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 flat at 24,748.70 and traded in a narrow range between 24,680 and 24,720 until 10 AM, awaiting the RBI announcement. Following the initial spike of 70 points, the index surged to the 25,000 mark after the RBI announced a 50 bps rate cut and a 100 bps CRR cut. The rally was primarily driven by gains in financials, real estate, and auto stocks. For the remainder of the session, the index moved within a tight 50-point range between 24,980 and 25,030, eventually closing at 25,003.05, up by 1.01%.

On the macro front, domestic fundamentals remain strong, supported by robust GDP growth and easing inflation. However, global macroeconomic uncertainty and escalating geopolitical tensions continue to weigh on investor sentiment.

Broader Market Performance:

Broader markets had a strong session today. Of the 2,993 stocks traded on the NSE, 1,673 advanced, 1,229 declined, and 91 remained unchanged.

Sectoral Performance:

The top-gaining sector for the day was Nifty Realty, which surged by 4.68%, while the Nifty Media index was the top loser, declining by 1.14%. Out of the 13 sectoral indices, 11 sectors closed in the green, and only 1 sector ended in the red.

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 12th June:

• The maximum Call Open Interest (OI) is observed at 25,500, followed closely by 25,000, suggesting strong resistance at 25,200 - 25,300 levels.

• The maximum Put Open Interest (OI) is observed at 25,000, followed closely by 24,800, suggesting strong support at 24,700 to 24,600 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

RBI cut the repo rate by 50 bps to 5.5% and shifted its stance to neutral in a front-loaded move to boost growth. CRR was cut by 100 bps in four stages, releasing ₹2.5 lakh crore liquidity. CPI inflation forecast for FY26 was lowered to 3.7%, with the GDP growth estimate retained at 6.5%. Dive deeper

NSE Sustainability, a unit of NSE, has launched ESG ratings for listed companies after SEBI approval as a Category I ESG Rating Provider. The ratings are based on company policies, disclosures, and sector practices. Dive deeper

Central Bank of India acquired Future Enterprises’ stakes in Future Generali’s life and general insurance JVs for ₹508 crore, marking its entry into insurance. The deal includes 24.91% in FGIICL and 25.18% in FGILICL. Approvals were secured from CCI, RBI, and IRDAI. Dive deeper

Bajaj Holdings sold ₹2,002 crore worth of Bajaj Finserv shares via a block deal, offloading 1.04 crore shares or 0.65% of paid-up capital. Despite the sale, Bajaj Finserv remains an associate of Bajaj Holdings. The transaction is part of a larger promoter stake sale plan. Dive deeper

L&T will raise ₹500 crore via ESG bonds, becoming the first Indian firm to do so under SEBI’s new sustainability-linked bond framework. HSBC is the sole lead arranger. Dive deeper

Akasa Air will begin operations at Navi Mumbai International Airport with 100 weekly domestic departures and plans to scale up to 300+ domestic and 50+ international departures by winter. It will base the largest share of its fleet at NMIA, developed by Adani Airports. Dive deeper

RBI plans to raise the loan-to-value (LTV) ratio for gold loans up to ₹2.5 lakh from 75% to 85%, including both principal and interest in the calculation. The move aims to regulate small-ticket gold lending more effectively, especially among NBFCs and smaller banks. Final guidelines will follow public consultation. Dive deeper

RBI’s 100 bps CRR cut to 3%, in four tranches starting September, is expected to boost bank margins by 7 bps and speed up rate transmission. Governor Malhotra said 3% CRR is adequate for liquidity, freeing up ₹2.5 lakh crore for lending. Dive deeper

IREDA launched a ₹5,000 crore QIP on June 5, with a floor price of ₹173.83 per share and a potential discount of up to 5%. The issue targets qualified institutional buyers, with pricing to be finalized with lead managers. Dive deeper

SAIL reduced its debt by around ₹750 crore in FY25, bringing it down to ₹26,800 crore, with plans for further reduction. The PSU aims to expand its capacity from 20 MTPA to 35 MTPA by 2030 and has a ₹7,500 crore capex outlay for FY26. Dive deeper

NCC targets 10% revenue growth and ₹22,000–25,000 crore in new orders for FY26 across buildings, transport, T&D, and water segments. It plans ₹700–750 crore in capex, including a tunnel boring machine for a Mumbai project. Debt may rise ₹200–300 crore to support growth amid easing working capital constraints. Dive deeper

India Energy Storage Week 2025, scheduled for July 8–10 in New Delhi, is expected to attract over ₹8,000 crore in investments in energy storage, EVs, and green hydrogen. The event will see participation from 1,000+ companies and global delegates. Dive deeper

Vodafone Idea seeks shareholder nod to amend rules, letting Aditya Birla and Vodafone retain board rights permanently, even with under 10% stake. This follows promoter dilution after the government's equity conversion. The company also plans to raise up to ₹20,000 crore via equity. Dive deeper

