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 50 opened with a 25-point gap-up at 25,243.30 but dropped nearly 100 points in the first hour, testing the 25,150 level. The decline continued after the first hour, with the index falling further to 25,020, a total drop of about 220 points from the day’s high. In the second half, Nifty moved sideways within a narrow range of 25,070 to 25,104 and eventually closed at 25,051.90, down 0.63%.
Infosys slipped despite posting decent earnings, dragging the entire IT sector lower. However, several new-age stocks like Eternal, Paytm, and Ola Electric managed to post gains even in a weak market. Meanwhile, IEX plunged sharply, falling nearly 30%. Looking ahead, investors remain focused on upcoming earnings announcements and developments around global trade deals.
Broader Market Performance:
Broader markets had an extremely weak session today. Of the 3,058 stocks traded on the NSE, 1,109 advanced, 1,860 declined, and 89 remained unchanged.
Sectoral Performance:
The top-gaining sector for the day was Nifty PSU Bank, which rose by 1.24%, while the top losing sector was Nifty IT, declining by 2.21%. Out of the 13 sectoral indices, 4 sectors closed in the green, while 8 sectors ended in the red, indicating a largely negative breadth despite gains in select pockets like PSU banks and pharma.
Note: The above numbers for Commodity futures were taken around 4 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 31st July:
- The maximum Call Open Interest (OI) is observed at 25,500, followed closely by 25,200, suggesting strong resistance at 25,300 - 25,400 levels.
- The maximum Put Open Interest (OI) is observed at 25,000, followed closely by 24,800, suggesting strong support at 25,000 to 24,900 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 Manufacturing PMI rose to 59.2 in July 2025, the highest in over 17 years, indicating strong sector momentum. Output and new orders surged, though export growth eased slightly. Purchasing activity jumped, input stocks rose, and charge inflation accelerated amid robust demand. Dive deeper
India’s Services PMI eased to 59.8 in July 2025 from 60.4, reflecting a slight slowdown from June’s 10-month high. New orders and foreign sales remained strong, while job creation moderated. Input and output inflation accelerated, with output price inflation above trend. Dive deeper
India’s Composite PMI eased to 60.7 in July 2025 from 61.0 in June but stayed well above the long-term average. Manufacturing output rose strongly, while services growth moderated slightly. Employment growth slowed, backlogs surged, and output inflation picked up across sectors. Dive deeper
India’s mobile phone exports surged from ₹1,500 crore in 2014–15 to ₹2 lakh crore in 2024–25, driven by the PLI scheme. Import dependence dropped from 75% to 0.02% in the same period. The sector attracted ₹12,390 crore in investments and created over 1.3 lakh direct jobs. Dive deeper
Bajaj Housing Finance reported a 21% YoY rise in Q1FY26 net profit to ₹583 crore, with revenue up 18% at ₹2,616 crore. PAT declined slightly by 0.6% sequentially from ₹587 crores in Q4FY25. Dive deeper
BEML secured a ₹293.82 crore order from the Defence Ministry for HMV 6x6 supply and signed DRDO agreements for advanced military systems. Dive deeper
Coforge reported a 22% QoQ rise in Q1FY26 net profit to ₹317 crore, with revenue up 8.2% at ₹3,689 crore. EBIT rose to ₹418 crores, and operating margin stood at 11.3%. Dive deeper
The ₹4,000 crore NSDL IPO will open on July 30 and close on August 1, comprising an offer for sale of 5.01 crore shares by existing shareholders. NSE will sell 1.8 crore shares, and IDBI Bank will offload 2.22 crore. The company is targeting a ₹16,000 crore valuation. Dive deeper
IEX shares fell sharply by 28% after the electricity regulator approved market coupling for the Day-Ahead Market, set to begin by January 2026. The move will unify power prices across exchanges, reducing the role of individual platforms to bid matching. Dive deeper
Net FDI inflows fell 98% YoY to $35 million in May 2025, as gross inflows dropped 11% to $7.2 billion and repatriation rose 24% to $5 billion. Outward FDI also increased to $2.1 billion. Despite the dip, India’s forex reserves remained strong at $696.7 billion. Dive deeper
