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 with a 60-point gap up at 24,744.25 but quickly gave up the gains. The index then surged nearly 250 points from the lows to test the 24,950 mark by 10:30 AM. However, volatility set in, and Nifty lost all intraday gains, falling 250 points by noon. In the second half, it traded in a narrow range between 24,780 and 24,830 before closing at 24,813.45, up 0.52%.
Today’s positive sentiment was supported by resilient global markets and a weak dollar. However, rising macroeconomic uncertainty remains a concern. Investors are closely watching developments on the India-U.S. trade deal, while the ongoing earnings season continues to influence near-term market direction.
Broader Market Performance:
Broader markets had a strong bounce-back session today. Of the 2,941 stocks traded on the NSE, 1,753 advanced, 1,095 declined, and 93 remained unchanged.
Sectoral Performance:
The top-gaining sector for the day was Nifty Realty, which rose by 1.72%, while the Nifty Consumer Durables index was the only sector to close in the red, falling by 0.49%. Out of the 12 sectoral indices listed, 11 sectors closed in the green and 1 sector closed in the red, indicating broadly positive market sentiment across sectors.
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 25,300-25100, suggesting strong support at these levels.
- The maximum Put Open Interest (OI) is observed at 24,800, followed closely by 24,700, suggesting strong support at these levels.
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
India’s Russian crude oil imports are set to hit a 10-month high in May, nearing 1.8 million barrels per day, driven by demand for ESPO Blend crude. This demand is expected to continue into July, impacting spot premiums for ESPO cargoes delivered to China. Dive deeper
Karur Vysya Bank reported a 12.5% YoY increase in Q4 net profit to ₹513 crore, driven by strong growth in advances and deposits. For FY25, net profit rose by 21% to ₹1,942 crore, and total business crossed ₹1.86 lakh crore. The bank’s asset quality improved with a decline in GNPA to 0.76%. Dive deeper
Ugro Capital plans to raise ₹1,315 crore through a mix of compulsorily convertible debentures (CCDs) and a rights issue to strengthen its MSME lending business. Samena Capital committed ₹500 crore as a key institutional investor. Terms for the rights issue are pending. Dive deeper
JSW Energy plans to invest ₹14,000 crore to expand its renewable capacity, aiming to reach 4.7 GW by 2027, following its acquisition of O2 Power’s 4,696 MW platform. The company will also spend ₹18,000 crore in fiscal 2026 to complete ongoing and new projects. Dive deeper
Suzuki Motorcycle India has announced a ₹1,200 crore investment for a new plant in Haryana, set to begin operations in 2027. The facility, located in Kharkhoda, will have an annual production capacity of 7.5 lakh two-wheelers. Dive deeper
Dixon Technologies reported a 322% YoY increase in Q4 PAT, reaching ₹401 crore, driven by a 121% rise in revenue to ₹10,293 crore. Despite strong earnings, shares fell by 5.7% to ₹15,627.55. The company recommended a final dividend of ₹8 per share for FY25. Dive deeper
United Spirits reported a 75% YoY rise in Q4 PAT to ₹421 crore, driven by steady revenue growth and strong EBITDA. Despite this, shares fell 3.5% to ₹1,502.60. The company recommended a final dividend of ₹8 per share for FY25. Dive deeper
Aster DM Healthcare posted a consolidated net profit of ₹85.54 crore for Q4 FY25, marking a significant turnaround from a loss last year. The company’s revenue for the quarter was ₹1,000.34 crore. For FY25, net profit reached ₹5,407.89 crore with 12% YoY revenue growth. Dive deeper
The Leela Hotels has set the price band for its upcoming ₹3,000 crore IPO at ₹413-435, with the issue open from May 26-28. Dive deeper
Tata Consultancy Services (TCS) has secured an add-on Advance Purchase Order (APO) worth ₹2,903 crore from BSNL. The order involves the planning, installation, and maintenance of a 4G mobile network at 18,685 sites. Dive deeper
Adani Green Energy’s renewable generation capacity has risen to 14,528 MW after its subsidiary operationalized a 187.5 MW solar power project in Khavda, Gujarat. This increase reflects strong execution, with 3.3 GW added in fiscal 2025. The company’s credit rating was affirmed at ‘IND AA-’ with a stable outlook by India Ratings. Dive deeper
NHPC reported a 52% YoY increase in Q4 profit to ₹919 crore, driven by higher income, while FY25 profit fell 15% to ₹3,411 crore. The company announced a final dividend of ₹0.51 per share, alongside an interim dividend of ₹1.40. NHPC also commissioned the 800 MW Parbati-11 and 107.14 MW of the Karnisar Solar Power Plant. Dive deeper
Sterlite Electric secured orders worth ₹7,500 crore in FY25, including ₹2,400 crore in the March quarter. The orders span high-performance conductors, power cables, OPGW, and EPC services, supporting green energy transmission. The company is expanding its global footprint, particularly in the Americas, the EU, Africa, and the Middle East. Dive deeper
