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.
Markets Today
Nifty opened with a 70-point gap up at 24,278, tracking slightly positive global cues following Nvidia’s stellar numbers, while softer oil prices also provided some relief. However, the positive opening failed to sustain, with the index quickly giving up the gap and slipping towards 24,200 in the opening hour.
Selling pressure continued thereafter, taking Nifty gradually lower towards the 24,145–24,150 zone by around 11:15 AM. The index attempted a few recoveries through the remainder of the first half, but these were short-lived, keeping it largely below 24,175.
In the second half, Nifty recovered towards 24,190–24,200 around 1:15 PM, before another round of selling dragged it to around 24,125 shortly after 2 PM. A modest rebound towards 24,160 followed, but the index weakened again during the final hour and remained around 24,130–24,140 heading into the close. A sharp fall during the closing auction session then pushed Nifty below 24,100, with the index eventually closing at 24,090.85, near the day’s low and almost 190 points below its opening level.
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 1st September:
The maximum Call Open Interest (OI) is observed at 24,300, followed by 24,500, indicating potential resistance at the 24,300- 24,400 levels.
The maximum Put Open Interest (OI) is observed at 24,000, followed by 24,200, 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
HDFC Bank shares fell to a fresh 52-week low after a securities lawsuit was filed in the U.S. against the bank and senior executives Sashidhar Jagdishan and Srinivasan Vaidyanathan. The legal action triggered fresh investor concerns, putting further pressure on the stock. Dive deeper
The NCLT approved Zee Group founder Subhash Chandra’s personal insolvency repayment plan, under which creditors will recover just ₹6.5 crore against admitted claims of ₹22,006.57 crore, implying a haircut of nearly 99.97%. The tribunal approved the plan despite objections from lenders led by LIC Housing Finance, which had challenged the payout as unviable and unlawful. Dive deeper
Tata Power lost its challenge to a $490 million arbitration award related to a dispute with Kleros Capital Partners over a Russian coal asset. The Singapore International Commercial Court rejected Tata Power’s challenge to both the damages awarded and its claim of a breach of natural justice. Dive deeper
Bharti Airtel shares traded lower after Singtel said it plans to gradually reduce its stake in Airtel to align its economic ownership with the Bharti promoter group. The move is part of Singtel’s capital recycling strategy to unlock value, reduce debt and invest in growth areas such as data centres and digital services. Dive deeper
India’s sugar prices have begun easing following government measures, with mill-gate prices falling around 25% in a week after previously crossing ₹6,700 per quintal. Retail sugar prices also declined to ₹64.33/kg from ₹65.07/kg a day earlier. Dive deeper
Wipro ADRs rose nearly 5% in U.S. pre-market trading after the IT major announced an expanded partnership with Google Cloud to accelerate enterprise-wide AI adoption and AI-led transformation. Dive deeper
Top Stories Globally
Nvidia beat Q2 expectations, with data-centre revenue surging 117% YoY to $89 billion, and guided for Q3 revenue of around $108 billion. Shares initially struggled but later jumped over 4% after CEO Jensen Huang said AI had reached an inflection point, with Nvidia expecting FY28 revenue growth of around 70%. Dive deeper
WTI crude traded around $82 per barrel after three consecutive sessions of losses, as hopes of easing shipping disruptions through the Strait of Hormuz weighed on prices. However, uncertainty over the strait’s reopening and growing disruptions to Russian energy exports kept supply risks elevated. Dive deeper
Gold traded largely flat around $4,590 per ounce, as investors awaited Fed Chair Kevin Warsh’s Jackson Hole speech for clues on the interest-rate outlook. Despite slightly hotter U.S. inflation, global debt concerns continued to support safe-haven demand. Dive deeper
Meta will pay up to $18 billion over 10 years to settle claims by nearly all U.S. states that Facebook and Instagram harmed and addicted young users. The agreement also introduces nationwide restrictions for teenagers, including default two-hour daily limits and overnight usage restrictions. Dive deeper
ECB policymakers unanimously agreed to keep interest rates unchanged in July, after the first rate hike since 2023 in June, citing uncertainty over the full inflationary impact of the energy shock. However, some policymakers remained open to further rate hikes, suggesting the tightening cycle may not be over. 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.
Anil Ghelani, Head of Passive Investments & Products, DSP Mutual Fund on passive funds:
India's passive funds are around 17-18 per cent of the total mutual fund industry. In the US, this is above 50 per cent, which means passive funds are now larger than active funds. I don’t expect to see that in India anytime soon, but I surely feel that passive funds could account for around 30 per cent of industry assets in the next five years. For us, and for other serious long-term players, the key opportunity lies in deepening this shift through investor education, innovative indices, and strengthening our presence across retail, institutional, and wealth channels. - Link
Rituraj Sharma, CEO of Borosil Ltd says that competition from Chinese borosilicate glassware remains a structural challenge, with the anti-dumping investigation still underway:
“You’re right. Actually, this is what last quarter also we had shared. And unfortunately, this continues to happen. And despite depreciation of the rupee as well as the shipping freight rates going up, I would say, in the market, we are not seeing much of a difference as far as the Chinese dumping is concerned. If that answers the question.” - Link
Corporate Actions & Events
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 trace the fascinating story behind the Black-Scholes option pricing formula, from Robert Brown’s observations of pollen grains in 1827 to the work of Louis Bachelier, Albert Einstein, Paul Samuelson, Fischer Black, Myron Scholes and Robert Merton.
We look at what Black-Scholes actually does, how it helps determine the fair value of an option, and the key insight that finally made option pricing possible without having to predict where a stock would go.
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!