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 24,311.90 and quickly moved higher, reaching 24,400 within minutes. The rally continued, with the index crossing 24,500 and hitting the day’s high of 24,589 within the first hour. However, an intraday sell-off followed, erasing all gains as the index dropped nearly 350 points to a low of 24,238. It recovered 160 points to test 24,400 again, but then slipped 100 points to retest 24,300. Volatility continued in the final hour, and the index closed flat at 24,346.70, up by just 0.05%.
The market remained rangebound, pressured by geopolitical tensions. However, FII inflows and a weaker dollar lent support. Going forward, tariff developments and geopolitical updates will be key sentiment drivers.
Broader Market Performance:
The broader market had a weak day today, with 2,938 stocks traded on the NSE. Of these, 1,192 advanced, 1,651 declined, and 95 remained unchanged.
Sectoral Performance:
The top-gaining sector for the day was Nifty Media, which rose 0.49%, while the biggest loser was Nifty Consumer Durables, which fell 1.39%. Out of the 12 sectoral indices, 5 sectors closed in the green and 7 sectors ended in the red, indicating overall weakness in the broader market.
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 24,500, followed closely by 24,800, indicating strong resistance at 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
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What’s happening in India
The Nifty Waves Index, launched by NSE, tracks India’s media, entertainment, and gaming sectors. It includes 43 listed companies and provides a transparent benchmark for investors in the creative economy. Dive deeper
The RBI’s bond purchases in FY26 are expected to exceed ₹4 lakh crore, surpassing the ₹6.4 lakh crore purchased during the Covid period. In FY25, RBI bought ₹2.6 lakh crore in bonds and plans to buy ₹1.3 lakh crore more in May. These efforts aim to ensure effective policy rate transmission to lending rates. Dive deeper
India’s GST revenue reached a record ₹2.37 lakh crore in April 2025, reflecting a 12.6% year-on-year increase. Domestic GST revenue rose 10.7% to ₹1.9 lakh crore, while imports contributed ₹46,913 crore, a 20.8% jump. The increase highlights strong economic activity, with refunds rising 48.3% to ₹27,341 crore. Dive deeper
Paras Defence reported a 97% YoY surge in Q4FY25 net profit to ₹19.7 crore, with revenue up 36% to ₹108.2 crore. EBITDA grew over 7x, and margins expanded significantly. The company also approved a stock split and signed a drone tech deal with Israel’s MicroCon Vision. Dive deeper
Adani Enterprises’ Q4 net profit surged 752% YoY to ₹3,845 crore, largely due to an exceptional gain of ₹3,286 crore. Revenue from operations fell 8% to ₹26,966 crore, while EBITDA rose 19% to ₹4,346 crore. The group’s green energy arm saw a 32% rise in revenue, and the airports division posted strong results with a 29% increase in revenue. Dive deeper
Eternal (formerly Zomato) reported a 78% YoY drop in Q4FY25 net profit to â‚ą39 crore, despite a 64% surge in revenue to â‚ą5,833 crore. The profit decline was attributed to higher investments in Blinkit and increased infrastructure costs. Adjusted EBITDA dropped 15%, but food delivery margins improved to 5.2%. Dive deeper
Adani Ports reported a 50% jump in the March quarter profit to â‚ą3,025 crore, driven by strong growth in port volumes and logistics. The company forecast higher year-on-year revenue growth for the current fiscal year. Dive deeper
TVS Motor Company reported a 16% YoY growth in total sales for April 2025, reaching 4,43,896 units. Two-wheeler sales increased by 15%, with a 59% surge in electric vehicle sales. The company’s international exports grew by 45%, reflecting strong demand across markets. Dive deeper
Vedanta reported a 154% year-on-year increase in Q4 net profit, reaching â‚ą3,483 crore, driven by operational efficiency and strong performance across its key segments. Revenue rose 14% to â‚ą40,455 crore, while EBITDA hit â‚ą11,618 crore, marking a 30% growth. The company also achieved its highest EBITDA margin in 12 quarters at 35%. Dive deeper
Indian Overseas Bank (IOB) reported a 30% YoY increase in Q4 net profit, reaching â‚ą1,051 crore. Interest income grew 15% to â‚ą7,633.59 crore, while interest expended rose 17%. The bank also reported a decline in gross NPAs to 2.14% and net NPAs to 0.37%. Dive deeper
Adani Ports will invest ₹13,000 crore to expand the Vizhinjam International Seaport’s capacity to 5 million Twenty-Foot Equivalent Units (TEUs) by 2028. The second phase will include expanding the breakwater and increasing the berth size. The expansion aims to reduce India’s reliance on foreign transshipment hubs and lower logistics costs. Dive deeper
Warburg Pincus, through its arm Currant Sea Investments BV, has sought approval from the Competition Commission of India (CCI) to acquire a nearly 10% stake in IDFC First Bank. The deal, part of a ₹7,500 crore fundraising initiative, involves the subscription of compulsorily convertible cumulative preference shares. Additionally, the Abu Dhabi Investment Authority (ADIA) arm plans to invest in the bank, reducing Warburg Pincus’ stake slightly. Dive deeper
YouTube CEO Neal Mohan announced an investment of over ₹850 crore in India’s creator economy over the next two years. This move aims to support the growth of creators, artists, and media companies, with India becoming a “creator nation” with over 100 million channels. Dive deeper
