Rangebound Nifty as broader markets shine ahead of RBI Policy



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 higher by nearly 60 points at 23,801.75, tracking overnight global cues, but quickly drifted lower by 70 points. Throughout the day, the market remained within a narrow 50-point range between 23,720 and 23,770. In the final hour, the index dipped 30 points from 23,730 and closed at 23,696.30, down 0.18%.

With global sentiment remaining cautious, attention now turns to the RBI’s Monetary Policy Committee (MPC) meeting on February 7, with expectations of a potential rate cut that could offer further relief.



Broader Market Performance:

Even though the headline indices had a rangebound session, The broader market had a strong session today. A total of 2,913 stocks were traded, of which 1969 advanced, 857 declined, and 87 remained unchanged on the NSE.

Sectoral Performance:

Nifty Media was the top-performing sector, gaining 1.79%, followed by Nifty Metal (1.51%) and Nifty Energy (1.36%). On the downside, Nifty Realty was the worst hit, losing 1.85%, while Nifty FMCG (-1.56%) and Nifty Consumer Durables (-1.03%) also saw declines. Out of the 12 sectoral indices, eight ended higher, while four closed lower, reflecting a mixed market sentiment with positive bias.









Note: The above numbers for Commodity futures were taken around 4 pm.



Net Flow Breakdown for the day:

  • FII: Net outflow of ₹1,682.83 crore (Bought ₹14,112.34 crore, Sold ₹15,795.17 crore)
  • DII: Net inflow of ₹996.28 crore (Bought ₹12,860.76 crore, Sold ₹11,864.48 crore)

Change in OI for the day



The following is the change in OI for Nifty contracts expiring on 06th February:

  • The maximum Call Open Interest (OI) is observed at 24,000, followed by 23,700 & 23,800. Meanwhile, The maximum Put Open Interest (OI) is at 23,500, followed by 23,200 and 23,300.
  • Immediate support is identified in the 23,500–23,400 range, while resistance is expected between 23,850 zones followed by 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


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

SEBI has introduced a regulatory framework allowing retail investors to participate in algo trading via registered brokers, ensuring risk management and compliance. The framework mandates unique order tagging, empanelment of algo providers, and broker oversight. Implementation begins on August 1, 2025. Dive deeper

India’s Services PMI fell to 56.5 from December’s 59.3, marking its slowest growth since November 2022. New business expansion eased, while foreign sales rose. Job creation accelerated to near-record levels, but cost pressures increased, pushing output prices higher. Business sentiment weakened amid competition concerns. Dive deeper



The Reserve Bank of India expanded its gold reserves by 72.6 tonnes in 2024, bringing its total to 876.18 tonnes valued at $66.2 billion. This marks the highest addition since 2021, driven by currency volatility. Dive deeper

BlackRock plans to hire 1,200 people to expand its iHubs in Mumbai and Gurugram and strengthen its AI capabilities. The asset manager will also inherit a 1,500-member global capabilities centre in Bengaluru through its Preqin acquisition. To support growth, it has leased additional office space in Mumbai. Dive deeper

Cargo at India’s major ports reached 819.23 million tonnes in FY24, growing at a 3.5% CAGR since 2014-15. Dry bulk made up 44%, liquid bulk 34%, and container cargo 22%. Infrastructure upgrades and connectivity improvements continue, with Vadhavan Port set to become a mega container hub. Total cargo across all ports rose to 1,540 MT. Dive deeper

JK Tyre & Industries Ltd. is raising its stake in Treel Mobility Solutions to 66% for ₹10 crore, making it a subsidiary. TREEL, specialising in Tyre Pressure Monitoring Systems, aligns with JKTIL’s Smart Tyres strategy. The deal requires no regulatory approvals and will close in 30 days. Dive deeper

Crisil Ratings projects an 8-10% increase in India’s Grade A office leasing in FY26, reaching 47-49 million sq. ft., driven by BFSI and global capability centres (GCCs). Bengaluru and Hyderabad will lead demand, with vacancy rates expected to decline to 17% over two years. Dive deeper

