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.
What data points and transformations do you want to see?
We’re trying out a new format for the Aftermarket Report, with much more comprehensive coverage of the data that shapes the trading day.
Beyond the headline indices, we’re now tracking market breadth, new highs and lows, sector and thematic performance, delivery data, F&O positioning, global markets, commodities, flows, and more. We’re also looking at ways to transform this raw data into insights that are actually useful for traders and investors.
The idea is simple: bring different datasets together in one place to give you a clearer picture of what’s happening beneath the surface of the market.
This is still a work in progress, and we’d love your feedback. What data points are we missing? What transformations, ratios, comparisons, or indicators would you find useful? Also tell us what worked, what didn’t, and what felt unnecessary.
Your feedback will help shape the Aftermarket Report from here.
Markets Today
Nifty opened flat at 23,150, but came under pressure within the opening minutes, tracking a spike in oil prices, comments from Finance Minister Sitharaman on excess liquidity and the reasons behind Indian market underperformance, along with persistent FII outflows.
The index witnessed sharp volatility in the first 30 minutes, initially slipping towards 22,980 before recovering briefly to 23,150. However, the recovery failed to sustain, with selling pressure dragging Nifty below 23,050 by 10 AM. A brief rebound pushed the index towards 23,100 around 10:30 AM, but buying momentum remained weak. After another recovery attempt towards 23,075 around 11 AM, Nifty resumed its downward trend, slipping below 23,000 by 11:45 AM.
Selling pressure intensified in the second half, with Nifty steadily declining below 22,950 shortly after noon and towards 22,920 by 1 PM. The weakness continued into the afternoon, pushing the index below 22,900 around 1:15 PM and towards an intraday low near 22,850 by 2:30 PM.
Despite several minor recovery attempts, buying interest remained limited, with Nifty largely consolidating between 22,850 and 22,890 through the final hour. A modest recovery in the closing minutes helped the index move slightly higher, eventually closing at 22,888.95, around 260 points below its opening level, as persistent selling pressure and weak domestic sentiment erased the previous two sessions’ recovery gains partially.
Fear & Greed Index
The Fear & Greed Index plunged from 30 to 18, slipping back into extreme fear. Weak market trends, rising volatility, and defensive stocks outperforming high-beta stocks continue to reflect cautious sentiment.
Market Breadth
Market breadth was sharply negative, with 1,872 declining stocks against just 451 advancing. Only 18.2% of Nifty 500 stocks remain above their 50-day average, while 30 stocks hit fresh 52-week lows against just two new highs.
52 Week Highs & Lows
Valuation Check
Sectoral Indices Performance
PSU Banks gained 2.46%, emerging as the only sector in the green, while Private Banks fell 1.85%. IT and Media remain the strongest sectors over 20 and 60 sessions and are the only two sectors trading above all four key moving averages.
Winners & Losers
Union Bank jumped 5.25% on nearly 5× usual volume, while PNB gained 4.82%. Axis Bank led F&O losers with a 4.19% decline, while Urban Company plunged 9.89% and MTAR Technologies recorded a sharp delivery spike.
Delivery Data
Global Markets
Commodities
Institutional Flows & Participant Positioning
Call writing strengthened, pulling the PCR down from 1.37 to 1.21, while FIIs sold a net 6,931 index-futures contracts worth ₹1,095 crore. Foreign investors remain heavily bearish with just 10.4% of index-futures positions long, against 85% for retail and HNIs.
