RBI liquidity push lifts markets; banks lead the charge
Nifty overcomes initial weakness to close strong at 23,250
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, Sandeep shares the eight books that actually changed how he looks at markets - not books that give you setups and entry points, but books that give us a way of seeing.
Most trading books promise a map. But a strategy is a response — to a specific market, a specific moment, a specific psychology. What transfers instead is a lens. Over years of reading, He arrived at eight books across three themes that genuinely shaped how he thinks about markets, risk, and the craft of getting better.
Markets Today
Nifty opened with a gap up of 136 points at 23,259, tracking positive global cues and a sharp decline in crude oil prices to around $92 per barrel. Despite the strong start, the index failed to hold on to early gains and drifted lower through the opening hour, slipping toward the 23,150–23,170 zone.
Selling pressure persisted through the late morning session, dragging Nifty to the day’s low near the 23,100- 23,110 range around 11:30 AM. However, the index found support at lower levels and staged a steady recovery heading into noon, reclaiming the 23,200 zone.
In the second half, the index remained in a range between 23,175 and 23,225 till 2:30 PM. The recovery gathered pace in the final hour, with the index climbing toward the 23,250–23,280 range and testing the day’s high near 23,280 around 3 PM.
The index remained firm in the final hour despite some volatility and eventually closed at 23,242.10. The session was marked by an early sell-off followed by a broad-based recovery, helping Nifty erase most of the intraday losses and end the day on a strong note.
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 16th June:
The maximum Call Open Interest (OI) is observed at 23,500, followed by 23,200, indicating potential resistance at the 23,400 -23,500 levels.
The maximum Put Open Interest (OI) is observed at 23,200, followed by 23,000, suggesting support at 23,000-22,900.
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
The RBI has introduced measures to attract foreign capital by absorbing the forex risk on FCNR(B) deposits, allowing banks to offer more attractive returns to NRIs. The RBI has also exempted select FCNR(B) deposits from CRR and SLR requirements and encouraged state-owned entities to tap overseas borrowing markets, helping improve foreign exchange liquidity and reduce funding costs. Dive deeper
India’s fuel consumption rose to 19.93 million metric tonnes in May from 19.47 million tonnes in April, according to data from the Petroleum Planning and Analysis Cell. However, overall fuel demand was down 6.5% YoY, while LPG consumption declined sharply by about 20% to 2.13 million tonnes compared with the same period last year. Dive deeper
FPIs invested ₹8,795 crore in government securities under the Fully Accessible Route (FAR) after the government exempted interest income and capital gains from tax on these bonds. As a result, FPI holdings in FAR securities rose to ₹3.32 lakh crore from ₹3.23 lakh crore within a week, reflecting stronger foreign interest in India’s bond market. Dive deeper
Zepto reported a 75% YoY jump in Q4 revenue to ₹7,498 crore while narrowing its quarterly loss to ₹1,539 crore. For FY26, revenue more than doubled to ₹22,624 crore, although the annual loss widened to ₹5,905 crore, driven by aggressive expansion that took its dark store count to 1,139 and annual transacting users to 4.79 crore. Dive deeper
NLC India shares fell over 2% after the government announced an Offer for Sale (OFS) to divest up to a 3% stake in the Navratna PSU. The stake sale is expected to raise around ₹1,263 crore for the government. Dive deeper
Rajiv Bajaj will step down from the board of Bajaj Finserv after deciding not to seek re-election at the company's AGM on July 31. The move is aimed at reducing external commitments and allowing him to focus on his expanding responsibilities at Bajaj Auto. Dive deeper
Fitch Ratings has cut India’s FY27 GDP growth forecast to 6.4% from 6.7%, citing the economic impact of the US-Iran conflict and rising inflation. The agency expects higher prices to weigh on consumer spending, although domestic demand and continued capital expenditure are likely to remain key growth drivers. Dive deeper
Adani Energy Solutions has signed a binding agreement to acquire 100% of IntelliSmart Infrastructure for ₹3,050 crore. The deal will add over 2.2 crore smart meters to its portfolio, taking its total installed and contracted smart meter base beyond 4.7 crore and making it India’s largest smart metering platform. Dive deeper
Top Stories Globally
WTI crude oil fell below $90 per barrel after giving up most of the previous session’s gains, as Iran and Israel agreed to halt attacks on each other, raising hopes of renewed peace negotiations and easing concerns over potential supply disruptions in the Middle East. The de-escalation reduced the geopolitical risk premium in oil markets, though investors remain cautious about the durability of the truce. Dive deeper
Intel shares surged 10% after reports that Google and Nvidia are evaluating Intel as an alternative chip manufacturing partner. Google has reportedly placed an order for over 3 million TPUs for 2028, while Nvidia is assessing Intel’s technology for advanced AI processor packaging. Dive deeper
Amazon raised C$14 billion ($10 billion) through a Canadian dollar bond sale, the largest corporate debt offering ever in the currency, after attracting more than C$28 billion in investor demand. The fundraising comes as major cloud and AI companies ramp up spending on data centres, chips, and infrastructure, with Amazon expected to invest around $200 billion this year. Dive deeper
OpenAI has confidentially filed preliminary paperwork with the US Securities and Exchange Commission, taking the first formal step toward a potential public listing. The move positions the ChatGPT maker among the leading AI companies preparing for Wall Street debuts amid growing investor interest in the sector. Dive deeper
A US federal court has struck down the $100,000 fee on H-1B visa applications introduced by Donald Trump, ruling that it amounted to a tax not authorized by Congress. The decision is expected to provide significant relief to Indian professionals and US companies that rely on skilled foreign workers. Dive deeper
Saudi Arabia’s economy grew 3.0% YoY in Q1 2026, slowing from 5.0% growth in the previous quarter and marking its weakest expansion since Q2 2024. The moderation was driven by a slowdown in oil-sector growth to 2.9% from 10.8%, as US-Iran tensions and disruptions around the Strait of Hormuz weighed on energy trade and exports. Dive deeper
China’s exports jumped 19.4% YoY to a record $376.8 billion in May 2026, significantly beating expectations and marking the fastest growth since February. The surge was driven by inventory build-up ahead of potential energy cost increases from Middle East tensions, alongside strong global demand for semiconductors and AI-related hardware. Dive deeper
Management Chatter
In this section, we highlight interesting comments from the management of major companies and policymakers in the Indian and Global Economies.
N Chandrasekaran, Chairman of Tata Sons on AI:
"The day is not very far when TCS will have an equal number of AI agents or AI workers as their physical workers."
"Far from being a mortal threat, AI is the most significant opportunity yet for enterprise IT." - Link
“The company will not be hiring the kind of numbers that you used to hire.”
“Why (just) the company, the industry is unlikely to hire the same number of people they used to hire? Because certain portions of the work in the current scheme of things will go to AI agents.” - Link
Sunil Mathur, Managing Director & CEO of Siemens on private sector CapEx:
“We do see a growth in cement, steel, pharmaceuticals, etc., also happening during the last couple of months.”
“I would not say we are yet at the peak on the private sector CapEx, but we definitely see a real pickup in the last couple of months.” - Link
Corporate Actions & Events
Corporate Actions
Published by Zerodha. Not investment advice. Data from NSE, BSE, and MCX.
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