Markets Tread Cautiously Ahead of RBI Verdict; Nifty Ends Above 23,600
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 opened higher by around 65 points at 23,761.95, supported by global cues, but saw a quick pullback of 100 points within the first 15 minutes of trading. The market remained in a narrow range of 60 points, between 23,630 and 23,570, for most of the day. In the last hour, the index gained 70 points from a low of 23,556.25, closing at 23,603.35, reflecting a decline of 0.39%.
As global sentiment remains cautious, attention turns to tomorrow's RBI MPC meeting, where a potential rate cut could provide relief.
Broader Market Performance:
In line with the headline indices, The broader market had a mixed session with negative bias. A total of 2,905 stocks were traded, of which 1,334 advanced, 1,495 declined, and 76 remained unchanged on the NSE.
Sectoral Performance:
Nifty Pharma led the gains, rising 0.64% to 22,009.05, followed by Nifty IT (+0.31%) and Nifty Bank (+0.08%). On the downside, Nifty Realty saw the steepest drop, falling 2.19% to 917.00, while Nifty Consumer Durables declined 1.84%. Overall, market sentiment remained cautious, with selective buying in Pharma and IT, while broader sectors faced selling pressure. Of the 12 sectoral indices, three advanced, and nine declined, signaling a negative bias.
Note: The above numbers for Commodity futures were taken around 4 pm.
Net Flow Breakdown for the day:
FII: Net outflow of ₹3,549.95 crore (Bought ₹13,469.82 crore, Sold ₹17,019.77 crore)
DII: Net inflow of ₹2,721.66 crore (Bought ₹11,546.06 crore, Sold ₹8,824.40 crore)
Change in OI for the day
The following is the change in OI for Nifty contracts expiring on 13th February:
The maximum Call Open Interest (OI) is observed at 24,000, followed by 23,700. Meanwhile, The maximum Put Open Interest (OI) is at 23,600, followed by 23,500.
Immediate support is identified in the 23,500–23,400 range, while resistance is expected between 23,850 zones followed by 24,000.
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 get a sense of 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
The 10-year G-Sec yield dropped toward 6.7% in February, a near three-year low, as investors bet on RBI rate cuts. The central bank is expected to ease policy after holding rates at 6.5% for two years, following liquidity support measures and bond purchases. Domestic bonds also gained from RBI dividends and lower government capital spending. Dive deeper
India’s gold consumption rose 5% to 802.8 tonnes in 2024 despite a 27% price surge, driven by investment demand, duty cuts, and festival purchases. Gold ETFs and RBI’s 73-tonne purchase also contributed to the growth, according to the World Gold Council. Dive deeper
ITC launched its Global Centre of Excellence for AI near Kolkata, inaugurated virtually by West Bengal CM Mamata Banerjee. Chairman Sanjiv Puri highlighted the state’s investment potential, particularly in hospitality. ITC plans to expand its presence across hotels, manufacturing, IT, and agriculture. Dive deeper
India’s car sales rose 15.53% YoY in January 2025 to 4,65,920 units, aided by a spillover effect from December purchases. Inventory levels improved, easing to 50-55 days. Dealers remain cautiously optimistic, citing continued demand from weddings and new launches, though inflation and financing constraints pose challenges. Dive deeper
NSE's Q3 profit after tax rose 22% to ₹3,834 crore, while revenue fell 4% to ₹4,349 crore due to lower trading volumes in cash and derivatives segments. Average Daily Traded Volume (ADTV) in the cash market dropped 19%, equity futures 15%, and equity options 7% from the previous quarter. Dive deeper
RBI has directed large NBFCs to disclose maximum loan rates, including fees, with board approval to enhance transparency and curb excessive charges. While no rate cap is imposed, lenders must publicly declare the highest charge per loan type. Dive deeper
Reliance Industries is expanding its $3 billion dual-currency loan syndication, adding around 10 global banks, including ANZ, Barclays, and JP Morgan, to the initial 11 lenders. The funds, partially denominated in yen, will be used for upcoming repayments. Dive deeper
Godrej Properties led listed real estate firms with ₹28,800 crore in sales for 2024, driven by strong housing demand. DLF followed at ₹20,650 crore, led by its ultra-luxury Gurugram project. Godrej’s Q3 FY25 net profit more than doubled to ₹162.64 crore, with total income at ₹1,239.97 crore. Dive deeper
Info Edge (India) Limited approved a contribution of up to ₹1,000 crore to IE Venture Investment Fund III, subject to SEBI and shareholder approvals. Its subsidiary, Smartweb Internet Services Ltd., will be the Sponsor and Investment Manager. The investment aligns with the company’s long-term financial strategy. Dive deeper
