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 150-point gap down at 24,233.30 following India’s launch of Operation Sindoor, targeting terror hubs in Pakistan and PoK in response to the Pahalgam attack. Despite the weak start, the index quickly recovered within the first 15 minutes, crossing 24,400, but an intraday sell-off pushed it back to 24,300. It then rebounded to 24,420 over the next two hours before settling into a narrow range between 24,380 and 24,420. The index eventually closed at 24,414.40, up by 0.14%.
Market sentiment was supported by steady FII inflows and positive global cues, including easing trade tensions between the U.S. and China. However, geopolitical risks following India’s military actions and tonight’s upcoming U.S. Federal Reserve meeting will be key factors in shaping near-term market direction.
Broader Market Performance:
After yesterday’s sell-off, the broader market bounced back strongly today, with 2,902 stocks traded on the NSE. Of these, 1,772 advanced, 1,049 declined, and 81 remained unchanged.
Sectoral Performance:
The top-gaining sector for the day was Nifty Auto, which rose by 1.66%, followed by Nifty Consumer Durables with a 1.18% gain. On the other hand, Nifty FMCG was the top losing sector, declining by 0.52%, while Nifty Pharma also ended in the red with a 0.33% loss.
Overall, 10 sectors closed in the green, while 2 sectors ended the day in the red, reflecting a broadly positive 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 8th May:
- The maximum Call Open Interest (OI) is observed at 24,500, followed closely by 24,400, indicating strong resistance at 24,500 with ultimate resistance at 24,600 levels.
- The maximum Put Open Interest (OI) is 24,300, followed by 24,400, suggesting strong support at 24,300 and additional support at 24,000.
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 launched Operation Sindoor, targeting terror hubs in Pakistan and PoK in retaliation for the Pahalgam attack. Dive deeper
RBI’s latest open market bond purchase saw strong demand, with bids worth ₹1.32 lakh crore against a notified ₹50,000 crore. Most bonds were priced at a premium, with the 2035 paper attracting maximum interest. The central bank has lined up ₹75,000 crore in OMO purchases for May to aid policy transmission. Dive deeper
SEBI has proposed a separate voluntary delisting route for PSUs where promoters hold 90% or more. The draft allows delisting at a fixed premium without requiring two-thirds public shareholder approval. Alternative valuation methods and relaxed public shareholding norms are also suggested. Dive deeper
NSE reported a 7% YoY rise in Q4FY25 net profit to ₹2,650 crore and declared a final dividend of ₹35 per share. Operational revenue fell 18% YoY, while tech expenses jumped 25%. EBITDA margin declined sequentially to 74% amid rising costs. Dive deeper
Welspun Corp has secured an export order worth ₹1,950 crore for coated LSAW line pipes and bends, to be executed in FY26 and FY27. With this, its consolidated global order book stands at around ₹19,300 crore. The company supplies to over 50 countries and is among the top three global manufacturers of large-diameter pipes. Dive deeper
Textile stocks like Gokaldas Exports and KPR Mill rallied after India and the UK concluded a free trade agreement eliminating import duties on garments. The deal is expected to boost Indian textile exports and improve their competitiveness in the UK market. Dive deeper
RattanIndia Power reported a net profit of ₹125.94 crore for the March quarter, down sharply due to a high base effect from last year’s exceptional gain linked to the de-recognition of STPL. Total income rose slightly to ₹1,028.61 crore, while last year’s profit was boosted by a one-time gain from the loss of control over its subsidiary. Dive deeper
PNB reported a 52% YoY jump in Q4FY25 net profit to ₹4,567 crore, driven by higher NII and improved asset quality. NII rose 4% to ₹10,757 crore, and non-interest income grew 11% to ₹4,716 crore. GNPA fell to 3.95%, and FY25 profit doubled to ₹16,630 crore. Dive deeper
HUDCO’s Q4FY25 net profit rose 4% YoY to ₹728 crore, with revenue up 38% at ₹2,845 crore. Full-year PAT grew 28% to ₹2,709 crore, driven by higher loan sanctions and disbursements. Dive deeper
MRF reported a 31% year-on-year rise in Q4 net profit to ₹498 crore, with revenue growing 12% to ₹6,944 crore. EBITDA rose 18%, with margins improving to 15%. The company announced a final dividend of ₹229 per share for FY25, bringing the total payout for the year to ₹235. Dive deeper
Airtel Africa has partnered with SpaceX to bring Starlink’s satellite internet to remote parts of the continent. Licenses are secured in 9 of 14 countries, with the rest in progress. The collaboration aims to expand rural connectivity and support enterprises and communities. Dive deeper
Paytm reported a narrower Q4 net loss of ₹540 crore, with sequential growth in revenue and improved margins. Excluding exceptional items, loss stood at ₹23 crore. The company sees potential monetisation from expected UPI policy clarity. Dive deeper
Simple Energy plans to launch a ₹3,000 crore IPO in FY27, targeting EBITDA breakeven by FY26 and net profitability before the offering. The company aims to expand nationwide, grow its market share from 0.3% to 5%, and scale its retail presence from 15 to 250 stores. Dive deeper
