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 340-point gap down at 23,935.75 following India’s confirmation of retaliating against Pakistan’s attempts to target military establishments. However, the index quickly recovered nearly 250 points, testing 24,164 within the first 20 minutes. It then dipped back to 23,980 before bouncing to 24,080 in the first half. For the remainder of the session, Nifty traded in a narrow range between 23,970 and 24,020, eventually closing at 24,008, down 1.09%.
Market sentiment found support from steady FII inflows and positive global cues, but escalating geopolitical tensions remain a critical factor for near-term market direction.
Broader Market Performance:
Broader markets had a weak session but recovered significantly from the morning lows. Of the 2,887 stocks traded on the NSE, 1,065 advanced, 1,738 declined, and 84 remained unchanged.
Sectoral Performance:
The top-gaining sector for the day was Nifty PSU Bank, which rose by 1.59%, followed by Nifty Consumer Durables with a gain of 0.95%. On the losing side, Nifty Realty was the worst performer, declining by 2.38%, followed by Nifty Service with a loss of 1.45%.
Overall, 3 sectors closed in the green, while 10 sectors ended in the red, reflecting a broadly negative market sentiment.
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 15th May:
- The maximum Call Open Interest (OI) is observed at 24,500, followed closely by 24,000 & 24,400, indicating strong resistance at 24,400 with ultimate resistance at 24,500 levels.
- The maximum Put Open Interest (OI) is 24,000, followed by 23,500, suggesting strong support at 23,800 and additional support at 23,500.
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
State Bank of India (SBI) and other lenders will sell a 20% stake in Yes Bank to Sumitomo Mitsui Banking Corp. (SMBC) for around â‚ą13,484 crore. SBI will divest its 13.19% stake, while SMBC will also acquire an additional 6.81% from HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank, IDFC First Bank, Federal Bank, and Bandhan Bank. The deal is pending regulatory approvals, including from the Reserve Bank of India. Dive deeper
SEBI has settled the ESOP matter with Paytm’s CEO, Vijay Shekhar Sharma, and his brother, Ajay Shekhar Sharma, with Sharma’s ESOPs worth ₹2.10 crore cancelled. Vijay will not accept fresh ESOPs from listed companies for three years. The settlement amounts to ₹1.11 crore for Vijay and ₹57 lakh for Ajay. Dive deeper
Crisil Ratings has placed IndusInd Bank’s long-term debt instruments on negative watch due to key managerial resignations and concerns over its microfinance business. The agency is closely monitoring internal financial controls and profitability. The rating watch will be resolved once clarity on these issues is provided. Dive deeper
A forensic review by Grant Thornton revealed that two IndusInd Bank executives traded shares while aware of undisclosed accounting irregularities. This followed a $230 million accounting discrepancy, with the executives selling shares before the issue was made public. The bank is addressing accountability and has set up a committee to oversee operations. Dive deeper
Adani Group has signed an MoU with Bhutan’s Druk Green Power Corp. to jointly develop 5,000 MW of hydropower projects, boosting regional energy security. The partnership supports Bhutan’s 2040 Renewable Energy Roadmap and emphasizes clean energy development. Dive deeper
Muthoot Microfin reported a Rs 401 crore net loss in Q4 due to a surge in provisions for bad loans and breaches in borrowing covenants. The company also faced a full-year net loss of Rs 223 crore, reversing last year’s profit. The asset quality crisis led to a rise in non-performing assets and a significant increase in provisions. Dive deeper
LG Electronics is investing $600 million in a new plant in Andhra Pradesh to produce air-conditioners, washing machines, fridges, and compressors. This move comes despite pausing its $1.5 billion IPO due to market volatility. The plant will help meet growing demand for white goods in India and abroad. Dive deeper
Larsen & Toubro (L&T) reported a 15% growth in Q4 PAT to ₹15,037 crore, aided by a ₹475 crore exceptional gain. The company’s Q4 revenue grew 11% to ₹74,392 crore, with international revenue contributing 49%. For the year, L&T’s total revenue rose 16%, and it secured ₹3,56,631 crore in orders, marking an 18% year-on-year growth. Dive deeper
Titan’s Q4 FY25 net profit rose 10.7% YoY to ₹870 crore, driven by a 25% increase in sales to ₹12,581 crore. The jewellery segment grew 25%, and the watches business saw a 20% rise. Titan declared a final dividend of ₹11 per share and reported strong performance across its business segments, including a 23% growth in CaratLane’s income. Dive deeper
The RBI has relaxed FPI rules on corporate bond investments by removing caps on short-term debt limits, aiming to boost foreign inflows. The move provides greater flexibility for FPIs in portfolio construction. This change comes as the interest rate differential between India and the US narrows. Dive deeper
MCX reported a 54% rise in Q4 net profit to â‚ą135.46 crore, driven by higher income. Total income for the quarter grew 60.68% to â‚ą320.49 crore, while expenses increased to â‚ą152.96 crore. For the full fiscal year, net profit surged over sixfold to â‚ą560.04 crore, and a final dividend of â‚ą30 per share was recommended. Dive deeper
Britannia Industries reported a 4% rise in Q4 profit to ₹560 crore, surpassing analysts’ estimates. Revenue grew 9% to ₹4,432 crore, with EBITDA increasing 2.3% to ₹805 crore. Despite margin contraction to 18.2%, the company achieved growth through strategic pricing, cost-efficiency, and adapting to shifting market dynamics. Dive deeper
Asian Paints reported a 45% decline in Q4 net profit to ₹700.83 crore, impacted by muted demand and increased competition. Revenue from operations fell 4.25% to ₹8,358.91 crore. For FY 2024-25, the company’s net profit dropped 33.25% to ₹3,709.71 crore, with a 4.7% decrease in total consolidated income. Dive deeper