LIC received a ₹105.42 crore GST demand notice for seven financial years (2017-18 to 2023-24), covering interest and penalties across multiple states. The insurer stated there is no material impact on its financials or operations. Dive deeper
Poly Medicure Limited incorporated a wholly owned step-down subsidiary, POLYHEALTH LTD, in England and Wales on February 4, 2025. The subsidiary will focus on manufacturing and distributing medical devices, expanding Poly Medicure’s presence in Europe. Dive deeper
Reliance Power shares surged after posting a Q3 net profit of ₹41.95 crore, rebounding from a ₹1,136.75 crore loss a year ago. Despite a 4.6% revenue decline, lower expenses and an exceptional gain in Q2 aided the turnaround. The company remains in debt resolution talks for its Rajasthan subsidiary. Dive deeper
IndiGo received tax penalties totalling ₹115.87 crore for alleged GST violations, including ₹113.02 crore for misclassifying offshore services as exports and ₹2.85 crore for input tax credit mismatches. The airline plans to contest both orders, stating no material impact on operations. Dive deeper
Adani Total Gas Limited (ATGL) is facing delays in connecting its Panambur City Gas Station to GAIL’s pipeline due to pending approvals from Kudremukh Iron Ore Company. In response to CNG shortages in Udupi, ATGL has increased cascade supply and exceeded its target by establishing 10 CNG stations, despite a pro-rata requirement of three. Dive deeper
What’s happening globally
WTI crude rose to around $71 per barrel, rebounding from a 2% drop, as Saudi Arabia hiked oil prices for Asia amid rising demand and Russian supply disruptions. However, gains were capped by a sharp rise in US crude inventories and ongoing US-China trade tensions. Dive deeper
Gold held near a record $2,860 per ounce as expectations of rate cuts by major central banks boosted its appeal. Weak US services data fueled bets on Fed easing, while geopolitical risks, including Trump’s comments on Gaza and Iran, added to safe-haven demand. Dive deeper
The US trade deficit widened to $98.4 billion in December, the highest since March 2022, as companies accelerated imports ahead of Trump administration tariffs. Imports surged 3.5%, while exports fell 2.6%, driven by lower crude oil and pharmaceutical sales. The annual deficit rose 17% in 2024 to $918.4 billion. Dive deeper
US private businesses added 183K jobs in January, surpassing forecasts, with strong hiring in consumer-facing sectors but weakness in manufacturing. The service sector led gains, while goods-producing jobs declined. Annual pay growth stood at 4.7% for job stayers and 6.8% for job changers. Dive deeper
The US ISM Services PMI fell to 52.8 in January from 54 in December, below expectations. Business activity and new orders grew at a slower pace, while employment and export orders picked up. Price pressures eased, with weather and tariff concerns noted. Dive deeper
Markets in China edged higher on Thursday, with the Shanghai Composite up 0.2% and the Shenzhen Component gaining 0.6%, led by AI and tech stocks. Optimism around AI startup DeepSeek and restrained trade countermeasures supported sentiment. Dive deeper
The Bank of Japan raised its key interest rate by 25 bps to 0.5%, the highest in 17 years, citing wage growth and inflation progress. It signalled further hikes if data aligns with forecasts. The BoJ revised its FY 2024 core inflation forecast to 2.7% and slightly lowered GDP growth to 0.5%. Dive deeper
The Eurozone Construction PMI rose to 45.4 in January, signaling a slower downturn. Germany and France saw declines, Italy had slight growth, and housing remained the weakest. New orders fell, job cuts continued, and input costs hit a 12-month high, keeping firms pessimistic. Dive deeper
Google introduced Gemini 2.0 Flash and Flash-Lite, expanding its AI model lineup with cost-efficient options amid rising investor concerns over AI expenses. The move follows scrutiny after Chinese rival DeepSeek developed a competitive model at a fraction of industry costs. Dive deeper
Meanwhile, Alphabet shares dropped 8% as investors worried about slow cloud growth and high AI spending.
Quarterly results
In this section, we'll dive into all the key highlights from today's intriguing results, covering the most impactful performances and standout moments. The numbers are comparable on a year-on-year (YoY) basis.
SBI (-1.80%)
Financials:
Net Profit: ₹16,891 crore, up by 83% YoY.
Operating Profit: ₹23,551 crore, up by 15.81% YoY.
Net Interest Income (NII): ₹41,445.51 crore, up by 4.09% YoY.
