Domestic demand plays drive Nifty back above 24,000
Will the market clear higher levels this time?
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.
In our latest episode of In The Money by Zerodha, we flip the question from last time — what happens to a stock when it gets removed from Nifty 50?
We analysed 33 exclusion events between 2015 and 2025. The short trade doesn't hold up. The contrarian long is interesting but messy. And buried inside the data are two very different types of stocks — fallen angels and fallen knives. Telling them apart is where the real edge lies.
Markets Today
Nifty opened the July series with a 32-point gap up at 23,897 despite weakness in IT stocks, tracking stable global cues. After a muted start, the index climbed steadily through the first hour, reclaiming the 24,000 mark around 10:15 AM before witnessing a brief bout of profit-booking that pulled it back toward the 23,950 zone.
Buying resumed through the late morning session, helping Nifty recover quickly and trade above 24,000. The index remained firm around the 24,000–24,040 range through noon, with intermittent volatility but no major directional move. Selling pressure emerged in the final hour, dragging the index gradually lower.
Despite the late weakness, Nifty managed to hold above 24,000 and closed the day at 24,005.85. The session was marked by a steady morning recovery, range-bound trade through most of the afternoon, and mild profit-booking into the close.
Sectoral Indices Performance
Winners & Losers
Commodities
FII / DII Flows
Here’s the trend of FII-DII activity from the last 5 days:
Thematic Indices
Tijori’s niche indices, where today’s move sorts pockets of the market beyond standard sector baskets. You can also track promoter buying and other interesting stuff, like Capex activity by the companies in the Tijori App’s idea dashboard
Change in OI for the day
The following is the change in OI for Nifty contracts expiring on 7th July:
The maximum Call Open Interest (OI) is observed at 24,000, followed by 24,500, indicating potential resistance at the 24,200 -24,300 levels.
The maximum Put Open Interest (OI) is observed at 24,000, followed by 23,900, suggesting support at 23,800-23,700.
Note: OI is subject to multiple interpretations; however, generally, an increase in Call OI indicates resistance in a falling market, while an increase in Put OI indicates support in a rising market.
Source: Sensibull
Top Stories in India
India's manufacturing activity slowed in June, with the HSBC Manufacturing PMI easing to 54.2 from 55 in May as softer domestic and export demand weighed on growth. Output and new orders expanded at their slowest pace in four years (excluding March), while export orders grew at the weakest rate since March 2023 amid weaker demand from Europe. Dive deeper
India’s gross GST collections rose 13.9% YoY to ₹1.95 lakh crore in June 2026, while net collections after refunds grew 11.2% to ₹1.62 lakh crore. The growth was led by a 34.6% surge in IGST on imports, even as domestic gross revenues grew at a slower 6.5%. Dive deeper
India's power consumption rose 11.6% year-on-year to 166.46 billion units in June, driven by heatwave conditions and the delayed onset of the monsoon, which boosted demand for cooling appliances such as air conditioners. Dive deeper
The U.S. Treasury's OFAC has removed four Indian companies, RRG Engineering Technologies, Lokesh Machines, Galaxy Bearings, and Shaurya Aeronautics from its Russia-related sanctions list. Dive deeper
Nayara Energy has cut petrol prices by ₹5 per litre and diesel prices by ₹3 per litre across its 7,086 retail outlets from Wednesday. The move marks the first fuel price reduction by a private oil marketing company since the West Asia conflict began in February 2026. Dive deeper
Shares of KPIT Technologies plunged as much as 16% after the company warned of its first quarterly revenue decline in nearly six years, citing client-driven project actions. It also indicated that Q2 FY27 revenue is likely to remain broadly in line with Q1, signalling continued weakness in the first half of the fiscal year. Dive deeper
Ashok Leyland has launched India's first range of trucks with air suspension, introducing the AVTR 4925 10x2 MAV, AVTR 4625 10x2 MAV, and AVTR 4525 8x2 MAV. The new models offer higher payload capacity and are aimed at improving efficiency and driver comfort in heavy commercial transport. Dive deeper
Eicher Motors said its motorcycle brand Royal Enfield reported a 27% year-on-year rise in June sales to 1.14 lakh units, driven by a 34% increase in domestic sales to 1.02 lakh units. However, exports declined 12% year-on-year to 11,102 units. Dive deeper
UPI transactions moderated in June after hitting a record high in May, with transaction value declining to ₹28.9 lakh crore from ₹29.9 lakh crore. Transaction volumes also eased to 22.72 billion in June from 23.2 billion in the previous month, according to NPCI data. Dive deeper
Top Stories Globally
Crude oil fell below $69 per barrel, its lowest level since late February, as progress in U.S.–Iran peace talks and improving shipping through the Strait of Hormuz boosted supply expectations. Markets were also encouraged by constructive negotiations in Qatar, where U.S. and Iranian officials continued technical discussions aimed at easing tensions in the region. Dive deeper
Indonesia has implemented its 50% biodiesel blending mandate (B50), raising the required palm oil-based diesel blend from 40% to 50% as part of its push for energy independence. However, lower crude oil prices and elevated palm oil prices are expected to pose challenges to the programme's economic viability. Dive deeper
Kroger will acquire food and pharmacy retailer Giant Eagle in a $1.65 billion deal to expand its retail footprint. The transaction reflects continued consolidation in the consumer goods sector as companies adapt to inflation, changing consumer preferences, and intensifying competition. Dive deeper
Anthropic said the U.S. Commerce Department has lifted export controls on its advanced Fable and Mythos AI models, less than three weeks after access was suspended over national security concerns. Dive deeper
Klarna Group shares rose 6% after its subsidiary PriceRunner won $1.97 billion in antitrust damages against Alphabet. A Swedish court ruled that Google unfairly favored its own comparison-shopping service in search results, hurting independent rivals. Dive deeper
Eurozone inflation eased more than expected to 2.8% in June from 3.2% in May, coming in below forecasts of 3.0%. The slowdown in food, energy, and services inflation reduced pressure on the European Central Bank to raise interest rates further this month. Dive deeper
Management Chatter
In this section, we highlight interesting comments from management at major companies and from policymakers in the Indian and Global Economies.
Srivats Ram, Chairman and MD of Wheels India was positive of the growth in the component business catering to the wind mill industry in FY27:
“We are likely to see growth both in India and overseas markets. In addition, we continue to invest in and grow the business of machining of large castings for this sector,”
We are looking to ramp up machining of large castings. The cast aluminum business is on a low base currently and we have been able to get new businesses from a number of Indian OEMs. We should be able to ramp up this business this year.” - Link
Sandeep Kalra, CEO of Persistent Systems on its latest acquistion & growth prospects:
We have also just won a $650 million mega deal with a US tech firm. In an environment where people are struggling to grow, that basically should signal to the intelligent people that our growth is here to stay.
You don’t work for the stock movements. You work to build a company that is built to last. You have to be right in terms of building the company, capabilities, and have a forward-looking play. In the last 24 quarters, we have delivered 3% plus sequential growth every quarter, and then a new large deal. - Link
Corporate Actions & Events
Corporate Actions
Published by Zerodha. Not investment advice. Data from NSE, BSE, and MCX.
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