IHCL, with ₹3,000 crore in cash and no debt, plans to launch new wellness and all-inclusive travel brands soon. Strong demand and rising affluence are driving growth. The company is expanding its portfolio while maintaining high margins. Dive deeper
IMF’s April Outlook projects India to become the fourth-largest economy in 2025, marginally surpassing Japan with a GDP estimate of $4.19 trillion. Growth is expected to be driven by strong private consumption. India is on track to hit $5 trillion by 2027 and $6.8 trillion by 2030. Dive deeper
Bank of Baroda’s Q4 net profit rose 3% YoY to ₹5,048 crore, despite a 6.6% drop in NII to ₹11,020 crore and a fall in NIM to 2.86%. Provisions rose 19% to ₹1,552 crore. For FY25, net profit grew 10% to ₹19,581 crore, NII rose 2% to ₹45,659 crore, and Gross NPA fell 12.6% YoY. Retail and MSME loans saw double-digit growth, and a dividend of ₹8.35 per share was declared. Dive deeper
Apollo Defence Industries, a subsidiary of Apollo Micro Systems, will acquire 100% of IDL Explosives from the Hinduja Group for ₹107 crore. The deal strengthens Apollo’s move toward becoming a Tier-I OEM in weapon systems. Dive deeper
What’s happening globally
Brent crude rose past $63/bbl, extending gains on signs of weaker US output and strong demand from China and Europe. A larger-than-expected US crude inventory draw and upcoming US-China talks also supported prices. Dive deeper
Gold fell to around $3,380/oz as hopes of easing US-China trade tensions reduced safe-haven demand. Dive deeper
US mortgage application volumes rebounded 11% in the week ending May 2, breaking a three-week decline as benchmark rates eased. Purchase and refinance applications each rose 11%, with VA loan refis jumping 26%, per the Mortgage Bankers Association. Dive deeper
Japan’s services PMI for April 2025 was revised up to 52.4, signaling a stronger rebound from March’s flat reading. New orders surged, hiring accelerated, and firms raised prices, but business confidence fell to a 4-year low due to global uncertainty. Dive deeper
Eurozone retail trade dipped 0.1% MoM in March 2025, missing expectations, with declines in both non-food and food sales. Fuel sales rose 0.4%, but annual growth slowed to 1.5%. It’s weakest since July 2024, per Eurostat. Dive deeper
Germany’s factory orders jumped 3.6% MoM in March 2025, beating forecasts and marking the strongest rise since December. Gains were broad-based across sectors, with foreign orders up 4.7%. However, Q1 orders still declined 2.3% from the previous quarter. Dive deeper
China’s central bank announced a 50 bps RRR cut, effective May 14, injecting ~CNY 1 trillion liquidity to support growth amid US trade tensions. It also lowered the 7-day reverse repo rate by 10 bps to 1.40% and unveiled new re-lending programs worth CNY 800 billion. Dive deeper
Samsung Electronics said its unit Harman will acquire Masimo’s audio business for $350 million to boost its position in the global consumer audio market. The deal aims to create synergies with Samsung’s mobile, TV, and appliance segments. The move aligns with Samsung’s broader M&A push announced earlier this year. Dive deeper
BMW expects U.S. car tariffs to ease from July based on ongoing talks, supporting its decision to maintain its 2025 outlook. The company warned of a short-term impact from existing tariffs but sees reductions ahead. Dive deeper
Volvo Cars is recalling over 4 lakh U.S. vehicles due to a rearview camera glitch in models like the 2021-2025 XC40. The issue will be resolved via a software update. The company is also cutting 5% of its workforce at the South Carolina plant amid a U.S. restructuring. 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.
Nilesh Shah, MD, Kotak AMC on market trajectory post Operation Sindoor
“Markets are calm because global support for India and US pressure on Pakistan hint at no further escalation.”
“FPI flows have returned much earlier than expected, and alongside strong domestic flows, are driving markets higher.”
“The Indo-UK FTA is a game-changer, opening up export opportunities and signaling the possible direction of future US-India trade negotiations.” - Link
Raamdeo Agrawal, Chairman, Motilal Oswal Group, on the Berkshire handover and lessons for India Inc
“Buffett handing over control to Greg Abel offers a valuable lesson in succession for Indian promoters from the '80s and '90s era.”
“The next phase of Berkshire is likely to focus on hard assets like energy and infrastructure - not stock picking - aligning with Greg’s strengths.”
“With $350 billion in cash, Buffett may be signaling caution; future investments could be in large, capital-intensive projects like cross-country infrastructure.” - Link
Chris Nassetta, President & CEO, Hilton, on India’s growth potential in hospitality
“India is a critical part of Hilton’s global growth strategy - a major opportunity across brand segments from luxury to premium economy.”
“We have more than 1,000 hotels across Asia Pacific and plan to grow to 10 times our current portfolio in India with our SLA partners.”
“With strong 2025 momentum and clear future plans, we’re expanding to ensure Hilton is present wherever our guests want to travel in India.” - 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.
Go check out The Chatter here.
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
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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