Key Highlights:
The bank's asset quality has shown notable improvement with reductions in Gross and Net NPA ratios.
The Provision Coverage Ratio has increased, indicating a more substantial coverage for potential losses.
SBI's Return on Assets (ROA) and Return on Equity (ROE) for the 9MFY25 are 1.09% and 21.46%, respectively, showcasing robust profitability metrics.
Outlook:
The bank remains cautiously optimistic about maintaining robust asset quality metrics and aims to continue its growth in profitability and efficiency in the upcoming quarters.
Kansai Nerolac Paints (+3.70%)
Financials:
Revenue: ₹1,842 crores, up by 1.5% YoY.
EBITDA: ₹247 crores, up by 2.9% YoY.
Net Profit: ₹526 crores, up by 234% YoY.
EPS: ₹6.51.
Key Highlights:
The company showed strong performance in innovative product categories and specific industrial applications.
Decorative paints segment witnessed sluggish growth due to high inflation impacting discretionary spending.
Outlook:
The company anticipates improvement in the consumption cycle driven by recent budget announcements, which could positively affect the demand for paints.
Poly Medicure Ltd (-2.12%)
Financials:
Revenue: ₹424 crores, up by 25% YoY.
EBITDA: ₹115 crores, up by 27% YoY.
Net Profit: ₹85.2 crores, up by 31% YoY.
EPS: ₹8.41, up by 24% YoY.
Key Highlights:
Poly Medicure has recently expanded its global footprint by incorporating a wholly-owned step-down subsidiary, POLYHEALTH LTD, in England and Wales. This strategic move aims to enhance its manufacturing and distribution capabilities in Europe, particularly for medical devices.
Outlook:
The company is focused on leveraging its new subsidiary to strengthen its supply chain and cater to the medical devices market in Europe, aiming for substantial growth in its international operations.
Sagility India (+5.00%)
Financials:
Revenue: ₹1,453 crores, up by 15% YoY.
EBIDT: ₹392 crores, up by 51% YoY.
Net Profit: ₹217 crores, up by 207% YoY.
EPS: ₹0.46, up by 24% YoY.
Key Highlights:
Significant growth is driven by existing clients and new acquisitions.
Enhanced client relationships through tech-led services, including automation and analytics.
Acquired BroadPath, boosting presence in the US healthcare market and adding over 30 mid-market clients.
Outlook:
The company anticipates continued growth, driven by new and existing clients, and supported by strategic acquisitions and technological enhancements. Enhanced service offerings and operational efficiencies are expected to be well-received by the market.
Gujarat Gas Limited (-1.65%)
Financials:
Revenue: ₹4,153 crores, up by 6% YoY.
EBITDA: ₹380 crores, down by 5% YoY.
Net Profit: ₹222 crores, up by 1% YoY.
EPS: ₹3.22, up by 1% YoY.
Key Highlights:
The company saw a mild increase in total income compared to the previous year, amidst challenging market conditions.
There was a notable reduction in EBITDA margins, attributed to increased operational costs that were not offset by revenue growth.
Outlook:
The company is focusing on expanding its customer base and improving operational efficiencies to counteract the rising costs and competitive pressures in the energy sector. The company remains cautious but optimistic about the recovery of market conditions and future growth opportunities.
Cummins India (+1.50%)
Financials:
Revenue: ₹3,086 crores, up by 22% YoY.
EBITDA: ₹600 crores, up by 12% YoY.
Net Profit: ₹514 crores, up by 13% YoY.
EPS: ₹18.54, up by 13% YoY.
Key Highlights:
The board approved an interim dividend of ₹18 per share for FY 2024-25.
Significant improvements were noted in the Engines segment, contributing robustly to the revenue hike.
Outlook:
The company is dedicated to expanding its market presence and improving operational efficiency. By utilizing advanced technologies and broadening its product offerings to address evolving industry requirements, the company is confident in its ability to maintain its growth trajectory.
CMS Info Systems (-3.47%)
Financials:
Revenue: ₹581.5 crores, remained flat YoY.
EBITDA: ₹159 crores, up by 6% YoY.
Net Profit: ₹93.2 crores, up by 7% YoY.
EPS: ₹5.71, up by 3% YoY.
Key Highlights:
The company reported a steady performance in Q3 FY25 with a marginal increase in revenue and net profit.
CMS Info Systems experienced growth in the cash logistics sector, gaining 150 basis points in market share.
