Nifty steadily climbs above 24,150; IT stocks rebound
Broader markets continue to outperform
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 56-point gap up at 24,062, led by a strong recovery in IT stocks despite lacklustre global cues. After a firm start, the index climbed toward the 24,150 mark within the first hour before witnessing profit-booking that dragged it back to around 24,075 after 10 AM.
The index then traded with a positive bias through the late morning session. After a brief dip around 11:30 AM, buying resumed, helping Nifty steadily recover and reclaim the 24,120–24,140 zone by noon.
In the second half, momentum strengthened further. Nifty gradually moved higher through the afternoon, crossing 24,150 around 2:30 PM before extending gains to the day’s high near 24,190 shortly before 3 PM.
Some mild profit-booking emerged in the final few minutes, trimming a part of the gains. However, Nifty comfortably held above the 24,150 mark and closed the day at 24,175.70.
The session was marked by a strong opening, steady buying through most of the day, and a late push to fresh intraday highs, with only minor profit-booking into the close.
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 24,200, indicating potential resistance at the 24,300 -24,400 levels.
The maximum Put Open Interest (OI) is observed at 24,000, followed by 24,100, 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
Shares of Bank of Baroda fell 4% after its Abu Dhabi arm paid $600 million (around ₹5,700 crore) to settle a legal dispute with NMC Health over the insolvency of NMC entities. The settlement resolves all claims between the parties without any admission of liability or wrongdoing. Dive deeper
PM Modi will formally inaugurate commercial production at CG Semi's semiconductor packaging facility in Sanand on July 4. The company has already begun exporting assembled chips to Malaysia, marking a key milestone in India's efforts to build a domestic semiconductor manufacturing ecosystem. Dive deeper
Adani Enterprises has formed a joint venture with Abu Dhabi-based International Resources Holding to develop a $11.5 billion integrated aluminium plant in Odisha. Dive deeper
Shares of Balaji Amines jumped nearly 6% after investors welcomed the prospect of anti-dumping duties on ethylene diamine imports from China, the European Union, Saudi Arabia, and Taiwan. Dive deeper
Adar Poonawalla Family Office, through Rising Sun Holdings, has invested ₹700 crore in Inox Clean Energy for a 1% stake. The investment will support Inox Clean’s expansion across renewable power generation and solar manufacturing. Dive deeper
Top Stories Globally
Crude oil prices fell around 2% to nearly $67 per barrel, extending losses for a third straight session to pre-conflict levels. Prices eased as oil shipments through the Strait of Hormuz recovered, with the UAE restoring exports to over 3.9 million barrels per day, boosting overall supply. Dive deeper
OpenAI is reportedly discussing a proposal to give the U.S. government a 5% stake, as AI firms face scrutiny from the Trump administration over advanced model misuse and profit-sharing. The proposal may extend to other U.S. AI companies, though it remains unclear whether they would agree. Dive deeper
The U.S. economy added 57,000 jobs in June, well below the revised 129,000 gain in May and forecasts of 110,000. The print marks the weakest job growth in four months, though it remains above the prior 12-month average of 36,000. Dive deeper
South Korea's benchmark KOSPI plunged 7.9% to its lowest level in more than three weeks as a global selloff in AI-linked semiconductor stocks weighed on market sentiment. Heavyweight chipmakers led the decline after overnight losses in U.S. technology stocks sparked concerns over the sustainability of AI spending. Dive deeper
Tesla's China-made EV sales rose for the eighth straight month in June, with Model 3 and Model Y deliveries from its Shanghai plant up 24.4% YoY to 89,091 units. The growth was supported by a continued recovery in Tesla's European sales, where the Shanghai facility serves as a key export hub. 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.
Alex Karp, Co-founder and CEO of Palantir on token-based business models of OpenAI and Anthropic “Insane”:
“And the basic view among enterprises in this country is, ‘I’m going to chillax and waste my time with tokens. I’m going to get no value, and they’re going to get my IP (Intellectual Property)’’
“Every single enterprise I deal with... these people are livid. They’re like, ‘I am paying for tokens that create no value. These people are stealing the weights and alpha of my business.‘‘ - Link
Federal Reserve Chairman Kevin Warsh on Inflation and AI:
“Inflation risks have come down; energy prices have come down quite substantially”
“They’re still a bit above where they were pre-conflict, but they’ve come down”
“We’re all being hit by a series of shocks in the U.S. The AI shock is leading to a boom in capital expenditures. We see that first and foremost in demand, but I’m confident we’re going to see it in supply at some point. So we’re spending most of our time trying to monitor those developments.” - Link
Kamal Gianchandani, President, Multiplex Association of India on 21% surge in Indian box office collections in H1 2026:
“This was due to growth in footfalls and an increase in ticket prices. Consumers are coming back to cinemas more often. The first half of 2026 has demonstrated the resilience and enduring appeal of the theatrical business.” - Link
Corporate Actions & Events
Corporate Actions
Published by Zerodha. Not investment advice. Data from NSE, BSE, and MCX.
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