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 with a 71-point gap up following positive global cues. After filling the gap within the first five minutes, the index surged by 120 points to test the 24,750 level. It then consolidated between 24,700 and 24,750 for about an hour until noon. Post that, Nifty rallied nearly 175 points to make an intraday high around 24,900. However, with volatility rising due to the weekly expiry, the index witnessed a sharp sell-off, losing 180 points by 2 PM. In the final hour, it traded in a narrow range and eventually closed at 24,750.90, up by 0.53%.

On the macro front, domestic fundamentals remain strong, supported by robust GDP growth and easing inflation. However, global macro uncertainty and escalating geopolitical tensions continue to weigh on investor sentiment. Market participants will now focus on key developments from tomorrow’s RBI Monetary Policy Committee (MPC) decision.

Broader Market Performance:

Broader markets had a strong session today. Of the 2,973 stocks traded on the NSE, 1,738 advanced, 1,144 declined, and 91 remained unchanged.

Sectoral Performance:

Nifty Realty was the top-gaining sector, rising 1.75%, while Nifty PSU Bank was the worst performer, declining by 0.58%. Out of the 12 sectoral indices, 9 sectors closed in the green and 3 ended in the red, indicating a broadly positive market breadth.

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 12th June:

The maximum Call Open Interest (OI) is observed at 25,000, followed closely by 24,800, suggesting strong resistance at 24,800 - 25,000 levels.
The maximum Put Open Interest (OI) is observed at 24,700, followed closely by 24,500, suggesting strong support at 24,500 to 24,400 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

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

Vedanta raised ₹5,000 crore via unsecured NCDs to repay high-cost debt and reduce interest costs by ₹350 crore annually, with the rest allocated to capex and general purposes. The issue was oversubscribed, receiving ₹6,555 crore in bids. This marks Vedanta’s second NCD issuance in 2025. Dive deeper

Hindustan Zinc shares rose nearly 6% to ₹496 on June 5, driven by a sharp rally in silver prices. As India's largest silver producer, the company is expected to benefit from the surge, with silver futures on MCX for July hitting a record ₹1.04 lakh/kg and spot prices reaching ₹1.01 lakh/kg. Dive deeper

SEBI warned the public about fake letters and messages impersonating its officials to fraudulently demand fines. It urged investors to verify such communications, noting that genuine SEBI documents carry unique identification numbers. Dive deeper

Dassault Aviation and Tata Advanced Systems signed agreements to manufacture Rafale fighter fuselages in Hyderabad, marking the first production outside France. The facility will start deliveries by 2028. This supports India’s aerospace ambitions and strengthens global supply chains. Dive deeper

The government has eased SEZ norms for semiconductor and electronic component manufacturing by reducing the minimum contiguous land requirement from 50 to 10 hectares. It also allowed relaxation of the encumbrance-free condition if land is mortgaged or leased to government bodies. Dive deeper

Bhavish Aggarwal paid ₹20 crore in cash to maintain pledged Ola Electric shares used as collateral, after the stock fell below ₹50. The move comes amid concerns over falling market share and governance issues. Dive deeper

RITES shares hit a seven-month high after emerging as the lowest bidder for a ₹28.5 crore order from Gujarat Urban Development Co. under Amrut 2.0 and other state schemes. The order is pending final evaluation and award. Dive deeper

BEL secured fresh defence orders worth ₹537 crore for communication systems, jammers, simulators, and related services. This adds to its ₹71,650 crore order book as of April 1, 2025, strengthening its defence electronics portfolio. Dive deeper

KEC International secured fresh orders worth ₹2,211 crore across Transmission & Distribution, Oil & Gas Pipelines, and Cables segments. Key wins include projects in Saudi Arabia, the Americas, and Africa. The company’s YTD order intake has grown 40%, reinforcing strong global momentum. Dive deeper

Tejas Networks received ₹123 crore as the first tranche under the PLI scheme for Q3 FY25, covering 85% of the eligible incentive. The remaining amount will be released as per scheme guidelines. Dive deeper

Ultra luxury housing launches (>₹2.5 crore) rose from 9% in 2023 to 16% in 2024, driven by rising HNI demand, with further growth expected in 2025. NCR led ultra luxury launches, while Mumbai and Kolkata saw more affordable housing. Mid-range launches declined, except in Chennai and Pune. Dive deeper

Dr. Reddy’s announced a global partnership with Alvotech to co-develop, manufacture, and commercialize a biosimilar of Keytruda for international markets. The collaboration involves shared responsibilities and rights across most regions. Dive deeper

