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 25,005.35 and traded with a bearish bias, quickly testing 24,950 within the first 20 minutes. The index then recovered to test 25,050 within the first hour before consolidating in a narrow range between 24,980 and 25,030 until 2 PM. However, it later sold off, breaking the day’s low and consolidating at lower levels before eventually closing at 24,945.45, down by 0.29%.
Today’s slightly weaker sentiment can be attributed to Moody’s downgrade of U.S. credit, which weighed on U.S. futures. However, market sentiment found some support from FII inflows and a weaker dollar, despite lingering geopolitical risks following India’s Operation Sindoor. Investors are now awaiting updates on the India-U.S. trade deal and Piyush Goyal’s upcoming visit to Washington, while the ongoing earnings season remains a critical factor for near-term market direction.
Broader Market Performance:
Broader markets had a strong session today. Of the 3,005 stocks traded on the NSE, 1,842 advanced, 1,074 declined, and 89 remained unchanged.
Sectoral Performance:
Nifty Realty emerged as the top gainer, closing 2.26% higher at 933.20, while Nifty IT was the worst performer, declining 1.30% to close at 37,477.80. Out of the 12 sectors listed, 7 closed in the green, indicating a broadly positive market sentiment, while 5 ended in the red, reflecting a mixed performance across various segments.
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 22nd May:
- The maximum Call Open Interest (OI) is observed at 25,000, followed closely by 25,200, indicating strong resistance at 25,200 to 25,400 levels.
- The maximum Put Open Interest (OI) is 25,000, followed by 24,500, suggesting strong support at 25,000 and additional support at 24,800-700 zones.
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
Adani Defence has partnered with Sparton to localise anti-submarine warfare solutions for the Indian Navy under the ‘Atmanirbhar Bharat’ initiative. This reduces reliance on foreign suppliers and boosts India’s naval capabilities. Dive deeper
Shapoorji Pallonji Group has asked the RBI for a three-year extension for Sterling Investment Corp to meet capital adequacy norms after being reclassified as a mid-layer NBFC. This is tied to a ₹28,500 crore fundraising backed by its Tata Sons stake. The group must secure RBI approval within four months to avoid default. Dive deeper
Vodafone Idea’s shares fell after the Supreme Court rejected its plea to waive over $5 billion in interest and penalties on statutory dues. The company, with $25 billion in net debt, warned of survival risks due to the dues. Despite some government relief, Vodafone Idea remains under significant financial stress. Dive deeper
Sun Pharma received USFDA approval for its next-generation BLU-U Blue Light Photodynamic Therapy device, designed to treat actinic keratosis. The upgraded device features LED technology, replacing the older fluorescent tube model. Dive deeper
Delhivery reported a net profit of Rs 73 crore in Q4FY25, reversing a YoY loss, and saw a 5.6% increase in revenue from operations. The company trimmed expenses by 8.3%, leading to a 160% YoY increase in EBITDA. Dive deeper
Bharat Electronics Ltd. reported a 30% increase in net profit and a 32% rise in revenue for Q4. The company secured new defence orders worth Rs 572 crore, including drone detection systems and communication equipment. Its order book reached Rs 76,000 crore. Dive deeper
Rail Vikas Nigam Limited (RVNL) announced the incorporation of its wholly-owned subsidiary, Sabbavaram Sheelanagar Road Development Ltd, in Andhra Pradesh. The subsidiary will operate in the construction and infrastructure sector. RVNL also secured a Rs 159.79 crore contract from Central Railway. Dive deeper
Zydus Wellness reported a 14.4% increase in Q4 net profit, reaching Rs 171.9 crore. Revenue from operations for the quarter stood at Rs 910.6 crore, compared to Rs 778 crore in the previous year. The company also announced a final dividend of Rs 6 per share. Dive deeper
SEBI has warned two Mauritius-based funds holding Adani shares with penalties for not disclosing shareholding details despite repeated requests. The funds, Elara India Opportunities Fund and Vespera Fund, have hindered SEBI’s investigation into potential breaches of public shareholding norms. The funds have been applied to settle the matter with a fine. Dive deeper
The ED arrested former UCO Bank CMD Subodh Kumar Goel on money laundering charges linked to a Rs 6,210 crore loan fraud involving Concast Steel and Power Ltd. Goel is accused of sanctioning loans that were diverted and siphoned off, receiving illegal gratification. Dive deeper
