Nifty defies weak global cues to close above 24,300 ahead of key earnings
Broader markets underperform
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 55-point gap up at 24,127, showing resilience despite weak and shaky global cues. After the positive start, the index steadily advanced through the morning, reclaiming the 24,250–24,280 zone within the first hour. While there were intermittent bouts of profit booking, Nifty largely held on to its gains and traded in a narrow range around 24,260–24,290 through the late morning session.
In the second half, the index remained range-bound initially before witnessing a brief dip around 2 PM, slipping toward the 24,220–24,230 zone. However, buying interest returned swiftly, triggering a strong rally in the final hour. Nifty climbed steadily, broke above 24,300, and eventually closed at 24,334.30, near the day’s high, as sustained buying helped the index end the week on a strong note despite higher oil prices and weak global markets.
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 21st July:
The maximum Call Open Interest (OI) is observed at 24,700, followed by 24,800, indicating potential resistance at the 24,500 -24,600 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
The Indian rupee recorded its sharpest weekly decline since May, closing at ₹96.28 per U.S. dollar, down about 1% for the week. The currency came under pressure from a 13% surge in Brent crude oil prices amid escalating US-Iran tensions and strong importer demand for dollars. Dive deeper
NTPC will consider raising up to ₹12,000 crore through the issuance of non-convertible debentures (NCDs) at its board meeting on July 24. Dive deeper
India's foreign exchange reserves rose by $964 million to $675.16 billion for the week ended July 10, 2026, according to the Reserve Bank of India. The increase was primarily driven by a $930 million rise in foreign currency assets, which climbed to $546.51 billion. Dive deeper
The AMFI has simplified the mutual fund transmission process for nominees of deceased investors by easing rules around address, name, and signature mismatches. The revised framework allows asset management companies to rely on the latest supported address records and adopt a standardized approach for resolving minor and major name or signature discrepancies. Dive deeper
JSW Steel reported a more than twofold rise in Q1FY27 consolidated net profit to ₹4,696 crore from ₹2,209 crore a year ago, while total income increased to ₹48,088 crore from ₹43,497 crore. During the quarter, the company also began construction of a 2 million tonne per annum steel plant in Andhra Pradesh with an investment of over ₹16,350 crore. Dive deeper
Federal Bank reported a 37% year-on-year rise in Q1FY27 net profit to ₹1,177 crore, driven by strong growth in net interest income, higher net interest margins, and lower fresh slippages. Net interest income increased 26% YoY to ₹2,946 crore, while other income declined 6% YoY to ₹1,048 crore. Dive deeper
India's smartphone shipments declined 10% year-on-year in the April–June 2026 quarter, marking the steepest June-quarter fall in six years, according to Counterpoint Research. The decline was primarily driven by record-high memory chip prices, which weighed on smartphone demand. Dive deeper
Havells India reported a 16.6% year-on-year decline in Q1FY27 consolidated net profit to ₹289.7 crore, weighed down by higher raw material costs and increased advertising spending. Revenue from operations rose 19.5% YoY to ₹6,518.2 crore. Dive deeper
Top Stories Globally
Crude oil traded near $81 per barrel, hovering around one-month highs as investors weighed the escalating conflict between the US and Iran. Prices remained supported after continued US strikes on Iranian military targets and concerns that the conflict could disrupt shipping through the Red Sea. Dive deeper
The Nikkei 225 Index plunged 4.03% to close at 64,140, while the broader TOPIX fell 2.72% to 3,919, with both benchmarks ending at their lowest levels in over a month. The selloff was driven by a sharp decline in semiconductor stocks amid growing concerns over elevated AI-related spending and stretched valuations. Dive deeper
Netflix forecast Q3 revenue of $12.86 billion and diluted earnings per share of $0.82, both below Wall Street expectations, while also announcing it will reduce the frequency of reporting viewing-hours data. The weak outlook sent Netflix shares down nearly 8.6% in after-hours trading. Dive deeper
Uber has agreed to acquire Delivery Hero in a deal valuing the company at $14.8 billion. The acquisition strengthens Uber's global food delivery business as it looks to compete more effectively with rivals such as DoorDash and Just Eat. Dive deeper
U.S. stock index futures declined on Friday, extending the previous session's losses as concerns over elevated AI-driven valuations continued to weigh on technology stocks. S&P 500 futures fell 0.9%, Nasdaq 100 futures dropped 1.9%, and Dow futures slipped 0.6%, while chip stocks remained under pressure despite strong earnings from TSMC. 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.
Hitesh Sethia, MD and CEO of Jio Finance, says that the company can borrow money at lower rates than most competitors, which is a major competitive advantage in lending:
“Our average cost of borrowing trends at 7.07%, which remains the lowest in the industry, reflecting the credit market’s high confidence in our structural underwriting strength and corporate governance. We have carefully diversified our funding base across term loans, commercial papers, and market instruments.” - Link
Arnab Banerjee, MD & CEO of CEAT Tyres, says that the underlying demand remains healthy across replacement and OEM channels despite recent price increases:
“Post the GST change, through Q3, Q4 and now Q1, demand has been robust across segments in the replacement market and in OEMs. You are aware of the numbers being reported by the commercial vehicle, passenger vehicle and two-wheeler industries.” - Link
Corporate Actions & Events
Corporate Actions
Published by Zerodha. Not investment advice. Data from NSE, BSE, and MCX.
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