Biocon reported a 153% surge in Q4 net profit to ₹344 crore, with revenue rising 12% to ₹4,454 crore. The company’s biosimilars performed strongly, and it expanded its manufacturing footprint through a US facility acquisition. For FY25, Biocon’s net profit was ₹1,013 crore, with a focus on growing its GLP-1 portfolio and operational excellence. Dive deeper
Kalyan Jewellers reported a 36% YoY increase in Q4 net profit to ₹188 crore, driven by strong demand in both domestic and international markets. Q4 revenue surged 37% to ₹6,182 crore, and the company’s full FY25 revenue rose 35% to ₹25,045 crore. Net profit for FY25 grew 20% to ₹714 crore. Dive deeper
Larsen & Toubro reported a 25% YoY rise in Q4 profit to â‚ą5,497 crore, with revenue increasing 11% to â‚ą74,392 crore. For FY25, net profit grew 15% to â‚ą15,037 crore, and order inflows hit a record â‚ą3.56 lakh crore. The company also declared a final dividend of â‚ą34 per share. Dive deeper
Brigade Enterprises acquired an 11-acre land near ITPL in Bengaluru for a â‚ą2,000-crore commercial project, aiming to develop 1.5 million sq ft of office space. The company also announced a residential project in Malur. Dive deeper
Sunil Mittal is in talks to acquire a 49% stake in Haier India for around $2 billion, partnering with private equity firm Warburg Pincus. The deal, which is expected to be finalized pending approvals, aims to tap into the growing demand for home appliances in India. Dive deeper
Swiggy’s net loss widened to ₹1,081 crore in Q4 FY25, compared to ₹799 crore in the same period last year, despite a 10.4% increase in revenue to ₹4,410 crore. The company’s EBITDA loss also grew to ₹962 crore. Dive deeper
What’s happening globally
Brent crude oil futures rose toward $63 per barrel, supported by optimism over US-China trade talks and the US-UK trade deal. OPEC+ production plans were offset by supply concerns from Libya, Venezuela, and Iraq, along with a drop in US inventories. The price remains on track for a weekly gain. Dive deeper
Gold stayed around $3,320 per ounce on Friday, holding losses as optimism over US-China trade talks and the US-UK trade deal reduced demand for safe-haven assets. Dive deeper
The dollar index dropped to around 100 as traders awaited US-China trade talks, with a limited US-UK deal offering some relief. The dollar is on track to rise 0.6% for the week, supported by the Fed’s decision to keep rates unchanged. The Fed also highlighted risks to inflation and unemployment. Dive deeper
China’s current account surplus hit a record USD 165.6 billion in Q1 2025, up from USD 47.2 billion a year earlier. The goods trade surplus rose sharply to USD 237.6 billion, driven by a 9.4% increase in exports. The services and primary income deficits narrowed, while the secondary income surplus remained stable. Dive deeper
China’s exports rose 8.1% YoY to USD 315.7 billion in April 2025, though growth slowed from March. Shipments to the US dropped 21% amid trade tensions, while exports to Japan, Taiwan, and ASEAN grew. For the first four months, exports climbed 6.4%, boosted by agricultural and fertilizer products. Dive deeper
Italy’s Moltiply Group is suing Google for €2.97 billion, claiming the company hindered the growth of its subsidiary, 7Pixel, by favoring Google Shopping. The lawsuit follows a 2017 EU fine against Google for similar anti-competitive practices. The claim was filed in a Milan court. Dive deeper
Nissan has canceled its $1.1 billion EV battery plant plan in Kitakyushu, Japan, citing investment efficiency concerns. The company is also offering early retirement to several hundred staff as part of its restructuring. Dive deeper
Audi, Volkswagen’s premium brand, expects clarity on U.S. car import tariffs soon, with ongoing trade talks between Brussels and Washington. The company is considering production options in the U.S., with a decision expected this year. Rival BMW remains optimistic about a potential reduction in U.S. tariffs from July. Dive deeper
Nvidia is set to release a downgraded version of its H20 AI chip for China by July, after U.S. export restrictions blocked the original model. The modified chip will have reduced memory capacity to comply with new export controls. Dive deeper
Elon Musk’s AI startup, xAI, is in talks to raise funding at a $120 billion valuation, up from $80 billion. The round could bring in up to $20 billion, reflecting increased investor interest in AI. xAI is closely linked to Musk’s platform X, with its Grok chatbot trained on X user data. 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.
Samir Arora, Founder, Helios Capital, on India-Pakistan tensions and market outlook
“There may be some panic at the market open, but this is unlikely to turn into a military conflict. Both sides are relying on remote targeting and drones.”
“You can’t base a market strategy on low-probability geopolitical events. Long-term investors should stay the course.”
“With FIIs rethinking US exposure, India could attract more flows. Domestic and foreign investors stepping up together is a powerful setup.” - Link
Amit Syngle, MD & CEO, Asian Paints, on demand weakness and outlook
“The demand for decorative coatings was only marginally better than in the third quarter, with standalone revenues down 5%.”
“Our home decor business faced multiple headwinds, resulting in a muted performance for the quarter.”
“While the macroeconomic environment remains uncertain, we are cautiously optimistic about a recovery and continue to work on leveraging our brand and driving operational efficiencies.” - Link
Howard Lutnick, US Commerce Secretary, on the India–US Bilateral Trade Agreement (BTA)
“The deal with India could involve modifying about 7,000 tariff lines — this is not just a handshake agreement.”
“India’s been leaning in really hard… I love doing a deal with India, but it takes time and serious work.”
“Give us a chance, don’t be pushing and rushing — we’re working toward real mutual wins.” - Link
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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?
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- Negative
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