The Enforcement Directorate searched over 35 premises linked to Anil Ambani in Mumbai and Delhi under the PMLA, probing alleged loan diversion by Reliance Home Finance between 2017 and 2019. Authorities are investigating fund routing through shell firms and possible bribes to bank officials. Reliance Infra and Reliance Power clarified they have no links to RHFL or RCOM. Dive deeper
Nestle India reported a 13.4% YoY decline in Q1FY26 profit to ₹647 crore due to elevated commodity prices and higher operational costs, even as revenue rose 6% to ₹5,096 crore. Domestic and export sales grew 5.5% and 16% respectively. Other income dropped sharply, adding to the pressure on profitability. Dive deeper
Canara Bank reported a 22% YoY rise in Q1FY26 profit to ₹4,752 crore, driven by higher operating profit and improved asset quality, with gross NPA falling to 2.69%. NII declined 2% YoY, impacting margins, which slipped to 2.55%. Loan growth remained strong, led by a 34% rise in retail loans and 15% in RAM credit. Dive deeper
SRF approved ₹740 crore in capex for new agrochemical and BOPP film facilities in Dahej and Indore, funded via debt and internal accruals. Q1FY26 profit rose 71% YoY to ₹432 crore, with revenue up 10.2%. EBITDA margin improved to 21.7%. Dive deeper
Net FDI inflows dropped 98% YoY to $35 million in May 2025, down from $2.2 billion a year earlier and $3.9 billion in April. The sharp decline was due to lower gross inflows and higher repatriations, which stood at $5 billion. Dive deeper
Karnataka’s tech funding fell 44% YoY to $1.7 billion in H1 2025, with late-stage investments hit hardest. Bengaluru firms led the activity, while FinTech, Enterprise Apps, and Retail were top sectors. Despite fewer large rounds, two unicorns emerged, and 26 acquisitions were recorded. Dive deeper
Infosys reported an 8.7% YoY rise in Q1FY26 net profit to ₹6,921 crore, with revenue up 7.5% to ₹42,279 crore. Operating profit rose 6.2% to ₹8,803 crore, and margin stood at 20.8%. Large deal wins totaled $3.8 billion. Dive deeper
Bikaji Foods reported a 2.8% YoY rise in Q1FY26 net profit to ₹59.9 crore, while revenue grew 14.2% to ₹653 crore. EBITDA rose 5% to ₹96.2 crore, but margins contracted to 14.7% from 16% a year ago. Dive deeper
IndusInd Bank’s board approved raising ₹30,000 crore - ₹20,000 crore via debt on a private placement basis and ₹10,000 crore through equity instruments like QIP or depository receipts. The move aims to strengthen capital ahead of its Q1 results on July 28. Dive deeper
Syngene International reported an 11% YoY rise in Q1FY26 revenue to ₹875 crore and a 59% surge in net profit to ₹87 crore. Growth was driven by research services and biologics manufacturing, with an EBITDA margin of 24%. Operations began at its Bengaluru Unit III facility. Dive deeper
Tata Consumer Products reported a 10.2% YoY rise in Q1FY26 net profit to ₹346.44 crore, with revenue up 9.8% at ₹4,778.91 crore. Growth was led by strong tea and salt sales in India, while international business grew 5%. Tata Starbucks added six stores, with 6% revenue growth in the quarter. Dive deeper
Brigade Hotel Ventures plans to raise ₹759.6 crore via IPO to reduce debt and buy land, lowering promoter stake to 74.1%. FY25 revenue rose to ₹468.3 crores with ₹23.7 crores net profit and 77% occupancy. Post-IPO P/E is up to 139, above most peers. Dive deeper
What’s happening globally
WTI crude rose toward $66 per barrel, ending a four-day slide, as optimism over a US-EU trade deal boosted sentiment. A larger-than-expected 3.2 million barrel drop in US crude stocks signaled strong demand. Dive deeper
UK Composite PMI fell to 51 in July 2025 from 52, below expectations but still in expansion for the third month. Services expanded while manufacturing remained in contraction. Job cuts continued amid falling new orders and higher labor costs. Dive deeper
The ECB is expected to hold rates steady at 2.15%, likely ending its easing cycle after eight cuts. Inflation hit the 2% target in June and may stay below it, prompting a cautious stance. Markets see a 50% chance of one more cut by December. Dive deeper
