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 40-point gap up at 24,370.70 and climbed 80 points within the first 10 minutes, reaching the day’s high at 24,457.65. However, an intraday selloff soon set in, dragging the index down to the 24,300 zone. The index then remained rangebound, trading between 24,320 and 24,370 for the next two hours, with the range narrowing further to 24,330 and 24,360. It closed flat at 24,335.95, with a slight gain of 0.03%.
Key factors driving the market include steady FII inflows, a weaker dollar, and positive global cues, particularly from the U.S. The RBI’s bond-buying announcement in May also provided support. Geopolitical concerns are weighing on sentiment, with focus shifting to the upcoming U.S. Federal Reserve meeting for further direction.
Broader Market Performance:
The broader market had a mixed day today, with 2,933 stocks traded on the NSE. Of these, 1,365 advanced, 1,478 declined, and 90 remained unchanged.
Sectoral Performance:
The top-gaining sector for the day was Nifty IT, which rose by 1.23%, followed by Nifty Consumer Durables, which gained 0.62%. On the flip side, Nifty Pharma was the top loser, declining by 1.06%, closely followed by Nifty Metal, which fell 0.95%. Out of the 12 sectoral indices, only 2 sectors closed in the green, while 10 sectors ended in the red, indicating a broadly negative sectoral trend despite the flat close in the benchmark index.
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 30th April:
- The maximum Call Open Interest (OI) is observed at 24,500, followed closely by 24,400, indicating strong resistance at these levels.
- The maximum Put Open Interest (OI) is 24,300, followed by 24,000, suggesting strong support at 24,000 and additional support at 23,800.
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
The 10-year Indian G-Sec yield fell below 6.35%, the lowest in over three years, as RBI’s rate cuts and liquidity support boosted bonds. Cooling inflation and a stable rupee also reignited foreign inflows. Dive deeper
The Indian rupee traded near 85/USD in April, its strongest this year, supported by a weaker dollar, lower crude prices, and steady Indian assets, offsetting RBI rate cut expectations amid cooling inflation and slower GDP growth. Dive deeper
The RBI will buy ₹1.25 lakh crore worth of government bonds through open market operations (OMO) in four tranches across May to ease yields ahead of a new 10-year bond auction. The move surprised markets and is expected to soften yields by 4–5 basis points. System liquidity remains in surplus. Dive deeper
SEBI barred Patel Wealth Advisors and four directors from the securities market for spoofing, alleging they placed large non-genuine buy orders to manipulate prices. The regulator ordered the impounding of ₹3.2 crore in illegal gains. Investigations found 292 instances across 173 stocks over three years. Dive deeper
IndusInd Bank’s Deputy CEO, Arun Khurana, resigned after an internal derivatives misaccounting probe revealed a ₹1,959.98 crore impact on the bank’s profit and loss account. The discrepancies stemmed from incorrect accounting under his oversight. The bank has discontinued internal derivative trades and is realigning senior roles. Dive deeper
Canara HSBC Life Insurance filed its DRHP with SEBI for an IPO comprising 23.75 crore equity shares via offer for sale. Promoted by Canara Bank and HSBC, the insurer ranks among the top public-sector-led peers in AUM and lives covered. Dive deeper
Max Healthcare will invest ₹6,000 crore by 2028 to add 3,700 beds across India, aiming to grow its network to around 30 hospitals. The expansion includes new hospitals in Mohali, Mumbai, and Saket, alongside existing facility expansions. The investment will be funded through internal accruals. Dive deeper
SBI’s board will meet on May 3 to consider its FY25 results and a proposal to raise equity through various modes, including FPO, rights issue, or QIP. The bank did not disclose the fundraising amount. The meeting comes after S&P reaffirmed SBI’s positive credit outlook. Dive deeper
Embassy Office Parks REIT approved the allotment of ₹675 crore commercial papers at a 7.075% yield, set to list on BSE’s Wholesale Debt Market. Funds will be used for repaying existing debt and working capital needs. Dive deeper
The RBI directed banks and ATM operators to ensure 75% of ATMs dispense ₹100 and ₹200 notes by September 2025, and 90% by March 2026. The move aims to improve access to smaller denominations. Users have often complained about ATMs dispensing only ₹500 notes. Dive deeper
REC Ltd raised ₹5,000 crore via bonds, with ₹3,000 crore through five-year bonds at 6.87% and ₹2,000 crore through 10-year bonds at 6.86%. The issuance saw strong demand and received a “AAA” rating from major agencies. The bonds will be listed on BSE and NSE. Dive deeper
