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 at 23,801.40, a slight gap up of 50 points from the previous day’s close, and continued to rise, reaching a day’s high of 23,938.85 in the early session. However, the index reversed from the day’s high and traded within a narrow range during midday.
In the final hour, the index touched a low of 23,800.60 before recovering slightly and concluding the day with a modest gain of 0.27%, marking a positive end to the week’s last trading day.
The market exhibited low volatility, with India VIX dropping by nearly six percent, indicating a subdued trading session.
Broader Market Performance:
The market showed a positive yet subdued sentiment, with 1,431 stocks advancing, 1,391 declining, and 72 unchanged. While the overall trend tilted slightly positive, the trading activity remained neutral rather than strongly bullish.
Sectoral Performance:
The sectoral performance was largely positive, with small gains across several sectors. Nifty Pharma led the gains, rising by 1.30%, followed by Nifty Auto, up by 0.97%, along with Media, FMCG, Service, Nifty IT, and Bank Nifty showing small gains. However, Nifty PSU Bank, Realty, Energy, Consumer Durables, and Metal experienced declines, with Metal dropping 0.96%.
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 2nd January:
- The maximum Call Open Interest (OI) is observed at 24,000, followed by 23,800, while the maximum Put Open Interest (OI) is at 23,800, followed by 23,500.
- Immediate support is seen around 23,700, with further support at 23,500. On the upside, resistance appears at 23,900 and 24,000, with the 23,800–23,900 range being an important level to monitor.
Note: OI is subject to multiple interpretations but generally, in a falling market if there is an increase in the call OI, it indicates resistance, and in a rising market, if there is an increase in the put OI, it indicates support.
Source: Sensibull
Tijori is an investment research platform, and they have constructed niche indices for various themes and sub-sectors. They help you get a sense of 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
Today, five IPOs debuted with strong gains. Concord Enviro Systems listed at ₹832, a premium of 18.69%, closing at ₹827.10, up 17.99%. DAM Capital Advisors listed at ₹393, a premium of 38.87%, closing at ₹415.10, up 46.68%. Mamata Machinery delivered a strong performance with more than 100% return on its issue price, closing at ₹630, up 159.26%. Sanathan Textiles listed at ₹422, a premium of 31%, closing at ₹388.35, up 20.98%. Transrail Lighting listed at ₹590, a premium of 36.57%, closing at ₹553.55, gaining 28.14%.
UltraTech Cement Limited has approved an investment to acquire up to 3.70 crore equity shares in Star Cement Limited, representing an 8.69% stake, at a price not exceeding ₹235 per share. The acquisition, valued at ₹851 crore, is expected to be completed within one month. Dive deeper.
TT International Asset Management Ltd has disposed of 49,007 equity shares of CarTrade Tech Limited, reducing its holding from 5.02% to 4.92%. The shares were sold on the open market on December 23, 2024. After the sale, TT’s holding stands at 23.30 lakh shares, representing 4.92% of the total voting capital. Dive deeper
Adani Ports has placed India’s largest order for eight 70-tonne bollard pull tugs, valued at ₹450 crore, with Cochin Shipyard, supporting the Make in India initiative. The tugs will enhance operational efficiency and safety at Indian ports, with delivery expected between 2026 and 2028. Dive deeper
As a result, Cochin Shipyard Limited gained 5% after Ocean Sparkle, an Adani Group company, placed an order for the tugs. Dive deeper
PNC Infra Holdings Ltd. has received In-Principle Approval from the National Highways Authority of India (NHAI) for the divestment of its stake in PNC Chitradurga Highways Private Limited. The approval, granted on December 26, 2024, is part of the company’s ongoing asset disposal plan, subject to regulatory approvals. Dive deeper
The RBI has formed the FREE-AI panel, led by Pushpak Bhattacharyya from IIT Bombay, to develop a framework for responsible AI use in finance. The committee will assess AI adoption, global regulations, and governance, with a report due in six months. Dive deeper
Jubilant Foodworks Ltd. has signed an MoU with Coca-Cola India Pvt. to acquire its portfolio of sparkling beverages from authorized bottlers, effective April 2025. The agreement will enhance Jubilant FoodWorks’ product offerings. Dive deeper
New Delhi Television Ltd. has approved increasing its stake in NDTV Media, NDTV Worldwide, NDTV Convergence, and NDTV Networks by purchasing shares from minority shareholders. This move aims to consolidate ownership and control. As of FY 2023-24, NDTV holds significant stakes in these subsidiaries. Dive deeper
NBCC (India) Limited has received work orders totalling approximately ₹368.75 crore, including the construction of the Mehta Family School of Data Science at IIT Roorkee for ₹24.38 crore, development of the Jawaharlal Nehru Commercial Complex in Varanasi for ₹300 crore, and construction of the 500-bedded “Vishram Sadan” at AIIMS Gorakhpur for ₹44.37 crore. Dive deeper
According to the RBI’s report, banks’ profitability increased for the sixth consecutive year in 2023-24, with net profit rising by 32.8% to ₹3,49,603 crore. The Gross Non-Performing Assets (GNPA) ratio improved to a 13-year low of 2.7% in March 2024. The NBFC sector also showed strong credit growth and improved asset quality, with its GNPA ratio falling to 3.4% by September 2024. Dive deeper
Zaggle Prepaid Ocean Services Limited has entered into a one-year agreement with Mahindra First Choice Wheels Limited to provide the Zaggle Propel reward platform. The contract is awarded domestically and does not involve related party transactions. Dive deeper
