Nifty settles above 24,850 after a rangebound session ahead of expiry
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Market Overview
Nifty 50 opened with a 70-point gap-up at 24,890.40 but turned weak soon after, slipping to test the 24,800 level within the first 90 minutes. The index then recovered nearly 100 points, reclaiming the 24,900 mark by noon. For the rest of the day, Nifty consolidated in a narrow range between 24,830 and 24,880, eventually closing at 24,855.05, up 0.13%.
Overall, market sentiment remained cautious, weighed down by weak earnings or muted investor response to otherwise decent results. Looking ahead, investors continue to monitor upcoming earnings announcements and global trade developments.
Broader Market Performance:
Broader markets had a mixed session today. Of the 3,057 stocks traded on the NSE, 1,507 advanced, 1,463 declined, and 87 remained unchanged.
Sectoral Performance
Nifty IT emerged as the top-gaining sector with a rise of 0.31%, followed by Nifty FMCG and Nifty Consumer Durables, which gained 0.24% and 0.23% respectively. On the other hand, Nifty Realty was the worst performer, slipping 0.96%, followed by Nifty Media and Nifty PSU Bank, which fell 0.79% and 0.66% respectively. Out of the 12 sectoral indices, 6 sectors ended in the green while the remaining 6 closed in the red, indicating a mixed trend across the market.
Note: The above numbers for Commodity futures were taken around 4 pm. Here’s the trend of FII-DII activity from the last 5 days:
Change in OI for the day
The following is the change in OI for Nifty contracts expiring on 31st July:
The maximum Call Open Interest (OI) is observed at 25,000, followed closely by 24,900, suggesting strong resistance at 25,000 - 25,100 levels.
The maximum Put Open Interest (OI) is observed at 24,800, followed closely by 24,700, suggesting strong support at 24,700 to 24,600 levels.
Note: OI is subject to multiple interpretations, but generally, an increase in Call OI indicates resistance in a falling market, and an increase in Put OI indicates support in a rising market.
Source: Sensibull
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What’s happening in India
The US will impose a 25% tariff on Indian goods starting August 1, with additional penalties, citing India's purchases of Russian energy and defense equipment. President Trump noted concerns over trade barriers and tariff levels, stating the move aligns with US foreign policy and trade priorities. Dive deeper
Indian government bonds traded in a narrow range as traders awaited the US Fed’s policy outcome and Friday’s ₹320 billion debt auction. Sentiment remained cautious amid unwinding of earlier rate-cut bets, though easing US yields offered mild support. OIS rates stayed largely steady with a receiving bias. Dive deeper
The rupee weakened to 87.7/USD in late July, nearing record lows amid tariff threats from the US and a dovish RBI outlook. President Trump announced a 25% tariff on Indian goods starting Friday, citing stalled trade talks and ties with Russia. Easing inflation at 2.1% has reinforced rate cut expectations. Dive deeper
Schneider Electric will buy Temasek’s 35% stake in its India JV for ₹55,465 crore to gain full control. The move aims to accelerate decisions in its third-largest market. Regulatory approval is pending. Dive deeper
Adani Ports received strong demand for its dollar bond buyback, with the 4.2% 2027 notes oversubscribed and accepted at a proration factor of 65.46%. Tenders for the 4.0% 2027 and 4.375% 2029 notes were below caps and accepted in full. Dive deeper
Zydus Wellness reported a 13.4% YoY drop in Q1 net profit to ₹127.9 crore, impacted by unseasonal rains, a shorter summer, and higher expenses. Revenue rose slightly to ₹860.9 crore, while ad spends and overall costs increased. Most brands saw gross margin gains despite seasonal headwinds. Dive deeper
Reliance is reportedly planning a $6 billion IPO for Jio by floating 5% of the unit, potentially making it the largest global IPO of 2025. The offer may seek SEBI’s nod for a reduced float, citing market depth concerns. The listing could offer exits to early backers like Meta and Google. Dive deeper
PNB’s Q1 standalone net profit fell 48% YoY to ₹1,675 crore due to a one-time tax hit, though total income rose 16% to ₹37,232 crore. Asset quality improved with gross NPAs down to 3.78% and net NPAs at 0.38%. Retail and MSME advances saw strong double-digit growth. Dive deeper