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
F&O Corner
Top Stories in India
The RBI conducted a seven-day Variable Rate Repo (VRR) auction worth ₹1 lakh crore, its first since July 29, as surplus liquidity in the banking system declined significantly. The auction attracted bids worth ₹1.51 lakh crore, with the RBI accepting ₹1 lakh crore at a weighted average rate of 5.52%. Dive deeper
HDFC Bank reported a 4.7% YoY rise in standalone net profit to ₹19,510 crore, marginally missing estimates as treasury gains fell sharply to ₹780 crore from ₹2,390 crore. Provisions rose 2.1% to ₹3,574 crore, while Deputy MD Kaizad Bharucha announced his resignation effective December 31, 2026. Dive deeper
ICICI Bank reported a 20.1% YoY rise in standalone net profit to ₹14,843 crore, supported by strong loan growth and lower provisions. Net interest income grew 17.7% to ₹25,339 crore, while net interest margins narrowed to 4.18% from 4.30% a year ago. Dive deeper
Axis Bank reported a 38% YoY increase in net profit to ₹7,003 crore, compared with ₹5,089 crore in the year-ago quarter. Net interest income rose 12% to ₹15,371 crore, while net interest margin stood at 3.36%. Dive deeper
UltraTech Cement reported a 21.3% YoY rise in consolidated net profit to ₹1,494 crore, while revenue increased 18.8% to ₹23,295 crore. Domestic grey-cement sales volumes grew 13.8%, although PBIDT margins narrowed slightly to 16.6% from 16.9%. Dive deeper
Jio Platforms’ ₹8,110 crore anchor book reportedly attracted institutional demand worth ₹2.5 lakh crore, over 30 times the amount on offer. Global investment firms, including BlackRock, Fidelity and Capital Group, participated ahead of the company’s stock market debut. Dive deeper
Hindustan Zinc reported a 142% YoY jump in consolidated net profit to ₹6,412 crore, while revenue surged 77% to ₹15,093 crore. EBITDA more than doubled to a record ₹9,285 crore, supported by higher metal prices, increased production and a 29% decline in zinc production costs. Dive deeper
HFCL shares hit the 5% upper circuit after the company reported a 448% YoY surge in consolidated net profit to ₹394 crore. Revenue jumped 144% to ₹2,542 crore, while EBITDA margins expanded 640 basis points to 25.89%, marking its strongest quarterly performance. Dive deeper
Union Bank of India’s standalone net profit rose 30.3% YoY to ₹5,537 crore, supported by lower provisions and a 20.1% increase in net interest income to ₹10,583 crore. Asset quality improved, with gross NPAs declining to 2.4% from 3.29%, while net interest margins expanded to 2.86%. Dive deeper
Top Stories Globally
Crude oil prices hovered near $100 per barrel, close to four-week highs, after surging 10% last week. Renewed fighting in the Middle East, attacks on oil infrastructure and disruptions involving tankers raised fresh concerns over regional supply stability. Dive deeper
China proposed export restrictions on 12 solar manufacturing technologies, citing national security concerns and their potential use in defence and aerospace. The proposal is part of broader export-control revisions covering artificial intelligence, biotechnology and other sensitive technologies. Dive deeper
Chinese AI startup MiniMax launched an upgraded version of its M3.1 Flash model, claiming significant improvements in agentic tasks, programming and cybersecurity. The company said inference speeds have nearly tripled while usage costs have declined by 70%. Dive deeper
Japan’s 10-year government bond yield declined to around 2.9%, hovering near five-week lows after Prime Minister Sanae Takaichi pledged fiscal discipline and responsible debt issuance. The assurances aim to support investor confidence and the yen amid concerns over Japan’s approximately $7 trillion debt burden. Dive deeper
European markets declined as escalating protests in France raised concerns over political stability and the country’s fiscal outlook. France’s CAC 40 fell as much as 1.35%, while the Stoxx 600 declined 0.82%, with French bond yields reaching multi-decade highs and the euro weakening against major currencies. 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.
Finance Minister Nirmala Sitharaman on Indian equities underperformance:
“Because of the ease of liquidity and ease of availability, people are even exiting easily.”
While the fundamentals of the Indian economy remained “fine”
“The flight of capital toward AI and the US, which otherwise moves toward different countries for different sectoral investments, is a concern.” - Link
The week ahead & Corporate Actions
Corporate Actions
Published by Zerodha. Not investment advice. Data from NSE, BSE, and MCX.
In our latest episode of In The Money by Zerodha, we kick off The Fortnightly Show, a new series where market experts come together every two weeks to discuss markets, the economy, geopolitics, technicals, and more.
In this episode, host Sandeep Rao is joined by Amit Kumar Gupta and Nooresh Merani to discuss India’s evolving equity markets, the Nifty 50, the outlook for IT stocks, and the impact of interest rates and monsoons on consumption. We also explore the upcoming Jio Platforms IPO, foreign investor flows, and what drives global capital into and out of India. Finally, we look at the key events, index levels, and sectors to watch over the next two weeks.
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!