IndusInd Bank has put loans worth ₹1,573 crore up for sale due to asset quality pressures in its microfinance book. The bank is inviting public bids for unsecured loans with a reserve price of ₹85 crore, involving over 10.61 lakh borrowers. The sale is expected to attract asset reconstruction companies as bidders. Dive deeper
Fortis Healthcare Limited has appointed Mr Leo Puri as Chairman and Independent Director, effective December 27, 2024, for a 5-year term. Mr. Indrajit Banerjee, the interim Chairman, will continue as a Board member. Dive deeper
Muthoot Finance Limited has allotted 3,30,578 equity shares to its wholly owned subsidiary, Muthoot Money Limited, for ₹499.99 crore to strengthen its capital base and improve the capital adequacy ratio. Dive deeper
India has initiated an investigation into the alleged dumping of LNG fuel tanks from China, following a complaint by Inox India Ltd. The Directorate General of Trade Remedies (DGTR) is examining whether the imports are harming domestic industry margins. If confirmed, anti-dumping duties may be recommended, with the final decision made by the finance ministry. Dive deeper
The RBI has raised concerns over cyber risks and digital fraud due to increased digitisation, urging banks and NBFCs to strengthen risk management and monitoring systems. It also flagged the rise of mule accounts in frauds and recommended better coordination with law enforcement. Dive deeper
Dixon Technologies’ wholly-owned subsidiary, Dixon Electro Manufacturing, has entered into an MOU with Cellecor Gadgets for manufacturing refrigerators and related components. This partnership aims to expand Dixon’s customer base in the refrigerator segment and supports the “Make in India” initiative. Dive deeper
What’s happening globally
The average rate on a 30-year fixed mortgage rose to 6.85% on December 26, 2024, the highest since June. This increase follows higher US Treasury yields and market adjustments to expectations of fewer Federal Reserve rate cuts. Despite improved home sales, the market faces an ongoing undersupply of homes. Dive deeper
The S&P Global Russia Manufacturing PMI dropped to 50.6 in December 2024, down from 51.3 in November, indicating continued expansion. Growth in new orders remained strong, particularly for exports, while output growth slowed. Employment declined for the second month, and input cost inflation eased. Delivery times lengthened due to logistics issues, and sentiment weakened due to concerns over higher prices and material shortages. Dive deeper
Japan’s Nikkei 225 is set for a record year-end close, surpassing levels from the 1980s bubble, driven by gains in Toyota, Sony, and Fast Retailing. The index has risen 21% in 2024, boosted by corporate buybacks, a weak yen, and strong earnings. Dive deeper
Household consumption of goods in Norway rose by 1.3% month-on-month in November 2024, continuing four months of growth. Spending increased on food, beverages, tobacco, and vehicles, while consumption of electricity and heating fuels fell by 3.3%. Year-on-year, household consumption grew by 2.2%, down from 5.1% in the previous period. Dive deeper
Malaysian palm oil futures rose over 3% this week, supported by optimism for increased demand during the Lunar New Year and concerns about reduced production due to heavy rains. However, gains were limited by weaker export data, showing a decline in shipments for December. Dive deeper
Japan’s retail sales grew by 2.8% year-on-year in November 2024, exceeding market expectations of 1.7%, marking the 32nd consecutive month of growth. The rise was driven by strong sales in textiles, clothing, and personal goods. On a monthly basis, retail sales increased by 1.8%, the first rise in three months, rebounding from October’s fall. Dive deeper
However, Japan’s industrial production declined by 2.3% month-on-month in November 2024, following a 2.8% growth in October. The drop was mainly driven by lower production in machinery, motor vehicles, and fabricated metals. Yearly, industrial production shrank by 2.8%, reversing a 1.4% increase in October. Dive deeper
South Korea’s Business Survey Index (BSI) for the manufacturing sector dropped to 62 in December 2024, the lowest since July 2020, following political turmoil. The financial situation index also declined to 78, reflecting political divisions. Production and new orders decreased, while inventory conditions slightly improved. Dive deeper
London is facing a severe affordable housing crisis, with an 88% drop in housing starts due to high interest rates, rising construction costs, and building safety expenses post-Grenfell. This has led to increased homelessness, higher private rents, and pressure on housing associations. Despite government efforts, the situation is expected to worsen in the short term. 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.
Campbell Wilson, CEO, Air India
“There will be significant progress on key initiatives in 2025, including the refitting of both wide body and narrow body planes, while tightening practices and processes to become profitable.”
“2024 has been a transformative year with the successful completion of mergers with Air India Express, AirAsia India, and Vistara, positioning us as the fourth largest business by revenue in the Tata Group.”
“In the 2023-24 fiscal, we reduced our losses significantly to Rs 4,444 crore from Rs 11,388 crore in the previous year, with a 23.69% increase in turnover.” - Link
Saugata Gupta, Managing Director and CEO, Marico
“The transformation of the FMCG industry represents more than a channel shift – it’s a fundamental redesign of how consumer goods companies create and deliver value.”
“The future of FMCG belongs not to the largest or the most digital companies, but to those that can most effectively combine the efficiency of traditional operations with the agility and consumer-centricity of digital-first brands.” - Link
Calendars
In the coming days, we have the following major 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.