Markets steady despite geopolitical concerns
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.
Follow Market Alerts by Zerodha on X (Twitter) to get instant summaries of key exchange filings as soon as they happen. These alerts are delivered in real time by Tijori.
Market Overview
Nifty started flat at 24,723.35 despite rising geopolitical tensions, then climbed to 24,810 in the first 15 minutes. After an early sell-off wiped out gains, a sharp 220-point rally pushed it to 24,920, where it traded in a tight range and closed up 0.92% at 24,946.50.
RBI’s sharper-than-expected rate and CRR cuts provided early support, but sentiment turned cautious as escalating tensions in the Middle East pushed oil prices higher. Investors are now closely watching the U.S. Federal Reserve’s interest rate decision and accompanying commentary scheduled for Wednesday.
Broader Market Performance:
Broader markets had a mixed session today. Of the 3,021 stocks traded on the NSE, 1,483 advanced, 1,448 declined, and 90 remained unchanged.
Sectoral Performance:
Nifty IT was the top-gaining sector for the day, rising 1.57%, followed by Realty and Metal, which gained 1.32% and 1.07% respectively. On the other hand, Nifty Auto was the day's laggard with the smallest gain of 0.18%. Out of the 12 sectoral indices, all closed in the green, indicating broad-based buying across sectors, with 12 sectors advancing and none declining.
Note: The above numbers for Commodity futures were taken around 5 pm. 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 19th June:
The maximum Call Open Interest (OI) is observed at 25,300, followed closely by 25,200, suggesting strong resistance at 25,200 - 25,300 levels.
The maximum Put Open Interest (OI) is observed at 24,800, followed closely by 24,700, suggesting strong support at 24,600 to 24,500 levels.
Note: OI is subject to multiple interpretations, but generally, an increase in the call OI indicates resistance in a falling market, and an increase in the 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 wholesale price inflation eased to 0.39% in May 2025, the lowest since March 2024, driven by a sharp fall in vegetable prices and slower manufacturing inflation. Fuel and power costs continued to decline, while primary article prices also dropped. Wholesale prices fell 0.06% month-on-month. Dive deeper
India’s trade deficit stood at $21.88 billion in May 2025, largely stable from a year ago. Imports fell 1.7% to $60.61 billion, while exports dipped 2.2% to $38.73 billion. Exports to the US rose despite tariff concerns, reaching $17.25 billion since April. Dive deeper
Adani Group confirmed that operations at its Haifa port in Israel remain normal and unaffected by the recent Iranian missile strike. The port, which handles over 30% of Israel’s imports and is 70% owned by Adani Ports, continues cargo activity without disruption. Dive deeper
UltraTech Cement must divest about 7% of its India Cements stake, worth over ₹667 crore, to meet SEBI’s public shareholding norms. India Cements has until February 2026 to restore public holding to 25%. The requirement follows an oversubscribed open offer that pushed UltraTech’s stake above the limit. Dive deeper
Capri Global raised ₹2,000 crore through a QIP, marking its first such issue in nearly a decade. Investors included 3P Investment Managers, MKVentures, and several domestic and global institutions. The proceeds will be used to support its lending operations and capital requirements. Dive deeper
ICRA expects stable revenue growth for India Inc in Q1 FY26, supported by domestic demand and lower interest costs from recent repo rate cuts. Operating margins are projected at 18.2–18.5%, with improved interest coverage. Export-linked sectors may face pressure due to geopolitical tensions. Dive deeper
Belrise Industries reported a five-fold jump in Q4FY25 net profit to ₹110.02 crore, with revenue rising 49% to ₹2,274 crore and EBITDA up 54.4%. Operating margin improved to 12.13% from 11.7% YoY. Shares rose nearly 7% following the strong results. Dive deeper
NFRA has issued notices to IndusInd Bank’s current and former auditors over suspected irregularities in its derivatives book since 2017. It is seeking audit files to examine whether the auditors missed signs of misstatements. The probe may also assess the role of the bank’s management and audit committee. Dive deeper
Sebi will discuss allowing startup founders to retain ESOPs post-IPO and may introduce a one-year cooling-off period before IPOs to prevent misuse. It’s also considering a separate route for voluntary PSU delisting where the government holds over 90%, citing concerns over low public float and inflated market prices. Dive deeper
Nazara Technologies shares hit a 52-week high after Rekha Jhunjhunwala sold her remaining 3% stake worth ₹334 crore via bulk deals on June 13. Dive deeper
ITC has completed the ₹472.5 crore acquisition of Sresta Natural Bioproducts, making it a wholly owned subsidiary. The deal includes an upfront payment of ₹400 crore and up to ₹72.5 crore over 24 months. The acquisition expands ITC’s footprint in the organic food space through the 24 Mantra Organic brand. Dive deeper
