Nifty ends above 24,250 despite fading momentum in the second half
Keeping both bulls & bears in the fray for next week
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 flip the question from last time — what happens to a stock when it gets removed from Nifty 50?
We analysed 33 exclusion events between 2015 and 2025. The short trade doesn’t hold up. The contrarian long is interesting but messy. And buried inside the data are two very different types of stocks — fallen angels and fallen knives. Telling them apart is where the real edge lies.
Markets Today
Nifty opened with a sharp 200-point gap up at 24,376, continuing its steady upmove despite mixed global cues. The index traded between 24,320 and 24,350 for the large part of the first half after witnessing initial volatility in the first few minutes.
Buying interest resurfaced around noon, helping the index briefly retest the day’s highs near 24,370 before sellers regained control.
In the second half, profit-booking intensified. Nifty drifted lower through the afternoon, slipping below the 24,300 mark by around 1:30 PM and gradually extending losses toward the 24,250-24,260 zone. The index remained under pressure for most of the final hour, with only minor recovery attempts along the way, and eventually ended the day at 24,270.85.
The day was marked by a strong opening, failed attempts to sustain higher levels, and steady second-half selling that erased a large part of the early gains.
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 7th July:
The maximum Call Open Interest (OI) is observed at 24,500, followed by 24,400, indicating potential resistance at the 24,400 -24,500 levels.
The maximum Put Open Interest (OI) is observed at 24,000, followed by 23,900, suggesting support at 24,000-23,900.
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
India's services sector expanded at its slowest pace in 17 months in June, with the HSBC Services PMI easing to 57.4 from 59.8 in May as softer domestic demand and weaker client interest weighed on activity. New business growth slowed to its weakest pace in over two-and-a-half years, though the sector continued to remain firmly in expansion territory. Dive deeper
India has allowed four Chinese power equipment manufacturers with local manufacturing facilities TBEA Energy, Nanjing Electric India, New Northeast Electric India, and Taikai Electric (India)- to participate in government tenders for critical power projects, according to a Finance Ministry order dated June 24. Dive deeper
India’s foreign exchange reserves fell by $5.65 billion to $666.93 billion in the week ended June 26, according to the RBI. The decline was driven mainly by a $5.39 billion fall in gold reserves to $102.53 billion, while foreign currency assets, the largest component of reserves, edged down by $150 million. Dive deeper
HCLTech has secured a $1.14 billion, five-year contract from an unnamed European Fortune Global 50 company to build an AI-driven operating model and manage its global digital workplace and enterprise networks. The deal, which runs through December 2031 with an option to extend for another five years. Dive deeper
The U.S. remained India's largest supplier of liquefied petroleum gas (LPG) in June, with imports rising 19.4% month-on-month to 773.8 thousand metric tonnes, ahead of traditional Gulf suppliers. India's total LPG imports increased 3% to 1,191 TMT, supported by supply diversification and long-term procurement agreements with U.S. producers. Dive deeper
Shares of PB Fintech fell 5% after a unit of Temasek Holdings reportedly sold a 2.37% stake through a block deal worth up to ₹1,740 crore. The transaction was priced at ₹1,601 per share, nearly 5% below the previous day's closing price. Dive deeper
Shares of Sumitomo Chemical India rallied around 14%, on track for their biggest single-day gain since September 2024. The surge followed news that parent company Sumitomo Chemical’s Korean subsidiary, Dongwoo Fine-Chem, signed a JV agreement with Samsung Electro-Mechanics for glass core substrates used in advanced semiconductor packaging. Dive deeper
Top Stories Globally
Brent crude traded around $72 a barrel in thin trading, hovering near pre-conflict levels as shipping through the Strait of Hormuz continued to recover amid progress in U.S.–Iran peace talks. Improved supply from key producers also weighed on prices, with Saudi Arabia restoring crude exports to about 90% of pre-war levels alongside a strong rebound in UAE shipments. Dive deeper
Microsoft has launched a new operating entity, Microsoft Frontier Company, with $2.5 billion in funding to help enterprises choose and deploy AI technologies that deliver measurable business returns. The initiative will initially work with clients including Unilever and Novo Nordisk, reflecting a growing trend of businesses adopting a mix of proprietary and open-source AI models rather than relying on a single provider. Dive deeper
Gold rose toward $4,200 an ounce, extending gains as weaker-than-expected U.S. jobs data reduced expectations of further Federal Reserve rate hikes. The U.S. added just 57,000 jobs in June, well below forecasts, boosting demand for the non-yielding precious metal. Dive deeper
Europe’s benchmark STOXX Europe 600 Index traded near a record high and was on track for its best weekly performance in over a month, supported by gains in cyclical stocks. Investors looked past expectations of a near-term U.S. rate hike, with the index rising 0.2% after touching an all-time high earlier in the session. 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.
Manish Tiwary, Chairman and MD of Nestle India, on consumption & demand:
“FY26 was not a straightforward year for India’s consumption economy. Food inflation shaped household choices in ways that went far beyond price; families reconsidered pack sizes, purchase frequencies, and category priorities.”
“Although rural demand improved, it remained dependent on monsoon outcomes and farm incomes. Meanwhile, urban demand held up, but remained uneven across income segments. Globally, energy costs, freight disruptions, and geopolitical uncertainty continued to move input costs in ways that required constant attention.”
“Over the next several years, we are making deliberate, thought-through bets: first on expanding presence in tier ii and tier iii towns, where consumption is rising faster than in metros, by building a portfolio available across multiple price points, premiumising, and ensuring accessibility through technology”
“There will be quarters that test us. There will be bets that don’t pay off immediately, but that is the nature of building something that lasts,” - Link
Mark Zuckerberg, CEO of Meta, acknowledged shortcomings in the company's sweeping restructuring:
The "trajectory of the agentic development over at least the last four months hasn't really accelerated in the way that we expected," and the company's bets on the new structure "haven't come to fruition yet." - Link
Corporate Actions & Events
Corporate Actions
Published by Zerodha. Not investment advice. Data from NSE, BSE, and MCX.
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