Nifty closes flat after a volatile day
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
After yesterday’s consolidation, Nifty opened nearly 40 points higher at 23,746.65. However, after hitting the day’s high at the opening, it began to decline, trading within the 23,630 to 23,670 range during the first hour. Subsequently, the market continued to slide for the next two hours, reaching the day’s low of 23,496.15.
Following this dip, the market began to recover, stabilizing briefly within the 23,540 to 23,570 range before staging a sharp rebound. It quickly climbed 150 points, crossing the 23,700 mark. Despite the recovery, the market ultimately closed flat at 23,688.95, down by 0.07% for the day.
With concerns about the HMPV outbreak easing slightly, attention now turns to the upcoming earnings season, set to kick off tomorrow, which is expected to play a key role in shaping market movements.
Broader Market Performance:
While the headline indices closed flat, the broader markets had a challenging day, with 952 stocks advancing, 1,865 declining, and 97 remaining unchanged.
Sectoral Performance:
Sectoral performance reflected a negative trend, with all sectors closing in the red except for IT and FMCG. Nifty IT led the gains, rising 0.6% ahead of TCS results, while FMCG saw a modest increase of 0.44%. On the downside, Nifty Consumer Durables was the biggest loser, dropping by 2.16%.
Note: The above numbers for Commodity futures were taken around 4 pm.
Change in OI for the day
The following is the change in OI for Nifty contracts expiring on 9th January:
The maximum Call Open Interest (OI) is observed at 24,000, followed by 24,200. Meanwhile, the maximum Put Open Interest (OI) is at 23,500, followed by 23,200.
Immediate support is identified in the 23,500–23,300 range, while resistance is expected between 24,000 and 24,200.
Note: OI is subject to multiple interpretations but generally, in a falling market if there is an increase in the call OI, it indicates resistance, and in a rising market, if there is an increase in the put OI, it indicates support.
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
United Breweries has suspended the supply of Kingfisher beer to Telangana due to unpaid dues and unviable pricing. This decision caused the company's stock to fall over 7% on January 8, 2025. Dive deeper
The Finance Ministry held a meeting with microfinance institutions (MFIs) due to rising bad loans and delinquencies. The meeting, chaired by the Department of Financial Services Secretary, discussed increasing stress in the sector, as indicated by the Reserve Bank of India (RBI) report. It highlighted a rise in delinquencies and borrower indebtedness, with an increase in loans from multiple lenders and a higher average loan ticket size. Dive deeper
KEC International has secured Rs. 1,136 crores in new orders across the Transmission & Distribution, Transportation, and Oil & Gas Pipelines sectors. Key projects include a 765 kV Transmission line from PGCIL and a Train Collision Avoidance System order. Year-to-date order intake has reached Rs. 20,600 crores, marking 80% growth. Dive deeper
India Ratings and Research (Ind-Ra) has projected NBFC loan growth to decline to 18.5% YoY in FY26, down from an estimated 20% in FY25, with a slowdown expected in unsecured lending such as personal, business, and microfinance loans. Dive deeper
IREDA achieved an 'Excellent' rating for the fourth consecutive year in its MoU performance with the Ministry of New & Renewable Energy, scoring 98 for FY 2023-24. This reflects the agency's commitment to operational excellence and advancing India's renewable energy goals. Dive deeper
SEBI has warned Ola Electric to announce expansion plans on social media before formally disclosing them to stock exchanges, highlighting a breach of disclosure norms. The regulator stressed the need for timely and equitable information sharing, with future violations potentially leading to enforcement action. Dive deeper
Tata Steel’s crude steel production in India reached 5.68 million tons in 3QFY25, marking an 8% QoQ and 6% YoY increase. Deliveries hit a record 5.29 million tons, supported by strong domestic and export sales, with notable growth in automotive and branded products. Dive deeper
Tata Technologies and Telechips have partnered to innovate solutions for next-gen software-defined vehicles (SDVs), focusing on ADAS platforms and automotive controllers. This collaboration aims to address software-hardware integration challenges and enhance vehicle safety, connectivity, and efficiency. Dive deeper
Hyundai Motor India has launched new variants and updates for the VENUE, VERNA, and Grand i10 NIOS, featuring improvements in technology and comfort. Dive deeper
Temasek is poised to acquire a minority stake in Haldiram Snacks, with a valuation between $10 billion to $11 billion. This pre-IPO deal follows extensive negotiations, setting the stage for a potential public listing within 12-24 months. Dive deeper
Brigade Enterprises Limited has launched the Brigade Gateway at Neopolis, a 10-acre mixed-use development in Kokapet, Hyderabad. The project includes a World Trade Center, Brigade Residences, a 300+ key Intercontinental Hotel, and Orion Mall. It has a revenue potential of ₹3,300 crores, with residences in a 58-floor building, making it one of the tallest in Hyderabad. Dive deeper
India revised its November gold imports down by $5 billion, reducing the trade deficit, which had initially surged to a record $37.84 billion. Despite the correction, gold imports in 2024 still totaled a record $47 billion. Dive deeper
Signature Global reported its best-ever 9-month pre-sales of INR 86.7 billion, reflecting a 178% year-on-year growth. Collections for the same period increased by 54% to INR 32.1 billion, and net debt was reduced to INR 7.2 billion. Dive deeper