Outlook:
The company remains cautiously optimistic about the future, expecting to capitalize on the momentum from new order wins and expansions in the AIoT platform and is focusing on long-term investments in technology, anticipating a robust growth in the upcoming fiscal year.
Reliance Power (+6.19%)
Financials:
Revenue: ₹1,852.84 crores, down by 5% YoY.
EBITDA: ₹492 crores, significantly up due to a recovery in operational efficiency and cost management.
Net Profit: ₹42 crores, up by 103% YoY, reflecting a strong operational recovery despite lower revenues.
EPS: ₹0.10, up by 103% YoY, indicating improved profitability per share.
Key Highlights:
Significant reduction in total debt, enhancing the company's financial stability.
Operational efficiency improvements are seen in key power projects, contributing to better-than-expected financial performance despite revenue declines.
Outlook:
The company is focused on continuing its debt reduction and leveraging operational efficiencies to navigate through the challenging market conditions. It is also exploring opportunities in renewable energy to diversify and strengthen its energy portfolio.
BEML (-3.21%)
Financials:
Revenue: ₹876 crores, down by 16.3% YoY.
EBITDA: ₹60.6 crores, up by 8% YoY.
Net Profit: ₹24.4 crores, down by 50% YoY.
EPS: Declined, reflecting the lower net profit despite operational efficiencies.
Key Highlights:
Improvement in EBITDA margins to 7%, an increase of 160 basis points, due to lower employee benefits and other expenses.
The company announced an interim dividend of ₹5 per share, signalling confidence in financial stability.
Outlook:
The company is focusing on cost optimisation and operational efficiencies to manage the impact of declining revenue. The management remains committed to enhancing shareholder value through strategic initiatives and prudent financial management.
MRF Limited (-0.72%)
Financials:
Revenue: ₹7,000.8 crores, up by 13.6% YoY.
EBITDA: ₹835 crores, down by 21% YoY.
Net Profit: ₹315.5 crores, down by 38% YoY.
EPS: Decreased by 38%, reflecting the drop in net profit.
Key Highlights:
MRF faced a significant drop in EBITDA and net profit despite an increase in revenue, indicating higher operational costs or potentially less efficient operations this quarter compared to the previous year.
Outlook:
The company may need to implement cost-cutting measures or enhance operational efficiency to improve profitability in the upcoming quarters and mitigate the impact of increased expenses or decreased operational efficiency.
Emcure Pharmaceuticals (+2.84%)
Financials:
Revenue: ₹1,963 crores, up by 18% YoY.
EBITDA: ₹355 crores, up by 16% YoY.
Net Profit: ₹156 crores, up by 31% YoY.
EPS: ₹8.11, up by 29% YoY.
Key Highlights:
The company saw strong growth led by international businesses, which grew 23% YoY.
Domestic business sales rose 12% to ₹888 crores.
Emcure continues to perform well in key focus markets with differentiated product portfolio.
Outlook:
The company aims to enhance organic growth and margins through new product launches and operational efficiencies, focusing on both domestic and international markets.
PVR Inox (-0.98%)
Financials:
Revenue: ₹1,717 crores, up by 11% YoY.
EBITDA: ₹528 crores, up by 12% YoY.
Net Profit: ₹35.5 crores, up by 177% YoY.
EPS: ₹3.66, up by 182% YoY.
Key Highlights:
The significant increase in net profit is a remarkable turnaround from the previous quarter's loss.
Enhanced operational efficiency and strategic cost management have contributed to improved profitability despite the ongoing challenges in the cinema exhibition industry.
Outlook:
PVR Inox continues to focus on expanding its screen network and optimizing customer experience to sustain growth and improve financial performance in the upcoming quarters.
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.
Rohit Kapoor, CEO, of Swiggy Food on the impact of recent tax cuts on consumption
The level of tax cuts which have come in terms of a very large percentage of the taxpayer population getting more disposable income in hand always has a salutary effect on consumption. - Link
Trent Ltd. in its earnings release
We are also pursuing a store portfolio optimization agenda. This involves upgrading or consolidating smaller footprint stores with newer stores in more attractive micro markets. While store expansion is a key growth lever for us, maintaining the quality and physical aesthetics of stores and ensuring consistent customer experience is equally an important objective. - Link
Ramesh Gopalan, MD & Group CEO, Sagility India
Reduced debt levels will help Sagility India grow its profit after tax numbers at a much higher rate than its revenues and Ebitda over the next three years. - Link
Calendars
In the coming days, we have the following major events, corporate actions, and upcoming earnings releases:
That’s it from us. Do let us know your feedback in the comments and share it 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.
Great job 👏