Tata Motors is reportedly planning a $4.5 billion acquisition of Italy’s Iveco, its largest ever. The deal comes as the company faces ongoing capital demands for EV transition, emission upgrades, and tariff-related challenges. Iveco’s defence unit will be excluded from the transaction. Dive deeper
Goa earned ₹1,661 crore in recurring fees from onshore and offshore casinos over the past five years, according to CM Pramod Sawant. The state is working with the Ports Department to identify permanent alternative locations for offshore casinos currently in the Mandovi River. Dive deeper
Hyundai Motor India’s Q1 net profit declined 7.7% YoY to ₹1,335.7 crore, with revenue down 5.8% and EBITDA falling 8.7%. Margins shrank slightly to 12%. The company plans to launch 26 products by 2030 and expects a gradual recovery in demand. Dive deeper
DMart shares surged after the company announced a new store in Pathankot and plans to accelerate store expansions, while reaffirming that quick commerce poses no major competitive threat. Margin pressures persist due to intense FMCG competition and deflation in staple categories. Dive deeper
Power Grid’s Q1 consolidated profit declined 2.5% YoY to ₹3,630 crore, while revenue rose 1.7% to ₹11,196 crore. Transmission revenue dipped slightly, but consultancy and telecom segments posted strong growth. Margins narrowed, with net profit margin at 32% and operating margin at 85%. Dive deeper
KEC International has secured new orders worth ₹1,509 crore across its T&D, transportation, and cables businesses. Projects include transmission lines in India and overseas, and a JV order under the Indian Railways' TCAS 'Kavach' system. Year-to-date order intake has crossed ₹7,000 crore. Dive deeper
India’s sugar output fell 18% YoY to 25.82 million tonnes till July in the ongoing season, due to adverse weather, lower cane availability, and higher ethanol diversion. NFCSFL expects total production to reach 26.11 million tonnes, well below last year’s 31.9 million. Output may rebound next season with better monsoons and increased cane area. Dive deeper
ACME Solar’s Q1 net profit jumped 9,319% YoY to ₹131 crore, driven by strong revenue growth, margin expansion, and higher electricity generation. Operational capacity rose to 2,890 MW with improved CUF and new project wins. PAT margin stood at 22.4% for the quarter. Dive deeper
PNB’s Q1 net profit fell 48% YoY to ₹1,675 crore due to a one-time tax expense, though total income rose 16% to ₹37,232 crore. Asset quality improved, with gross NPAs at 3.78% and net NPAs at 0.38%. Retail and MSME loans saw strong growth. Dive deeper
The Centre aims to collect ₹4.18 lakh crore from cess and ₹1.72 lakh crore from surcharges in FY26, marking an 8% and 13% increase, respectively, over FY25 revised estimates. These levies fund specific central schemes but are not part of the divisible pool shared with states. Dive deeper
The IMF has raised India’s FY26 and FY27 growth forecasts to 6.4%, citing a more supportive global environment. The upgrade aligns with improved global growth estimates, though overall projections remain below pre-pandemic averages. Dive deeper
Jio led wireless subscriber additions in June with 2.19 million new users, while Airtel added 1.03 million. Vodafone Idea lost over 2.1 lakh users, continuing its decline. The total telecom user base rose to 1.218 billion, with Jio maintaining its lead across wireless, wireline, and broadband segments. Dive deeper
GMR Airports’ Q1 loss widened to ₹212 crore from ₹142 crore YoY, despite a 33% rise in revenue to ₹3,205 crore and a 46% jump in EBITDA. Passenger traffic dipped 1.2% due to airspace disruptions. The board approved raising ₹6,000 crore via NCDs for bond refinancing. Dive deeper
Bank of India reported a 32% YoY rise in Q1 net profit to ₹2,252 crore, while NII fell 3.3% and NIM declined to 2.55%. Asset quality improved with a 29% drop in gross NPAs and PCR rising to 92.94%. Global business crossed ₹15 lakh crore, led by strong retail and MSME loan growth. Dive deeper
What’s happening globally
The US Fed wraps up its July meeting tonight, with Jerome Powell set to speak amid rising rate cut speculation. Dive deeper
Brent crude held near $72.5, a five-week high, amid supply concerns after President Trump issued a 10-day deadline to Russia, threatening 100% secondary tariffs. The US–EU trade deal also eased broader demand worries. However, a surprise US inventory build capped gains. Dive deeper
Gold held near $3,320/oz, close to a three-week low, as easing trade tensions reduced safe-haven demand. A US–EU tariff deal and ongoing global talks have calmed market nerves. Focus now shifts to the Fed’s policy decision and Powell’s guidance on future rate cuts. Dive deeper
