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 flat at 24,342.05 and saw sharp volatility in the first 10 minutes, dropping to 24,270 before bouncing back to 24,330. The index then tested 24,400, but retraced to 24,300 within the first 90 minutes. For the majority of the session, it traded in a narrow 40-point range between 24,330 and 24,370. In the final 30 minutes, volatility increased, with the index swinging from a high of 24,390 to a low of 24,230 in just 15 minutes. Nifty closed flat at 24,334.20, with slight adjustments from the weighted average price.
The market closed flat, weighed down by geopolitical tensions and declines in the Bajaj twins. However, FII inflows and a weaker dollar helped support the market. Looking ahead, tariff-related newsflow and the U.S. Federal Reserve meeting will be key factors influencing near-term sentiment.
Broader Market Performance:
The broader market had a weak day today, with 2,927 stocks traded on the NSE. Of these, 631 advanced, 2,228 declined, and 68 remained unchanged.
Sectoral Performance:
Nifty Realty was the top gainer of the day, rising 1.91%, while Nifty PSU Bank was the worst performer, slipping 2.23%. Out of the 12 sectoral indices, only three—Realty, Pharma, and Auto—closed in the green. The remaining 9 sectors ended in the red, with Media and Consumer Durables also seeing notable declines.
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 8th May:
- The maximum Call Open Interest (OI) is observed at 24,800, followed closely by 24,400, indicating strong resistance at 24,400 and 24,500 with ultimate resistance at 24,800 levels.
- The maximum Put Open Interest (OI) is 24,000, followed by 24,300, 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
SEBI cautioned investors against ‘opinion trading platforms’ that allow bets on yes/no event outcomes using trading-like terms. These platforms are unregulated, not recognized exchanges, and offer no investor protection. Any securities traded on them are illegal and may invite regulatory action. Dive deeper
Adani Green Energy’s promoters will infuse ₹500 crore into the company through the conversion of 44.9 lakh share warrants at ₹1,480.75 each. The board approved the equity allotment on April 29, increasing promoter stake slightly to 61.04%. The conversion is part of a January 2024 preferential issue. Dive deeper
India’s gold demand dropped 15% YoY to 118.1 tonnes in Jan–Mar 2025 as prices surged 25%, nearing ₹1,00,000 per 10g, the World Gold Council said. Jewellery demand fell 25% to 71.4 tonnes, while investment demand rose 7% to 46.7 tonnes. Imports rose 8% and recycling fell 32% as consumers held on to gold amid record prices. Dive deeper
IndusInd Bank has formed a Committee of Executives to manage daily operations after CEO Sumant Kathpalia resigned, taking responsibility for derivative-related accounting lapses. RBI has approved the interim panel, led by Soumitra Sen and Anil Rao. A global search firm is helping the bank shortlist candidates for the top roles. Dive deeper
United Spirits has filed an appeal in the Karnataka High Court against a ruling that dismissed its ₹1,337 crore loan recovery claim from United Breweries as premature. The company stated it expects no financial impact apart from the loan amount due. Dive deeper
The Federation of Indian Mineral Industries (FIMI) has urged the Commerce Ministry to urgently extend RoDTEP benefits for aluminium units in AA, EOU, and SEZ zones, warning that the lapse post Feb 5, 2025, is eroding export competitiveness and could lead to production cuts. Dive deeper
SEBI has issued norms for ESG rating withdrawals, allowing ratings to be pulled if a company lacks a sustainability report or subscriber interest. Ratings can also be withdrawn after 3 years or 50% of a security’s tenure. This follows industry concerns over stringent ESG disclosure requirements. Dive deeper
Foxconn India’s revenue more than doubled to ₹1.7 lakh crore in FY25, driven by a surge in iPhone production. The company’s workforce grew to 80,000, and it is investing ₹25,000 crore in a major new facility near Bangalore. Foxconn has also started AirPods production in Hyderabad and is entering semiconductors via a JV with HCL. Dive deeper
Indian Oil Corporation reported a 50% YoY jump in Q4FY25 net profit to ₹7,265 crore, while revenue stayed flat at ₹2.17 lakh crore. The board recommended a final dividend of ₹3 per share, with the record date to be announced. Dive deeper
Jana Small Finance Bank’s Q4 net profit declined 61.6% YoY to ₹123.5 crore, but PAT rose 11.3% sequentially. The bank reported improved net interest margin (7.4%) and asset quality (GNPA down to 2.5%), while the capital adequacy ratio rose to 20.7%. Dive deeper
Adani Power reported a 6.5% YoY increase in Q4FY25 revenue to ₹14,237.4 crore, with a 19% rise in power sales volume. However, the company’s profit before tax declined due to higher depreciation and lower merchant tariffs. For FY25, revenue grew by 10.8%, while EBITDA rose 14.8%, driven by higher sales and lower fuel prices. Dive deeper
Trent reported a 55% YoY decline in Q4FY25 profit to ₹318 crore, despite a 28% rise in revenue. The company also saw a 36% sequential drop in PAT. Dive deeper
Vishal Mega Mart reported an 88% YoY increase in Q4FY25 net profit, reaching ₹115.11 crore, with revenue rising 23% to ₹2,547.89 crore. The company’s EBITDA grew by 42.5%, and the margin improved to 14%. For the full fiscal year, net profit rose 36.8% to ₹631.97 crore, while revenue grew 20.2% to ₹10,716.35 crore. Dive deeper
Bajaj Finance’s Q4 net profit rose 16% to ₹3,940 crore, with net interest income up 21% to ₹8,910 crore. Assets under management grew 26% to ₹3.08 lakh crore, and the company saw improved asset quality despite higher loan provisions. Dive deeper
What’s happening globally
