Indian markets defy AI-driven global weakness; Nifty ends near 24,250
IT stocks continue their sharp recovery
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 go through 12 documentaries on financial markets, grouped into 6 categories, and tell you why each one is worth your time and what we personally took away from them.
Movies entertain first and educate along the way. Documentaries do the opposite. And financial markets have produced enough unbelievable stories that they don’t need any Hollywood exaggeration.
Markets Today
Nifty opened with a sharp 192-point gap-up at 24,177, shrugging off weak global cues and renewed Middle East tensions overnight, aided by a rebound in IT stocks as the global AI trade continued to cool.
After a brief dip in the opening minutes, the index recovered quickly and climbed above the 24,200 mark within the first hour, trading in a narrow positive range through the morning. By the end of the first half, Nifty hovered around 24,230–24,240, reflecting steady buying interest despite the cautious global backdrop.
In the second half, momentum improved further as the index gradually scaled higher, touching an intraday high near 24,280 around 2:30 PM. Profit booking emerged in the final hour, trimming some of the gains, but Nifty still managed to close firmly in the green at 24,250.20, comfortably above the 24,200 mark after holding onto most of its opening gains.
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 4th August:
The maximum Call Open Interest (OI) is observed at 24,700, followed by 24,200, indicating potential resistance at the 24,300 -24,400 levels.
The maximum Put Open Interest (OI) is observed at 24,200, followed by 24,000, suggesting support at 24,100-24,000.
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
Maruti Suzuki accounted for a record 55.5% of India’s passenger vehicle exports in Q1FY27, exporting 123,330 vehicles, up 28.2% YoY, and shipping more vehicles than all other domestic passenger vehicle makers combined. India’s overall PV exports rose 8.8% YoY to 222,392 units. Dive deeper
Asian Paints reported a strong Q1FY27 performance, with consolidated net profit rising 39.9% YoY to ₹1,539 crore, beating market estimates of ₹1,240 crore. Revenue increased 17.9% to ₹10,542 crore, while EBITDA grew 33.4% to ₹2,169 crore, with EBITDA margin expanding to 20.6% from 18.2%, as all key metrics came in ahead of expectations. Dive deeper
Adani Enterprises reported a Q1FY27 consolidated net loss of ₹1,160 crore, compared with a profit of ₹885 crore a year ago, after booking an exceptional loss of ₹2,644 crore related to a settlement payment with OFAC. Revenue from operations rose 50% YoY to ₹32,924 crore, while excluding the exceptional item, the company reported a profit of ₹1,295 crore. Dive deeper
CarTrade Tech reported a 19.3% YoY increase in Q1FY27 consolidated net profit to ₹51.2 crore, while revenue rose 16.3% to ₹201 crore. EBITDA surged 46.7% to ₹63.1 crore, with EBITDA margin expanding to 31.4% from 24.9%, driven by improved operating efficiency, while its platforms attracted around 80 million average monthly unique visitors during the quarter. Dive deeper
SML Mahindra shares surged 20% to hit the upper circuit after the board approved the acquisition of the Mahindra Truck & Bus Division (MTBD) from Mahindra & Mahindra for ₹525 crore. The transaction, expected to be completed during FY2027, will create a unified truck and bus business under SML Mahindra. Dive deeper
Dabur India reported a 15% YoY increase in Q1FY27 consolidated net profit to ₹591 crore, while revenue from operations rose 10.5% to ₹3,764 crore. The company said this marked its third consecutive quarter of double-digit profit growth, despite persistent inflationary pressures, geopolitical uncertainties in the MENA region, and volatile commodity prices. Dive deeper
Adani Ports reported a 9% YoY increase in Q1FY27 consolidated net profit to ₹3,620 crore, driven by strong growth in its international ports and marine businesses alongside steady domestic port operations. Revenue from operations rose 19% to ₹10,821 crore, while EBITDA increased 19% to ₹6,541 crore Dive deeper
Top Stories Globally
The U.S. Federal Reserve is widely expected to keep interest rates unchanged at 3.50%–3.75% for a fifth consecutive meeting in July 2026. However, markets continue to see the decision as finely balanced, assigning nearly a 30% probability to a rate hike. Dive deeper
Brent crude surged more than 6% to above $84 per barrel, snapping a three-day losing streak as renewed fighting in the Middle East reignited concerns over potential supply disruptions. Prices climbed after the U.S. military said it intercepted a surprise Iranian attack on U.S. troops in the region, while Iran-backed militias launched drone strikes on oil facilities in Saudi Arabia’s Eastern Region for a second consecutive day. Dive deeper
South Korean stocks fell for a second straight session, with the KOSPI closing 6% lower after plunging as much as 12.6% intraday, extending Tuesday’s near-11% selloff as the AI-driven market rally unraveled. The rout has wiped out as much as $2.18 trillion in market value, leaving the index down nearly 40% from its peak just over a month ago and on track for its steepest monthly decline on record. Dive deeper
Apple briefly became only the second company after Nvidia to surpass a $5 trillion market capitalization, touching $5.036 trillion before ending the session valued at $4.98 trillion. Apple reclaimed its position as the world's most valuable company earlier this month, supported by strong product demand and its decision to avoid the AI spending race that has weighed on rivals' cash flows. Dive deeper
Cognizant lowered its full-year constant currency revenue growth guidance to 4–5.5% from 4–6.5%, citing a more cautious outlook on client spending, while reducing its reported revenue growth forecast to 4.4–5.9% from 4.8–7.3%. The company, however, maintained its adjusted operating margin guidance at 16.0–16.2%, reflecting continued focus on profitability despite slower growth expectations. Dive deeper
Visa is set to lay off around 7% of its workforce, affecting approximately 2,600 employees, as the company looks to improve efficiency amid intense competition in the payments industry. CEO Ryan McInerney said the job cuts are part of efforts to streamline operations. 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.
Henrique Braun, CEO of The Coca-Cola Company on Asia-Pacific region, with India and China are outgrowing more developed markets such as Australia, Japan and Korea:
“We had great volume growth not only in India, but in China as well,”
“We do own in India specifically seven out of the top ten brands today, and building the equity of those brands is our primary goal, and it’s important that we continue to focus on building those capabilities to capture even more growth in the future,” - Link
Rajiv Sabharwal, CEO of Tata Capital says that Heavy investment in AI is significantly lowering the cost of doing business while making loan approvals faster for customers:
“Within operations, about 70% of retail applications are processed through AI-led workflows, delivering around 40% productivity gains, nearly 40% improvement in processing turnaround times, and over 25% reduction in operating manpower cost per file. On the servicing front, over 70% of our email responses are now AI-generated.” - Link
S.N. Subrahmanyan, Chairman & MD of L&T explained that the increase in private sector participation is one of the most encouraging structural trends in India’s capex cycle:
“One of the significant changes we have seen over the last two years is the increasing contribution of the private sector to our domestic prospects. Earlier, the pipeline was largely driven by government spending. Today, residential and commercial real estate, industrial manufacturing, data centers, power, and energy transition projects are all contributing. This makes the opportunity pipeline much more balanced and sustainable.” - Link
Corporate Actions & Events
Corporate Actions
Published by Zerodha. Not investment advice. Data from NSE, BSE, and MCX.
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