Nifty closes higher, shrugs off early Jane Street drag
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 24-point gap-up at 25,429 and remained rangebound before slipping nearly 80 points to 25,330. It traded sideways for most of the session but recovered sharply in the final hour. The index closed near the day’s high at 25,461, up 0.21%.
Market sentiment was cautious following SEBI’s ban on Jane Street, which raised concerns over index manipulation. Uncertainty around US-India trade talks and mixed global cues also weighed on investor mood.
Broader Market Performance:
Broader markets had a mixed session today with a slightly positive bias. Of the 3,020 stocks traded on the NSE, 1,578 advanced, 1,347 declined, and 95 remained unchanged.
Sectoral Performance:
Nifty Realty emerged as the top-gaining sector with a rise of 0.91%, followed closely by Nifty Pharma and Nifty IT, which gained 0.81% and 0.80%, respectively. On the other hand, Nifty Metal was the top losing sector, declining by 0.45%, while Nifty Auto saw a marginal dip of 0.10%.
Out of the 12 sectoral indices, 10 ended in the green, while only 2 closed in the red, indicating a broadly positive trend across the market.
Note: The above numbers for Commodity futures were taken around 4 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 10th July:
The maximum Call Open Interest (OI) is observed at 25,500, followed closely by 25,700, suggesting strong resistance at 25,500 - 25,600 levels.
The maximum Put Open Interest (OI) is observed at 25,000, followed closely by 25,400, suggesting strong support at 25,300 to 25,200 levels.
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
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 temporarily barred U.S.-based Jane Street and its Indian affiliates from trading in Indian markets for alleged large-scale index manipulation. The firm used aggressive expiry-day trades to influence Bank Nifty and Nifty, misleading retail investors and profiting unfairly. SEBI ordered ₹4,843.57 crore in alleged gains to be deposited into an escrow account. Dive deeper
The RBI has paused gold purchases in FY26, keeping holdings steady at 880 tonnes amid forecasts of a price decline due to easing geopolitical tensions and potential US rate cuts. This marks its longest pause in over a year, despite a global trend of rising central bank gold buying. Dive deeper
The Bombay High Court has directed a fresh hearing in ICICI Lombard’s ₹1,902 crore GST case, overturning an earlier ruling that upheld the demand and penalty. The court asked the adjudicating authority to consider GST Council circulars during reassessment. The company stated there is no financial impact at this stage. Dive deeper
JSW Group has secured ₹9,300 crore through a mix of operating company debt, convertibles at the group level, and promoter-level loans against shares to fund its ₹12,915-crore acquisition of Akzo Nobel India, aiming to position JSW Paints as the country’s fourth-largest paint company. Dive deeper
Aarti Industries plans ₹1,000 crore capex this fiscal, with ₹800 crore for new products and the rest for maintenance, alongside ongoing cost optimization. Its Zone IV facility will produce high-value products, and capacity utilization is expected to rise. Dive deeper
RBI will conduct a ₹1 lakh crore 7-day VRRR auction on July 4 to absorb surplus liquidity, which rose to ₹3.75 lakh crore. The surplus stems from government spending and earlier liquidity measures. Further rise is expected once the CRR cut and RBI dividend impact kicks in. Dive deeper
Suzuki became Japan’s top car importer in June, surpassing Mercedes-Benz with 4,780 India-made vehicles led by the Jimny Nomad and Fronx. Strong demand, including 50,000 Jimny Nomad pre-orders, prompted a halt in bookings. Production in India will be ramped up from July to meet demand. Dive deeper
BSE fell after SEBI barred Jane Street from Indian markets for allegedly manipulating equity derivatives using high-frequency trading. Dive deeper
Bank of Baroda reported an 11% YoY rise in global business to ₹26.43 lakh crore for Q1FY26, with global advances up 13% to ₹12.07 lakh crore and deposits growing over 9% to ₹14.36 lakh crore. These are provisional figures ahead of the bank’s full quarterly earnings. Dive deeper
Zee will raise ₹2,237 crore through a warrant issue, with over 99% subscribed by Sunbright Mauritius, whose ultimate beneficiaries include promoter Punit Goenka and his family. Upon conversion, this will give them a 14.92% stake, increasing total promoter holding to 18.39%, despite Goenka having no current board position. Dive deeper
