Bullish momentum continues; Nifty ends above 25K
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Market Overview
Nifty opened with a 65-point gap-up at 24,919.35 and extended its bullish momentum, rising by 160 points to touch 25,079 in the first 45 minutes. This was followed by an intraday pullback towards 24,900 in the next hour. After a volatile first two hours, the market stabilized within a narrow 50-point range between 24,960 and 25,010 for the rest of the session, eventually closing at 25,001.15, up by 0.59%.
Strong global cues supported today’s positive sentiment. However, rising macroeconomic uncertainty remains a concern. Investors are closely tracking progress on the India-U.S. trade deal, while the ongoing earnings season continues to guide near-term market direction.
Broader Market Performance:
Broader markets had a strong session today. Of the 2,982 stocks traded on the NSE, 1,735 advanced, 1,173 declined, and 74 remained unchanged.
Sectoral Performance:
Nifty Auto was the top-gaining sector, rising 1.05%, followed closely by Nifty IT and Nifty FMCG. All sectors ended in the green today, with none in the red. Out of the 12 sectors listed, all 12 posted gains, reflecting broad-based positive sentiment across the market.
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 29th May:
The maximum Call Open Interest (OI) is observed at 25,000, followed closely by 25,500, suggesting strong resistance at 25,200 - 25,400 levels.
The maximum Put Open Interest (OI) is observed at 24,500, followed closely by 25,000, suggesting strong support at 24,700 to 24,600 levels.
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
Indian government bond prices recovered from initial losses, supported by expectations of further monetary policy easing despite a lower-than-expected surplus transfer from the RBI. Traders anticipate at least a 50 basis point rate cut in the coming months, with investors awaiting GDP data and the RBI's policy decision in early June. Dive deeper
Bank of India has allocated ₹2,000 crore for IT upgrades in FY26 to enhance technology, cybersecurity, and digital initiatives. The investment aims to transform the bank into a tech-driven entity, with significant automation efforts and an increased mobile banking customer base. Dive deeper
Leela Hotels plans to raise ₹2,500 crore through an IPO to reduce debt and expand operations. The promoter's stake will fall to 75.9%, with new hotels set to launch by 2028. Dive deeper
The Supreme Court dismissed Bharti Telemedia’s appeal in a ₹585 crore entertainment tax case, upholding the authority of state governments to tax DTH services. The ruling, concerning pre-GST liabilities, may have broader regulatory implications for the telecom and media industries. Dive deeper
JSW Paints is set to acquire a 72% stake in Akzo Nobel India for Rs 9,000 crore ($1.1 billion), with an open offer for an additional 26%. The deal is expected to finalize by mid-June. JSW plans to keep both companies separate while securing funding through equity and bank loans. Dive deeper
The RBI is considering expanding its lender of last resort role to include NBFCs, mutual funds, and microfinance institutions during liquidity crises due to growing interconnectedness in the financial system. This move aims to prevent contagion during financial stress. No policy change has been decided yet. Dive deeper
Titan is in advanced talks to acquire a 72% stake in Gulf jewellery retailer Damas International for around Rs 2,500 crore. The deal, expected to finalize in Q2 FY26, follows Titan’s successful CaratLane acquisition model. Damas, owned by Mannai Corp, operates 251 stores and offers a range of in-house and international jewellery brands. Dive deeper
NTPC reported a 22% YoY rise in Q4 net profit to ₹7,897 crore, driven by a 3.2% increase in revenue. For FY25, PAT grew 9% to ₹19,649 crore, and the company also recommended a final dividend of ₹3.35 per share. Dive deeper
PC Jewellers posted a Q4 net profit of Rs 94.78 crore for FY25, reversing last year's net loss of Rs 121.64 crore, driven by higher sales. For the full fiscal year, the company reported a net profit of Rs 577.70 crore, compared to a loss of Rs 629.36 crore in FY24. The company also reduced its debt by 50% and aims to become debt-free by FY26. Dive deeper
Tata Starbucks' loss widened to Rs 135.7 crore in FY25, but revenue grew 5% to Rs 1,277 crore, driven by new store openings. The joint venture aims to reach 1,000 cafes by FY28. Tata Consumer Products invested Rs 125 crore in the business during FY25. Dive deeper
Reliance Jio has sought approval from the Telecommunication Engineering Centre (TEC) to use 26 GHz band spectrum for WiFi services. The request follows regulations requiring prior clearance when switching spectrum from 5G to other technologies. Jio acquired spectrum in the 26 GHz band during the 2022 telecom auction. Dive deeper
