Markets end lower; PSU Banks lead the fall
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 40-point gap up at 24,500.75 but fell 70 points immediately after the open. It recovered to turn green within the first 30 minutes, but selling pressure intensified soon after, dragging the index below 24,400. For the rest of the day, the index traded in a narrow 30–40 point range between 24,360 and 24,400 with a negative bias, particularly in the broader markets. In the last 15 minutes, the index breached the day’s lows and closed at 24,379.60, down 0.33%.
The market remained largely rangebound, with heavy selling in PSU Banks and geopolitical tensions weighing on sentiment. However, FII inflows, a weaker dollar, and stable global cues offered some support. All eyes are now on the upcoming U.S. Federal Reserve meeting, which could influence near-term market direction.
Broader Market Performance:
The broader market had huge selling today, with 2,946 stocks traded on the NSE. Of these, 545 advanced, 2,331 declined, and 70 remained unchanged.
Sectoral Performance:
Nifty Auto was the top gainer, closing up by 0.17%, while Nifty PSU Bank was the biggest loser, falling sharply by 4.84%. Out of the 12 sectoral indices, only one ended in the green, while the remaining 11 closed in the red, reflecting broad-based weakness across the market.
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 8th May:
The maximum Call Open Interest (OI) is observed at 24,500, followed closely by 24,400, indicating strong resistance at 24,500 with ultimate resistance at 24,600 levels.
The maximum Put Open Interest (OI) is 24,000, followed by 24,400, suggesting strong support at 24,300 and additional support at 24,000.
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
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What’s happening in India
The HSBC India Services PMI for April 2025 was revised to 58.7, reflecting continued growth in services. This was driven by higher new orders and strong job creation, though business sentiment weakened. Input cost inflation eased, while output price inflation rose. Dive deeper
The RBI repatriated just 1.53 tonnes of gold between September 2024 and March 2025, far less than the previous period. As of March 2025, the RBI holds 879.59 tonnes of gold, with 511.99 tonnes stored domestically. The share of gold in India’s forex reserves rose from 9.32% to 11.70%. Dive deeper
The Reserve Bank of India's FY25 dividend payout to the government is expected to increase due to higher forex income from foreign exchange reserve deployments, boosted by elevated US Treasury yields. This income, along with strong commissions from forex operations and interest on government securities, will contribute to a higher payout, although provisioning complexities may affect the final amount. Dive deeper
Swiggy Genie has gone offline across all cities due to high system stress, with no timeline for its return. The suspension is more widespread than in previous instances in 2022, impacting nearly 70 cities. This follows Zomato's closure of its Quick and Everyday services. Dive deeper
Gautam Adani praised Adani Cement for reaching 100 million tonnes capacity, marking a world-record pace. He highlighted the company's efficiency and its contribution to India's growth. Adani Cement, now the second-largest in India, aims to expand to 140 MTPA by 2028. Dive deeper
Unity Small Finance Bank reported an 83% YoY increase in Q4 profit to ₹264 crore, with total income rising 123% to ₹977 crore. AUM grew 38% to ₹10,985 crore, while deposits surged 84% to ₹11,952 crore. Despite challenges in microfinance, the bank plans to focus on secured loans and expand its branch network to 250 by FY26. Dive deeper
MTNL has defaulted on interest payments for sovereign guarantee-backed ₹6,100 crore bonds, citing insufficient funds. The company failed to meet the payment terms under the Tri-Partite Agreement with the Department of Telecommunications and Beacon Trusteeship. Dive deeper
The CK Birla Group has rebranded as The CKA Birla Group, reflecting its shift to a technology-driven, services-led enterprise while maintaining its legacy. Dive deeper
Bain Capital has sought CCI approval to acquire a stake in Manappuram Finance through a multi-phase deal, involving equity subscription, warrants, and an open offer for up to 26% of voting shares. The transaction also includes acquiring Manappuram Asset Finance Ltd. There are no major overlaps in business activities between the acquirer and target companies. Dive deeper
Shapoorji Pallonji Group plans to raise $3.25 billion through offshore fundraising, offering non-convertible debentures with a 19.75% coupon and a 3.5-year tenor. The proceeds will be used to refinance Goswami Infratech’s 2023 bond. Investors include existing backers like Ares SSG, Cerberus, and new investors such as PAG and Allianz. Dive deeper
Ircon International secured a Rs 187.08 crore contract from KSITIL to build a rural industrial park in Thiruvananthapuram, set for completion in 30 months. The contract follows a Rs 458.14 crore deal with NEEPCO for civil works on a hydroelectric project in Arunachal Pradesh. Dive deeper
Yes Bank shares surged to a three-month high on reports of a potential stake sale to Sumitomo Mitsui Banking Corp. (SMBC). The deal could lead to SMBC acquiring a majority stake, pending regulatory approval. Dive deeper
Ather Energy's shares debuted at a 2% premium, listing at Rs 328 on the NSE and Rs 326.05 on the BSE, compared to its issue price of Rs 321. The stock later closed at Rs 302.3, reflecting a 5.83% decline from the listing price. Dive deeper
JSW Steel and the Committee of Creditors plan to file review petitions against the Supreme Court's May 2 ruling reversing JSW's purchase of Bhushan Power & Steel and ordering its liquidation. The petitions will address perceived inaccuracies in the judgment. It remains unclear if the court's stance will change. Dive deeper
