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 marginally lower at 22,516.45, dipping around 30 points. It reached an intraday high of 22,625.30 before reversing direction and trading around 22,550. In the final hour, the index slid further, touching the day’s low of 22,513.90, and closed flat at 22,547.30, reflecting a minor decline of -0.03%.
Market sentiment remains cautious due to FII outflows, INR pressure, and tariff concerns. Key macrodata, including US Core Personal Consumption Expenditures (PCE) and GDP figures for both the US and India, will influence expectations for future monetary policy.
Broader Market Performance:
Today’s broader market saw mixed performance, with 2,917 stocks traded on the NSE. Out of these, 1,117 advanced, 1,717 declined, and 83 remained unchanged.
Sectoral Performance:
Sectoral performance was primarily negative, with Nifty Metal leading the decline, down by 1.54%, followed by Nifty Realty and Nifty PSU Bank, which fell by 1.31% and 1.22%, respectively. Nifty IT and Nifty Energy also saw losses of 0.80% and 0.71%. On the positive side, Nifty Media posted the highest gain, up by 0.84%, followed by Nifty Consumer Durables and Nifty Auto, which rose by 0.54% and 0.51%, respectively.
Note: The above numbers for Commodity futures were taken around 4 pm.
Change in OI for the day
The following is the change in OI for Nifty contracts expiring on 27th February:
- The maximum Call Open Interest (OI) is observed at 23,000, followed by 22,800 and 22,700, indicating strong resistance at these levels.
- The maximum Put Open Interest (OI) is at 22,600, followed by 22,500 and 22,300, suggesting strong support at 22,600, with additional support at 22,500 and 22,300.
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
India’s IT sector is expected to grow 5.1% to $282.6 billion in FY25, crossing $300 billion by FY26, according to Nasscom. Employment in the sector rose by 1.26 lakh to 58 lakh, with ER&D firms seeing the fastest revenue growth at 7%. Dive deeper
Retail inflation eased to 4.61% for farm workers and 4.73% for rural labourers in January 2025, down from 5.01% and 5.05% in December 2024. CPI-AL and CPI-RL dropped by 4 and 3 points, respectively, driven by a decline in the food index. Dive deeper
India is finalizing a $1 billion subsidy plan to boost solar manufacturing, focusing on wafers and ingots to reduce reliance on China. The proposal, backed by the PMO, aims to replicate India’s mobile manufacturing success and awaits cabinet approval. Dive deeper
Petronet LNG Limited received a ₹336.8 crore GST demand for FY21 due to discrepancies in GSTR-1 filings and ineligible ITC claims. The company plans to challenge the order legally, asserting no material impact on its operations. Dive deeper
IndiGo will deploy its first leased Boeing 787-9 on the Delhi-Bangkok route from March 1, expanding capacity amid aircraft shortages. CEO Pieter Elbers sees this as a step toward European expansion, with wide-body aircraft enhancing passenger comfort. Dive deeper
Axis Bank is exploring the sale of a majority stake in its subsidiary, Axis Finance, with a potential valuation of $900 million to $1 billion. The lender is working with an adviser on a strategic review but may decide against the sale. Axis Finance, backed by Axis Bank’s equity infusions and funding lines, offers corporate, collateral, and real estate loans. Dive deeper
Vedanta Group will invest ₹50,000 crore in Assam and Tripura’s oil and gas sector over the next 3 to 4 years through Cairn Oil & Gas. Chairman Anil Agarwal stated the investment aims to produce 1 lakh barrels per day and create 1 lakh jobs, positioning the region as a hydrocarbon hub. Dive deeper
India imported €49 billion worth of Russian oil in the third year of the Ukraine invasion, with Russian crude rising to 40% of its total imports. Some of this oil was refined and exported to Europe, contributing to a surge in Russian oil revenues despite shrinking discounts. Dive deeper
IREDA shares rose as shareholders approved raising ₹5,000 crore via QIP and amendments to its articles of association. The company also gained enhanced powers under its ‘Navratna’ status, strengthening its operational scope. Dive deeper