SpiceJet reported a Q4 profit of ₹48 crore, reversing a loss of ₹404 crore in the same quarter last year. The turnaround was driven by one-off gains of ₹220 crore, higher fares, reduced costs, and forex gains, though revenue declined 25% due to a smaller fleet. Ebitdar rose 16% to ₹1,635 crore. Dive deeper
DLF plans to invest ₹5,500 crore in a new housing project, 'Privana North', in Gurugram’s Sector 76/77, with over 1,150 units. It will be the third project under its 116-acre township. Dive deeper
Sterlite Tech expanded its data centre solutions to cater to growing AI infrastructure demand and partnered with Tech Data to boost distribution in India. It expects the global data centre market to reach $517 billion by 2030. Dive deeper
What’s happening globally
Brent crude eased near $74 after earlier gains amid hopes the Israel-Iran conflict stays contained, despite renewed strikes. Concerns remain over Strait of Hormuz disruptions, with Iran canceling US nuclear talks, keeping risks high. Dive deeper
Gold dipped to around $3,420 per ounce but stayed near April’s record highs amid Middle East tensions driving safe-haven demand. Dive deeper
European natural gas futures rose above €38/MWh on Israel-Iran tensions threatening Middle East supply, including the crucial Strait of Hormuz. Europe’s demand is rising due to lost Russian pipeline gas and hotter weather increasing cooling needs. Dive deeper
China’s retail sales rose 6.4% year-on-year in May 2025, up from 5.1% in April and surpassing expectations. Growth was driven by increased holiday spending and government support, with most categories showing gains, while petroleum product sales declined. Retail turnover expanded 5.0% in the first five months. Dive deeper
China’s new home prices fell 3.5% year-on-year in May 2025, easing from April’s 4.0% decline but marking 23 months of contraction. Prices dropped in cities like Beijing and Guangzhou, while Shanghai saw a 5.9% rise. Monthly prices declined 0.2% after two stable months. Dive deeper
Israel’s economy grew 3.7% in Q1 2025, revised up from 3.4%, with support from a brief Gaza ceasefire. Growth was driven by a rebound in construction, exports, and public spending. The central bank cut its full-year forecast to 3.5% amid geopolitical uncertainty. Dive deeper
Eurozone wages rose 3.4% year-on-year in Q1 2025, easing from 4.1% in the previous quarter and marking the slowest pace since Q3 2022. Wage growth slowed in Germany, Italy, and the Netherlands, while Spain and France saw slight increases. The data supports the ECB’s cautious stance amid easing inflation. Dive deeper
Apple may face another EU charge sheet over alleged violations of the Digital Markets Act if it doesn’t allow developers to inform users about cheaper alternatives outside the App Store. With a June 26 deadline approaching, failure to comply could lead to fresh fines of up to 5% of daily global revenue. Dive deeper
Meta has appointed Arun Srinivas as its managing director and India head, effective July 1. Srinivas currently leads Meta’s India ads business. Dive deeper
Kering is set to appoint Renault CEO Luca de Meo as its new chief in a bid to revive Gucci and separate the chairman and CEO roles held by Francois-Henri Pinault. De Meo, known for turning around Renault, will take over amid Kering’s ongoing struggles to regain market share. Dive deeper
Management chatter
In this section, we pick out interesting comments made by the management of major companies and policymakers of the Indian and Global Economy.
Rajesh Menon, Director General, SIAM, on May 2025 auto sales performance
“All vehicle segments posted stable performance in May 2025. The passenger vehicles segment posted sales of 3.45 lakh units, though the second highest ever for May, the segment de-grew marginally by 0.8% compared to May 2024.”
“Three-wheelers de-grew by 3.3% year-on-year in May, with sales of 0.54 lakh units.”“Two-wheeler segment sales grew by 2.2% during the month, with sales of 16.56 lakh units.” - Link
Samir Arora, Founder, Helios Capital, on earnings outlook and market strategy
“There is no logic for the market to go up a lot… We are also expecting it to go up 10%, 12%, 15% over a year… because the earnings growth is not that great.”
“You have to do bottom-up only because the backdrop is not so strong that just by being invested, you will make a lot of money.”“If you are comfortable with the overall market… but still you know at the back of the mind that this is not immediately leading to 15-18% earnings growth, then you look for companies that have 14-15% or more earnings growth.” - Link
Gautam Duggad, Head of Research, Motilal Oswal Financial Services on earnings outlook and PSU valuations
“Compared to an expectation of 2%, we got 10% growth… This is the best quarter of FY25.”
“12% to 15% earnings growth is not a very far-fetched expectation to have.”
“The only place where valuations are reasonable in PSU space today is PSU banks and some commodity stocks.” - 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.
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!
We’re now on Telegram, follow us for interesting updates on what’s happening in the world of business and finance. Join the conversation on today’s market action here.