SBI plans to raise up to Rs 10,000 crore through infrastructure bonds in June, following the RBI's Monetary Policy Committee meeting. The bonds, with a 15-year maturity, will likely have a base size of Rs 5,000 crore and an additional greenshoe option of Rs 5,000 crore, offering a rate of 6.85-6.90%. This move aims to support long-term infrastructure projects and qualify for regulatory exemptions. Dive deeper
Polycab's Q4 FY25 results show a 33% YoY increase in profit, reaching Rs 727 crore, with revenue rising 25% to Rs 6,985.7 crore. The company reported strong growth across segments, with wires & cables up 22%, FMEG business up 33%, and EPC surging 47%. The board recommended a final dividend of Rs 35 per share. Dive deeper
Sundaram Home Finance plans to raise over Rs 6,000 crore through various sources to fuel growth. The company reported a 26% YoY increase in Q4 net profit to Rs 71.57 crore and aims to expand into Tier II and III towns. The emerging business segment saw strong growth, driven by network expansion in Tamil Nadu. Dive deeper
Aarti Drugs reported a 33% YoY increase in Q4 net profit, reaching Rs 63 crore. Revenue rose 9% to Rs 676 crore, while EBITDA grew 8% to Rs 93.2 crore. The margin narrowed slightly to 13.8% from 13.9% in the previous year. Dive deeper
NSE has issued implementation standards for safer participation of retail investors in algorithmic trading, in line with SEBI’s guidelines. These include requirements for API access, risk management, and registration of algos, alongside measures to ensure security and audit trails. Dive deeper
What’s happening globally
WTI crude oil rose over 2% to $58.4 per barrel, recovering from a sharp sell-off driven by concerns of excess supply. Middle East tensions, including Israeli airstrikes, also supported prices. However, worries over increased output from OPEC+ and ongoing trade tensions weigh on future demand prospects. Dive deeper
Gold surged above $3,370 per ounce, its highest in over a week, driven by President Trump’s new tariff threats on foreign films and pharmaceuticals. Investors are awaiting the Federal Reserve's policy decision, expecting no rate change despite Trump's pressure. Dive deeper
The dollar index dropped to 99.6, marking its third consecutive decline amid trade uncertainties and escalating tariffs. Investors are focusing on the Federal Reserve’s upcoming policy decision, with no rate change expected. Despite the weakness, the dollar strengthened against the Taiwanese dollar and Malaysian ringgit. Dive deeper
The U.S. trade deficit widened to a record $140.5 billion in March 2025, driven by a 4.4% rise in imports to $419 billion. Exports increased slightly by 0.2% to $278.5 billion. The deficit grew sharply with the EU, particularly Ireland and Vietnam, but narrowed with China, Switzerland, and Canada. Dive deeper
Germany's 10-year Bund yield stayed above 2.5% due to political uncertainty after Friedrich Merz's setback in the Bundestag vote. Investors are focused on upcoming policy decisions from the U.S. Fed, Bank of England, and European Central Bank, with rate cuts anticipated in the Eurozone. Dive deeper
Canada's trade deficit narrowed to C$0.51 billion in March 2025, as imports fell 1.5% due to tariffs and a boycott of U.S. goods. Exports dropped 0.2%, with a 6.6% decline in exports to the U.S., partially offset by a 24.8% increase to other countries. Dive deeper
Global debt hit a record $324 trillion in Q1 2025, rising by $7.5 trillion, with China, France, and Germany contributing most. Emerging markets saw debt surge, with China's government debt expected to reach 100% of GDP by year-end. The global debt-to-output ratio stands just above 325%. Dive deeper
China will impose five-year anti-dumping duties on Indian cypermethrin imports starting May 7, citing harm to local producers. Cypermethrin, an insecticide used in agriculture, is widely applied to control pests on crops like cotton, vegetables, and corn. Dive deeper
Ferrari confirmed its financial forecasts for 2025, despite potential risks from U.S. tariffs that could impact profit margins. The company reported a 15% rise in Q1 core earnings, driven by a high-end lineup and strong demand in profitable markets. Dive deeper
Skechers shares rose 25% after announcing a $9.42 billion buyout deal with 3G Capital, offering $63 per share, a 28% premium. The deal comes amid challenges from U.S. tariffs on Chinese goods. The acquisition is set to close in Q3 2025. 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.
Sanjay Mudaliar, Executive Director, Bank of Baroda, on home loan rate cuts
"The new reduced home loan rates will further make home ownership more affordable."
"The revised 8% rate applies to fresh and home improvement loans above ₹15 lakh, linked to borrowers’ credit scores."
"We are also offering additional concessions of 0.05% for women and 0.10% for borrowers under 40 on ready properties and loan transfers."- Link
Gaurav Pandey, MD & CEO, Godrej Properties on FY26 growth targets
“We are looking at ₹32,500 crore sales guidance for FY26, aiming for 20% growth over last year.”
“Collection target stands at ₹21,000 crore—strong cash flow is key to our growth trajectory.”
“We’re maintaining ₹20,000 crore in business development guidance and are confident of exceeding it, backed by over ₹50,000 crore in inventory.” - 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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Thank you for such a comprehensive report! I exited my 1 lot Iron Condor with a small profit at around 11 am, without understanding the macro factors. A comprehensive post like this is so insightful!
It was great 👍👍