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 30-point gap up at 24,070.25 and dipped near the opening levels before steadily rising and testing 24,200 within the first hour. After consolidating between 24,225 and 24,275, it broke out and reached a high of 24,355. In the final 90 minutes, the index dipped 75 points but recovered 60 points to close at 24,328.50, up 1.20%.
While short-term sentiment remains impacted by rising India-Pakistan tensions, global cues from the U.S. continue to support the market. FII inflows, a weaker dollar, and easing trade tensions remain positive factors. Attention will be on the upcoming U.S. Fed meeting for further market direction.
Broader Market Performance:
The broader market had an extremely weak close today, with 2,992 stocks traded on the NSE. Of these, 1,532 advanced, 1,375 declined, and 85 remained unchanged.
Sectoral Performance:
The top-gaining sector for the day was Nifty PSU Bank, which rose by 2.44%, while the only losing sector was Nifty IT, which declined by 0.22%. Out of the 12 sectors listed, 11 sectors closed in the green and 1 sector closed in the red.
Note: The above numbers for Commodity futures were taken around 5 pm. Here’s the trend 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 24,300, indicating strong resistance at these levels.
- The maximum Put Open Interest (OI) is 24,000, followed by 24,200, 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
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What’s happening in India
India signed a â‚ą63,000 crore deal with France for 26 Rafale Marine jets to strengthen naval aviation, with deliveries set to begin in about five years. The agreement includes fleet maintenance, training, and local component manufacturing. The jets will be deployed on aircraft carrier INS Vikrant. Dive deeper
ICRA warned that U.S. tariff hikes could slash Indian auto component exporters’ earnings by ₹2,700–₹4,500 crore, cutting operating margins by 50–100 basis points in FY26. Exporters may face a 10–15% earnings drop, while overall sector profits could fall 3–6%. Domestic market resilience may cushion the impact. Dive deeper
Reliance Industries shares rose 5.26% to â‚ą1,368.8, marking their biggest single-day gain since June 2024 after beating Q4FY25 earnings estimates. Net profit grew 2.4% to â‚ą19,407 crore, and revenue rose 8.8% to â‚ą2.88 lakh crore, supported by strong digital, retail, and oil-to-chemicals (O2C) businesses. Dive deeper
Reliance Industries has emerged as a strong contender for a significant stake in Haier India, competing with a consortium led by Sunil Mittal. Haier plans to dilute 25–51% equity, seeking a $2–2.3 billion valuation. Reliance aims to expand its electronics business through this acquisition. Dive deeper
TVS Motor’s Q4 standalone net profit jumped 76% year-on-year to ₹853 crore, driven by a 17% rise in revenue to ₹9,550 crore, boosted by strong EV sales. EBITDA rose 44%, and margins expanded by 265 basis points. The company posted its highest-ever annual revenue of ₹36,251 crore. Dive deeper
Motilal Oswal Financial shares fell after reporting a â‚ą63 crore net loss in Q4 FY25, its first quarterly loss in five years. The loss was driven by a sharp fall in fair value changes, though wealth and asset management businesses saw growth. The board approved a â‚ą3,000 crore NCD fundraise. Dive deeper
IDFC First Bank reported a 58% YoY decline in Q4 FY25 net profit to â‚ą304 crore, driven by stress in its microfinance portfolio. Full-year FY25 net profit fell 48% to â‚ą1,525 crore, while customer deposits grew 25% and asset quality remained stable. The board approved a â‚ą7,500 crore fundraise. Dive deeper
IndusInd Bank confirmed a â‚ą1,959.98 crore profit impact after an audit report found incorrect accounting of internal derivative trades. The board plans to hold key personnel accountable and reassign roles. The bank will reflect the impact in its FY25 financial statements and strengthen internal controls. Dive deeper
Mahindra & Mahindra shares rose after announcing plans to acquire a 58.96% stake in SML Isuzu for ₹555 crore. The deal aims to strengthen M&M’s position in the >3.5T commercial vehicle segment, targeting a 10–12% market share by FY31. Shares were purchased from Sumitomo Corporation at ₹650 each. Dive deeper
Defence stocks like Paras Defence, HAL, and Cochin Shipyard rallied up to 11% amid rising India-Pakistan tensions and the Rafale-M deal announcement. The Nifty India Defence index jumped over 4%. BEL, Mazagon Dock, and Bharat Dynamics also saw strong interest. Dive deeper
India’s passenger vehicle industry is expected to hit a record 50 lakh units in FY26, with growth slowing to 2–4% as per Crisil Ratings. EV penetration remains modest at 3–3.5% despite new launches. Export growth is also likely to moderate amid global headwinds and shifting market dynamics. Dive deeper
