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.
Introducing In The Money by Zerodha
This newsletter and YouTube channel aren’t about hot tips or chasing the next big trade. It’s about understanding the markets, what’s happening, why it’s happening, and how to sidestep the mistakes that derail most traders. Clear explanations, practical insights, and a simple goal: to help you navigate the markets smarter.
Market Overview
Nifty opened with a 37-point gap up at 24,616.50 despite weak global cues and initially moved sideways with mild volatility through the first half of the session, hovering in the 24,550–24,600 zone.
Around midday, the index picked up momentum, steadily climbing higher and crossing 24,650. The uptrend strengthened in the second half, with Nifty making higher lows and higher highs through the afternoon.
In the final hour, strong buying pushed the index to the day’s high near 24,730, before a mild pullback into the close. Nifty eventually settled at 24,715.05, up for the day, marking a strong recovery from the previous session’s weakness.
Market sentiment remains cautious. Concerns about 50% tariffs, persistent foreign investor outflows, and muted earnings continue to weigh on investor confidence. Focus remains on escalating U.S.-India trade tensions and the GST council meeting outcome this week, which are expected to shape near-term market direction.
Broader Market Performance:
Broader markets continued their bullish momentum today. Of the 3,138 stocks traded on the NSE, 2,087 advanced, 960 declined, and 91 remained unchanged.
Sectoral Performance
Nifty Metal was the top gainer, rallying 3.11%, while Nifty IT was the top loser, down 0.74%. Out of the 12 sectoral indices, 10 ended in the green and 2 closed in the red, indicating broad-based buying with strong momentum in metals, pharma, and PSU banks.
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 9th September:
- The maximum Call Open Interest (OI) is observed at 25,000, followed closely by 24,800 & 24,700, suggesting strong resistance at 24,800 - 24,900 levels.
- The maximum Put Open Interest (OI) is observed at 24,500, followed closely by 24,600, suggesting strong support at 24,600 to 24,500 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 Services PMI was revised to 62.5 in August 2025, below the flash 65.6 but higher than July’s 60.5, marking the fastest expansion since 2010. Strong new orders, output, and foreign sales drove growth, while firms raised prices at the steepest pace in 13 years. Dive deeper
India’s Composite PMI rose to 63.2 in August 2025 from 61.1 in July, hitting a 17-year high though below the flash 65.2. Growth was led by strong services momentum, faster new orders, and solid job creation, while manufacturing broadly stabilized. Dive deeper
The Indian 10-year G-Sec yield eased to 6.56% from a four-month high of 6.63% as markets bet on RBI support through bond buys or auction rejections. Yields had spiked in August on US tariff concerns and fiscal risks, though strong 7.8% GDP growth tempered rate cut expectations. Dive deeper
Urban Company’s ₹1,900 crore IPO will open on September 10-12 with a price band of ₹98-103 per share, valuing the firm at up to ₹14,790 crore. The issue comprises ₹472 crore of fresh shares and ₹1,428 crore of OFS, with listing expected on September 17. Dive deeper
Netweb Technologies gained after securing a ₹1,734 crore order to supply Nvidia Blackwell-based servers for a major global tech distributor. The deal, to be executed between Q4 FY26 and H1 FY27, will support India’s sovereign AI infrastructure and large-scale model development. Dive deeper
Adani Electricity Mumbai has repurchased USD 44.66 million of its 2031 senior secured notes six years ahead of maturity, reducing the outstanding principal to USD 255.34 million. The buyback, funded through internal cash flows, is part of its capital management plan. Dive deeper
Adani Power has received Coal Ministry approval to begin operations at the Dhirauli mine in Madhya Pradesh, with a peak capacity of 6.5 MTPA. The captive block, holding reserves of 558 MMT, will strengthen fuel security and support the expansion of its nearby Mahan Power plant. Dive deeper
JSW Cement reported Q1 profit before exceptional items and tax of ₹164.74 crore, sharply higher than ₹8.14 crore a year ago, with revenue up 7.8% to ₹1,559.82 crore. However, after exceptional items, the company posted an overall loss of ₹1,366.41 crore. Dive deeper
ACME Solar Holdings will seek shareholder approval on September 29 to raise up to ₹3,000 crore through securities in one or more tranches. The renewable energy firm has 2,890 MW operational capacity and 4,430 MW under construction, targeting 10 GW by 2030. Dive deeper
Zomato has raised its platform fee by 20% to ₹12 per order from ₹10, effective across all cities, citing festive season demand. Rival Swiggy recently tested a ₹14 platform fee at select locations under similar conditions. Dive deeper
Jio Financial Services has raised ₹3,956 crore from its promoters through a preferential issue of 50 crore warrants priced at ₹316.50 each. The warrants were split equally between Sikka Ports & Terminals and Jamnagar Utilities & Power, with 25% of the issue price paid upfront. Dive deeper