YES Bank has infused INR 148.71 Crores in its subsidiary, YES Securities (India) Limited, through a Rights Issue of 2,50,85,603 equity shares. The transaction, approved by SEBI and RBI, aims to strengthen YSIL’s capital position and enhance its margin trading capabilities. Dive deeper

Muthoot FinCorp has launched a ₹400 crore retail bond issue, offering yields of 9.38%-10.10% across tenures of 18-72 months. The base issue is ₹100 crore, with a ₹300 crore oversubscription option. Rated “AA-/Stable” by CRISIL, the issue closes on February 17, 2025. Dive deeper

Hero MotoCorp has received a ₹456.06 crore GST demand from Rajasthan authorities over disputed tax rates on parts and accessories. An additional ₹8.5 crore penalty was imposed for after-sales supplies. The company plans to appeal, stating the demand is not legally maintainable and will not impact its financials or operations. Dive deeper

Welspun New Energy has signed a pact with the Odisha government to develop a 1,200-MW pumped hydro and 1,000-MW floating solar project. The ₹13,500 crore investment aims to enhance energy storage, support renewable integration, and contribute to India’s 500 GW clean energy target by 2030. Dive deeper

ITC Hotels exited the Sensex and 22 BSE indices on February 5 after its temporary inclusion for portfolio rebalancing. Index funds offloaded shares, with further selling expected upon NSE Nifty exclusion. Dive deeper

RVNL shares peaked at a 4% gain before closing 1.55% higher at ₹406.30 after securing a ₹404.4 crore contract from East Coast Railway for the Koraput-Singapur Road Doubling Project, set for completion in 30 months. Dive deeper



MTNL shares surged 19.2% intraday before closing 17.62% higher at ₹56.8 after reports of government approval for ₹16,000 crore asset monetization to aid debt repayment. The company now merged into BSNL, has been managing ₹31,944 crore in debt. Dive deeper



Ola Electric introduced the Roadster X, priced between ₹89,999 and ₹1,69,999, with a range of 252-502 km. Dive deeper

TRAI has approved the auction of 3,000 MHz spectrum in the 37-40 GHz band across 22 circles, valued at ₹17,940 crore. Telecom players can opt for upfront payment or 20 annual instalments. Dive deeper

HDFC Life has received board approval to raise up to ₹1,000 crore through 90,000 non-convertible debentures, including a ₹100 crore green shoe option. The NCDs will be listed on NSE’s WDM segment. Dive deeper

The Bombay High Court will hear Skoda Volkswagen India’s plea on Feb. 17, challenging a $1.4 billion tax demand over alleged misclassification of imports. Authorities claim the company imported car parts separately instead of as CKD units, reducing customs duty payments. Dive deeper


What’s happening globally

WTI crude fell toward $72 as US-China trade concerns outweighed supply risks from renewed US sanctions on Iran. Rising US crude inventories and OPEC+ plans to boost output added to pressure. Dive deeper



Job openings dropped by 556,000 to 7.6 million, missing expectations of 8 million. Declines were seen in business services, healthcare, and finance, while arts and recreation saw gains. Hires rose to 5.5 million, with separations at 5.3 million. Dive deeper



Eurozone producer prices increased 0.4% in December, slowing from November’s 1.7% rise, driven by energy and goods costs. Among major economies, prices rose in France (1%), Spain (0.9%), and Italy (0.8%) but dipped 0.1% in Germany. Year-on-year, prices remained flat. Dive deeper

France’s Services PMI dropped to 48.2 in January, marking a fifth consecutive month of contraction amid weaker demand and political uncertainty. Job cuts accelerated, cost pressures intensified, and business confidence hit its lowest since May 2020. Dive deeper

Germany’s 10-year Bond yield hit a one-month low at 2.36% as US-China trade tensions raised deflation concerns. Markets now expect the ECB to cut rates to 1.87% by December, despite Eurozone inflation rising to 2.5% in January. Dive deeper

Italy’s Composite PMI remained at 49.7, indicating a slight contraction as services growth (50.4) slowed and manufacturing (46.3) declined. New orders fell, leading to job cuts, while input costs saw the sharpest rise in eight months. Service providers raised prices, while manufacturers offered deeper discounts. Dive deeper