Bajaj Auto extended a €50 million loan to KTM AG as part of a debt restructuring plan to restart operations. The loan, provided through Bajaj Auto International Holdings BV, will fund KTM’s operating costs under Austria’s bankruptcy framework. Dive deeper
RBI announced the premature redemption schedule for Sovereign Gold Bonds maturing between April and September 2025. Eligible investors can submit requests, with redemption prices based on the average gold price published by IBJA. Dive deeper
Akzo Nobel India will sell its powder coatings business and R&D centre to its Dutch parent for ₹2,143 crore while acquiring IP rights for ₹1,152 crore. The move shifts focus to liquid paints, pending shareholder approval. Dive deeper
Bhagyanagar India shares surged over 16% after winning a ₹245 crore solar project from Maharashtra State Electricity Distribution Co. The 53 MW project, under the Mukhya Mantri Saur Krushi Vahini Yojana 2.0, will be commissioned in 18 months. The stock closed 5.03% higher at ₹80.01. Dive deeper
SEBI fined three Foreign Portfolio Investors ₹50 lakh for breaching short-term debt investment limits. Violations by Nexpact Ltd, AIRD Investment Commercial LLC, and Aviator Global Investment Fund persisted for up to two years despite regulations capping short-term holdings at 30%. Dive deeper
Amazon India saw a 26% rise in same-day and next-day deliveries for Prime users in 2024, with 41 crore items delivered. The service expanded to 11% more PIN codes, with essentials deliveries rising 23% YoY. Dive deeper
LIC received a ₹57.2 crore GST demand notice for excess Input Tax Credit claimed in FY21. The amount includes ₹31.04 crore GST, ₹23.13 crore interest, and ₹3.10 crore penalty, though LIC stated it has no material financial impact. Dive deeper
CLN Energy Limited secured a $5 million (₹43 crore) export order from a Singapore-based MNC for lithium-ion batteries and related items, to be executed within 90 days. Dive deeper
Power Mech Projects won a ₹164.63 crore order from BHEL for supply, design, and civil works at the 2x800 MW DVC Koderma project, with execution expected in 30 months. Dive deeper
Zaggle Prepaid Ocean Services signed a customer service agreement with Honasa Consumer Limited to provide its Zaggle Zoyer Platform for 36 months. Dive deeper
Torrent Power’s subsidiary, Torrent Green Energy, incorporated three new step-down subsidiaries, Torrent Urja 33, 34, and 36 Pvt Ltd to focus on renewable energy and hydrogen-based projects. Dive deeper
What’s happening globally
WTI crude rose to $70.8 per barrel after the U.S. imposed new sanctions on Iran’s oil trade, raising supply concerns. However, gains were capped by potential peace talks on Ukraine, which could ease Russian oil sanctions and impact global supply. Dive deeper
Gold eased below $2,940 per ounce as investors booked profits after hitting an all-time high, driven by safe-haven demand amid U.S. trade concerns. Markets await the PCE report, the Fed’s preferred inflation gauge, which could influence rate cut expectations. Dive deeper
European natural gas futures fell 2% to €46.4/MWh as milder weather lowered demand. EU storage remains below 41%, with concerns over winter refilling, while a diverted Qatari LNG cargo to Kuwait highlighted shifting supplier preferences. Dive deeper
The Chicago Fed National Activity Index fell to -0.03 in January 2025 from 0.18 in December, indicating weaker US economic growth. Declines in personal consumption, housing, and production-related indicators offset slight improvements in employment and inventories. Dive deeper
The Dallas Fed’s Texas manufacturing index dropped to -8.3 in February 2025 from 14.1 in January, reflecting weaker outlooks and rising uncertainty. Production, new orders, and capacity utilization fell, while input cost pressures surged, and wage pressures eased slightly. Dive deeper
U.S. stock futures were flat after tech and AI stocks dragged major indexes lower, with the Nasdaq falling 1.21%. Palantir dropped 10.5%, Nvidia declined 3.1% ahead of earnings, while Apple gained 0.6% on a $500 billion investment plan. Dive deeper
