Nifty crosses 24,000 once again; IT & Financials drive gains
Breaching higher resistance levels remains a challenge...for now
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 dig into one of the oldest debates in trading and investing: the difference between luck and skill — and why getting it wrong can cost you far more than money.
We start with a story you won’t forget: on the day oil prices went negative for the first time in 138 years, nine traders working from home in Essex made $660 million in a single afternoon. The trade was right. But was that genius — or just circumstance?
To answer that, we walk through five frameworks: Morgan Housel’s repeatability test, Michael Mauboussin’s luck-skill spectrum, Daniel Kahneman’s illusion of skill, Nassim Nicholas Taleb’s survivorship bias, and what the SPIVA data reveals about an entire industry built on mistaking beta for alpha.
Markets Today
Nifty opened with a small gap down of 28 points at 23,796, tracking soft global cues. After some volatility in the opening minutes, the index recovered steadily and moved higher through the first hour, reclaiming the 23,900 mark by around 10 AM.
Buying momentum strengthened through the late morning session, with Nifty climbing gradually toward the 24,000 level. The index briefly crossed 24,000 after 11:30 AM and continued to trade with a positive bias, despite a few minor pullbacks along the way.
After 1 PM, the rally gathered pace. Nifty surged above 24,050 shortly around 1:30 PM and touched the day’s high near 24,090 after that. The index then remained largely range-bound between 24,040 and 24,070 for most of the afternoon. Some profit-booking emerged in the final hour, pulling Nifty slightly lower from its highs. However, the index managed to hold above the 24,000 mark and closed the day at 24,021.65.
The session was marked by a strong recovery from the opening dip, sustained buying through the day, and a firm close above the 24,000 level despite mild late-session profit-booking.
Sectoral Indices Performance
Winners & Losers
Momentum Screener
Global Markets
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 30th June:
The maximum Call Open Interest (OI) is observed at 24,000, followed by 24,500, indicating potential resistance at the 24,200 -24,300 levels.
The maximum Put Open Interest (OI) is observed at 24,000, followed by 23,500, suggesting support at 23,700-23,600.
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
Banks raised over ₹1 trillion through certificates of deposit (CDs) in the fortnight ended June 15, marking the highest mobilisation since the March-end period, aided by lower borrowing costs. The surge reflects banks' growing reliance on wholesale funding as credit growth continues to outpace deposit growth by more than 500 basis points. Dive deeper
Shares of delivery-tech firms Eternal and Swiggy were under pressure after Amazon announced plans to build India’s largest “delivery in minutes” network. The company said it will expand Amazon Now, its ultra-fast delivery service, to more than 300 cities, intensifying competition in the quick-commerce segment. Dive deeper
Axis Bank raised $800 million through a dual-tranche U.S. dollar bond issuance under its GMTN programme, comprising $500 million of perpetual AT1 bonds and $300 million of senior unsecured notes. The AT1 notes were priced at a 6.875% coupon, strengthening the bank’s capital base while diversifying its funding sources. Dive deeper
IRFC fell nearly 6% after the government announced an Offer for Sale (OFS) to divest a 1% stake, with an option to sell an additional 1% through a greenshoe mechanism. The OFS floor price has been set at ₹91 per share, with up to 26.1 crore shares on offer if investor demand remains strong. Dive deeper
India’s retail sector recorded 5% year-on-year sales growth in May, moderating from April as inflationary pressures kept consumers cautious and value-conscious. Growth was led by essentials and QSR segments, while West India outperformed with 6% growth, followed by North and South India at 5% each. Dive deeper
Shares of Trent rose nearly 4% after Chairman Noel Tata said at the company's FY26 AGM that Trent remains in the early stages of its growth journey, reinforcing investor confidence in the long-term expansion potential of its retail formats, including Zudio. Dive deeper
Adani Power plans to invest over ₹2 trillion to expand its power generation capacity to 45 GW over the next five years. The group is also entering the nuclear energy sector through Adani Atomic Energy, targeting 10 GW of nuclear capacity by 2035 to meet India’s growing demand for clean, round-the-clock power. Dive deeper
Top Stories Globally
Crude oil fell below $72 per barrel, its lowest level since early March, as rising tanker traffic through the Strait of Hormuz and continued progress in U.S.-Iran peace talks eased supply concerns. Improved shipping activity and safety assurances have boosted confidence that global oil flows will normalize, adding pressure on crude prices. Dive deeper
Alibaba Group has sued the U.S. government, seeking removal from a Pentagon blacklist that identifies firms allegedly linked to China’s military. The company argues that its inclusion on the “1260H list” is unjustified, calling the designation arbitrary and lacking any factual or legal basis. Dive deeper
France is working to restore power to thousands of homes in its northern regions after outages caused by a transformer incident during an intense heatwave. Authorities are prioritizing hospitals, healthcare facilities, and retirement homes, deploying generators to ensure critical services remain operational amid soaring temperatures. Dive deeper
SK Hynix plans to raise up to 45.45 trillion won ($29.4 billion) through a Nasdaq listing of ADRs. The world's second-largest memory chipmaker intends to issue 17.79 million new shares, with the proceeds aimed at expanding production capacity for AI-related chips and broadening its global investor base. Dive deeper
The offshore Chinese yuan weakened to around 6.80 per U.S. dollar, its lowest level in a month, as a stronger dollar continued to pressure emerging-market currencies. Sentiment was weighed down by rising expectations that the Federal Reserve could raise interest rates in September, with markets pricing in roughly a 70% probability of a hike. Dive deeper
The Bank of Japan signaled continued support for further interest rate hikes, with policymakers noting that underlying inflation is moving closer to the 2% target while financial conditions remain accommodative. Several members suggested Japan’s policy rate, currently below the estimated neutral rate of around 2%, may need to move higher if economic and inflation trends evolve as expected. 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.
Nandan Nilekani, Chairman of Infosys, on concerns over AI disrupting the traditional IT services model:
“AI will not replace a company like ours. It will amplify those who move with purpose and adapt with speed. More than three years after GenAI was launched, Infosys is more relevant than ever before."
“The AI deployment gap in large enterprise clients is real, and closing that gap is where the work is.”
“The AI revolution has made legacy modernization urgent in a way nothing else has.” - Link
RBI Governor Sanjay Malhotra says it would be premature to talk about a rate hike:
“If it was so certain that we are going to hike (the repo rate) in the coming months, then we would have changed the stance from neutral to restrictive. We did not do that.
“We did not do that precisely because there is elevated uncertainty. So I think it will be premature to talk about a rate hike. What we have said is that we are cautious.”
“As of now, what we see is that the inflation is still less than 4% (May reading: 3.93% year-on-year), Most of it due to food. Core inflation is about 2 plus per cent (2.4% or so). But yes, WPI did go up. It was 8.3% in April, 9.7% last month. So we are watching that.
“Again, there is a lot of concentration. A lot of the increase in WPI is because of fuel. Now, whether it generalizes or not is something that we have to wait and watch. That’s why last policy, we said this in so many words that we are looking as to whether or not it generalizes. And accordingly, we make the next policy move,” - Link
Corporate Actions & Events
Corporate Actions
Published by Zerodha. Not investment advice. Data from NSE, BSE, and MCX.
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