Brent crude fell toward $62 per barrel, its third straight drop and lowest since April 2021, pressured by US-China trade tensions and a sharp fall in US consumer confidence. Oil is set for a monthly loss of over 16%, while rising US crude inventories and OPEC+ uncertainty added to bearish sentiment. Dive deeper
US job openings fell to a six-month low of 7.19 million in March 2025, below expectations. Declines were led by transport, hospitality, and construction, while finance and education saw modest gains. Hires held steady at 5.4 million, with quits unchanged and layoffs slightly lower. Dive deeper
The Eurozone economy expanded by 0.4% in Q1 2025, doubling the previous quarter’s pace and beating estimates, supported by easing inflation, lower rates, and renewed German fiscal support. Growth was led by Spain (0.6%) and Italy (0.3%), while France and the Netherlands lagged at 0.1%. Rising U.S. tariffs may weigh on future momentum. Dive deeper
Germany’s jobless rate stayed at 6.3% in April 2025, the highest since September 2020 and in line with forecasts. Unemployment rose by 4,000 to 2.922 million, a smaller increase than expected. Dive deeper
France’s annual inflation rate held steady at 0.8% in April 2025 for the third month, its lowest since February 2021. A sharper drop in energy prices was offset by a rise in food inflation. Monthly, consumer prices rose 0.5%, driven by services and food. Dive deeper
UK house price growth slowed to 3.4% year-on-year in April 2025, the weakest since October, missing expectations. Prices fell 0.6% from March, the first monthly drop since August. The decline was attributed to recent stamp duty changes and a typically subdued post-holiday trend. Dive deeper
Australia’s annual inflation held at 2.4% in Q1 2025, slightly above expectations but still at a 4-year low. A slowdown in services inflation was offset by a surge in electricity prices and higher food costs. Core inflation, measured by the RBA’s trimmed mean, eased to 2.9%, matching forecasts. Dive deeper
China’s official manufacturing PMI fell to 49.0 in April, marking the first contraction since January and the sharpest drop since December 2023. Output, new orders, and export demand all declined, reflecting growing pressure from the ongoing China-U.S. tariff standoff despite Beijing’s stimulus efforts. Confidence also slipped to a seven-month low. Dive deeper
Meta has launched a standalone app for its AI assistant, Meta AI, built on its Llama model, to rival ChatGPT. The app works independently of Meta’s social platforms and includes a social feed for users to share how they use AI. It was announced ahead of Meta’s first AI conference, LlamaCon. Dive deeper
Samsung Electronics posted a 21.7% jump in Q1 net profit to 8.22 trillion won ($5.75 billion), driven by strong Galaxy S25 sales and pre-tariff demand. Revenue hit a record 79.14 trillion won, with the company expecting better earnings in H2 if trade tensions ease. Concerns remain over US tariffs on Vietnam-made phones and AI chip competition. Dive deeper
Coca-Cola HBC reported Q1 organic revenue growth of 10.6%, beating estimates of 8.3%, driven by strong demand in emerging markets. Shares jumped over 5% to a record high, with the company reaffirming its 2025 guidance despite warning of a challenging macro environment. Dive deeper
Yum Brands beat Q1 sales estimates with a 3% rise in global comparable sales, driven by strong demand at Taco Bell in the U.S. and KFC internationally. Taco Bell visits rose 3.7%, helped by new value meals, while KFC’s international sales also exceeded expectations. Dive deeper
Google CEO Sundar Pichai will testify in a U.S. antitrust trial as the Department of Justice (DOJ) seeks to break Google’s search dominance. The DOJ wants Chrome divested and default search deals with firms like Apple ended. Google warns such measures could harm users and smaller developers. 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.
Ashish Khanna, CEO, Adani Green Energy, on FY26 expansion plans
“We plan to add 5 GW of clean energy this year with a capex of ₹31,000 crore ($3.64 billion), over 50% higher than last year.”
“Our capex for FY26 is fully funded through debt and equity, and we’re confident in securing equity for our 2030 goal of 50 GW.”
“From the Department of Justice standpoint, while the allegations are there, we believe the positive results will clarify it is about individuals, not the company.” - Link
Tuhin Kanta Pandey, Chairperson, SEBI on Gensol Engineering Investigation
“This is a case of egregious behaviour that highlights gaps in supervision despite tighter regulations.”
“Auditor appointment has been ordered. Such conduct must be analysed to identify where the process failed.”
“Merchant bankers and exchanges must step up due diligence — they are the first line of defence in the IPO ecosystem.” - Link
Shweta Daptardar, VP - Equity Research (NBFCs), Elara Capital, on Microfinance Stress and NBFC Outlook
“Microfinance recovery is still at least two quarters away, especially with Tamil Nadu’s ordinance disrupting credit discipline.”
“Q4 will be tough for NBFCs and MFIs due to elevated credit costs, particularly in microfinance and certain auto loan segments.”
“Liquidity and falling rates benefit AAA-rated NBFCs, but asset quality pressures will weigh on near-term performance.” - Link
Hanneke Faber, CEO, Logitech, on mitigating Trump tariffs
“We are going to play offence while exercising strong cost discipline and acting with agility.”
“Our team is doing a fantastic job at shifting volume fast to mitigate tariff impacts — reducing China-made goods for the U.S. from 40% to 10%.”
“We’ve raised U.S. prices by ~10%, delayed hiring, and cut discretionary spending to manage costs amid trade headwinds.” - 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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