Nifty surges past 25,500; Bank Nifty hits record high on expiry day rally
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.
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Market Overview
Nifty opened with a 25-point gap-up at 25,268.95 and climbed to 25,400 in the first hour. It then dipped slightly to 25,300 before consolidating in a narrow range between 25,310 and 25,400 for the next couple of hours. Around 2 PM, the index surged 100 points to cross the 25,500 mark, followed by another sharp rally of 70 points, hitting an intraday high of 25,565. Nifty eventually settled at 25,549, up 1.2%.
Key indices like Nifty and Bank Nifty crossed significant milestones of 25,500 and 57,000, respectively. Meanwhile, investors remain focused on geopolitical developments and are awaiting further clarity on global tariff actions.
Broader Market Performance:
Broader markets had a mixed session today. Of the 2,975 stocks traded on the NSE, 1,474 advanced, 1,397 declined, and 104 remained unchanged.
Sectoral Performance:
Nifty Metal emerged as the top-gaining sector, rising 2.31%, while Nifty Media was the worst performer, slipping 1.09%. Out of the 12 sectoral indices, 9 ended in the green, and 3 closed in the red, reflecting a largely positive sectoral breadth for the day.
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 3rd July:
The maximum Call Open Interest (OI) is observed at 26,000, followed closely by 25,500, suggesting strong resistance at 25,700 - 25,800 levels.
The maximum Put Open Interest (OI) is observed at 25,500, followed closely by 25,200, suggesting strong support at 25,400 to 25,300 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
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What’s happening in India
India’s FDI inflows rose 22% year-on-year to $8.8 billion in April, supporting RBI’s efforts to build forex reserves, which reached $698.95 billion in June. Meanwhile, NRI deposit inflows slowed to $751 million, and foreign portfolio investments declined, though external borrowings rose. Dive deeper
Nestle India has approved its first-ever 1:1 bonus issue, granting one bonus share for every share held. The record date will be announced later, and the bonus shares will be credited by or before August 25, 2025. Dive deeper
Jio Financial Services infused ₹190 crore into its payments bank arm, acquiring 19 crore equity shares and gaining full ownership after buying out SBI’s stake. Dive deeper
Mahindra & Mahindra has ramped up EV production to 8,000 units monthly, driven by strong demand and over 30,000 bookings on day one. It plans to unveil a new EV platform and two BEVs on August 15, 2025, and expand capacity to 18,000 units by FY27. Seven BEVs are targeted by 2030. Dive deeper
Western Carriers secured a ₹558 crore, three-year logistics contract from Jindal Stainless for dispatching slabs, coils, and sheet plates across India. The deal underscores WCIL’s strength in handling large-scale industrial logistics. Dive deeper
Pine Labs has filed a DRHP with SEBI for a ₹2,600 crore IPO, comprising a fresh issue and an offer for sale by shareholders, including Peak XV, PayPal, and Mastercard. Proceeds will fund overseas expansion, tech investment, and debt reduction. Dive deeper
NSE will launch monthly electricity futures within the next 2–3 weeks, aiming to help power sector participants manage price risks. Contracts will be based on a 50 MWh lot size and use a 30-day weighted average spot price. Transaction charges will be waived for the first six months to promote adoption. Dive deeper
AstraZeneca has set up a ₹166 crore Global Hub in Bengaluru focused on AI-driven healthcare solutions, adding 400 new jobs and expanding its India workforce to nearly 4,000. Dive deeper
JSW Steel has filed a review petition in the Supreme Court against its May 2 ruling that rejected the company’s resolution plan for Bhushan Power and Steel Ltd. and ordered liquidation. The matter remains under the status quo following the court’s earlier directive. Dive deeper
Reliance Defence has secured a ₹600 crore export order from Germany’s Rheinmetall Waffe Munition, one of the largest in high-tech ammunition. The deal strengthens its global supply chain presence and supports the 'Make in India' goals. Production will be anchored at the upcoming Dhirubhai Ambani Defence City in Ratnagiri. Dive deeper
Rapido has partnered with DMRC and ONDC to launch Delhi Metro ticket booking via its app, aiming to improve last-mile connectivity. The service includes Rs 25 flat bike taxi fares, women-only pickup zones, and introductory discounts. Similar integrations are already active in Chennai and Kochi. Dive deeper
Vodafone Idea is seeking $2.9 billion in loans to upgrade its network and regain market share, with SBI likely to lead the lending consortium. The funds will support capex and faster rollout, following the government’s recent stake increase to 48.99%. The debt mix will include domestic and foreign loans with a 10-year tenor. Dive deeper
The Centre has approved a ₹417 crore Electronics Manufacturing Cluster in Gautam Buddha Nagar, UP, aimed at supporting startups, MSMEs, and key sectors like consumer and automotive electronics. Dive deeper
Indogulf Cropsciences raised ₹58.2 crore from anchor investors ahead of its ₹200 crore IPO opening on June 26. It allotted 52.43 lakh shares at ₹111 each to five entities. The IPO includes a ₹160 crore fresh issue and an offer for sale by promoters. Dive deeper