Reliance Industries plans to raise about $2 billion (₹180 billion) via asset-backed securities backed by loans from its infrastructure and telecom divisions. The deal, arranged by Barclays, is expected to close by mid-September and will be among India’s largest this year. Dive deeper
What’s happening globally
WTI crude slipped to $64.2 per barrel from a four-week high as reports suggested OPEC+ may raise output, adding to supply concerns. Weaker US manufacturing data and shifting Russian oil flows also weighed on the demand outlook. Dive deeper
Gold hovered near record highs at $3,530 per ounce, buoyed by Fed rate cut expectations, political tensions over central bank independence, and tariff-related uncertainty. Dive deeper
US mortgage applications fell 1.2% in the week ending August 2, the third straight decline, as home purchase demand weakened despite lower rates, while refinancing applications edged up 0.9%. Dive deeper
China’s Services PMI rose to 53.0 in August 2025 from 52.6, the fastest growth since May 2024, driven by strong new orders and exports. Firms faced higher costs but cut prices to stay competitive, while staffing fell despite rising backlogs. Dive deeper
The ISM US Manufacturing PMI rose slightly to 48.7 in August from 48.0 but stayed below expectations, marking a sixth month of contraction. Production slumped while new orders rebounded, employment kept falling, and tariffs were widely cited as a drag on business. Dive deeper
Blackstone has bought the century-old Centre d’Affaires office building in Paris’ Trocadero district for about €700 million ($819 million). The deal, which includes offices and 57 luxury apartments, reflects renewed investor appetite for prime European office assets post-pandemic. Dive deeper
Microsoft will give U.S. agencies discounted cloud services under a GSA deal expected to save up to $3 billion in the first year. The agreement also offers free access to Microsoft Copilot and lower prices on products like Sentinel and Azure Monitoring. Dive deeper
Vietnam’s State Treasury raised only 100 billion dong ($3.8 million) in its latest government bond auction, the lowest this year and sharply down from $16.5 million last week. Just 0.74% of bonds on offer were sold, compared with 3.63% previously. 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.
Ajinkya Firodia, Vice-Chairman, Kinetic India, on GST for two-wheelers
“Since the majority of the market is already in the lower category, there is no need to create a divide; a uniform tax should be implemented.”
“We urge the continuation of the lower 5% GST on electric vehicles to support adoption.”
“Penetration is still at 9%, so subsidies should continue and even be enhanced for five years until a 40–50% shift happens.” - Link
Ravi Gosain, President, Indian Association of Tour Operators, on India-China tourism
“Before the pandemic, China was an important source market, and we expect a gradual recovery of inbound travel as direct flights resume and e-visas ease.”
“We expect at least a 20–25% boost in tourism-related business from China within the next 12 to 18 months.”
“Tour operators are preparing curated itineraries, improving digital booking systems, and enhancing partnerships with Chinese counterparts to cater to the likely surge in demand.” - Link
Chris Kempczinski, CEO, McDonald’s, on global brand perception
“The aura around America has dimmed a bit, and global consumers are increasingly choosing to avoid American brands.”
“Despite this, our data shows that consumers haven’t soured on McDonald’s, likely due to our long history abroad.”
“We plan to focus on cultivating McDonald’s identity in local communities across the 100+ countries where we operate.” - Link
India’s Commerce Ministry on WTO consultations with the US copper tariffs
“India considers that the measure, although claimed to be taken for security interests, are, in essence, a safeguard measure.”
“The United States failed to notify the WTO Committee on Safeguards on taking a decision to apply the safeguard measure.”
“As an affected member with significant export interest, India requests consultations and looks forward to a prompt reply from the United States.” - Link
Have you checked out The Chatter?
Every week, we listen to the big Indian earnings calls—Reliance, HDFC Bank, and even smaller logistics firms—and copy the full transcripts. We then remove the fluff and keep only the sentences that could move a share price: a surprise price hike, a cut-back on factory spending, a warning about weak monsoon sales, or a hint from management on RBI liquidity. We add a quick, one-line explainer and a timestamp so you can trace the quote back to the call. The whole thing lands in your inbox as one sharp page of facts you can read in three minutes—no 40-page decks, no jargon, just the hard stuff that matters for your trades and your macro view.
Go check out The Chatter here.
Also reading Mind Over Markets by Varsity?
It goes out thrice a week, covering markets, personal finance, or the odd question you didn’t know you had. The Varsity team writes across three sections: Second Order , Side Notes , and Tell Me Why , thoughtfully put together without trying to be too clever.
Go check out Mind Over Markets by Zerodha Varsity here.
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!