Travel Food Services received SEBI approval for its ₹2,000 crore IPO, entirely an offer for sale by the Kapur Family Trust. TFS operates 397 QSR outlets and 31 lounges across major airports in India and Malaysia. Dive deeper
Uttar Pradesh has set a 500 GW solar energy target by 2030, signing MoUs with Australia’s Smart Energy Council and Hinduja Group. The plan includes solar parks, rooftop installations, and a solar expressway, aiming to boost jobs and infrastructure. Dive deeper
IndiaMart InterMesh’s Q4 net profit surged 81% YoY to ₹180.6 crore, beating estimates, with revenue rising 13% to ₹355.1 crore. EBITDA margin improved to 36.7% from 28.1%. The company proposed a ₹50 per share dividend for FY25, including a ₹20 special dividend. Dive deeper
What’s happening globally
WTI crude fell over 1% to around $61.1, extending losses as uncertainty over U.S.-China trade talks and oversupply concerns weighed on sentiment. Barclays cut its Brent forecast, and OPEC+ may push for faster output hikes, while U.S.-Iran talks could add more supply. Dive deeper
Gold fell below $3,320 per ounce as easing trade-war tensions reduced safe-haven demand. Positive tariff talks and China’s concessions lifted sentiment, while focus now shifts to upcoming U.S. GDP, PCE inflation, and jobs data for clues on Fed policy. Dive deeper
The dollar index climbed above 99.1 as investors tracked global trade developments. China clarified no ongoing talks with the US, while Treasury Secretary Bessent hinted at progress with other partners. Dive deeper
The US goods trade deficit widened to a record $162 billion in March 2025, above the $146 billion forecast. Imports surged 5% as firms rushed to stock goods ahead of new tariffs, while exports rose just 1.2%. Imports of consumer goods, industrial supplies, and capital goods saw sharp increases. Dive deeper
The Euro Area economic sentiment indicator fell to 93.6 in April 2025, the lowest since December, with declines across consumers, services, retail, manufacturing, and construction. Inflation expectations among consumers jumped to their highest since November 2022. Dive deeper
The Canadian dollar hovered near a six-month high at 1.38 per USD, supported by a shift away from the US dollar and a newly elected Liberal Party government. Former BoC and BoE Governor Mark Carney became Prime Minister, while the BoC flagged US trade policy risks to Canada’s growth outlook. Dive deeper
Germany’s GfK Consumer Climate Indicator rose to -20.6 for May 2025, the strongest since November, beating forecasts. Optimism over coalition talks and improved income and spending expectations lifted sentiment, while a drop in saving propensity pointed to stronger consumer confidence. Dive deeper
Sony is considering spinning off its semiconductor unit, Sony Semiconductor Solutions, to streamline operations and unlock value, with a listing possible as soon as this year. The move comes amid declining margins and rising competition in the chip business. Plans may change given market volatility. 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.
V Vaidyanathan, MD & CEO, IDFC First Bank, on MFI provisions and operational outlook
“Provisioning for microfinance (MFI) has peaked, and from Q1 FY26, MFI provisions will come down quarter after quarter.”
“We expect a marked improvement in return on assets (ROA) from Q3 and Q4, as the base effect of the MFI book kicks in.”
“Operating expenses (opex) will also reduce further, targeting a 12-13% range, supporting gradual improvement in profitability.” - Link
YS Chakravarti, CEO, Shriram Finance, on yen-denominated fundraise and growth plans
“Our team is exploring the possibility if we can borrow from the Japanese currency, either through a bank loan or an international bond issue.”
“We are targeting AUM growth of around 17–18% for FY26, higher than our earlier guidance of 15%.”
“Since we are sitting on excess liquidity, we will be in a position to bargain for an attractive rate and expect our cost of borrowings to trend lower.” - Link
Piyush Goyal, Commerce and Industry Minister, India, on strengthening India-U.K. trade ties
“Exchanged views on the immense opportunities in India’s fintech ecosystem and the importance of partnerships with global players to drive innovation and growth.”
“Discussed India’s opportunities, sustainable practices, and growth prospects for the diamond industry during talks with De Beers CEO.”
“Interacted with Indian business leaders to explore greater collaboration with the U.K. for mutual prosperity.” - Link
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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