2025 and January 2026, with hikes likely below 15-20%, smaller than last year’s. Experts suggest more frequent, moderate increases and new pricing models, including tiered 5G plans and content bundling, to boost revenue. Dive deeper
SBI has stopped processing trade and foreign currency transactions for Nayara Energy due to potential US sanctions following recent tariff hikes. The bank’s decision aims to avoid restrictions from the US and the European Union. This move reflects banks’ need to navigate evolving international compliance risks. Dive deeper
Adani Defence & Aerospace, in partnership with Prime Aero, is acquiring a 100% stake in Indamer Technics, a leading aircraft MRO company with a large facility in Nagpur. The acquisition aims to strengthen Adani’s presence in India’s growing aviation sector. Dive deeper
IHCL plans to acquire a 51% stake in ANK Hotels and Pride Hospitality for ₹110 crore and ₹94 crore, adding 135 hotels under the Clarks Hotels & Resorts brand. Many properties will be rebranded as Ginger hotels, expanding its portfolio to 250 properties. Dive deeper
Astral reported a 33% drop in Q1 consolidated PAT to ₹81.1 crore, with revenue down slightly and EBITDA falling 14%. The decline was driven by volatile polymer prices causing inventory losses and margin pressure. The company expanded capacity, acquired Al-Aziz Plastics, and plans to start CPVC resin production by Q2 FY27. Dive deeper
Inox Green Energy signed a comprehensive O&M agreement for 182 MW of wind projects with a major Indian conglomerate, boosting shares by nearly 5%. The deal includes converting limited-scope to full O&M for 82 MW and renewing comprehensive O&M for 100 MW across Western India. Dive deeper
NALCO reported a 77% rise in net profit to ₹1,064 crore in Q1 FY26, driven by cost-efficient operations and a favourable domestic business environment. Revenue from operations stood at ₹3,807 crore for the quarter. Dive deeper
What’s happening globally
Brent crude rose to $66.8 per barrel as the US-China tariff truce was extended, easing trade concerns. US-Russia talks on Ukraine continue amid low hopes for a quick deal. Market watchers await OPEC and energy reports for supply-demand clues. Dive deeper
Gold prices climbed back to around $3,350 per ounce as investors awaited the US inflation report for clues on the Fed’s rate moves. The rise followed a drop after Trump clarified gold won’t face tariffs and extended a trade truce with China. Dive deeper
China has advised local companies to limit the use of Nvidia’s H20 chips, especially in government-related areas, citing security concerns. Nvidia maintains the chips aren’t intended for military use and denies any risks. This follows ongoing US-China tech tensions around advanced semiconductor exports. Dive deeper
Ford is boosting its EV investment to $5 billion to develop a new line of affordable electric vehicles, starting with a mid-sized pickup truck in 2027. The company is updating its manufacturing facilities and expanding battery production. Despite past challenges, Ford aims for profitable growth in the EV market. Dive deeper
Elon Musk’s AI startup xAI plans legal action against Apple, alleging antitrust violations over App Store rankings that hinder competition. Musk claims Apple favors OpenAI’s ChatGPT, which leads app rankings, while xAI’s Grok ranks lower. Dive deeper
Citigroup CEO Jane Fraser is in Mexico City for talks on the potential public listing of its retail unit Banamex, aiming for an IPO by year-end. The bank is also discussing a possible stake sale to Mexican investors, including businessman Fernando Chico Pardo. This follows a previously stalled $7 billion sale of Banamex in 2023. Dive deeper
Boeing’s Defense division won a $79.7 million contract from the U.S. Department of Defense for maintenance of the E-4B aircraft. The work will be carried out at locations in Oklahoma, Nebraska, and Texas, with completion expected by December 2026. Dive deeper
President Trump has extended the pause on U.S. tariffs on Chinese goods for another 90 days, aiming to ease trade tensions and avoid a renewed tariff conflict. This move follows a preliminary agreement reached last month and gives both countries more time to resolve outstanding issues. Dive deeper
GitHub CEO Thomas Dohmke announced he will step down by year-end to start a new venture, ending his tenure marked by AI advancements like Copilot. He helped expand GitHub globally and doubled AI projects on the platform. Microsoft’s Julia Liuson is set to oversee GitHub operations during the transition. Dive deeper
Shanghai Composite and Shenzhen Component rose around 0.5% after the US-China trade truce was extended. Nvidia and AMD’s chip revenue-sharing deal with the US government also boosted markets. Tech stocks led the rally with notable gains. Dive deeper
US inflation likely rose to 2.8% in July, marking the third consecutive monthly increase. Core inflation is expected to edge up to 3%, driven by rising costs in used cars, airline fares, and import duties. Gasoline and new car prices are expected to decline slightly. Dive deeper
The Reserve Bank of Australia cut its cash rate by 25 basis points to 3.6%, the lowest since April 2023, due to easing inflation and a softer labor market. Despite this, it remains cautious amid global uncertainties. The RBA will keep a close eye on data to guide future moves. 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.
