Market gives up early gains ahead of the long weekend
Nifty manages to close above 24,000 despite facing resistance at higher levels
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're asking a deceptively simple question: when a stock gets added to Nifty 50, is there actually an edge in trading it?
Passive funds have to buy the new entrant. Demand should rise. Price should follow. The logic is clean — but does the data back it up?
We go through 33 Nifty 50 inclusion events from 2015 to 2025 and track what actually happened — both before the announcement and after. The results are a mixed bag, and the more interesting story might not be where you expect it.
We also flag a key limitation in the test design and what the natural next step would be if you want to take this analysis further.
Markets Today
Nifty opened with a gap up of 104 points at 24,126, tracking positive global cues as crude oil prices slipped below the $70-a-barrel mark, nearing pre-war levels. After a firm start, the index extended its gains through the morning session, gradually climbing toward the 24,250 mark by around noon.
Following the strong upmove, profit-booking emerged, pulling Nifty back below 24,200 by 12:30 PM. The index then traded in a narrow range around the 24,180–24,200 zone for much of the early afternoon, with buyers and sellers largely balanced.
Selling pressure intensified after 2 PM, dragging the index steadily lower through the final hour. Nifty slipped below 24,100 and extended its decline toward the close, eventually ending the day at 24,056.
The session began on a strong note with gains driven by easing oil prices, but persistent profit-booking in the second half erased the entire rally, leaving Nifty to close near the day’s lows.
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 30th June:
The maximum Call Open Interest (OI) is observed at 24,500, followed by 24,200, 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 23,900-23,800.
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
Nagesh Kumar, an external member of the RBI’s MPC, said India's economy could grow by more than 7% this fiscal year, exceeding the RBI forecast of 6.6%, if crude oil prices remain around $70 per barrel. Easing geopolitical tensions in the Middle East are expected to support both growth and inflation, improving the country's macroeconomic outlook. Dive deeper
ONGC and BP have signed a technical services agreement for ONGC's Western Offshore Basin, expanding their collaboration beyond Mumbai High. Under the deal, BP will help enhance production from ONGC's largest producing region, which comprises 43 offshore blocks. Dive deeper
The government has raised about ₹25,491 crore through offer-for-sale (OFS) stake sales in eight listed PSUs so far in 2026, marking the highest annual mobilisation through the route in 11 years. The disinvestment drive is aimed at boosting revenues and supporting fiscal targets amid higher spending pressures from geopolitical tensions and elevated crude oil prices. Dive deeper
Shares of Sterlite Technologies rose nearly 5% after the company launched a Qualified Institutions Placement (QIP) of equity shares to strengthen its capital base and support future growth initiatives. Dive deeper
SBI was the largest credit card issuer in May, adding 1.82 lakh new cards, while spending on its cards rose 2% month-on-month to ₹38,556 crore. ICICI Bank added 1.68 lakh cards, while HDFC Bank remained the largest issuer by card base, with spending of ₹59,138 crore, the highest among the top five issuers. Dive deeper
Amazon will invest $48 billion in India between 2026 and 2030, taking its cumulative investments in the country to over $88 billion since 2010. The plan includes an additional $13 billion to expand AI and cloud infrastructure by 2030, reinforcing Amazon’s long-term commitment to India’s digital economy. Dive deeper
The Centre has expanded its QR code mandate to cover all vaccines, antimicrobials, narcotic, psychotropic, and anti-cancer drugs, strengthening traceability across the pharmaceutical supply chain. The move aims to curb the circulation of counterfeit and substandard medicines while improving drug authentication. Dive deeper
Top Stories Globally
Crude oil fell below $70 per barrel, extending losses for a fourth straight session as progress in U.S.-Iran peace efforts eased supply concerns. Improved tanker movement through the Strait of Hormuz and signs of Saudi exports restarting from Ras Tanura further pressured prices. Dive deeper
Asian technology stocks rallied after strong updates from Micron Technology and Qualcomm, reigniting optimism about AI demand. Micron said customers had committed $22 billion for its memory chips, while Qualcomm projected $15 billion in data centre revenue by 2029, boosting sentiment across AI-related semiconductor stocks. Dive deeper
Gold slipped below $4,000 an ounce, nearing its lowest level in almost eight months as a stronger U.S. dollar and rising expectations of Federal Reserve rate hikes weighed on prices. The firmer dollar made gold more expensive for holders of other currencies, reducing demand for the precious metal. Dive deeper
Silver fell below $57 per ounce, hitting its lowest level since November last year as a stronger U.S. dollar and rising expectations of Federal Reserve interest rate hikes continued to pressure precious metals. Dive deeper
Two powerful earthquakes measuring 7.2 and 7.5 magnitude struck off the coast of Venezuela, causing widespread damage, building evacuations, and tremors felt as far as Brazil’s Amazon region. Acting President Delcy Rodríguez confirmed damage across several states, though no official figures on casualties or the extent of destruction have been released. 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.
Scott Bessent, US Treasury Secretary, said tariff rates would return to their previous levels once a Section 301 review is completed:
"We have rebooted the tariff program. Right now, we have something called Section 122 tariffs, which is a 10% global tariff. Currently, USTR Ambassador Jamieson Greer is doing studies for Section 301, and if those studies are successful, and I have no reason to believe they won't be, but we don't know until they are, then the tariff rates are going to go back to exactly where they were." - Link
Girish Wag, MD & CEO of Tata Motors on India’s growth story:
“India growth story will lead to increase in road freight, and therefore the commercial vehicle demand”.
“We do have short-term headwinds. The Middle East crisis, the resultant increase in oil prices, and the final resultant but reduced intensity increase in diesel prices -- it is a headwind,”
"The GDP growth, industrial index of production, the way it has been growing, the growth in manufacturing, growth in consumption, growth infrastructure investments, we believe these are structural tailwinds."
"From that perspective, in the longer term, the tailwinds will have their effect more than headwinds and therefore, in the longer term, the industry will grow. Till the time we see GDP growth happening in the range of 6-8 per cent, we should see a healthy growth in road freight."
"The cyclical headwinds will lead to some changes in the quarterly demand, or even for that matter the annual demand, but I think in the long term India's growth story will lead to an increase in road freight, and therefore the commercial vehicle demand." - Link
Corporate Actions & Events
Corporate Actions
Published by Zerodha. Not investment advice. Data from NSE, BSE, and MCX.
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