The MOEX Russia index held at 3,300 in February, its highest since May 2024, amid speculation of a ceasefire in Ukraine. Russian stocks surged, with Gazprom up 70% since November, while Sberbank, Rosneft, and Lukoil reached six-month highs. Rusal shares soared over 50% in Hong Kong on export optimism. Dive deeper
Germany’s economy shrank 0.2% in Q4 2024, confirming estimates, as exports dropped 2.2% and consumption slowed. The contraction marked the sixth consecutive quarter of decline, driven by weak trade and sluggish industry performance. Dive deeper
Negotiated wages in the Euro Area grew 4.12% YoY in Q4 2024, slowing from a 31-year high of 5.43% in Q3. The ECB signalled continued monetary easing, with markets pricing in two rate cuts by December. Wage growth is expected to slow to 3.6% in 2025 and 2.7% in 2026. Dive deeper
EU car registrations fell 2.6% YoY in January, reversing December’s 5.1% growth, with declines in France (-6.2%), Italy (-5.8%), and Germany (-2.8%). BEV sales grew 34%, with Germany, Belgium, and the Netherlands accounting for 64% of total registrations. Dive deeper
Brazil’s FGV-IBRE Consumer Confidence Index fell to 83.6 in February 2025, its lowest since August 2022, reflecting concerns over high interest rates, inflation, and deficit spending. The decline was driven by weaker consumer expectations, while the current household situation remained unchanged. Dive deeper
The Bank of Korea cut its base rate by 25 bps to 2.75%, the third reduction in four months, citing weak growth and inflation stabilization. GDP growth was revised down to 1.5% for 2025, while inflation forecasts remained at 1.9%. Dive deeper
Norway’s consumer confidence rose to -7.5 in Q1 2025 from -12.4, its highest in 12 quarters, as optimism improved for economic conditions and household finances, though sentiment remained negative overall. Dive deeper
China’s Shanghai Composite fell 0.8%, and the Shenzhen Component lost 1.17%, led by tech stocks, after reports that Trump may tighten semiconductor restrictions and audit foreign-listed firms. ZTE Corp fell 3%, while Talkweb Information dropped 10%. 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.
Sajjan Jindal, Chairman, JSW Group, on investments in Assam
“JSW Group is committed to investing in cement manufacturing, renewable, and thermal power sectors in Assam as the state develops rapidly.”
“The Northeast has a major role to play in India’s economic growth, and Assam is progressing at the same pace as the rest of the country, driven by the double-engine government.”
“We are looking into investment opportunities in the largest thermal power plant here to meet the power requirements for Assam’s fast-paced development.” - Link
PR Hari, CMD, Garden Reach Shipbuilders, on growth and order book projections
“We expect our order book to exceed ₹40,000 crore by FY26, with a 25% CAGR, mainly from shipbuilding.”
“We aim to increase export contribution from 4.5% to 10% over time, focusing on commercial ships and ship repairs.”
“We are confident of maintaining profit margins above 8% in the coming years, supported by competitive shipbuilding and higher-margin exports.” - Link
Mukesh Ambani, Chairman, Reliance Industries, on investments in Assam
“Reliance Industries will invest ₹50,000 crore in Assam over the next five years, focusing on making the state technology and AI ready.”
“The investment will cover green and nuclear energy, the supply chain for food and non-food products, and expanding Reliance’s retail stores.”
“Since the 2018 investment summit, our investments in Assam have crossed ₹12,000 crore, and we are now committed to significantly increasing this over the next five years.” - Link
Tim Cook, CEO of Apple, on future investments:
“We are bullish on the future of American innovation, and we’re proud to build on our long-standing U.S. investments with this $500 billion commitment to our country’s future.” - Link
Calendars
In the coming days, we have the following significant events and corporate actions:
That’s it from us. Do let us know your feedback in the comments and share it with your friends to spread the word.