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 flat at 25,064.65 and quickly dropped to the 25,000 - 24,980 zone within the first hour. The index then hit the day’s low of 24,953.05 around 11 AM before gradually climbing back to 25,030 with small, zigzag moves. In the final two hours, it traded rangebound between 25,000 and 25,030, closing at 25,019.80, down by 0.16%.
Market sentiment was supported by FII inflows and a weaker dollar, despite geopolitical risks following India’s Operation Sindoor. Investors are awaiting updates on the India-U.S. trade deal and Piyush Goyal’s upcoming visit to Washington. The ongoing earnings season remains a key factor for near-term market direction.
Broader Market Performance:
Broader markets had a strong session today. Of the 2,971 stocks traded on the NSE, 1,969 advanced, 911 declined, and 91 remained unchanged.
Sectoral Performance:
Nifty Realty was the top gainer, closing at 912.55 with a 1.63% gain, followed by Nifty Media with a 1.11% rise. On the losing side, Nifty IT was the worst performer, closing at 37,972.35, down 0.84%, followed by Nifty Service with a 0.42% decline.
In total, 7 sectors closed in the green, while 5 sectors ended the day in the red, reflecting a broadly positive market sentiment with some pressure on technology and services 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 25,500, followed closely by 25,000, indicating strong resistance at 25,200 to 25,400 levels.
- The maximum Put Open Interest (OI) is 25,000, followed by 24,500, suggesting strong support at 25,000 and additional support at 24,800-700 zones.
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 trade deficit widened to $8.65 billion in April 2025, up from $5.77 billion last year, driven by a 19.1% rise in imports. Merchandise exports grew 9%, while services exports rose 17%, leading to a services surplus of $17.77 billion. Total exports for FY 2024-25 reached a record $824.9 billion, up 6% YoY. Dive deeper
SEBI has introduced an Expected Loss-Based (EL) rating scale for municipal bonds, alongside the standardized rating scale. This framework combines the probability of default and loss-given default to better reflect the recovery prospects of bonds issued for infrastructure development. The new rule is effective immediately. Dive deeper
ITC Hotels reported Q4 FY25 revenue of ₹1,061 crore, up 17% YoY, with a PAT of ₹258 crore, reflecting a 40% increase. Room revenue grew 16%, occupancy was 79%, and revenue per available room increased by 17%. EBITDA margins expanded by 350 bps to 40%, driven by growth in F&B revenues. Dive deeper
India’s four publicly listed REITs distributed Rs 1,553 crore in Q4 FY25, reflecting a 13% YoY increase. For the full fiscal year, the total distribution reached Rs 6,070 crore, up 13% from the previous year. These REITs collectively manage over 128.9 million square feet of Grade A real estate. Dive deeper
Vodafone Idea has petitioned the Supreme Court for a waiver of ₹30,000 crore in AGR dues, citing financial stress and its role in telecom competition. The court will hear the plea on May 19. The company is also rolling out 5G services across 17 regions. Dive deeper
Sebi has banned Varyaa Creations Ltd (VCL) from accessing the securities market for allegedly diverting IPO funds. The regulator also barred Inventure Merchant Banking Services from taking new merchant banking assignments and froze the shareholdings of seven promoter entities. Dive deeper
Singtel sold a 1.2% stake in Bharti Airtel for $1.54 billion through a private placement to boost shareholder returns. Despite the sale, Singtel retains a 28.3% stake in Airtel. Dive deeper
Lupin has received U.S. FDA approval for its generic version of Janssen Pharma’s blood thinner, Xarelto, in 10 mg, 15 mg, and 20 mg tablets. The product, manufactured at Lupin’s Aurangabad facility, had U.S. sales of $8.05 billion in 2025. Rivaroxaban is used to reduce the risk of stroke, embolism, and treat blood clots. Dive deeper
JSW Energy plans to raise up to ₹10,000 crore via equity to fund its expansion, aiming for 30 GW of generation capacity by 2030. The company exceeded its FY25 target of 10 GW and added 2.8 GW in Q4. JSW Energy’s renewable and thermal capacity growth supported a 24% increase in net generation. Dive deeper
South Indian Bank reported a net profit of ₹1,303 crore for FY 2025, up 21.75% YoY, with operating profit rising 21.55% to ₹2,270.08 crore. The bank achieved its highest-ever business of ₹1,95,104.12 crore and other income of ₹1,813.43 crore. GNPA fell to 3.20%, NNPA to 0.92%, and PCR improved to 85.03%. Dive deeper
The Centre appointed LIC executive directors Ratnakar Patnaik and Dinesh Pant as Managing Directors, effective June 1. Pant will serve until May 31, 2027, and Patnaik until March 31, 2028. Both appointments are subject to further orders. Dive deeper
The RBI’s open market operations (OMOs) saw strong demand, with bids worth ₹71,194 crore against a notified ₹25,000 crore. The 2035 bonds attracted the highest interest, and market participants are less aggressive in selling, anticipating further OMOs. Another OMO for ₹25,000 crore is scheduled for May 19. Dive deeper
Sajjan Jindal Family Trust plans to sell up to ₹1,200 crore worth of JSW Infrastructure shares through a block deal to meet SEBI’s minimum public shareholding requirements. The offer will include 42 million shares at a floor price of ₹288 per share. The sale, aimed at reducing the trust’s stake from 80.72%, will occur between May 2025 and March 2026. Dive deeper