Newgen Software secured a $2.5 million five-year international contract for its Enterprise Workflow and Content Management System, covering licensing, implementation, and support. The deal supports its global expansion efforts. Dive deeper

REC plans to raise up to ₹1.55 lakh crore through private placement of NCDs over the next year, pending shareholder and authority approvals. The funds will be raised in multiple tranches. The company also plans to dissolve its project-specific subsidiary, Rajgarh III Power Transmission Ltd. Dive deeper

Carlyle Group’s CA Basque Investments reduced its stake in YES Bank by 2.62%, bringing its holding to 4.22% and losing board nomination rights as per their 2022 agreement. Separately, YES Bank approved plans to raise up to ₹16,000 crore via equity and debt, with a dilution cap of 10%. Dive deeper

Power Grid acquired MEL Power Transmission Ltd. for ₹8.53 crore through the TBCB route, completing a 100% equity takeover on June 4. The SPV was set up to develop a 400kV transmission line for power evacuation from Mahan Energen in Madhya Pradesh. Final consideration is subject to audited adjustments. Dive deeper

What’s happening globally

Brent crude held below $65 amid oversupply concerns, as Saudi Arabia pushed for higher OPEC+ output and cut prices for Asia to near four-year lows. U.S. data showed falling crude stocks but rising fuel inventories. Trade tensions also added to market caution. Dive deeper

Gold hovered near $3,370 per ounce amid rising economic uncertainty and expectations of Fed rate cuts following weak U.S. services and jobs data. Fed officials remain cautious despite Trump’s calls for cuts. Trade tensions and Friday’s jobs report remain in focus. Dive deeper

European natural gas futures rose above €36/MWh as planned maintenance at Norway’s Kollsnes plant cut supply, impacting a key EU gas source. Traders are rebuilding storage ahead of winter amid trade tensions and the Ukraine war. Softer Chinese demand is redirecting LNG to Europe, easing summer pressure. Dive deeper

U.S. employers announced 93,816 job cuts in May 2025, the lowest in four months but still up 80% YTD. The services sector led May layoffs, with "DOGE Impact" cited in over 2.8 lakh cuts this year, including federal and contractor reductions. Economic pressures continue to weigh on hiring. Dive deeper

U.S. private businesses added just 37,000 jobs in May 2025, the weakest since March 2023, sharply below expectations of 115,000. Job gains in leisure, finance, and information were offset by losses in professional services, education, and manufacturing. Pay growth remained steady at 4.5% for job-stayers and 7% for job-changers. Dive deeper

The ISM Services PMI fell to 49.9 in May 2025 from 51.6 in April, signaling the first contraction in the U.S. services sector since June 2024. New orders and inventories declined, while price pressures rose sharply amid tariff uncertainty. Employment improved slightly, but production stalled and backlogs shrank. Dive deeper

Japan’s 10-year bond yield fell to 1.46% and the 30-year to 2.88% after strong demand in recent auctions eased market pressure. Yields had surged in May over concerns about borrowing sustainability and the BoJ’s reduced bond buying. The Finance Ministry may cut super-long bond issuance. Dive deeper

Germany’s factory orders rose 0.6% in April 2025, defying expectations of a decline, driven by strong demand for tech and transport equipment. Domestic orders rose 2.2%, offsetting a slight dip in foreign demand. On a three-month basis, orders were up 0.5%, with limited impact from U.S. tariffs so far. Dive deeper

China’s Caixin Services PMI rose to 51.1 in May, signaling stronger growth driven by domestic demand, despite a dip in export orders due to U.S. tariffs. Employment grew at the fastest pace since November. Input costs rose, while output prices continued to decline to stay competitive. Dive deeper

Wells Fargo received a major boost as the U.S. Federal Reserve lifted its 2018 asset cap, ending a key growth restriction tied to past scandals. This marks a significant milestone in the bank’s turnaround under CEO Charlie Scharf, allowing focus on expanding credit cards and investment banking. 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 Economist, HSBC, on inflation outlook and easing

"Firstly, we are expecting a 25 basis points rate cut, which is a consensus view right now. No change in policy stance."
"The big change that we will see tomorrow is forecast changes, especially inflation forecast changes."
"Informal sector has started to pick up... it will take a couple more months for the whole disinflation effect to show up in consumption, but it is moving in the right direction." - Link

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Calendars

In the coming days, we have the following significant events and corporate actions:

That’s it from us for today. We’d love to hear your feedback in the comments, and feel free to share this with your friends to spread the word!

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Aftermarket Report by Zerodha

Index sees volatile session; focus shifts to…