Adani Enterprises, Vedanta, Jindal Power, and others have submitted bids to acquire Jaiprakash Associates under insolvency proceedings. Lenders met on June 25 to open the bids, with total creditor claims at ₹57,185 crore. Key assets include real estate, cement plants, hotels, and investments in group subsidiaries. Dive deeper
IRDAI has imposed a ₹1 crore penalty on Edelweiss Life Insurance for violating corporate governance norms related to outsourcing. The regulator cited inadequate conflict-of-interest management and failure to meet due diligence and compliance obligations under the Companies Act. Dive deeper
Signature Global plans to raise up to ₹875 crore via secured non-convertible debentures through private placement. The board has approved related resolutions, including a postal ballot and changes in borrowing limits. Dive deeper
Tata Steel infused ₹1,563 crore into its Singapore-based arm, T Steel Holdings, as part of a $2.5 billion FY26 investment plan. This follows a $1.24 billion share acquisition from TSHP earlier this year. Dive deeper
What’s happening globally
Brent crude hovered around $68 as markets steadied amid a holding ceasefire between Israel and Iran and easing supply fears. While US inventory data showed a sharp drawdown, ample supply from OPEC and US shale capped gains. Focus now shifts to the OPEC+ meeting on July 6. Dive deeper
Gold climbed past $3,340/oz as the US dollar weakened on renewed dovish signals from the Fed and expectations of a more rate-friendly Fed chair under President Trump. Powell’s remarks on softer tariffs reinforced the case for easing. Dive deeper
The dollar index dropped to 97, its lowest since February 2022, as markets priced in 62bps of Fed rate cuts for 2025. Speculation grew that Trump may name a dovish Fed Chair by September. Powell signaled caution due to tariff risks but acknowledged easing bias without inflation pressures. Dive deeper
Germany’s GfK Consumer Climate slipped to -20.3 for July, its first decline in four months, as saving sentiment hit a 14-month high amid policy uncertainty. Dive deeper
Sweden’s trade surplus narrowed to SEK 3.9 billion in May as exports dropped nearly 10% year-on-year, hitting a five-month low. Both EU and non-EU sales declined, while imports also fell but at a slower pace. Cumulatively, the year-to-date surplus remained slightly higher than last year. Dive deeper
Singapore’s manufacturing output rose 3.9% YoY in May, easing from April but beating forecasts. Electronics growth slowed sharply, while biomedical and precision engineering rebounded. Monthly output dipped 0.4%, less than expected. Dive deeper
Virgin Australia’s domestic focus and strong fuel hedging have positioned it well to weather Middle East tensions and oil volatility, says Bain Capital’s Mike Murphy. Bain cut its stake to 39.4% after the airline’s ASX debut. Dive deeper
The UK’s CBI retail sales gauge fell to -46 in June, marking the ninth straight monthly decline and missing expectations. Orders and motor trade sales also dropped sharply, while stock levels rose above average. Online sales grew modestly but slowed from May’s pace. Dive deeper
South Africa’s PPI inflation eased to 0.1% in May 2025, the lowest since November 2024, driven by steep declines in fuel and chemical product prices. Monthly producer prices fell 0.3%, the first drop since October. The reading came in below expectations of a 0.7% rise. Dive deeper
Hong Kong’s exports rose 15.5% YoY in May 2025, driven by strong demand from Asian markets, especially Japan, Malaysia, and India. Growth was led by electronics, telecom, and office machinery, while exports to the US and UK declined sharply. Some declines were seen in mineral and metal exports. Dive deeper
Shell denied any plans to acquire BP and confirmed no talks have taken place, triggering a six-month bid restriction under UK rules. The denial follows media speculation, which Shell said was unfounded. BP’s underperformance and activist pressure continue to fuel takeover chatter despite no formal moves. Dive deeper
Nestle USA will eliminate synthetic food colors from its products by mid-2026, with over 90% already compliant. The move aligns with broader industry shifts and new health policy efforts in the U.S. Conagra, General Mills, and Kraft Heinz have also announced similar timelines. 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.
Nandan Nilekani, Chairperson, Infosys, at 2025 AGM on global disruption and tech shifts
“As we look around us, there is a perfect storm of multiple colliding trends that is raging.”
“Tariffs are signalling to us that businesses must also derisk their sourcing... There is a clear need to accelerate supply-chain diversification.”“Every type of business in every part of the world is having to first adapt to rapidly changing business and technological disruption before advancing into an uncertain and unfamiliar future.” - Link
RBI June 2025 Bulletin on India’s economic resilience
“The global economy is in a state of flux, reeling from the twin shocks of trade policy uncertainties and a spike in geopolitical tensions.”
“In this state of elevated global uncertainty, various high-frequency indicators for May 2025 point towards resilient economic activity in India across the industrial and services sectors.”
“Financial conditions, too, remained conducive to facilitate an efficient transmission of rate cuts to the credit market.” - Link
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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!
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