Nifty steady at 26,200; Strong GDP data and RBI meeting to guide markets 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 video series, we explore how to run a proper trading backtest end-to-end — starting with forming a clear hypothesis and turning it into a precise, testable rule set, then generating Pine Script code (using Claude AI) and running the backtest on TradingView. From there, we break down how to export and analyse the full trade log in depth, while also covering the nuances that matter in real-world testing, including continuous futures, back-adjusted data, instrument limitations, and where TradingView works well — and where it doesn’t — in a trader’s workflow.
Market Overview
Nifty opened with a modest 21-point gap-up at 26,237 and spent the first hour moving in a narrow, choppy range between 26,210 and 26,250, reflecting subdued intraday sentiment. The index briefly attempted to test the 26,280 zone but gradually drifted back toward 26,230, lacking any meaningful directional strength.
In the second half, Nifty tightened further into an even narrower 26,200–26,230 band, with volatility collapsing near the close. The index eventually settled at 26,202.95, ending the day almost flat with a slight negative bias.
Overall, it was a quiet, range-bound session, with the index struggling to build momentum despite hovering near record highs.
Looking ahead, markets are expected to stay highly sensitive to developments around the India–U.S. trade deal and broader global cues. With GDP data coming in stronger than anticipated, traders will also watch next week’s RBI policy closely for further direction.
Broader Market Performance:
The broader markets had a mixed session, slightly tilted towards bearish bias. Of the 3,187 stocks traded on the NSE, 1,527 advanced, 1,555 declined, and 105 remained unchanged.
Sectoral Performance:
Nifty Auto was the top gainer of the day, rising 0.62%, while Nifty Energy was the worst performer, declining 0.58%. Out of the 12 sectoral indices, 8 closed in the green and 4 ended in the red, indicating a moderately positive market breadth.
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 2nd December:
The maximum Call Open Interest (OI) is observed at 26,500, followed by 26,300, indicating potential resistance at the 26,300 -26,400 levels.
The maximum Put Open Interest (OI) is observed at 26,000, followed by 26,100 & 26200, suggesting support at the 26,100 to 26,000 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
Tijori is an investment research platform, and they have constructed niche indices for various themes and sub-sectors. They help you understand the market performance of narrow slices of the market. You can also track the Promoter buying and other interesting stuff, like Capex activity by the companies in the Tijori App’s idea dashboard
What’s happening in India
India’s GDP grew 8.2% in Q2 FY26, its fastest pace in six quarters and well above expectations, compared to 5.6% a year earlier. The acceleration was driven by stronger rural demand and higher government spending, even as private capex stayed muted. This follows 7.8% growth in the April–June quarter. Dive deeper
The Petroleum and Natural Gas Regulatory Board set GAIL’s Integrated Natural Gas Pipeline tariff at Rs 77.98 per MMBTU from January 2025 and deferred full cost recovery to 2028. It also rejected GAIL’s requests to include major capital and operating costs, transmission losses, and customer reclassification. Dive deeper
Emcure Pharmaceuticals said the Maharashtra Goods and Services Tax Department conducted a search at its Mumbai offices under Section 67 of the GST Act, with no adverse remarks reported. The company said the exercise had no impact on its operations or financials. Dive deeper
Zydus Lifesciences received USFDA approvals for its type 2 diabetes combination tablets and for Verapamil Hydrochloride extended release tablets for blood pressure. It also entered a US licensing and commercialisation pact with RK Pharma for a supportive oncology product. Dive deeper
Vedanta’s metals subsidiary ESL Steel plans to raise about Rs 2,000 crore through rupee-denominated non-convertible debentures, following a Rs 5,000 crore raise earlier this year. The move comes as Vedanta and its parent Vedanta Resources continue efforts to manage leverage and reduce consolidated debt. Dive deeper
Sudeep Pharma made a strong market debut, listing at nearly a 24% premium and rising further in early trade after its Rs 895 crore IPO saw heavy demand across investor categories. Dive deeper
The government rejected the International Monetary Fund’s assumption that the US 50% tariffs on India will remain indefinitely and said the IMF overstated the growth impact. The IMF had estimated a GDP hit of 0.4% in 2025 to 26 and 0.3% the following year. Dive deeper
What’s happening globally
Brent crude traded below USD 63 per barrel and was on track for a fourth straight monthly decline amid rising oversupply concerns. Dive deeper