The Reserve Bank of India (RBI) has proposed allowing domestic banks to lend Rupees to overseas borrowers, starting with neighbouring countries like Bangladesh, Bhutan, Nepal, and Sri Lanka. This move aims to enhance the use of the Rupee in trade and reduce reliance on foreign currency loans. If successful, the policy could extend to global cross-border transactions, boosting the Rupee's acceptance in international trade. Dive deeper
Nibe secured a ₹150.6 crore defence order from an Israeli OEM for Universal Rocket Launchers, marking a significant milestone in India’s defence capabilities and global presence. Dive deeper
The Supreme Court stayed the ₹5,712-crore GST notice against Paytm’s gaming arm, First Games, providing interim relief. The case is part of a broader legal challenge on the classification and taxation of real-money gaming platforms under the GST regime. Dive deeper
Nazara Technologies reported a 90% YoY increase in Q4FY25 net profit to ₹16 crore, with revenue rising 95% to ₹520 crore. FY25 EBITDA reached ₹153.5 crore, driven by strong gaming momentum and acquisitions. The company is expanding globally and enhancing its core gaming portfolio. Dive deeper
Gillette India reported a 60% increase in Q3 net profit to ₹159 crore, with revenue rising 13% to ₹767.5 crore. The company also declared a ₹47 per share dividend for FY25. Dive deeper
What’s happening globally
U.S. President Trump delayed the 50% tariffs on EU goods until July 9, easing trade concerns and boosting market sentiment. Dive deeper
Brent crude oil futures rose toward $65 per barrel, marking two consecutive days of gains, after Trump delayed the 50% tariff on European goods, easing trade war concerns. Oil prices were further supported by rising geopolitical risks in the Middle East and limited progress in US-Iran nuclear talks, which helped alleviate fears of increased Iranian oil supply. Dive deeper
Gold dropped below $3,340 per ounce after Trump delayed the 50% tariff on European goods, reducing its safe-haven appeal. Dive deeper
Singapore’s manufacturing production rose 5.9% year-on-year in April, slowing from 6.8% in March due to declines in the general manufacturing and biomedical sectors. However, output grew in transport engineering, electronics, and precision engineering. Monthly, manufacturing output increased 5.3%, recovering from a 2.7% drop in March. Dive deeper
The euro rose toward $1.14 after Trump delayed the planned 50% tariff on EU imports, extending trade talks until July 9. Despite this, the Eurozone's economic outlook remains weak, with the EC lowering its 2024 growth forecast to 0.9%. PMI data for May showed a contraction in private sector activity, particularly in the services sector, and the ECB is expected to cut interest rates in June. Dive deeper
Shares of Nippon Steel surged after Trump endorsed its $14.9 billion bid to acquire U.S. Steel, citing job creation and economic benefits. The deal, previously blocked over national security concerns, gained momentum after Trump directed a re-examination. Dive deeper
Apple’s Asian suppliers saw losses after President Trump threatened 25% tariffs on all iPhone imports. Companies like AAC Technologies, Goertek, Luxshare, and TSMC retreated, while Samsung rose. Trump’s push for U.S. manufacturing and previous tariff delays added uncertainty to the situation. Dive deeper
Nvidia is launching a lower-priced AI chipset in China, priced between $6,500 and $8,000, significantly cheaper than the $10,000-$12,000 H20 model. The new chipset, based on Blackwell architecture, will use RTX Pro 6000D and GDDR7 memory. Mass production is set for June. Dive deeper
OpenAI has established a legal entity in South Korea and plans to open an office in Seoul, marking its third office in Asia. The company aims to boost AI adoption, supported by a growing base of ChatGPT subscribers in the country. OpenAI is also hiring staff to foster partnerships with local companies and policymakers. 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.
Pranjul Bhandari, Chief India and Indonesia Economist, HSBC, on India’s inflation outlook and the fiscal impact of the RBI dividend
“In the next six months, India’s inflation may average around 2%, even lower than RBI’s 4–6% target range.”
“RBI’s ₹2.69 lakh crore dividend is 0.1–0.2% higher than budgeted, giving the government room to spend more without widening the fiscal deficit.”
“Core inflation is likely to stay low due to weak growth, a stronger currency, and easing global commodity prices.” - Link
Nitish Mittersain, Joint MD & CEO, Nazara Technologies, on FY25 performance and strategic outlook
“FY25 was a pivotal year marked by record profitability and successful execution of our Nazara 3.0 strategy.”
“We strengthened our core by fully owning Kiddopia and Sportskeeda, and expanded globally with acquisitions like Fusebox and Curve Games.”
“As we enter FY26, we are poised for accelerated growth with increasing global relevance and a stronger, high-margin IP-led gaming platform.” - Link
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Calendars
In the coming days, we have the following significant events and corporate actions:
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