The US economy grew 3% annualized in Q2 2025, rebounding from a 0.5% contraction in Q1 and beating expectations of 2.4%. Growth was driven by a sharp fall in imports and stronger consumer spending, while fixed investment and exports weakened. Inventory drawdowns weighed heavily on the overall expansion. Dive deeper
The US private sector added 104,000 jobs in July, rebounding from a revised June loss and beating forecasts. Gains were led by leisure, hospitality, and construction, while education and health shed 38,000 jobs. Pay growth remained steady at 4.4% for job-stayers and 7% for changers. Dive deeper
Mexico’s GDP grew 0.7% QoQ in Q2 2025, the fastest since Q3 2024 and above the 0.4% forecast. Growth was led by services and manufacturing, offsetting a 1.3% drop in primary industries. On a yearly basis, GDP rose a modest 0.1%. Dive deeper
Mercedes-Benz has paused US deliveries of its EQ electric vehicles due to faltering demand and rising dealership inventory. The move follows an early cut to EV tax credits under a recent US spending bill. The company expects long-term EV adoption to grow but is shifting focus back to combustion models for now. Dive deeper
Foxconn and TECO have partnered to develop AI data centres globally, combining expertise in servers and power infrastructure. Foxconn will take a 10% stake in TECO, while TECO will hold a small stake in Foxconn. The move supports both firms’ expansion beyond Taiwan. Dive deeper
Google will sign the EU’s AI Code of Practice despite concerns it may slow AI development in Europe. Issues raised include copyright, trade secrets, and approval delays. The company will work with the EU AI Office to address these challenges. Dive deeper
Management chatter
In this section, we pick out interesting comments made by the management of major companies and policymakers of the Indian and Global Economy.
Amit Syngle, CEO, Asian Paints, on Q1 FY26 results and outlook
“The quarter has been much better than the others.”
“Lot of capex in the country and we are seeing a surge in both protective and industrial paints,”
“No magical recovery happening that will bring back the great demand in the first half... We are still cautious going ahead as we also have a shorter Diwali season compared to last year.” - Link
Pralhad Joshi, Union Minister of New and Renewable Energy, on rooftop solar installations
“The government launched PM Surya Ghar Muft Bijli Yojana in February 2024 for installing rooftop solar for one crore households by 2026-27 across all states and UTs in the country.”
“About 13 lakh employment opportunities are estimated to be created in renewable energy sector by June 2025.”
“As on June 30, a total of 11,279.39 MW electricity capacity from different renewable energy sources such as solar 5570 MW, wind 3195.15 MW, bio power 155.46 MW, and hydro power 2358.71 MW, has been installed.”
“The ministry has sanctioned eight solar parks of aggregate capacity 4248 MW in Madhya Pradesh.” - Link
Shripad Yesso Naik, Union Minister of State for New and Renewable Energy and Power, on IREDA’s QIP and IPO performance
“The timing and successful execution of Ireda's QIP after its IPO underscores a high level of investor confidence in the company and India's renewable energy sector.”
“The QIP was subscribed by marquee investors like Life Insurance Corporation 50% which reinforces the long-term institutional confidence in Ireda's business model and sectoral growth.”“The inclusion of global financial institutions like Morgan Stanley and Societe Generale as significant allottees shows that foreign investors also view Ireda as an attractive player in India's renewable energy financing space.” - Link
Hanneke Faber, CEO, Logitech, on shifting production and tariff impact
“We are well on track to reduce the amount of our products made in China to 10% of the total imported by the United States. It has already fallen from 40% to a little better than 30% now.”
“The manufacturing diversification that we’ve been doing out in Asia and in Mexico is exemplary. We’re not seeing any material cost increases from moving stuff around, and that’s quite a feat.”
“The tariffs are not a small thing, but we’ve been super agile, changing plans at a moment’s notice. That’s what we’ll continue to do.” - Link
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Calendars
In the coming days, we have the following significant events and corporate actions:
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Hey I see the index snapshot missing any idea why ?