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 50 opened with a 55-point gap-down at 24,782 and slipped to 24,720 in the first five minutes. It then recovered to 24,880 in the first hour, but reversed again, drifting back to the 24,780–24,800 zone by noon. In the second half, the market turned sharply weaker, with Nifty breaching its earlier lows and hitting an intraday low of 24,646. After a brief recovery toward 24,700, the index eventually closed at 24,680.90, down 0.63%.
Overall market sentiment remained extremely weak, weighed down by TCS’s announcement of laying off 2% of its global workforce, and Kotak Mahindra Bank plunging over 7% after weak earnings. Looking ahead, investors remain focused on upcoming earnings announcements and global trade developments.
Broader Market Performance:
Broader markets had an extremely weak session today. Of the 3,089 stocks traded on the NSE, 811 advanced, 2,211 declined, and 67 remained unchanged.
Sectoral Performance:
Nifty Pharma was the top gainer for the day, rising 0.43%, followed by Nifty FMCG with a modest gain of 0.28%. On the flip side, Nifty Realty was the worst-performing sector, plunging 4.07%, while Nifty Media also saw a sharp fall of 2.70%. Out of the 12 sectoral indices, only 2 closed in the green, while the remaining 10 ended in the red, reflecting broad-based weakness across the market.
Note: The above numbers for Commodity futures were taken around 4 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 31st July:
- The maximum Call Open Interest (OI) is observed at 25,000, followed closely by 25,200, suggesting strong resistance at 24,900 - 25,000 levels.
- The maximum Put Open Interest (OI) is observed at 24,500, followed closely by 24,600, suggesting strong support at 24,600 to 24,500 levels.
Note: OI is subject to multiple interpretations, but generally, an increase in Call OI indicates resistance in a falling market, and an increase in 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 industrial output rose 1.5% YoY in June 2025, slightly above May’s 1.2% but below the expected 2%. Growth was driven solely by manufacturing (3.9%), while mining (-8.7%) and electricity (-2.6%) contracted, reflecting weak coal prices and reduced export demand from China. Dive deeper
India is expected to forego â‚ą4,060 crore in customs revenue in the first year of the India-U.K. free trade agreement, based on current import figures. Tariffs will be eliminated on 64% of the import value initially, covering 85% of tariff lines over time. By year ten, the annual loss is projected to rise to â‚ą6,345 crore. Dive deeper
The Indian rupee weakened toward 86.6 per USD in July, erasing earlier gains amid fears of US tariffs and a dovish RBI stance. Delays in a trade deal with the US and inflation falling to a six-year low of 2.1% have fueled expectations of further rate cuts, pressuring the currency. Dive deeper
Lodha Developers plans to launch â‚ą17,000 crore worth of residential projects by March 2026, aiming to meet its â‚ą21,000 crore pre-sales target for FY26. Backed by strong demand, recent land acquisitions, and policy tailwinds, the company has a launch pipeline of â‚ą25,000 crore for the year. Dive deeper
Indian Bank got board approval to raise â‚ą5,000 crore, but may defer it as its capital adequacy rose to 17.80% in Q1. Net profit grew 24% YoY to â‚ą2,973 crore, with income at â‚ą18,721 crore. It plans to launch its own UPI app to save â‚ą150 crore annually. Dive deeper
IndiGo plans to expand its international network with A321 XLRs and wide-body aircraft, targeting a 40% overseas capacity share by FY30. It will also explore new MRO opportunities and is setting up a facility in Bengaluru. The outlook remains positive despite macroeconomic and operational challenges. Dive deeper
Intel will cut 15% of its workforce, reducing headcount to 75,000 by year-end as part of a cost-discipline push under CEO Lip-Bu Tan. The move follows prior layoffs and reflects a broader industry trend, with tech majors like Microsoft, Google, and Amazon also downsizing amid AI-driven shifts. Dive deeper
Canara Bank may sell its excess priority sector loans in Q2 to offset margin pressure from falling interest rates. It earned â‚ą1,248 crore from such sales in Q1 and is also planning to list Canara Robeco AMC and Canara HSBC Life in the coming quarters. Dive deeper
Bank of Baroda and Canara Bank cut â‚ą54,000 crore worth of corporate loans in Q1 FY26 to protect margins, as PSUs pushed for deeper rate revisions following a 100 bps repo cut since February. Dive deeper
Aadhar Housing Finance may see a 10–12% stake sold to an ADQ-Sheikh Tahnoon-backed vehicle for $200–225 million, as part of Blackstone’s broader $2 billion continuation fund strategy. The deal signals strong investor interest in India’s affordable housing space. Dive deeper
Paras Defence shares fell over 13% in two days after reporting a 25% YoY drop in Q1 net profit to â‚ą15 crore and a 14% decline in revenue. Despite the weak quarter, the stock remains up 40% year to date. Dive deeper
TCS shares declined nearly 2% after announcing plans to lay off about 12,000 employees globally this year, mainly from mid and senior roles, as part of its strategy to realign for future growth. Dive deeper
