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 412-point gap up at 24,420, following the announcement of a ceasefire understanding between India and Pakistan. After the strong start, the index continued its upward momentum, crossing 24,700 and then spiking to 24,850 levels after news of a 90-day tariff pause between the US and China. In the final hour, Nifty surged past 24,900, closing near the day’s high at 24,924.70, marking its best trading day in four years.

Market sentiment was supported by steady FII inflows and positive global cues, though geopolitical tensions and earnings season remain key factors for near-term market direction.

Broader Market Performance:

Broader markets had a very strong session today. Of the 3,010 stocks traded on the NSE, 2,614 advanced, 329 declined, and 67 remained unchanged.

Sectoral Performance:

From the sectoral indices performance table, Nifty IT emerged as the top gainer, closing 6.70% higher at 38,282.55, while Nifty Pharma was the least performing sector, closing just 0.15% higher at 21,102.70. Overall, all 12 sectors closed in the green, reflecting a broadly positive market sentiment.

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 15th May:

• The maximum Call Open Interest (OI) is observed at 25,000, followed closely by 25,200, indicating strong resistance at these levels.

• The maximum Put Open Interest (OI) is 24,500, followed by 24,600, suggesting strong support at 24,500 and additional support at 24,400.

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 and Pakistan agreed to an immediate ceasefire on May 10, 2025, following four days of intense cross-border hostilities that marked the worst escalation between the two nuclear-armed neighbors since 1999.

The Nifty IT index surged 6.70% to 38,282.55, its biggest single-day gain in over five years, driven by easing geopolitical tensions following the India-Pakistan ceasefire and a US-China tariff truce. Top gainers included Coforge (+8.21%), Infosys (+7.91%), LTIMindtree (+6.90%), and HCL Technologies (+6.43%). Dive deeper

Indian pharmaceutical stocks underperformed broader markets after U.S. President Donald Trump announced plans to cut drug prices by 30%–80% through a "most favored nation" pricing rule, aligning U.S. drug costs with those in other wealthy nations. Dive deeper

Ather Energy reported a net loss of Rs 234 crore for the quarter ended March 31, 2025, down from Rs 283 crore a year ago, as revenue grew 29.2% year-on-year to Rs 676 crore. The company also improved its operational efficiency, with Ebitda loss narrowing to Rs 172 crore from Rs 239 crore in the same period last year. Dive deeper

LTIMindtree announced a $450 million, seven-year deal with a global agribusiness leader, marking the largest agreement in its history. The deal involves implementing an AI-powered operating model to enhance operational efficiency and scalability. Dive deeper

UPL Ltd reported a strong financial performance for FY25 with an 11% increase in Q4 revenue and 175% growth in net profits. The company significantly reduced its net debt by $1.04 billion, driven by robust operating cash flow and strategic capital transactions. Dive deeper

What’s happening globally

The United States and China have agreed to temporarily reduce tariffs on each other's goods during ongoing trade talks in Geneva. Beijing plans to cut tariffs on US goods from 125% to 10% for 90 days, while the US will reduce tariffs on Chinese imports from 145% to 30%. This move marks a significant step towards easing trade tensions between the world's two largest economies. Dive deeper

Oil prices surged over 3% on Monday after China and the United States agreed to temporarily suspend mutual tariffs, signaling a potential easing of their trade war. West Texas Intermediate rose 3.6% to $63.24, while Brent crude gained 3.4% to $66.11, as hopes for improved global economic conditions and stronger oil demand lifted market sentiment. Dive deeper

Apple is reportedly planning to raise prices for its upcoming fall iPhone lineup, according to the Wall Street Journal. The increase is expected to accompany new design updates and feature enhancements, but the company aims to avoid the perception that these hikes are related to U.S. tariffs on Chinese imports, where most of its devices are made. Dive deeper

Germany’s DAX jumped 1.6% on Monday to nearly 23,900, reaching a fresh record high as investors cheered over progress in US-China trade talks. Dive deeper

Gold prices dropped nearly 3% to $3,230 an ounce on Monday, hitting a one-month low. The decline was driven by improved investor sentiment and reduced demand for safe-haven assets following a significant US-China tariff rollback. 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.

Sanjeev Bijli, Executive Director of PVR, on the company’s performance

"The last quarter and the entire last year were muted and did not go as expected, due to underperformance from Bollywood films—there weren't any films from our major stars like Shah Rukh Khan, Salman Khan, and Aamir Khan,"

"Our internal estimates suggest that this year should be materially better than FY24 and FY25," - Link

Prashant Kumar, CEO of YES Bank

• There Has Been An Overhang On The Bank Thus Far; There Was A Need For A Strategic Partner

• Re-rating Of Bank Will Give Us A Lot Of Opportunities On the Funding & Lending Side

• This sort of investment will Help Us Leap Forward To Our Second Phase Of Transformation - 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!

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