Patanjali Foods reported a 74.3% YoY increase in Q4 PAT, totaling ₹359 crore, with revenue at ₹9,692 crore, up 17.8% YoY. EBITDA for the quarter was ₹569 crore, reflecting a 14.5% YoY increase. Dive deeper
Godfrey Phillips reported a 30.7% YoY rise in Q4 net profit to ₹293.96 crore, with a 70.6% increase in revenue, totaling ₹1,887.79 crore. Annual net profit grew 24.45%, while expenses rose 75.58%. Dive deeper
RVNL secured a ₹116 crore order from Central Railway for upgrading the power supply system in the Itarsi Amla section, with completion expected in 24 months. Dive deeper
The NCLT will hear IREDA’s insolvency petition against Gensol Engineering on June 3, after IREDA claimed a default of over ₹510 crore. The petition follows SEBI’s interim order barring Gensol’s promoters from the securities market for fund diversions. Dive deeper
The U.N. has lowered India’s 2025 growth forecast to 6.3% from 6.6%, citing slowing global growth and trade uncertainties. Despite the downgrade, India remains one of the fastest-growing large economies, supported by consumption and services exports. Dive deeper
Ircon International has secured a ₹51.61 crore contract from North Western Railway to implement a Remote Diagnostic & Predictive Maintenance System across Rajasthan’s Jaipur, Ajmer, Bikaner, and Jodhpur divisions. The project is set for completion in 24 months. Dive deeper
IRFC received government approval to raise up to ₹10,000 crore through deep-discount bonds, marking a shift in its funding strategy as it diversifies into power and infrastructure projects. The bond issuance will be completed by March 2027, offered at a discount of ₹4,916 crore. Dive deeper
BHEL’s Q4 FY25 net profit rose 3% to ₹504 crore, with revenue increasing 8.9% to ₹8,993 crore. EBITDA grew 14.3% to ₹832 crore, and margins expanded to 9.2%. Dive deeper
Hyundai India’s Q4 FY25 revenue rose 2.5% to ₹17,562 crore, while net profit fell 4% to ₹1,583 crore. EBITDA increased by 0.6% to ₹2,489 crore, with margins slightly declining to 14.2%. The company also declared a final dividend of ₹21 per share. Dive deeper
What’s happening globally
WTI crude oil traded around $61 per barrel, heading for a weekly gain as US-China trade optimism outweighed global supply concerns. However, gains were limited by the potential increased Iranian oil supply and a surprise build in US crude inventories. Dive deeper
Gold fell to around $3,200 per ounce, heading for a weekly loss of over 3%, as easing trade tensions and stable geopolitical risks reduced its safe-haven appeal. Dive deeper
U.S. retail sales rose 0.1% month-over-month in April 2025, following a 1.7% surge in March. The increase exceeded market expectations, with the biggest gains seen in food services, building materials, and furniture. However, sales excluding key sectors like food services and gasoline fell 0.2%, below forecasts. Dive deeper
U.S. producer prices fell 0.5% in April 2025, the sharpest decline since April 2020, driven by a 0.7% drop in service costs. The PPI inflation eased to 2.4% year-over-year, slightly below expectations. The decrease was mainly due to lower margins in trade services and a drop in food and energy prices. Dive deeper
Fed Chair Jerome Powell noted that long-term interest rates are rising mainly due to increased real rates, not inflation expectations. He warned of potential inflation volatility from supply shocks and stressed the importance of anchored inflation expectations for economic stability. Powell reaffirmed the Fed’s commitment to its 2% inflation target. Dive deeper
Japan’s GDP contracted 0.2% in Q1 2025, driven by weak exports and flat private consumption, marking the first quarterly contraction in a year. On an annualized basis, the economy shrank 0.7%, reversing the 2.4% growth in Q4. Dive deeper
Berkshire Hathaway doubled its stake in Constellation Brands to $2.2 billion and exited its position in Citigroup. It also reduced its investments in Bank of America, Capital One, and Nubank, and trimmed its stake in Chevron and Chubb. Dive deeper
Vietnam’s government approved a $1.5 billion investment by the Trump Organization and its partner for a project featuring golf courses, resorts, hotels, and residential areas. The plan will cover 990 hectares of land, with construction expected to be completed by mid-2027. 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.
Devesh Tyagi, CEO, NIXI, on mandatory .bank.in domain migration for Indian banks
“All Indian banks will migrate to the new .bank.in domain within the next six months to combat rising cyber frauds.”
“CERT-In found most digital scams were carried out by impersonating financial institutions, prompting urgent action.”
“We’ve amended our Registrar Accreditation Agreement and mandated e-KYC for .in domains to strengthen security and authenticity.” - Link
Gaurav Sharma, CFO, PVR INOX, on Q4 & FY25 Earnings Call: Debt Reduction, Capex Discipline, and Asset-Light Expansion Strategy
“Net debt fell by ₹342 crore to ₹952 crore in FY25 through strong cash management and renegotiated leases.”
“FY26 capex will be ₹400–425 crore, focused on new screens, IT upgrades, and renovations—down from historical trends.”
“Asset-light and FOCO models will drive margin-accretive, cash-efficient growth; we already opened 20 screens in FY26, 70% + of new screens will follow this model.” - 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?
- Positive
- Negative
- Flat
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