Late CAS boost helps Nifty hold above 24,600 despite weak session
Markets snap 4-day winning streak
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 back to where it all begins: the IPO. Starting with a personal story of a Reliance Power allotment in 2008, we break down how the IPO process really works, from the DRHP and book building to ASBA, while explaining why retail investors are often at a structural disadvantage. Along the way, we unpack concepts like the winner’s curse and how IPOs often serve as exit liquidity for existing investors.
Looking at data from over 400 main board IPOs since 2020, we find that while nearly seven out of ten IPOs delivered listing gains, the picture changes dramatically for those buying after listing. Some of the biggest IPO disappointments have erased 70–99% of investor wealth.
The key takeaway: don’t treat IPOs like lottery tickets; evaluate them as businesses, not just opportunities to sell to someone else after the initial hype.
Markets Today
Nifty opened with a 70-point gap-down at 24,704, cooling off after yesterday's sharp spike based on the newly introduced Closing Auction Session (CAS). The index slipped lower immediately after the opening till 24,590-600 levels, trading with a negative bias through the first hour. Selling pressure persisted through the morning, dragging Nifty steadily towards the 24,500–24,520 zone by the end of the first half.
In the second half, the weakness continued as the index gradually drifted lower, touching an intraday low near 24,430 around 2 PM. The market remained subdued for most of the afternoon and eventually ended the trading session for F&O stocks at 3:15 PM at 24,463.
A sharp closing auction once again altered the final print, lifting Nifty by over 150 points in the closing minutes. The index eventually settled at 24,614.90, recovering a significant portion of its intraday losses despite spending the entire session in negative territory.
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 11th August:
The maximum Call Open Interest (OI) is observed at 24,600, followed by 25,000, indicating potential resistance at the 24,700 -24,800 levels.
The maximum Put Open Interest (OI) is observed at 24,500, followed by 24,200, suggesting support at 24,500-24,400.
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
Bharti Airtel reported a 37.3% YoY increase in Q1FY27 consolidated net profit to ₹8,167 crore, driven by strong subscriber additions and upgrades to higher-value plans. Revenue rose 18.4% YoY to ₹58,539 crore, while EBITDA stood at ₹33,599 crore with a robust EBITDA margin of 57.4%. The company added 14.9 million customers during the quarter, taking its total subscriber base to 681 million across 15 countries. Dive deeper
Larsen & Toubro said its hydrocarbon business, L&T Energy Hydrocarbon Offshore (LTEH Offshore), has secured an ‘ultramega’ EPCIC order worth over ₹15,000 crore from ADNOC Offshore for a major offshore project in the Middle East. Dive deeper
Apple crossed $10 billion in annual sales in India for the first time in the fiscal year ended March 2026, driven by double-digit revenue growth and strong demand for its premium devices. Dive deeper
LIC shares tumbled nearly 9% after the government’s Offer for Sale (OFS) opened for non-retail investors. The government plans to sell a 2.5% stake under the base offer, with an additional 4% green shoe option, at a floor price of ₹382 per share, representing an 11% discount to the previous closing price of ₹428.50. Dive deeper
Dabur India shares fell 4.3% after the FSSAI barred the company from selling several products carrying misleading ‘100%’ claims. The regulator stated that claims like ‘100% Natural’, ‘100% Pure’, and ‘100% Organic’ are ambiguous, unverifiable, and likely to mislead consumers. Dive deeper
Beauty retailer Nykaa reported a 3.3-fold YoY jump in Q1FY27 net profit to ₹79.8 crore, while revenue from operations increased 29% YoY to ₹2,782 crore. The company also posted a 1.2% sequential rise in net profit, reflecting continued growth across its beauty and fashion businesses. Dive deeper
Pidilite Industries reported a 27.7% YoY increase in Q1FY27 standalone profit after tax to ₹830 crore, while net sales rose 22.2% YoY to ₹4,237 crore. The strong performance was driven by broad-based volume growth and proactive price increases across product categories. Dive deeper
Top Stories Globally
Brent crude fell more than 3% to below $78 per barrel, reversing earlier gains as hopes for renewed U.S.-Iran diplomacy eased concerns over potential supply disruptions. Qatar said a draft proposal to restart negotiations was being circulated between the parties, although no agreement has been reached yet. Dive deeper
U.S. stock futures climbed to record highs as improving macroeconomic sentiment and optimism around upcoming earnings boosted risk appetite. S&P 500 futures rose 0.4% to a fresh record, while Dow futures surged 600 points, crossing the 53,800 mark for the first time, with investors looking to earnings for fresh signals on the strength of the AI-driven rally. Dive deeper
AstraZeneca shares fell 6.4%, making it the biggest loser on the FTSE 100, after reports that it had held merger talks with Bristol Myers Squibb. A potential deal would create one of the world’s largest pharmaceutical companies, with a combined market capitalisation of nearly $400 billion and the highest global pharmaceutical sales. Dive deeper
U.S. crude oil exports fell to 3.66 million barrels per day in July, the lowest level in eight months, as a temporary U.S.-Iran peace agreement restored Middle Eastern oil supplies and reduced overseas demand for American crude. Exports to Asia declined sharply, with the region’s share falling to 40% from 52% in June, as buyers such as Japan and South Korea cut purchases. Dive deeper
Amazon surpassed a $3 trillion market capitalization for the first time, driven by a strong post-earnings rally and growing investor optimism that the AI boom is boosting demand for its cloud computing business, Amazon Web Services (AWS), the company’s primary profit engine. Dive deeper
Saudi Aramco reported a 44% YoY increase in Q2 net profit to 122.6 billion Saudi riyals ($32.7 billion), driven by higher crude oil prices amid the ongoing Middle East conflict. The world’s largest oil exporter had reported 85 billion riyals in net income during the corresponding quarter last year. 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.
Saudi Aramco CEO Amin H. Nasser said that the ongoing geopolitical crisis continues to aggravate the biggest supply shock in history:
“If the strait were open today, it would take up to 18 months at an average rate of 2.1 million barrels a day to replenish depleted inventories.”
“Beyond refining, current trade flows through the Strait of Hormuz are at a tenth of pre-conflict levels, and the world will continue to lose more than 100 million barrels for each week the strait is closed.”
“There is a disconnect between futures and physical markets as evident from the strong refining margins that reflect refined product market tightness.” - Link
Abhiraj Singh Bhal, CEO & Co-founder of Urban Company on taking a very long-term view on the profitability of the InstaHelp segment, prioritizing market dominance over immediate returns:
“We certainly have no intention of making any money from this business over the next 5 years, and our assumption is that this business has to break even by FY31. We would be happy if it gets there.” - Link
Corporate Actions & Events
Corporate Actions
Published by Zerodha. Not investment advice. Data from NSE, BSE, and MCX.
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