Larsen & Toubro's Heavy Engineering division secured significant orders in Q3 FY25, including LNG equipment for a US project, a loop reactor for a PDH PP plant in Turkey, and a revamp project for a Fluid Catalytic Cracking Unit in Saudi Arabia. Domestically, it received orders for three urea reactors, reinforcing its position in the fertiliser sector. Dive deeper
Mahindra has launched a new EV manufacturing and battery assembly facility at its Chakan plant, focusing on automation and sustainability for Electric Origin SUVs. Dive deeper
Alkem Laboratories will sell its Pithampur manufacturing facility to Rubicon Research Ltd. for Rs 149 crore, as part of its ongoing facility optimization strategy. Dive deeper
Automobile retail sales in December 2024 dropped 12% YoY and 45.26% MoM, with most segments, except tractors, seeing a decline. Two-wheeler sales suffered a significant drop due to delayed crop payments and year-end factors. Despite challenges, overall sales grew by 9% in CY2024, with cautious optimism for January. Dive deeper
The gems and jewellery sector has requested a reduction in GST to 1% in the upcoming Budget to ease cost burdens and improve affordability, especially for rural consumers. They also seek a dedicated ministry and tax rationalization for lab-grown diamonds. Dive deeper
Tata Electronics has received approval from the Competition Commission of India (CCI) to acquire a majority stake in Pegatron India. The acquisition will occur in two tranches, and TEPL will also transfer its TEL Components business to Pegatron India. Dive deeper
RVNL signed an MoU with Dubai-based GBH International for infrastructure projects in the GCC region. Dive deeper
Zomato has re-launched its 15-minute food delivery service, two years after discontinuing its 10-minute Instant feature. The service is available in select locations in cities like Mumbai and Bengaluru. Dive deeper
Delta Corp shares closed 3.74% higher at Rs 113.72, after touching a high of around 7%, following the Supreme Court's decision to hear the online gaming industry's pleas against GST notices. Dive deeper
JSW Steel's $74 million coal acquisition deal in Mozambique faces uncertainty due to a legal dispute after the Mozambican government revoked the lease for Minas de Revuboè, causing a halt in the transaction. Dive deeper
What’s happening globally
European shares edged higher, with the Stoxx 50 gaining 0.1% and the Stoxx 600 advancing 0.3%. Gains were led by healthcare and financial stocks, while concerns over US Federal Reserve rate cuts limited broader advances. Pluxee surged 10.1%, while Shell fell 1.8%. Dive deeper
Job openings in the U.S. rose by 259,000 to 8.098 million in November 2024, surpassing expectations. Openings increased in professional services, finance, and education but fell in information. Quits decreased, while layoffs remained stable. Dive deeper
Germany's retail sales fell 0.6% month-over-month in November 2024, driven by a 1.8% decline in non-food retail, including e-commerce. However, year-on-year, retail sales rose 2.5%, boosted by a 1.7% increase in food retail and 2.3% in non-food sectors. Full-year 2024 sales are expected to rise by 1.1%. Dive deeper
France's consumer confidence fell to 89 in December 2024, driven by weaker expectations on finances, living standards, and employment. Concerns over price increases rose, while the outlook on savings improved slightly. Dive deeper
Japan's consumer confidence index dropped to 36.2 in December 2024, slightly below expectations. Sentiment on durable goods and overall livelihood weakened, while confidence in income growth remained stable, and optimism about employment increased slightly. Dive deeper
Australia's CPI rose 2.3% YoY in November 2024, surpassing forecasts. Electricity prices fell slower, while inflation for alcohol, tobacco, and some services picked up. Excluding volatile items, the CPI increased 2.8%. Dive deeper
China's fuel oil imports are expected to decrease in early 2025 following a tax hike from January 1, which raised the import duty to 3% from 1%. This could further impact the refining sector's margins and regional fuel oil prices. Dive deeper
Sweden's annual inflation rate dropped to 0.8% in December, the lowest since December 2020, and below the Riksbank's 2% target. On a monthly basis, consumer prices remained unchanged, while the central bank's target CPI rose by 1.5%, easing from the previous month's 1.8%. Dive deeper
Apple remains unable to sell the iPhone 16 in Indonesia, as it hasn't met the 35% local content requirement, despite an agreement to build a production facility for Airtag devices. The new facility doesn't fulfill the criteria for iPhone 16 sales. Dive deeper
Oil prices rose as supplies from Russia and OPEC tightened, alongside an unexpected increase in U.S. job openings signaling economic growth. Brent crude rose to $77.37 per barrel, while U.S. West Texas Intermediate crude climbed to $74.67. Dive deeper
Amazon will invest $11 billion in expanding its AWS infrastructure in Georgia, enhancing cloud computing and AI capabilities as part of its strategy to strengthen its market position. 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.
Akshaya Moondra, CEO, Vodafone Idea Limited
“The future is here! We are preparing for the phased rollout of 5G, bringing you blazing-fast speeds and unparalleled experiences.”
“By March 2025, thousands of new sites will enhance connectivity, elevating the network experience to extraordinary heights.”
“A lot more of our network is now on our Indoor Coverage Plus technology, which significantly boosts indoor coverage and quality whether you are at home, at the office, or at a mall.” - Link
World Health Organization (WHO)
“The observed increases in acute respiratory infections and associated pathogen detections in many countries in the Northern hemisphere in recent weeks is expected at this time of year and is not unusual,” - Link
Calendars
In the coming days, we have the following major events and corporate actions:
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.
Very useful brief on Indian and world markets on daily basis.