Markets retreat as final-hour selling snaps four-day gains
Nifty closes just below 24,400
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 trace where CAGR and XIRR actually came from — and the answer goes back further than you’d expect.
Most people never question them. I did — and it led me from a Babylonian clay tablet to a forgotten software company in Cambridge, Massachusetts.
CAGR — 4,000 years of compounding, from ancient livestock loans to your fund fact sheet.
XIRR — Newton’s unpublished manuscript, a 17th-century priority dispute, and an Excel plugin built in 1993 by a company that disappeared without a trace.
Two metrics. Over a thousand years of mathematics. And a reason why your SIP returns can look completely different from your fund’s CAGR.
Markets Today
Nifty opened with a small 34-point gap up at 24,464, following stable global cues. After a brief dip in the opening minutes, the index recovered steadily and climbed through the first hour, crossing the 24,480 mark. Buying momentum continued into late morning, helping Nifty scale an intraday high near 24,530 around noon.
However, profit-booking emerged soon after, dragging the index lower through the afternoon. By around 1:30 PM, Nifty had slipped to the 24,425 zone before attempting a modest recovery, trading in the 24,440–24,465 range for much of the second half.
Selling pressure intensified sharply in the final 30 minutes of trade, with the index breaking below the day’s consolidation range and sliding rapidly toward the close. Nifty eventually settled at 24,398.70, erasing all its intraday gains and ending marginally below its opening level after a late sell-off.
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 14th July:
The maximum Call Open Interest (OI) is observed at 24,500, followed by 24,400, indicating potential resistance at the 24,500 -24,600 levels.
The maximum Put Open Interest (OI) is observed at 24,500, followed by 24,000 & 24,300, suggesting support at 24,200-24,100.
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
The Indian rupee posted its biggest single-day gain in three weeks, rising 0.4% to close at 94.97 per U.S. dollar. The rally was driven by strong dollar selling in the offshore non-deliverable forward (NDF) market, which also forced traders with bearish positions on the rupee to unwind their bets. DIve deeper
Cult.fit has filed draft papers with the Securities and Exchange Board of India for an IPO that could raise up to ₹950 crore through a fresh issue, with the total offering expected to be as large as ₹4,000 crore including an offer for sale. Existing investors such as Temasek Holdings, Tata Digital, Accel, Kalaari Capital, and others plan to sell up to 178.6 million shares through the OFS. Dive deeper
Shares of MCX and BSE extended losses for a fourth straight session as the Reserve Bank of India's revised capital exposure norms, which came into effect on July 1, weighed on trading volumes. Dive deeper
Shares of Info Edge rose nearly 11% after the company reported a 14.4% year-on-year increase in standalone billings to ₹737 crore for Q1FY27. Growth was driven by strong performance in its recruitment business, including Naukri.com, where billings rose 17.5%, while real estate platform 99acres posted 16.6% growth. Dive deeper
Shares of RITES rose 7% after the state-run firm secured a $35.82 million international contract to supply and commission diesel-electric locomotives. The order strengthens RITES' international order book and adds to its growing overseas business pipeline. Dive deeper
Shares of Trent plunged over 10% after the retailer reported a 19% year-on-year increase in standalone revenue for the June quarter, driven by growth in its fashion business and store expansion. However, the results fell short of analyst expectations, triggering a sharp sell-off in the stock. Dive deeper
Top Stories Globally
Samsung Electronics reported a 19-fold jump in second-quarter operating profit, exceeding its combined earnings from the past three years, driven by the AI-led memory chip boom. However, the stock came under pressure, wiping out more than $80 billion in market value, as investors grew concerned that slowing AI infrastructure spending by major U.S. tech companies could weaken future chip demand. Dive deeper
Saudi Arabia cut its August crude prices to Asia by $11 per barrel, the sharpest reduction in 26 years, signalling intensifying competition among oil producers. The cut follows an earlier $6/barrel reduction for July after the Strait of Hormuz reopened, with Arab Light now priced $1.50 below the Oman/Dubai average. Dive deeper
Crude oil rose above $69 per barrel after fresh attacks on commercial shipping around the Strait of Hormuz revived concerns over potential disruptions to global energy supplies. The incident also raised doubts over the durability of the U.S.–Iran agreement, with Iran’s foreign minister warning that final peace talks could stall if geopolitical threats persist. Dive deeper
Nuclear fuel firm Standard Nuclear is targeting a valuation of up to $3.55 billion in its U.S. initial public offering, aiming to raise as much as $383.25 million by offering 18.25 million shares priced between $18 and $21 each. Dive deeper
Shell shares rose over 2% after the company slightly raised its second-quarter production outlook. However, Shell warned that Integrated Gas output would fall sharply from Q1 due to the Middle East conflict’s impact on Qatari volumes. 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.
Santosh Iyer, MD & CEO of Mercedes-Benz India on managing the country’s existing vehicle fleet alongside introducing higher ethanol blends:
There is a lot of anxiety among customers, but in our case there is no reason to worry. Our cars are compliant, our latest products are already E25-ready, and our new vehicles meet the required emission standards.
The bigger question is what happens to the older set of vehicles already on the road. If the government has the aspiration for higher ethanol blending, it should also create a roadmap that allows different fuel grades so customers can choose fuel suited to their vehicles.
We shouldn’t mix up new vehicles with older ones. If a vehicle has been certified to run on E20, it should run on E20 and remain fully covered under warranty. I don’t see any risk with new cars. The questions are more relevant for vehicles sold before the transition because technology differs across manufacturers. Some of the anxiety in the market is also being amplified by fuel adulteration rather than the fuel itself. - Link
Sumit Sadana, Chief Business Officer of Micron Technology on long-term DRAM and NAND bit demand growth, explaining why it is no longer providing multi-year CAGR forecasts
“For the foreseeable future, shipment growth for bits is not really determined by demand anymore. It’s actually determined by supply. Demand is so much above the industry’s ability to supply that supply growth will determine shipment growth far more than demand growth. Our expectation is that supply growth will continue to remain short of what is needed to meet demand, and we don’t really see when supply will be able to catch up.” - Link
Corporate Actions & Events
Corporate Actions
Published by Zerodha. Not investment advice. Data from NSE, BSE, and MCX.
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