L&T Finance shares fell despite reporting a 16% rise in Q4 net profit to ₹631 crore, as concerns grew over a Tamil Nadu bill restricting lender recovery actions. The company has significant exposure to the state’s microfinance market. The board also recommended a final dividend of ₹2.75 per share. Dive deeper
McDonald’s India franchisee CPRL plans to expand from 245 to over 300 stores by year-end and double to 500–600 stores by 2030, investing up to $150 million. It also expands McCafe outlets and targets tier III cities with smaller-format stores. Dive deeper
What’s happening globally
WTI crude held below $63 as easing U.S.-China tensions supported sentiment but concerns over a supply glut capped gains. Progress in U.S.-Iran talks and potential OPEC+ production hikes added pressure. Geopolitical developments between Russia and Ukraine also remained in focus. Dive deeper
Gold fell over 1% to around $3,280 per ounce as easing U.S.-China trade tensions and a stronger dollar weakened its safe-haven appeal. China exempted some U.S. imports from tariffs, while key U.S. economic data this week could influence Fed policy. Dive deeper
The Shanghai Composite fell 0.2% and the Shenzhen Component dropped 0.62% as China pledged future pro-growth policies but announced no immediate stimulus. Uncertainty around US-China trade talks also weighed on sentiment. BYD, Eoptolink, and Luxshare Precision led the declines. Dive deeper
Spain’s unemployment rate rose to 11.36% in Q1 2025, the highest in a year, with 193,700 more unemployed and 92,500 fewer employed. Job losses were seen across all sectors, and unemployment increased for both genders and nationalities. The working population grew slightly to 24.55 million. Dive deeper
Hong Kong’s exports jumped 18.5% year-on-year in March 2025 to a three-year high of $455.5 billion, led by strong shipments of office machines and data processing equipment. Exports to the U.S., Taiwan, Vietnam, and Mainland China rose sharply. Declines in other categories eased compared to February. Dive deeper
The UK’s CBI retail sales gauge rose to -8 in April, the highest in six months, but the May outlook dropped to -33, the lowest in over a year. Retailers remain cautious amid weak consumer sentiment and global uncertainties. Wholesale sales also fell sharply, with further declines expected. Dive deeper
Nvidia shares dipped after reports that China’s Huawei is testing the Ascend 910D AI chip to rival Nvidia’s H100. New U.S. restrictions and a potential domestic alternative raised concerns over Nvidia’s China sales. Dive deeper
The U.S. aviation industry is seeking tariff exemptions as Trump’s trade measures raise costs for airlines and manufacturers like Boeing, GE, and RTX. Companies warn of delivery deferrals and supply disruptions. Airlines are cutting flights and trying to manage rising expenses. Dive deeper
Toyota’s $42 billion plan to take private Toyota Industries sparked a surge in Tokyo shares, raising hopes of wider corporate reforms. Led by Akio Toyoda, the move boosted stocks of other affiliates amid expectations of ownership restructuring. While seen as a governance improvement, analysts noted it could also tighten family control. 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.
RBI Governor Sanjay Malhotra, on India’s investment outlook
“India continues to offer strong growth and stability, making it a natural choice for investors seeking long-term value and opportunity.”
“We offer a transparent, rule-based, and forward-looking policy ecosystem — an ideal setting for productive investments.”
“Despite global uncertainty, India is expected to grow at 6.5% this year, continuing as the fastest-growing major economy.” - Link
Deepinder Goyal, Founder and CEO, Zomato (Eternal) on Reddit allegations
“All of this is utter nonsense. Neither are we losing market share, nor will we ever force our employees to order on Zomato.”
“Freedom of choice is something we stand for vehemently.”
“It is embarrassing to even clarify this — but doing it since many people reached out to me with concern.” - Link
Ed Yardeni, President, Yardeni Research on India’s position in US trade reset
“India stands out as probably the biggest emerging market likely to get the best deal with the United States for both countries.”
“The markets perceive that by July 1st, there will be lots of pieces of paper signed improving trade relations, even if China talks see more pain.”
“I don’t think currency will be the big issue for emerging markets — it’s going to be trade, and India is very well positioned.” - 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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