What’s happening globally
Moody’s downgraded the US credit rating to Aa1 from Aaa, citing rising debt and interest payments. The federal deficit is expected to widen, reaching nearly 9% of GDP by 2035. Moody’s outlook on the US is stable, while other agencies like S&P and DBRS maintain their ratings at AA+ and AAA, respectively. Dive deeper
Gold rose above $3,220 per ounce following concerns over the US economic outlook after Moody’s downgraded its credit rating. Dive deeper
The US 10-year Treasury yield rose to 4.55%, while the 30-year yield surpassed 5%, amid concerns over the US fiscal outlook following Moody’s downgrade of the country’s credit rating. President Trump’s proposed tax cuts, expected to widen the deficit, were approved by a congressional committee. Dive deeper
US natural gas futures dropped to $3.20/MMBtu, continuing a 12% loss, driven by weaker demand from mild weather and reduced LNG exports. Gas output also declined, while a large storage build reflected subdued heating and cooling needs. Seasonal maintenance eased pressure on domestic supplies. Dive deeper
Thailand’s GDP grew by 3.1% YoY in Q1 2025, exceeding forecasts, but eased from 3.3% in Q4 2024. Private consumption, government spending, and fixed investment showed slower growth, while exports grew faster than imports. The NESD lowered its 2025 growth forecast to 1.3%-2.3%, citing the impact of US tariffs. Dive deeper
The dollar index fell 0.7% to 100.1, retreating from last week’s highs, as concerns over the US fiscal outlook grew. Moody’s downgraded the US credit rating, and President Trump’s tax-cut bill was approved, adding to fiscal worries. Dive deeper
China’s industrial production grew by 6.1% YoY in April 2025, surpassing expectations but easing from March’s 7.7% growth. Key sectors, including manufacturing and mining, showed slower growth, with 36 out of 41 manufacturing sectors expanding. Dive deeper
Diageo plans to cut $500 million in costs and dispose of key assets by 2028 to reduce debt and improve performance. The company aims for $3 billion in free cash flow annually by fiscal 2026. The plan excludes large redundancies, with slower hiring and reduced tariff impacts. Dive deeper
Spain has ordered Airbnb to remove over 65,000 rental listings violating local rules, aiming to address housing shortages and excess tourism. Many listings lacked required licenses or ownership details. The government is intensifying regulations on short-term rentals to reduce their impact on housing affordability. Dive deeper
The IMF has added 11 new conditions to Pakistan’s bailout programme, including approval of a ₹17.6 trillion budget and changes to energy tariffs. It also warned that rising tensions with India could affect the programme’s goals. The total conditions now stand at 50. 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.
Scott Bessent, U.S. Treasury Secretary, on Moody’s downgrade and Trump’s Middle-East tour
“Who cares? Qatar doesn’t, Saudi doesn’t, UAE doesn’t… They are all pushing money in. They all made a 10-year investment plan.”
“President Trump has just come back from this historic Mideast trip, and there are trillions of dollars coming into the U.S.”
“We’re going to grow the GDP faster than the debt grows, and that will stabilize the debt-to-GDP.” - Link
Pirojsha Godrej, Chairperson, Godrej Properties, on FY25 performance and FY26 targets
“Last financial year, we added about Rs 26,500 crore worth of new projects, as against the guidance of Rs 20,000 crore.”
“We plan to launch Rs 40,000 crore worth of housing projects this fiscal, up from Rs 36,600 crore launched last year.”
“We have guided for Rs 32,500 crore in sales bookings this year, 20% higher than last year’s guidance and 10% higher than what we achieved.” - Link
Hitesh Oberoi, CEO & MD, Info Edge, on AI’s impact on India’s job market
“Global Capability Centers are expanding rapidly in India. These aren’t just cost arbitrage centers anymore, they are moving up the value chain and could become innovation hubs with AI at their core.”
“For job seekers, the message is clear: Develop skills that complement AI rather than compete with it. Problem solving, creativity, domain expertise, and AI literacy will be far more valuable than routine skills that can be automated. Continuous learning is no longer optional.”
“AI-capable professionals could see 40-70% salary jumps when changing jobs, while traditional roles face wage stagnation.” - 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.
Calendars
In the coming days, we have the following significant events and corporate actions:
What’s your view for tomorrow’s market move?
- Positive
- Negative
- Flat
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