Spain’s Composite PMI eased to 54 from December’s 56.8, reflecting slower but solid private sector growth. Manufacturing expansion softened (50.9), while services growth moderated (54.9). New business rose at its fastest pace since 2021, employment saw its strongest gain since 2007, and cost inflation remained elevated. Dive deeper

Russia’s Composite PMI climbed to 54.7, a 12-month high, driven by stronger manufacturing and services growth. New orders surged, while job creation slowed amid capacity pressures. Selling prices rose at their fastest pace since November 2023, and business confidence improved. Dive deeper

Indonesia’s GDP grew 5.02% in Q4 2024, exceeding forecasts but below the official 5.2% annual target. Private consumption edged higher, while exports slowed amid weak global demand. The central bank revised its 2025 growth forecast to 4.7%-5.5%, citing US tariff concerns. Dive deeper

China’s Services PMI dropped to 51.0, the weakest in four months, as new business growth slowed and employment declined. Input costs rose, but selling price inflation eased. Sentiment improved but remained below average amid competition and trade concerns. Dive deeper

The Philippines’ annual inflation rate remained at 2.9% in January, exceeding market forecasts of 2.7%. Food and beverage prices rose, while housing and education costs eased. Core inflation dropped to 2.6% from 2.8%. Dive deeper

Alphabet’s Q4 revenue fell short of estimates at $81.6 billion, with Google Cloud sales of $12 billion missing expectations. The company announced $75 billion in 2025 capital expenditures, exceeding projections. Shares fell over 9% in after-hours trading, closing at $187.12. Dive deeper


Quarterly results

In this section, we’ll dive into all the key highlights from today’s intriguing results, covering the most impactful performances and standout moments. The numbers are comparable on a year-on-year (YoY) basis.


Titan Company (-2.97%)



  • Revenue : ₹17,740 crores, up by 25% YoY.
  • EBITDA : ₹1,674 crores, up by 7% YoY.
  • Net Profit : ₹1,047 crores, down by 1% YoY.
  • EPS : ₹11.79, down by 1% YoY.

Key Highlights :

  • Titan Company showcased robust revenue growth, driven by expanded product lines and strategic market expansions.
  • The company managed to maintain a healthy EBITDA despite rising operational costs, reflecting efficient management practices.

Outlook :

The company remains focused on enhancing its brand presence and customer engagement strategies to sustain growth momentum in upcoming quarters.


Birla Corporation Ltd (-1.08%)



  • Revenue : ₹2,257 crores, down by 2% YoY.
  • EBITDA : ₹248 crores, down by 34% YoY.
  • Net Profit : ₹31.2 crores, down by 71% YoY.
  • EPS : ₹4.05, down by 71% YoY.

Key Highlights:

  • The company noted a significant drop in profitability across all metrics due to decreased operational efficiency and higher costs.
  • The completion of tenure for a key independent director and the extension of service for a senior HR executive were acknowledged, reflecting changes in the executive team.

Outlook:

The company plans to navigate the current market challenges with strategic adjustments in operations and management, aiming for a recovery in profitability and efficiency.


Torrent Power (-1.42%)



  • Revenue : ₹6,499 crores, up by 2% YoY.
  • EBITDA : ₹1,112 crores, up by 6% YoY.
  • Net Profit : ₹489 crores, up by 32% YoY.
  • EPS : ₹9.44, up by 26% YoY.

Key Highlights:

  • Torrent Power has announced an interim dividend of ₹14 per equity share.
  • The company highlighted approving a scheme of arrangement transferring renewable power undertakings to Torrent Green Energy Private Limited.

Outlook:

The company continues to focus on expanding its renewable energy capacities and improving operational efficiencies across its units.


Metropolis Healthcare Ltd (+3.86%)



  • Revenue: ₹32,277 crores, up by 11% YoY.
  • EBITDA: ₹1,038 crores, up by 15% YoY.
  • Net Profit: ₹696 crores, up by 167% YoY.
  • EPS: ₹4.82, up by 166% YoY.