Renault Group has sought approval from the Competition Commission of India (CCI) to acquire Nissan’s remaining 51% stake in their joint venture, Renault Nissan Automotive India Pvt Ltd. This move is part of Renault’s plan to gain full ownership of the Indian manufacturing facility. Dive deeper
IndiGo’s Q4FY25 net profit surged 62% YoY to ₹3,067 crore, driven by a 24% rise in revenue. Despite a decline in full-year profit, the airline maintained strong operational performance. The board declared a ₹10 per share dividend, subject to AGM approval. Dive deeper
BSE, through its subsidiary Asia Index, launched four factor-based indices Value, Low Volatility, Momentum, and Quality from the BSE 500 universe. These indices will undergo quarterly reconstitution, offering a rules-based framework for passive strategies and benchmarking. Dive deeper
SBI’s board has approved a $3 billion fundraising plan for fiscal 2026 through public offerings or private placements. The funds will be raised in single or multiple tranches via senior unsecured notes in USD or other major foreign currencies. Dive deeper
NSEL’s One-Time Settlement Scheme has been approved by traders, with 91.35% voting in favor. The scheme will disburse ₹1,950 crore to 5,682 traders, offering additional payments of 42% for those with dues above ₹10 lakh. Dive deeper
CCI approved Temasek’s acquisition of a minority stake in Haldiram Snacks Food through Jongsong Investments, acquiring less than 10% equity. The deal follows the merger of Haldiram’s Delhi and Nagpur factions, with other regulatory approvals pending. Dive deeper
What’s happening globally
Brent crude oil prices rose above $66 per barrel amid fears of disruptions from potential Israeli strikes on Iran. US crude inventory gains eased some supply concerns. Dive deeper
US natural gas futures rose above $3.4/MMBtu due to lower production and strong demand forecasts for summer, while LNG exports fell due to maintenance disruptions. Dive deeper
The dollar index fell to 99.7, marking its lowest in two weeks, as traders focused on the G7 finance ministers’ summit. Dive deeper
Bank Indonesia cut its benchmark interest rate by 25 basis points to 5.5% in May 2025, aiming to maintain low inflation and support economic growth. Annual inflation rose to 1.95% in April but stayed within the target range. The Rupiah strengthened against the US dollar and other major currencies. Dive deeper
UK annual inflation rose to 3.5% in April 2025, the highest since January 2024, driven by higher housing, utilities, and transport costs. Electricity and gas prices surged due to a new energy price cap, while rents rose more slowly. Clothing and footwear prices fell, partially offsetting inflation. Dive deeper
South Africa’s annual inflation rose to 2.8% in April 2025, up from 2.7% in March. Key drivers were higher housing and utilities, food, and alcoholic beverages, while transport costs fell sharply by 3.9%. Core inflation eased to 3%, its lowest since July 2021. Dive deeper
Apple plans to open its AI models to third-party developers, allowing them to build apps using its technology, as part of a bid to lead in generative AI. The initiative, expected to be announced at the WWDC, will initially allow access to smaller models for device use. Dive deeper
UnitedHealth faced scrutiny after a report revealed secret payments to nursing homes to reduce hospital transfers, raising concerns about patient health risks and adding to the company’s ongoing legal and operational challenges. 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.
Moody’s Ratings on India’s resilience to U.S. tariffs
“India is better positioned than many other emerging markets to deal with U.S. tariffs and global trade disruptions, helped by robust internal growth drivers, a sizable domestic economy, and low dependence on goods trade.”
“Government initiatives to boost private consumption, expand manufacturing capacity, and increase infrastructure spending will help offset the weakening outlook for global demand.”
“Even with heightened border tensions, we do not expect major disruptions to India’s economic activity; sustained escalation would weigh more on Pakistan’s growth than on India’s.” - Link
Suman Hegde, CFO, Jubilant FoodWorks, on Q4 Earnings and Turkey Outlook
“Turkey is a cash-accretive business given the franchisee-led model. Their full-year PAT is in the 6–7% range and improving year-on-year.”
“Inventory levels are down, debt is almost half of what it was last year, and we’re working on refinancing local debt to lower borrowing costs.”
“Given the hyperinflation accounting, EBITDA might show volatility quarter-to-quarter, but over a nine-month or full-year view, the business fundamentals are solid.” - 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.
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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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