Lakshmi Iyer, Group President for Investments at Bajaj Finserv, on India’s long bonds
“There’s a reasonable amount of demand, especially for bonds at the longer end.”
“With long yields rising above 7%, the segment is drawing demand from pension funds and insurers.”
“The gaps are pretty huge. That poses a buying opportunity. I don’t think demand-supply mismatch or lack of demand is clearly a worry for the bond market.”
“The RBI may deliver one more rate cut before the current fiscal year ends in March 2026.”
“We are not really looking at a reversal of rate action at the current juncture. Liquidity continues to be fairly robust, even as we speak, north of 3.5 trillion rupees.”
On the rupee: “The rupee is expected to remain relatively stable around the 88/dollar mark, with the dollar index holding below 100 for a fairly long time.”
“Modest rupee depreciation in the current environment appears to be factored in by the market.”
“Bulk of negative news seems to be priced in at current levels, and the strategy is to accumulate quality stocks during market corrections.”
“The investment approach remains bottom-up, with a focus on sectors like BFSI and consumer-oriented themes, where additional spending is likely.” - Link
R Doraiswamy, MD & CEO, LIC of India, on growth and vision
“The broader goal is ‘Insurance for All’ by 2047.”
“We expect growth in policy numbers to turn positive from the second quarter onwards, with stronger momentum in the third and fourth quarter.”
“We have consciously shifted from a 7% share in non-participating annual premium equivalent to around 30% now, which could rise to 35-40% in the near term.”
“Our bancassurance premium share has risen from less than 3% two years ago to 6.77% today. We expect it to cross 10% soon.”
“LIC has started using forward rate agreements and is actively exploring bond forwards to hedge interest rate risk.”
“The vision of LIC is to be a transnationally competitive financial conglomerate.”
“We are doing due diligence into standalone health insurance companies for potential investment, but have no fixed timeline.” - Link
Peter Cardillo, Spartan Capital Securities, on US-China tariff extension and market impact
“Obviously, the markets are beginning to realise that every time Trump blinks or changes his mind, it just adds another big question mark.”
“As for today’s market, I don’t think this move will have much impact. The major focus will be on the inflation data.”
“Even if you get a baseline inflation impact of 10%, and so far, it has been around 15%, let’s assume the average will be somewhere between 10% and 15%, it’s still inflationary. It’s not going to send inflation through the roof, but it will keep it elevated.”
“We’re expecting headline inflation to rise by 0.3%, and the key will be core inflation, which we also expect to increase by 0.3%. On a yearly basis, it’s very possible that core inflation could tick back up to 3%. That would confirm that tariffs are keeping inflation elevated and that the American consumer is the one paying the price.”
“We will get rate cuts, there’s no doubt about that. The economy has slowed, and it’s slowing rather quickly, as we saw with the employment numbers.”
“If the September labour market data comes in much weaker or shows negative jobs growth, the Fed may be forced to cut by 50 basis points in one go, instead of two 25-basis-point cuts. That could be enough for the rest of the year.”
“However, there’s another issue: do the markets really trust the macro data?” - Link
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Calendars
In the coming days, we have the following significant events and corporate actions:
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!
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