US existing-home sales fell 2.7% MoM to 3.93 million units in June 2025, the lowest since September 2024 and below expectations. The median home price hit a record $435,300, marking 24 consecutive YoY gains. Sales declined across most regions, except the West. Dive deeper
The Eurozone Composite PMI rose to 51 in July 2025 from 50.6, marking the fastest expansion in 11 months. Growth was led by services and a near-stabilization in manufacturing, with new orders flat and hiring resuming. Input cost inflation eased, though business confidence dipped slightly on US tariff concerns. Dive deeper
EU car registrations fell 7.3% YoY in June 2025, with sharp drops in Italy, Germany, and France, while Spain rose 15.2%. BEV sales grew 7.8%, led by Spain and Germany. For H1 2025, overall sales dipped 1.9%, but BEVs rose 12.5%, reaching 15.6% market share. Dive deeper
Spain’s unemployment rate dropped to 10.29% in Q2 2025, the lowest since 2008, beating expectations of 10.7%. Employment rose by 503,300, with job gains across all sectors and declines in unemployment for both genders and nationalities. The total workforce grew to 24.82 million. Dive deeper
Germany’s GfK Consumer Climate fell to -21.5 for August 2025, missing expectations and marking a 4-month low. Economic expectations and buying sentiment declined, while saving propensity rose. Income expectations improved for the fifth month. Dive deeper
South Korea’s economy grew 0.6% QoQ in Q2 2025, rebounding from a 0.2% contraction and beating forecasts. Growth was driven by consumption and a 4.2% rise in exports, while construction and facilities investment fell. Imports rose 3.8% on higher energy demand. 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.
Salil Parekh, CEO & MD, Infosys on Q1 FY26 results and AI traction
“We’ve had a strong start to FY26 this quarter. The growth was broad-based, spanning multiple sectors and geographies.”
“We are seeing significant traction for AI and consolidation projects.”
“AI has boosted efficiency. In terms of productivity, we are seeing a benefit of 5% to 15%.” - Link
Prashant Kumar, MD & CEO, Yes Bank, on succession and SMBC stake acquisition
“We had applied for a six-month extension, and the thought process is that since the new investors will be joining the board, they should have an opportunity, and the board can collectively discuss and decide the best way forward.”
“SMBC have already made an application to the Competition Commission of India. We expect once these two approvals come, then this transaction would be finalised.”
“Q2 would be the toughest quarter for the entire banking industry, because the 50-bps rate cut would lead to repricing of the entire loan book linked to external benchmarks, though deposits will take some time to reprice.” - Link
Jitin Prasada, Minister of State for Electronics and IT, on Mobile Phone Export Growth
“Export of mobile phones from India increased by 127 times from ₹1,500 crore in 2014-15 to ₹2 lakh crore in 2024-25.”
“75% of the total mobile phone demand in the country was met through imports in 2014-15, which has now dropped to 0.02% in 2024-25.”
“PLI Scheme for Large Scale Electronics Manufacturing has significantly impacted the mobile manufacturing sector in India, particularly in transforming India from a net importer to a net exporter of mobile phones.”
“Bharat is now the second-largest mobile manufacturing country in the world.” - Link
Ravi Agarwal, Chairman, Central Board of Direct Taxes (CBDT), on AI tools boosting tax revenue
“Through the use of various artificial intelligence tools, the Income Tax Department has over the last four years encouraged more than one crore taxpayers to voluntarily update tax returns leading to ₹11,000 crore of additional tax revenue.”
“These tools also helped reveal ₹29,000 crore worth of previously undisclosed foreign assets and ₹1,000 crore of foreign income related to cryptocurrencies or virtual digital assets in 2024-25.”
“In the last 4 years since 2021-22, more than 1 crore updated returns have been filed, wherein ₹11,000 crore of additional tax revenues have come in.” - Link
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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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