Lenskart shareholders have approved an IPO with a fresh issue worth â‚ą2,150 crore and a â‚ą430 crore pre-IPO placement. In FY24, the company reported a loss of â‚ą10.15 crore, down 84% YoY, with revenue rising 43% to â‚ą5,427.7 crore and total income at â‚ą5,609 crore. Dive deeper
Laurus Labs has secured 531.77 acres in Andhra Pradesh’s Anakapalli district to set up Laurus Pharma Zone, with a planned investment of ₹5,630 crore over eight years. The project will be developed in three phases and is expected to create 6,350 jobs. Dive deeper
Reliance Power clarified that it has no undisclosed price-sensitive information and is not directly named in the ongoing ED and CBI probes into other Anil Ambani-led entities. It stated that its power generation operations remain unaffected and that it continues to comply with all SEBI disclosure requirements. Dive deeper
What’s happening globally
Brent crude rose toward $69 per barrel on Monday, supported by the US-EU trade deal and hopes of a US-China truce extension. Easing trade tensions lifted demand expectations, while markets await OPEC’s July production estimates for further cues. Dive deeper
Gold steadied near $3,340 on Monday as a stronger dollar, driven by the US-EU trade deal, offset early gains. Investors remain cautious ahead of Fed policy signals and key US labor and inflation data, with US-China trade talks also in focus. Dive deeper
The UK CBI retail sales gauge rose to -34 in July 2025 from June’s -46, indicating a slower pace of decline but still missing expectations of -26. Retail volumes fell for the tenth straight month amid high prices and economic uncertainty, though August expectations improved to -31. Dive deeper
Hong Kong’s trade deficit widened to $58.9 billion in June 2025, as exports rose 11.9% and imports climbed 11.1% year-on-year. Export growth was led by electrical machinery and data processing equipment, with strong demand from Asia offsetting declines in Western markets. Dive deeper
China’s industrial profits fell 1.8% YoY to CNY 3.44 trillion in H1 2025, deepening from January–May’s 1.1% decline. State firms saw sharper losses, while private sector growth slowed. June profits dropped 4.3% YoY, amid deflation pressures and US tariff uncertainty. Dive deeper
Tesla has signed a $16.5 billion chip supply deal with Samsung Electronics, naming it as the supplier for its next-generation AI6 chips through 2033. Production will take place at Samsung’s Texas fab, which had lacked major clients until now. The deal is seen as a significant boost to Samsung’s struggling foundry business. Dive deeper
Heineken reported a 7.4% rise in organic operating profit for H1 2025, beating expectations, aided by growth in Africa and Asia and cost savings. Despite this, it flagged softer volumes ahead due to lingering U.S. tariff risks and economic uncertainty in key markets like Brazil and Mexico. Dive deeper
Audi cut its full-year revenue forecast to €65–70 billion and trimmed its operating margin outlook to 5–7%, citing higher U.S. tariffs and restructuring costs. The 15% U.S. tariff under the new EU-US deal remains a long-term challenge, as Audi lacks local production in the U.S., impacting competitiveness. Dive deeper
Meta has named ChatGPT co-creator Shengjia Zhao as chief scientist of its Superintelligence Lab to lead its AGI efforts. Zhao joins from OpenAI, where he helped build GPT-4. The move is part of Meta’s aggressive AI talent push. 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.
Amitava Chatterjee, MD & CEO, Jammu and Kashmir Bank, on Q1 profit growth and business focus
“Our profit after tax in Q1 was ₹484.84 crore, the highest-ever for a first quarter, 16.7% higher than ₹415.49 crore last year.”
“We have set a target of ₹5,000 crore loan in agriculture this fiscal and expect to cross that mark with ease.”
“Retail loan business outside J&K has seen phenomenal growth, with 50 to 75 percent improvement over last year.” - Link
V. Vaidyanathan, MD & CEO, IDFC FIRST Bank, on margins, slippages, and outlook
“We are getting a positive response from customers as we have built a really good franchise. Our branches are also getting more productive.”
“In the non-micro finance side, there is nothing specific that stands out in the slippages, it’s more like a seasonal slippage. There is a broader increase of slippages in the system. Other numbers like credit costs and NPA look stable.”
“Credit costs are projected to decrease in the latter half of the fiscal year, despite higher costs in the initial quarters.” - Link
K Krithivasan, CEO & MD, TCS, on workforce cuts and margins
“While we do this, this is not driven by margins.”
“The job cuts are due to skill mismatch and lack of feasibility in redeploying employees on certain projects requiring advanced emerging technology skills.”
“This will impact roughly 2 percent of our global workforce, primarily at middle and senior levels. It has not been an easy decision and one of the toughest decisions I have had to take as CEO.” - 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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