Nifty ends June on a softer note, led by weakness in IT stocks
Broader markets outperformed with a 0.5-1% upmove
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 argue that many of the ideas that transformed investing didn’t come from trading desks—they came from academic research papers.
In this episode, we walk through four papers that didn’t just describe markets but rewired how we understand them:
Harry Markowitz (1952) — why picking the “best” stock is gambling, and why diversification is the only free lunch in investing.
William Sharpe (1964) — why some risk can’t be diversified away, and how beta became the price tag for bearing it.
Eugene Fama (1991) — an honest reassessment of market efficiency, including the cracks Fama himself admitted existed in his own theory.
Fama & French (1992) — why beta explains almost nothing, and how size and value quietly became the real drivers of stock returns.
Markets Today
Nifty opened with an 86-point gap up at 24,032, tracking stable global cues, but came under selling pressure immediately after the opening bell. The index slipped sharply toward the 23,860 zone in the first half hour before gradually recovering through the morning session.
Buying momentum strengthened after 11 AM, helping Nifty reclaim the 23,900 mark. The index briefly surged up to 23,990 around 11:20 AM before giving up some gains and settling into a narrow range between 23,920 and 23,950 through the early afternoon.
Volatility picked up again after 2 PM. Nifty first slipped below 23,900, then rebounded sharply toward 23,950-960, only to witness another bout of heavy selling around 3 PM that dragged it to the day’s low near 23,830. After some recovery in the final few minutes, the index ended the day at 23,865.75.
The monthly expiry session was marked by sharp intraday swings and heightened volatility, with the final 30-minute sell-off pushing the close near the lower end of its intraday range.
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 24,000, followed by 24,200, indicating potential resistance at the 24,100 -24,200 levels.
The maximum Put Open Interest (OI) is observed at 24,000, followed by 23,500, suggesting support at 23,800-23,700.
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 is on track to record its third-driest June in a century, with rainfall 42% below normal as of the end of the month due to a strengthening El Niño disrupting the southwest monsoon. The country has received just 92.2 mm of rain so far against the normal 157.7 mm, with only 2009 and 2014 recording drier Junes over the past 100 years. Dive deeper
India's kharif sowing is lagging due to the delayed and slow progress of the southwest monsoon, with total acreage down 23% year-on-year to 18.27 million hectares. Paddy, pulses, oilseeds, coarse cereals, and cotton have all recorded lower sowing, with paddy acreage falling 25% and oilseeds plunging over 53% from a year ago. Dive deeper
The Centre's fiscal deficit stood at ₹1.62 lakh crore at the end of May, or 9.6% of the FY27 budget target, according to the Controller General of Accounts. While significantly higher than the 0.8% recorded a year ago, the deficit narrowed from ₹3.62 lakh crore in April, reflecting an improvement in the government's fiscal position. Dive deeper
The Indian rupee posted its first quarterly gain since March 2025, rising about 0.2% during the June quarter, supported by lower crude oil prices and policy measures aimed at attracting dollar inflows. Despite slipping to 94.66 per dollar on Tuesday as the U.S. dollar strengthened, the rupee gained 0.3% during the month. Dive deeper
Tata Communications will invest in new subsea cable infrastructure to expand fibre connectivity between India and Singapore, catering to rising demand from cloud, data centres, and AI services. Dive deeper
Kotak Mahindra Bank will acquire Deutsche Bank's retail banking, affluent private banking, and wealth management business in India for ₹282 crore. The deal includes ₹29,000 crore in loans, ₹16,000 crore in deposits, and ₹10,500 crore in assets under management, with completion expected by September 2027, subject to regulatory approvals. Dive deeper
Shares of Ather Energy rose nearly 4% to a fresh 52-week high, while Ola Electric gained 8% after the Delhi Cabinet approved the EV Policy 2026. The policy also boosted other EV-related stocks on expectations of stronger demand and faster electric vehicle adoption. Dive deeper
Coal India plans to invest around ₹1,900 crore in research and development by FY2030 to improve mine productivity, reduce emissions, and commercialise cleaner coal technologies. Dive deeper
Top Stories Globally
Gold held near $4,020 an ounce, close to its lowest level since November 2025, as a stronger U.S. dollar and expectations of higher U.S. interest rates continued to weigh on prices. Bullion was down 11% in June and 14% for the quarter, marking its steepest quarterly decline since Q2 2013. Dive deeper
Crude oil traded near $70.7 per barrel, capping a roughly 30% decline in the second quarter, its steepest quarterly drop since 2020. Prices fell as improved shipping through the Strait of Hormuz and U.S. sanctions waivers on Iranian oil boosted global supply expectations. Dive deeper
Germany's annual inflation eased to 2.4% in June from 2.7% in May, coming in below Reuters' forecast of 2.5%. Core inflation, which excludes food and energy, remained unchanged at 2.5%, according to preliminary data. Dive deeper
Shares of Siemens Energy rose about 5% after the company gave an optimistic outlook on order inflows during its third-quarter pre-close call, easing concerns that demand for gas turbines could peak in 2026. Dive deeper
Meituan said it has open-sourced its next-generation LongCat large language model, claiming it is the world's first trillion-parameter AI system trained and operated entirely on a 50,000-chip cluster powered by Chinese-made processors. 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.
N Chandrasekaran, Chairman of Indian Hotels, is targeting ₹6,000-7500 crore in capital expenditure over the next five years:
“The scope for expansion is very high. Why can’t we have a Ginger hotel at every district headquarters? Today we have 250 Ginger hotels, and we can target 1,000 hotels over a period.” - Link
Chief Economic Adviser V. Anantha Nageswaran on how India’s growing pension savings can play a crucial role in financing infrastructure:
Pension funds, given their long investment horizon and patient capital, are well suited to back long-term development projects that match their future liabilities.
In many advanced economies, Pension funds have grappled with funding gaps, particularly during prolonged periods of ultra-low interest rates that encouraged greater risk-taking. Although rising interest rates have narrowed those gaps, he cautioned that new risks have emerged as pension funds increasingly allocate capital to illiquid and macro-sensitive assets. - Link
Corporate Actions & Events
Corporate Actions
Published by Zerodha. Not investment advice. Data from NSE, BSE, and MCX.
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