Gold traded above USD 4,200 per ounce, close to a two-week high and heading for a fourth monthly gain on rising expectations of a December Federal Reserve rate cut. Dive deeper
UK car production fell 23.8 percent in October to its lowest level for the month since 1952 after a cyberattack forced a five-week shutdown at Jaguar Land Rover. Output for both domestic and export markets declined, though electrified vehicles made up nearly half of total production. Dive deeper
Germany’s retail sales fell 0.3 percent in October, missing expectations and marking the fifth monthly drop this year, with non-food and online sales declining while food sales rose. Year on year, retail trade grew 0.9 percent. Dive deeper
Core consumer prices in Tokyo rose 2.8 percent in November, staying above the Bank of Japan’s target and fueling speculation of a possible December rate hike. Officials signaled caution, noting moderate economic recovery and global trade risks. Dive deeper
France’s annual inflation held at 0.9 percent in November, below expectations, as service and manufactured goods prices eased while energy and food declines moderated. Month on month, consumer prices slipped 0.1 percent and the EU harmonised index fell 0.2 percent. Dive deeper
The French antitrust watchdog dismissed a complaint by search engine Qwant accusing Microsoft of abusing its dominant position, saying the evidence was not sufficient. It also declined Qwant’s request for interim action against Microsoft. Dive deeper
Management chatter
In this section, we highlight interesting comments made by the management of major companies and policymakers from the Indian and Global Economies.
M. Nagaraju, Secretary, Department of Financial Services, on Unified Portal for Unclaimed Assets
“We are working with the Reserve Bank of India to develop a unified portal for citizens to claim all unclaimed assets across bank deposits, pension funds, shares, and dividends.”
“The portal is expected to be launched soon.”
“It will make it substantially easier for citizens to locate their unclaimed funds, enhancing convenience, transparency, and trust.” - Link
Moody’s Ratings on India’s Growth Outlook
“India will lead growth among emerging markets and across the region, with GDP growing 7% in 2025 and 6.4% in 2026.”
“India’s domestic growth drivers underpin its economic resilience amid global uncertainty.”
“Most rated companies have active currency risk management or strong financial buffers despite the rupee’s weakness.” - Link
Sankar Chatterjee, CEO, Decathlon India, on Expansion Plans
“We will hire 2,500 new people and invest €100 million in India by 2030.”
“We aim to double revenues to ₹8,000 crore as we capitalise on the growing sports market in India.”
“Our focus is not on premiumisation but on affordability and economies of scale.” - Link
India Ratings & Research (Ind-Ra) on RBI’s Trade-Relief Measures for Exporters
“The RBI’s relief measures will partially ease near-term liquidity pressure on mid and emerging corporates.”
“The loan repayment deferral significantly offsets vulnerable export EBITDA for eligible sub-investment grade issuers.”
“Sustainability and solvency depend on reversing trade measures, recovering lost revenue, and finding alternative markets to service debt maturing in 2027.” - Link
Namit Joshi, Chairman, Pharmexcil, on Pharma Export Momentum
“Our move from fifth to fourth position reflects strong performance in generics, contributing USD 16 billion.”
“The US and Europe continue to account for 50–53 percent of our exports.”
“Despite initial tariff concerns under Section 232, no duties have been imposed, and exports remain in positive territory.” - Link
🧑🏻💻Have you checked out The Chatter?
Every week, we listen to the big Indian earnings calls—Reliance, HDFC Bank, and even smaller logistics firms—and copy the full transcripts. We then remove the fluff and keep only the sentences that could move a share price: a surprise price hike, a cut-back on factory spending, a warning about weak monsoon sales, or a hint from management on RBI liquidity. We add a quick, one-line explainer and a timestamp so you can trace the quote back to the call. The whole thing lands in your inbox as one sharp page of facts you can read in three minutes—no 40-page decks, no jargon, just the hard stuff that matters for your trades and your macro view.
Go check out The Chatter here.
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Calendars
In the coming days, we have the following significant events and corporate actions:
That’s it from us for today. We’d love to hear your feedback in the comments, and feel free to share this with your friends to spread the word!
UBS forecasts India will emerge as a top beneficiary in Asia, positioned to gain from rising corporate profits as Asian equity markets trade at attractive valuations compared to global peers
https://www.perplexity.ai/page/ubs-sees-india-poised-for-stro-VZ85UTqRQGiDeaQceorRIA