Nifty wraps up a range-bound week in the 24,550-24,600 zone
Financials drag, while Auto & IT shine
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 go back to a question that should come before any strategy: does this market actually trend?
Most of what we know about systematic trading comes from deep, liquid US markets. But do those same ideas hold up in Indian commodity futures?
In this episode, we analyze the five most liquid MCX commodities (Gold, Silver, Copper, Crude Oil, and Natural Gas) using an 11-year baseline backtest to understand how they actually behave.
Instead of searching for the "best" commodity, we ask more fundamental questions: Do these markets really trend? Does direction matter? How consistent are those trends over time? And are backtest results telling the whole story? If you trade commodities or plan to—this framework may change how you interpret backtests before you put real money behind a strategy.
Markets Today
Nifty opened with a 97-point gap down at 24,536, tracking some softness in global markets and a slight uptick in oil prices. However, the index recovered quickly after the opening dip and climbed towards 24,625–630 within the first hour. The recovery proved short-lived, with selling pressure emerging around 10 AM and pulling Nifty lower towards 24,560.
Through the rest of the first half, the index remained volatile, oscillating largely between 24,540 and 24,590 before gradually drifting lower.
In the second half, Nifty continued to see choppy, range-bound trade, briefly recovering towards 24,580 before slipping to an intraday low near 24,525 around 2 PM. A late recovery helped the index regain some lost ground, with Nifty eventually closing at 24,570.65, around 70 points below the previous close but comfortably off the day's lows.
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 11th August:
The maximum Call Open Interest (OI) is observed at 24,600, followed by 25,000, indicating potential resistance at the 24,700 -24,800 levels.
The maximum Put Open Interest (OI) is observed at 24,600, followed by 24,500, suggesting support at 24,500-24,400.
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
State Bank of India (SBI) reported a 10.2% YoY increase in Q1FY27 net profit to ₹21,121 crore, aided by a 14.9% rise in net interest income to ₹46,992 crore. Asset quality also improved, with the gross NPA ratio declining to 1.47% from 1.83%, while the net NPA ratio fell to 0.38% from 0.47% a year ago. Dive deeper
Godrej Consumer Products reported an 11.5% YoY increase in Q1FY27 consolidated net profit to ₹505 crore, while revenue rose 18.3% to ₹4,225 crore. Growth was broad-based, supported by 9% underlying volume growth and a strong performance in the Africa business. Dive deeper
Hero MotoCorp reported a 16.9% YoY decline in Q1FY27 consolidated net profit to ₹1,418 crore, largely due to a high base from a ₹722 crore one-time gain in the year-ago quarter. Revenue surged 34.9% YoY to ₹13,126 crore, while two-wheeler sales grew 23% to 16.77 lakh units, reflecting strong underlying volume growth. Dive deeper
India’s electric vehicle retail sales hit a record 3.28 lakh units in July, surging 66% YoY, with EVs now accounting for nearly one in eight vehicles sold, according to FADA. Growth was led by electric two-wheelers, up 88% to 2.04 lakh units, while electric passenger vehicle sales jumped 83% to 32,928 units and electric three-wheelers grew 25% to 87,055 units. Dive deeper
The RBI’s proposed restrictions on revolving credit lines for NBFCs could weigh on loan growth and profitability, particularly for Bajaj Finance and Tata Capital. The proposed framework would limit NBFCs to term loans with fixed repayment schedules and non-replenishing sanctioned limits, potentially forcing lenders to redesign reusable credit products and affecting customer acquisition, fee income and yields. Dive deeper
Ola Electric Mobility narrowed its Q1FY27 net loss by 21% to ₹336 crore, as a sharp recovery in volumes lifted its market share to 8.4% from 5.1% in the previous quarter. Orders nearly doubled QoQ to 44,071 units, while deliveries rose 94% to 39,192 units and automotive revenue increased 72% to ₹455 crore. The company has also shifted to a dealership-led model to expand its retail reach and accelerate sales. Dive deeper
Titan Company reported a 65% YoY jump in Q1FY27 consolidated net profit to ₹1,699 crore, while revenue rose 24.3% to ₹18,101 crore. The jewellery portfolio grew 43%, supported by strong festival and Akshaya Tritiya demand, while the watches portfolio grew 21%, driven by premiumisation and strong demand for analog watches despite a decline in the smartwatches business. Dive deeper
Top Stories Globally
Crude oil traded around $77 per barrel, fluctuating between gains and losses as markets weighed negotiations over the Strait of Hormuz against renewed geopolitical tensions. Optimism over a partial reopening faded as Iran reportedly sought to restrict U.S. and Israeli vessels and impose fees on some countries, while the U.S. pushed for unrestricted transit, leaving the two sides far apart on the terms of an agreement. Dive deeper
The U.S. economy unexpectedly lost 23,000 jobs in July, compared with expectations for an 80,000 increase, while June’s gain was revised down to just 20,000. Employment estimates for May and June were revised lower by a combined 103,000 jobs, pointing to a significant weakening in the U.S. labour market. Dive deeper
A New Mexico state court ordered Meta to pay $567 million into a teen mental health fund after finding the company responsible for harming children’s wellbeing through its platforms. The court also ordered changes to how Meta’s platforms operate for younger users, increasing regulatory pressure on social media companies over child safety. Dive deeper
The US Government imposed price floors and a 15% tariff on polysilicon-based products, targeting a critical raw material used in semiconductors and solar panels that is predominantly produced by China. The measures, introduced under Section 232 of the Trade Expansion Act, are aimed at strengthening U.S. domestic semiconductor and solar supply chains and reducing dependence on China amid intensifying competition in AI and energy. Dive deeper
Airbnb shares surged 10.8% in extended trading after the company beat Q2 revenue estimates, supported by strong global travel demand and a boost from first-time users during the FIFA World Cup. Globally, nights and seats booked rose 10% to 148.3 million, while North American bookings recorded their strongest growth in nearly three years. Strong demand in markets such as India and Brazil helped partly offset pressure on international travel from the Iran conflict. 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.
Vinay Dube, CEO of Akasa Air on listing plans, profitability & competition:
"We certainly say that we want to be listed in a two-to-four-year time frame. From a listing perspective, you have to have a sense of what your profitability will look like and be able to have a very coherent story for an IPO. We are well on track for that."
"We're not chasing market share; we're chasing profitability. It is scale that drives profitability. So our competitors can grow at 8,000%, and it makes no difference to us. We will continue to grow in a disciplined manner, and at the end of that we'll achieve profitability independent of how fast or slow anyone else grows."
"India needs many airlines. India needs more competition. We're very comfortable being part of one of five, seven, ten airlines. That's what India holds." - Link
Saurabh Gupta, Group CFO of Dixon Technologies, believes investor concerns around profitability are short-term and expects margins to recover steadily as new businesses and acquisitions scale up:
“Investors appear concerned about margins, but I believe this is temporary. Margins should begin recovering from the next financial year, with significant improvement expected through FY28 and FY29. We’re also evaluating acquisition opportunities in precision components, which offer margins of over 20%. We’re also looking at high-end speciality EMS opportunities through acquisitions.” - Link
Corporate Actions & Events
Corporate Actions
Published by Zerodha. Not investment advice. Data from NSE, BSE, and MCX.
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Really intresting