Flipkart, Meesho, and other e-commerce platforms may face legal action for selling uncertified, unsafe products, violating BIS norms. Raids in March led to the seizure of 15,000 such items across cities. Offenders risk hefty fines and up to 2 years in jail. Dive deeper

TVS Motor has named Sudarshan Venu as Chairman and Managing Director, effective August 25, 2025. Outgoing Chairman Sir Ralf Speth will become Chief Mentor for three years starting August 23. Dive deeper

LIC has increased its stake in Dr. Reddy’s from 6.20% to 8.21% over the past eight months through open market purchases. Over 1.67 crore shares were acquired during this period. Dive deeper

Rites and Hindustan Copper have signed an MoU to build a reliable supply chain for critical minerals in India and abroad. The partnership includes joint mining efforts, infrastructure development, and logistics support. Dive deeper

What’s happening globally

Brent crude hovered around $65 on Friday, set for its first weekly gain in three weeks. While demand optimism and Canadian supply disruptions supported prices, gains were capped by Saudi Arabia’s push for higher OPEC+ output and price cuts to Asia. Dive deeper

Gold dipped below $3,350/oz after strong US jobs data eased slowdown fears. Payrolls beat estimates, unemployment held at 4.2%, and wages rose 3.9%. Despite the dip, gold stayed up 2% for the week on trade war concerns. Dive deeper

Silver jumped past $36/oz, hitting its highest level since 2012, driven by industrial demand, tight supply, and safe-haven interest. A fifth year of structural deficit and rising Fed rate cut bets added to the rally. Dive deeper

Japan’s household spending fell 0.1% YoY in April 2025, reversing March’s 2.1% gain and missing the 1.4% growth forecast. Key drags included medical, clothing, and utilities, while housing and recreation saw higher spending. Month-on-month, spending dropped 1.8%, reflecting continued weakness in demand. Dive deeper

US nonfarm payrolls rose by 139K in May, slightly above expectations but down from April’s revised figure. Job gains were led by health care, hospitality, and social assistance, while federal jobs and manufacturing saw declines. March and April payrolls were revised down by 95K combined. Dive deeper

Chinese markets ended mixed after a US-China call signaled trade talks would continue, easing rare earth concerns but offering little detail. Investors remained cautious ahead of key inflation and trade data due Monday. Dive deeper

UK house prices rose 2.5% YoY in May 2025, the slowest pace in ten months, as monthly prices dipped 0.4% post stamp duty hike. Average property value now stands at £296,648, with affordability pressures persisting despite lower mortgage rates. Dive deeper

The Eurozone economy grew 0.6% in Q1 2025, double the earlier estimate, led by Ireland’s 9.7% surge and stronger German data. Fixed investment and net exports supported growth, while household consumption slowed and government spending stayed flat. Dive deeper

Global food prices fell 0.8% in May 2025, led by declines in cereals, vegetable oils, and sugar. Meat and dairy prices rose slightly, with butter prices staying elevated due to strong Asian and Middle Eastern demand. Dive deeper

The Bank of Russia cut rates by 100 bps to 20%, citing easing inflation now at 9.8%. Non-food prices are cooling due to tight policy and a stronger ruble, but food inflation and household expectations remain high. The Bank will keep conditions tight to hit its 4% target by 2026. Dive deeper

Goldman Sachs funded $600 million via convertible preference shares to help Jubilant Bhartia Group acquire a 40% stake in Coca-Cola’s India bottling unit. The $1.5 billion deal includes $600 million in equity and $300 million in debt from Jubilant. Dive deeper

Lululemon shares fell 21% after the company warned that U.S. tariffs and weak demand in North America and China would hit profits in 2025. It plans modest price hikes and increased discounts to manage pressure on margins. Dive deeper

Elon Musk lost $34 billion in a day amid a public feud with Trump, who threatened to end SpaceX and Tesla contracts. Tesla shares crashed 14%, and Musk hinted at forming a new political party. Dive deeper

Microsoft shares hit a new all-time high of $467.68, their first record since July, driven by strong investor confidence in its AI leadership. The stock is up over 30% from its April low, adding $800 billion in market cap and reinforcing its position as the world’s most valuable company. 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.

Sanjay Malhotra, Governor, Reserve Bank of India, on June 2025 Monetary Policy Update

"We have reduced the policy repo rate by 50 basis points to 5.50%, frontloading easing to support growth as inflation remains well below target."

"Inflation for 2025–26 is now projected at 3.7%, with Q1 expected at 2.9%—our confidence is backed by a broad-based moderation and soft commodity prices."

"With limited policy space left, we've shifted stance from accommodative to neutral and will now assess incoming data more cautiously to balance growth and inflation." - Link

Nilesh Shah, MD, Kotak AMC, on RBI's surprise rate cut and market outlook

"After nudges in the powerplay, RBI has hit two sixes: Repo rate and CRR cuts, frontloading growth support beyond expectations."

"Bond and equity markets reacted sharply, but now the focus should shift from rate cuts to structural reforms and broader economic priorities."

"Expect a parallel downward shift in the yield curve, with the short end softening further as ₹12 lakh crore liquidity flows into the system." - 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.