Jindal Steel has secured a 50-year mining lease for the Roida-I iron ore and manganese block in Odisha's Keonjhar district, covering 104.84 hectares with a 3 MnTPA capacity and 126.05 million tonnes of reserves. The lease follows its successful bid in the June 2025 e-auction. Dive deeper
Adani Group has topped the bids for Jaiprakash Associates with a ₹14,000 crore offer, including ₹11,000 crore upfront. Dalmia Bharat is the second-highest bidder at ₹11,000 crore. Creditors are reviewing offers and may consider asset-wise sales if needed. Dive deeper
What’s happening globally
Brent crude fell to $68.2 as concerns grew over OPEC+ adding 411,000 bpd to supply. US sanctions on Iranian oil and a US-Vietnam trade deal offered limited support. Dive deeper
Gold rose to near $3,340 per ounce, supported by US fiscal deficit concerns and tariff uncertainty, despite strong labor data limiting further gains. The House passed a major tax-spending package, adding to deficit worries. Dive deeper
UK new car sales rose 6.7% YoY in June 2025 to 191,316 units, the strongest June since 2019, led by fleet demand. Electrified vehicles reached a 48.5% market share, with BEVs and PHEVs driving growth, while petrol sales declined and HEVs fell 8.5%. Dive deeper
Eurozone producer prices fell 0.6% in May 2025, easing from a 2.2% drop in April, with energy and intermediate goods leading the decline. Prices for consumer goods edged up. Annual producer inflation slowed to 0.3% from 0.7%. Dive deeper
The FAO Food Price Index rose 0.5% to 128 in June 2025, near 2023 highs, led by gains in vegetable oils, meat, and dairy. Butter hit a record high amid tight supply, while cereal and sugar prices fell, with sugar hitting its lowest since April 2021. Dive deeper
France’s industrial production fell 0.5% in May 2025, missing forecasts, with manufacturing output down 1% amid declines across key sectors. Energy and utilities saw a rebound. On an annual basis, output was 0.8% lower. Dive deeper
Iron ore futures rose to CNY 736 per tonne, a seven-week high, as China cracked down on aggressive price-cutting to support its steel sector. Lower exports from major miners added support. Gains were capped by weak demand and curbs in Tangshan. Dive deeper
Copper futures slipped toward $5 per pound, extending losses on renewed demand concerns amid waning interest from Chinese fabricators. Earlier gains driven by supply tightness and tariff uncertainty have faded. Dive deeper
Alibaba shares fell after announcing a HK$12 billion ($1.53 billion) zero-coupon bond offering exchangeable into Alibaba Health shares, aimed at funding cloud and e-commerce expansion. The bonds carry a 48% premium to Alibaba Health’s placement price and mature in 2032. Dive deeper
Chinese rare earth stocks fell after Beijing signaled plans to issue more export licenses, easing concerns over tight supply. This follows improving US-China trade ties and a framework deal reached in June. Dive deeper
Foreign-branded mobile phone sales in China fell 9.7% YoY in May 2025 to 4.54 million units, with Apple among the affected brands. Overall, mobile phone shipments dropped 21.8% to 23.72 million, according to CAICT data. 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.
Arundhati Bhattacharya, South Asia President and CEO, Salesforce, on AI and jobs
“I have lost count of just how many times I have answered that question.”
“Every revolution has posed the same question of whether jobs are at risk.”
“Technology helps unlock efficiency as well as jobs.”
“Concerns about jobs are a very near term and come from a limited point of view.”
“People will need to think of other things they can do that will help fulfill the potential.” - Link
Piyush Goyal, Minister of Commerce, on trade deals and national interest
“India is discussing trade deals with the US, EU, Oman, Chile, Peru, and New Zealand at its own terms.”
“An FTA should be a win-win, in the national interest.”
“India never negotiates trade deals with a deadline but with national interest in mind.” - 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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Agree it’s too long for daily read. May be you can slice it out out into Indian Equities, Global and Commodities so people can focus on what they are interested in
Too long for a daily read.