Nifty continues to consolidate near 24,200 despite external pressures
Broader markets remain bullish on earnings optimism
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 get into the part guides treat as an afterthought – stock selection. Not a checklist, not a screener dump. A method.
Specifically, the Wagner and Pedicelli approach: find the strongest stock inside the strongest sector, and let the money flows do the heavy lifting.
We walk through two live examples using NSE sectoral indexes and the TJI sub-sector indexes, and share a custom TradingView script that builds a true equal-weighted basket — because market-cap weighting lies to you about what’s actually moving. There’s also a case for Renko charts if candlesticks are hiding more than they’re showing.
One thing worth flagging before you dive in: discretionary doesn’t mean no rules. It never has.
Markets Today
Nifty opened with a 22-point gap down at 24,216, tracking lacklustre global cues. Selling pressure dominated right from the opening bell, with the index slipping steadily through the first hour to the 24,180–24,190 zone. By the end of the first half, the index had drifted further lower to around 24,165, reflecting a cautious market sentiment.
Weakness intensified briefly after noon as Nifty slipped to an intraday low near 24,140 around 1 PM. However, the index recovered nearly 50 points in less than an hour to reclaim the 24,190 mark by around 1:40 PM. The recovery proved short-lived as selling re-emerged, resulting in another bout of volatile, range-bound trading between 24,160 and 24,190 for the rest of the trading session. The index eventually closed at 24,187.70, just below its opening level, after a volatile session marked by repeated swings between buyers and sellers.
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 28th July:
The maximum Call Open Interest (OI) is observed at 24,200, followed by 24,500, indicating potential resistance at the 24,300 -24,400 levels.
The maximum Put Open Interest (OI) is observed at 24,200, followed by 24,000, suggesting support at 24,100-24,000.
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
SBI Funds Management made a decent stock market debut, listing at a 6.8% premium on the NSE and 6.2% on the BSE over its IPO price of ₹574. The stock ended the day with gains of around 6%, closing at ₹609.75 on the NSE and ₹609.90 on the BSE. Dive deeper
TVS Motor Company reported a 65% YoY jump in Q1FY27 consolidated net profit to ₹1,058 crore, driven by record quarterly sales. Revenue rose 33.5% YoY to ₹16,296 crore, while overall two- and three-wheeler sales increased 28% to a record 1.63 million units. Dive deeper
Maruti Suzuki India will increase prices across its model range by up to ₹30,000 from August 2026, citing sustained increases in input costs. The automaker said it had absorbed higher costs through cost-cutting measures over the past few months but is now passing on part of the burden to customers amid persistent inflationary pressures. Dive deeper
Bajaj Auto reported a strong Q1FY27 performance, with consolidated net profit rising 45.9% YoY to ₹3,226 crore and revenue increasing 65% to ₹21,689 crore. On a standalone basis, the company posted record revenue and profit, driven by its highest-ever quarterly volumes, better realizations, and broad-based growth across domestic and export markets. Dive deeper
Bandhan Bank reported a 35% YoY rise in Q1FY27 standalone net profit to ₹502 crore, supported by lower provisions. Net interest income grew 6% to ₹2,921 crore, while net interest margin remained stable at 6.2%. Asset quality improved, with GNPA declining to 3.15% and NNPA easing to 0.93%. Dive deeper
Adani Energy Solutions reported a strong Q1FY27 performance, with consolidated net profit more than doubling YoY to ₹1,149 crore, while revenue rose 42.4% to ₹9,711 crore. EBITDA increased 30% to ₹3,008 crore, driven by robust growth in the transmission business, with transmission revenue up 52% and distribution revenue rising 5%. Dive deeper
India’s domestic air passenger traffic declined nearly 12% month-on-month to 1.35 crore in June from 1.53 crore in May, while remaining broadly flat compared with 1.36 crore a year earlier. The decline reflected the seasonal slowdown during June–August and temporary network cuts by airlines amid higher fuel prices following the West Asia conflict. Dive deeper
Top Stories Globally
Crude oil recovered from earlier losses to trade above $84 per barrel, as escalating tensions in the Middle East outweighed renewed diplomatic efforts. The U.S. carried out a tenth consecutive day of strikes after President Donald Trump vowed retaliation for attacks that killed American soldiers, while Iran responded with missile and drone strikes targeting Kuwait. Dive deeper
U.S. President Donald Trump imposed 50% tariffs on a wide range of Canadian imports, citing Canada's alleged discriminatory treatment of American-made automobiles, alcohol and dairy products. The move, made under Section 338 of the Tariff Act of 1930, the law's first known use in nearly a century, opens a new front in the ongoing global trade war. Dive deeper
Samsung Electronics said it will establish a new robotics division reporting directly to the CEO to accelerate robotics development and commercialization. The new RX (Robotics eXperience) division will lead the company's long-term robotics strategy, core technology development and global research efforts, positioning robotics as a key future growth engine. Dive deeper
TSMC plans to raise prices for both advanced and mature chip manufacturing services by up to 10% from 2027, according to a Nikkei Asia report. The news lifted the company's U.S.-listed shares by around 4% in premarket trading. Dive deeper
Taiwan's export orders surged 59.4% YoY to a record $95.3 billion in June 2026, accelerating from 47.2% growth in May, driven by strong global demand for AI and technology products. Growth was led by information and communication products (+81.9% YoY), electronic products (+79.9%), electrical machinery (+14%), and basic metals (+16.5%). 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.
US Trade Representative Jamieson Greer says that the US tariff policy has been “wildly successful” :
“At the end of the day, we are winning in changing the trade policy. We’re winning in getting the trade deficit down. We’re winning in reshoring. We’re winning in wages. We’re winning on all these things. So I’m happy with where we are and where we’re going.”
“This is not a foreign policy shop. This is an economics shop here. And so when I look at someone like the European Union that blocks American agricultural goods for specious, non-scientific reasons, that’s a problem. Friend or foe, that’s an issue.” - Link
Puneet Sharma, CFO of Axis Bank, on concerns about margin pressure, clarified that their wholesale growth is strictly focused on top-tier, high-rated borrowers:
“Regarding corporate lending, we are lending at positive spreads and benchmarks we feel comfortable with. As long as we lend at positive spreads and meet risk thresholds, we are happy to pursue this. Please note that 91% of our corporate lending is to A-minus and above-rated corporates. We have not slipped down the credit spectrum at all; this is high-quality lending.” - Link
Corporate Actions & Events
Corporate Actions
Published by Zerodha. Not investment advice. Data from NSE, BSE, and MCX.
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