The Competition Commission of India (CCI) approved Jubilant Beverages’ acquisition of a 40% stake in Hindustan Coca-Cola Holdings Pvt. Ltd. This move is part of Coca-Cola’s global strategy to divest its bottling operations. The deal is valued at approximately ₹10,000 crore for the 40% stake. Dive deeper
What’s happening globally
Gold prices dropped to $3,250 per ounce, marking their worst week in over two months as easing trade tensions reduced demand for safe-haven assets. Optimism rose after China signaled potential trade talks with the U.S., and U.S. economic data showed contraction. Dive deeper
The U.S. economy added 177,000 jobs in April 2025, surpassing expectations of 130,000, despite a slowdown from March’s revised 185,000. Job growth was led by health care (+51,000), transportation and warehousing (+29,000), and financial activities (+14,000), with a decline in federal government jobs (-9,000). Dive deeper
The ISM Manufacturing PMI for the U.S. fell to 48.7 in April 2025, signaling a second consecutive month of contraction in the manufacturing sector. Output shrank more sharply, while new orders declined at a slower pace. Manufacturers faced rising costs, margin pressures, and supply chain disruptions due to ongoing trade uncertainty. Dive deeper
European natural gas futures rose over 3.5% to €33/MWh on Friday, driven by cooler weather forecasts and optimism from China’s potential trade talks with the US. Weekly prices increased by 1.9%, and upcoming EU talks on reducing gas storage targets also added to market sentiment. EU storage is currently 39.5% full. Dive deeper
Consumer price inflation in the Euro Area remained at 2.2% in April 2025, slightly exceeding expectations of 2.1% and staying above the ECB’s 2.0% target. A sharp drop in energy prices was offset by higher inflation in services and food. Core inflation rose to 2.7%, surpassing expectations. Dive deeper
Initial jobless claims in the U.S. rose by 18,000 to 241,000 for the week ending April 26, surpassing market expectations. Outstanding claims also increased to 1.92 million, the highest since November 2021. The rise in claims was primarily driven by New York and Massachusetts, with a notable decrease in claims for federal employees under DOGE scrutiny. Dive deeper
Japan’s unemployment rate rose to 2.5% in March 2025, slightly above expectations, with 50,000 more unemployed and a decline in employment by 80,000. The labor force participation rate increased to 63.3%. Meanwhile, the jobs-to-applications ratio improved to 1.26, surpassing market expectations. Dive deeper
Amazon reported solid first-quarter earnings with profit rising to $17.13 billion, driven by growth in its core retail and AWS business. Despite strong results, the company faces challenges from tariff uncertainties, with U.S. tariffs on Chinese imports potentially affecting costs. Amazon’s outlook for Q2 remains cautious, with sales expected between $159 billion to $164 billion. Dive deeper
Microsoft has raised prices on Xbox consoles, with the Series S now at $380 and the Series X at $600. Prices for controllers, headsets, and games are also increasing due to rising costs and supply chain challenges. The price adjustments come as Microsoft focuses on expanding its Game Pass subscription service. Dive deeper
Shell’s CEO, Wael Sawan, stated that the company prefers buying back its own shares rather than pursuing a takeover of BP, despite recent speculation. Shell announced a $3.5bn buyback for Q1 2025, continuing its strategy to reduce share count. Despite a 28% YoY profit drop, Shell remains confident in maintaining dividends and buybacks, even if oil prices drop to $50 per barrel. 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.
Tuhin Kanta Pandey, Chairperson, SEBI on smart regulation, F&O, investor trust and market reforms
“We’re not against retail participation — it’s our strength. But in areas like expiry-day index options, trading resembles gambling. That’s what we’re trying to curb without hurting the broader derivatives market.”
“Smart regulation means achieving the same goal with less disruption. We’re auditing our rules like spring cleaning — asking, do we still need this? Can we do it more efficiently?”
“Building trust means listening. We’ve received 800+ comments on our F&O discussion paper. We’ll review them honestly and move ahead with precision, not a sledgehammer.” - Link
Anil Kumar Lahoti, Chairman, TRAI, on regulatory disparities in broadcasting
“We do not want to create an environment where regulation discriminates between two mediums and puts one medium of broadcasting at a disadvantage compared to another.”
“TRAI has been regularly engaging with stakeholders to review and update regulations, giving the industry requisite freedom while protecting consumer interests.”
“Now the challenge is digital video distribution services like OTTs being regulated separately, unlike traditional broadcasting under the Telecommunications and Cable TV Networks Acts.”
“Going forward, there should be minimal regulation, but adequate to protect the interests of consumers and those at the lower end of the pyramid.” - Link
Tim Cook, CEO, Apple, on supply chain shift and tariffs
“A majority of iPhones sold in the US will be made in India, while nearly all iPads, Macs, Apple Watches, and AirPods for the US will come from Vietnam.”
“We’re adapting our supply chain to manage rising trade risks. Our teams are doing a great job shifting volume quickly to stay agile.” - 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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