Key Highlights:

  • The company noted a significant expansion in its service offerings with the introduction of advanced diagnostic techniques and expansion into new geographic regions.
  • Metropolis has focused on integrating AI and machine learning technologies to enhance diagnostic accuracy and patient management.

Outlook:

The company continues to focus on expanding its diagnostic network and leveraging technology to improve service delivery and operational efficiency, aiming for sustained growth in the coming quarters.


Kirloskar Ferrous Industries Limited (-2.32%)



  • Revenue : ₹1,609 crores, up by 4% YoY.
  • EBITDA : ₹177 crores, down by 18% YoY.
  • Net Profit : ₹61.2 crores, down by 35% YoY.
  • EPS : ₹3.72, down by 45% YoY.

Key Highlights:

  • The company observed a slight increase in sales, demonstrating resilience in revenue generation despite challenging market conditions.
  • However, profitability metrics such as EBITDA, net profit, and EPS have significantly declined, indicating increased costs or decreased operational efficiency.

Outlook:

The company aims to focus on cost optimisation and enhancing operational efficiencies in the upcoming quarters to improve its profitability metrics. Market conditions remain watchful, and strategies are likely to aim at navigating pricing pressures and fluctuating demand.


Max Financial Services Ltd (-1.60%)



  • Revenue: ₹8,923 crores, down by 28% YoY.
  • EBITDA: ₹87.6 crores, down by 58% YoY.
  • Net Profit: ₹69.8 crores, down by 62% YoY.
  • EPS: ₹1.62, down by 62% YoY.

Key Highlights:

  • Interest and policyholders’ income from life insurance operations constituted most of the revenue.
  • Significant reductions in finance costs and employee benefits expenses were noted, although these did not offset the decline in policyholder expenses and revenue.

Outlook:

The company is navigating through regulatory challenges and maintaining compliance with SEBI regulations, focusing on sustaining operational resilience and addressing potential financial impacts from regulatory matters.


Triveni Engineering & Industries Limited (+0.01%)



  • Revenue : ₹1,268 crores, down by 3% YoY.
  • EBITDA : ₹77.1 crores, down by 60% YoY.
  • Net Profit : ₹42.6 crores, down by 69% YoY.
  • EPS : ₹2.20, down by 65% YoY.

Key Highlights :

  • Triveni Engineering faced a challenging quarter with significant reductions in profitability across all metrics.
  • The substantial decrease in EBITDA and net profit highlights pressure on operational efficiency and increased costs.

Outlook :

The company is focused on strategic measures to improve cost efficiencies and operational performance in the face of ongoing market challenges.


Happiest Minds Technologies (-1.19%)



  • Revenue: ₹531 crores, up by 30% YoY.
  • EBITDA: ₹93.9 crores, up by 16% YoY.
  • Net Profit: ₹50.1 crores, down by 15% YoY.
  • EPS: ₹3.29, down by 16% YoY.

Key Highlights:

  • The company saw robust demand for its digital transformation services, contributing significantly to the revenue increase.
  • Operational efficiencies were targeted, but profit margins faced pressures due to increased costs and a challenging macroeconomic environment.

Outlook:

The company remains focused on expanding its digital offerings and expects to leverage emerging technologies to drive future growth amidst cautious market conditions.


Info Edge India (+3.04%)



Financials:

  • Revenue: ₹722 crores, up by 15% YoY.
  • EBITDA: ₹266 crores, up by 45% YoY.
  • Net Profit: ₹288 crores, up by 134% YoY.
  • EPS: ₹18.72, up by 60% YoY.

Key Highlights:

  • Info Edge (India) has implemented a share split, which will enhance the affordability of its shares and potentially increase liquidity and retail investor participation.
  • The company’s diverse portfolio across sectors continues to strengthen its market position with sustained growth in revenue and profitability.

Outlook:

The company remains focused on leveraging its diversified business model to navigate market dynamics effectively and sustain its growth trajectory.


Mrs. Bectors Food Specialities Limited (-3.08%)



  • Revenue : ₹492 crores, up by 15% YoY.
  • EBITDA : ₹61.4 crores, no change YoY.
  • Net Profit : ₹34.6 crores, no change YoY.
  • EPS : ₹5.63, down by 4% YoY.

