Nifty closes above 26,000 for the first time in 2025
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 video series, we dig into one of the oldest and most durable ideas in trading: Trend Following. A strategy that doesn’t try to predict the future — but simply follows the price. We trace this philosophy back to Richard Donchian, the father of systematic trend following — long before modern quant funds and algorithms. We also test Donchian strategies — like the 20-day breakout and the 5×20 SMA crossover — directly on the Indian market (Nifty), to see whether these classic systems still hold up.
Market Overview
Nifty opened with a 46-point gap-up at 25,982, extending gains from the previous session amid firm global cues. The index quickly reclaimed the 26,000 mark within the opening hour and stayed in positive territory despite intermittent dips. By the afternoon, Nifty regained momentum, climbing to an intraday high of 26,097 before encountering mild resistance at higher levels.
In the final hour, the index briefly slipped about 50 points toward 26,020, but a late rebound helped it close higher at 26,053.90, up 0.45%. Overall, the tone remained decisively bullish ahead of key corporate earnings and the upcoming U.S. Federal Reserve policy decision.
Looking ahead, markets are expected to stay sensitive to developments around the India–U.S. trade deal, while investors will closely track Q2 earnings and management commentary on festive-season demand trends following the recent GST rate cuts.
Broader Market Performance:
Broader markets had a strong bullish session today. Of the 3,203 stocks traded on the NSE, 1,983 advanced, 1,128 declined, and 92 remained unchanged.
Sectoral Performance:
Nifty Energy was the top gainer, rising 1.93%, while Nifty Auto was the only sector to close in the red, slipping 0.73%. Out of the 12 sectoral indices, 11 ended in the green and only 1 closed lower, indicating strong broad-based buying across sectors.
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 4th November:
The maximum Call Open Interest (OI) is observed at 26,500, followed by 26,200 & 26,000, indicating potential resistance at the 26,200 -26,300 levels.
The maximum Put Open Interest (OI) is observed at 26,000, followed by 25,900, suggesting support at the 26,000 to 25,900 levels.
Note: OI is subject to multiple interpretations, but generally, an increase in Call OI indicates resistance in a falling market, and an increase in Put OI indicates support in a rising market.
Source: Sensibull
Tijori is an investment research platform, and they have constructed niche indices for various themes and sub-sectors. They help you understand the market performance of narrow slices of the market. You can also track the Promoter buying and other interesting stuff, like Capex activity by the companies in the Tijori App’s idea dashboard
What’s happening in India
SEBI has proposed an overhaul of mutual fund fee structures, including expense ratios and brokerage fees, to ensure greater cost transparency for investors, according to a consultation paper. Statutory levies like STT, GST, and stamp duty will remain excluded from total expense limits. Following the proposal, shares of capital market firms such as Motilal Oswal, HDFC AMC, Nippon Life AMC, and others fell 3–7%. Dive deeper
Jefferies warned that SEBI’s proposed mutual fund fee revamp could reduce AMC profits by up to 10% from FY27, citing cuts to exit load charges, brokerage fees, and total expense ratios. Dive deeper
Imagine Marketing, the parent company of boAt, has filed updated draft papers with SEBI to raise ₹1,500 crore through an IPO, comprising a ₹500 crore fresh issue and a ₹1,000 crore offer for sale by promoters and investors. Dive deeper
Varun Beverages shares jumped 9% after it announced a partnership with Carlsberg to distribute its beer in select African markets. The company also reported a 19% year-on-year rise in net profit to ₹745 crore for Q2 FY26, supported by lower finance costs and higher other income, while revenue grew 2% to ₹4,897 crore. Dive deeper
Arvind SmartSpaces has partnered to develop a housing project in Vadodara with an estimated revenue potential of over ₹700 crore, marking its 23rd project in Gujarat. Dive deeper
Coal India’s Q2FY26 net profit fell 30% YoY to ₹4,354 crore, while revenue declined 3% to ₹30,187 crore. The company also declared a second interim dividend of ₹10.25 per share for FY26. Dive deeper
SBI Mutual Fund invested ₹100 crore in Lenskart through a pre-IPO transaction at ₹402 per share ahead of the eyewear retailer’s IPO opening on October 31, 2025. Dive deeper
Suzlon Energy appointed Rahul Jain as its new Chief Financial Officer, effective December 15, 2025. Dive deeper
CAMS reported a 6% YoY decline in Q2FY26 net profit to ₹113.94 crore, while revenue rose 3% to a record ₹376.74 crore, driven by growth across mutual fund and non-mutual fund segments. Dive deeper
Advent International’s affiliate Jomei Investments fully exited its 2% stake in Aditya Birla Capital, selling 53.2 million shares for ₹1,639 crore at ₹308 per share through a block deal. Dive deeper
What’s happening globally
The U.S. Federal Reserve is expected to cut the federal funds rate by 25 bps at its October 2025 meeting, lowering the target range to 3.75%–4.00%. This would mark a second consecutive reduction and bring rates to their lowest since 2022, with markets eyeing guidance for a potential December move. Dive deeper
Nvidia neared a $5 trillion valuation after announcing $500 billion in AI chip bookings and plans to build seven supercomputers for the U.S. Department of Energy. Its stock jumped nearly 5%, adding $230 billion in market value to reach $4.89 trillion. Dive deeper
Switzerland announced plans to overhaul its export risk insurance laws to make them more accessible and reduce red tape amid global trade uncertainty from U.S. tariffs. The reform will allow the Swiss Export Risk Insurance agency to launch new products and better tailor coverage to exporters’ evolving needs. Dive deeper
The offshore yuan traded near 7.09 per dollar on Wednesday, close to a one-year high, as optimism grew ahead of the upcoming meeting between U.S. President Donald Trump and Chinese President Xi Jinping. 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.
Ramnath Krishnan, MD & Group CEO, ICRA Ltd., on Q2 performance
“ICRA’s consolidated net profit rose 29% YoY to ₹48 crore in Q2, supported by an 8% increase in revenue to ₹136.6 crore.”
“This strong performance reflects healthy growth in our ratings business and robust momentum in our research & analytics segment, driven by marquee client wins and expanded service offerings.”
“Our consistent credibility and data-driven insights continue to strengthen ICRA’s leadership in the ratings and analytics space.” - Link
Virender Jeet, CEO of Newgen Software, on the company’s return to its “normal growth trajectory.”
The growth rate in the first half of the year was slowed by increasing decision-making times for larger deals, causing some opportunities in the sales funnel to be delayed.
The decision-making cycle “should get better over the next few quarters.” We are anticipating a renewed interest in automation solutions, especially in the US. - Link
🧑🏻💻Have you checked out The Chatter?
Every week, we listen to the big Indian earnings calls—Reliance, HDFC Bank, and even smaller logistics firms—and copy the full transcripts. We then remove the fluff and keep only the sentences that could move a share price: a surprise price hike, a cut-back on factory spending, a warning about weak monsoon sales, or a hint from management on RBI liquidity. We add a quick, one-line explainer and a timestamp so you can trace the quote back to the call. The whole thing lands in your inbox as one sharp page of facts you can read in three minutes—no 40-page decks, no jargon, just the hard stuff that matters for your trades and your macro view.
Go check out The Chatter here.
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Calendars
In the coming days, we have the following quarterly results, 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!