Key Highlights:

  • The company declared an interim dividend of ₹3.00 per equity share for 2024-2025.
  • Revenue and profits remained stable, with minor fluctuations in EPS.

Outlook:

The company is poised to maintain its steady performance. To bolster its market position, it will focus on expanding its product lines and improving operational efficiencies.


Arvind Fashions (+0.95%)



  • Revenue : ₹1,203 crores, up by 7% YoY.
  • EBITDA : ₹166 crores, up by 16% YoY.
  • Net Profit : ₹46.5 crores, down by 9% YoY.
  • EPS : ₹2.00, down by 48% YoY.

Key Highlights :

  • Despite a subdued market, the company reported robust growth across its retail and online B2C channels, while the wholesale channel remained flat.
  • The retail LTL was strong at 11%, driven by investments in upgrading customer experiences and differentiated celebrity capsule collections.
  • Achieved the highest-ever quarterly EBITDA, aided by a better channel mix, lower discounting, and continued cost optimisation efforts.

Outlook :

The company continues to focus on expanding its retail presence and enhancing customer experiences. Through strategic brand management and operational efficiencies, it expects to maintain growth momentum and improve profitability.


Abbott India Limited (+6.43%)



Financial Performance:

  • Revenue: ₹1,614 crores, up by 12% YoY.
  • EBITDA: ₹436 crores, up by 12% YoY.
  • Net Profit: ₹361 crores, up by 16% YoY.
  • EPS: ₹169.78, up by 16% YoY.

Key Highlights:

  • Abbott India experienced solid revenue growth across its operations.
  • EBITDA performance mirrored revenue growth, indicating sustained operational efficiency.
  • Significant improvement in net profit and EPS reflects strong financial management and market performance.

Outlook:

The company is focused on sustaining its growth trajectory while enhancing operational efficiencies and expanding its market presence in strategic areas. The company remains committed to delivering value to its stakeholders through innovative health solutions.


Swiggy (-3.56%)



  • Revenue: ₹4,264 Cr, up 29.3% YoY
  • EBITDA: ₹-490 Cr, loss down 1.7% YoY
  • Net Profit: ₹-799 Cr, widened from ₹-574 Cr YoY
  • EPS: (₹10.70)

Key Highlights:

  • Average Monthly Transacting Users grew 25.3% YoY to 17.8M.
  • Food Delivery Gross Order Value rose 19.2% YoY to ₹7,436 Cr.
  • Adjusted EBITDA for Food Delivery increased 63.7% to ₹184 Cr.
  • Quick-commerce Gross Order Value surged 88.1% YoY to ₹3,907 Cr
  • Active dark stores increased to 705, expanding the total store area by 26%.

Outlook:

Food Delivery is expected to grow at 18-22% annually. Quick-commerce expansion continues with rising store additions. Competitive investments are impacting margins but are expected to normalize. Quick-commerce contribution break-even is targeted by Q3 FY26. Cash balance at ₹8,183 Cr as of December 2024.


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.

V.S. Ganesh, Managing Director, Page Industries Limited on Short-term Outlook and Trends:

The Indian apparel retail sector confronts short-term headwinds due to dampened consumer sentiment. Nonetheless, long-term growth prospects remain robust, propelled by economic expansion, urbanization, and rising disposable incomes. Athleisure and innerwear are poised as pivotal growth drivers, complemented by the proliferation of organized retail and e-commerce.

Sriharsha Majety, MD & Group CEO, Swiggy on Q3 results and competition

We delivered higher YoY growth across all 3 of our primary businesses during Q3, which accelerated B2C GOV growth to 38% YoY. The secular expansion in Food delivery margins and cashflow generation is balanced by growth investments being made in Quick-commerce including darkstores expansion and marketing, amidst high competitive intensity in the near term. With this thrust, Instamart added another 86 stores in January 2025, and has grown MTUs to 9 million (+2 million)


Calendars

In the coming days, we have the following major events, corporate actions, and upcoming earnings releases:







That’s it from us. Do let us know your feedback in the comments and share it with your friends to spread the word.

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