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 flat at 23,344.10 and traded in a narrow range between 23,290 and 23,350 during the first half, showing resilience despite weakness in global markets. Post 1:30 PM, as global markets recovered, Nifty gained momentum and surged 130 points to touch 23,430, led mainly by financial stocks. In the final hour, the index remained range-bound between 23,400 and 23,440 before closing at the day’s high of 23,437.20, up 0.46%.
Going forward, investor attention will turn to earnings from index heavyweights like HDFC Bank and ICICI Bank, and further developments on the global tariff front.
Broader Market Performance:
The broader market had a strong session today. Out of 2,977 stocks traded on the NSE, 2,068 advanced, 834 declined, and 75 remained unchanged.
Sectoral Performance:
The top-gaining sector for the day was Nifty PSU Bank, which rose by 2.37%, while the Nifty Auto index was the biggest loser, declining by 0.43%. Out of the 13 sectoral indices, 10 ended in the green, while 2 closed in the red, reflecting broad-based positive momentum across most sectors.
Note: The above numbers for Commodity futures were taken around 5 pm. NSE has not released today’s FII-DII data yet. Here’s the trend from the last 5 days:
Change in OI for the day
The following is the change in OI for Nifty contracts expiring on 17th April:
- The maximum Call Open Interest (OI) is observed at 23,500, followed by 23,800, indicating strong resistance at the 23,500 to 23,600 zone.
- The maximum Put Open Interest (OI) is at 23,000, followed by 23,300, suggesting strong support at 23,200, with additional support at 23,000.
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 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
The 10-year Indian G-Sec yield dropped to 6.4%, a three-year low, driven by RBI’s rate cuts and liquidity support. Cooling inflation and a stable rupee revived foreign investor interest. Indian bonds also gained from inclusion in global bond funds. Dive deeper
The Indian rupee strengthened to 85.6 per USD, nearing a three-month high as dollar weakness and easing crude prices supported sentiment. Limited outflows and falling inflation helped offset the RBI’s dovish rate outlook. Dive deeper
Infosys has partnered with Spark New Zealand to drive digital transformation and cut operational costs. Leveraging its AI-first platforms like Infosys Topaz and Cobalt, Infosys will enhance Spark’s tech delivery and provide advanced DevOps and software engineering support for its systems and applications. Dive deeper
Mahanagar Gas fell 4.8% to â‚ą1,252.4 and Indraprastha Gas declined 1.36% to â‚ą176.53 after the government reduced their allocation of cheaper Administered Pricing Mechanism (APM) gas. Other gas stocks also traded lower. Dive deeper
Optiemus Electronics partners with realme to manufacture AIoT devices in India, targeting production of 5 million units annually, and creating 2,000 jobs. Dive deeper
Gallantt Ispat moved higher after its board approved a â‚ą1,014.98 crore capex to expand steel and power capacities at its Gorakhpur plant, including a new 100 MW captive solar power unit. The brownfield project is scheduled for completion by March 2026 and will be funded through internal accruals. Dive deeper
Wipro reported a 26% YoY rise in Q4FY25 net profit to ₹3,569.6 crore, while revenue remained flat at ₹22,504.2 crore. Margins improved 110 bps YoY, and the company announced a ₹6 final dividend. Large deal bookings rose 48.5% YoY, but IT services revenue is expected to decline 1.5–3.5% in Q1FY26. Dive deeper
India’s $10 billion pharma exports to the U.S. face scrutiny after the U.S. launched a national security probe into drug import reliance. The investigation under Section 232 could impact firms like Gland, Aurobindo, and Sun Pharma, which have significant U.S. market exposure. Dive deeper
Crisil expects bank credit to grow 12–13% in FY26, supported by policy measures, tax cuts, and lower rates. Corporate credit may rise 9–10%, while retail credit is seen growing 13–14%, led by home loans. Lending to NBFCS may improve, but remain selective. Dive deeper
SEBI is reviewing Clause 24 of mutual fund regulations, which restricts asset management companies from engaging in activities that may conflict with managing mutual fund schemes. Officials said the aim is to ease business expansion for AMCs and adopt a more collaborative, less restrictive regulatory approach under SEBI’s new leadership. Dive deeper
JSW Steel plans to invest ₹50,000–₹60,000 crore over 3–4 years to set up a 10 MTPA green steel plant at Salav, Maharashtra, targeting exports to the EU. The plant will initially run on natural gas and later shift to hydrogen, aiming to cut carbon emissions by 20%. Dive deeper
IndusInd Bank said accounting lapses in its derivative portfolio will impact its net worth by â‚ą1,979 crore, or 2.27%, as of December 2024. Pwc assessed the financial hit, while Grant Thornton will conduct a forensic audit. Promoter IndusInd International Holdings Ltd (IIHL) has committed to infusing capital if required. Dive deeper
SEBI barred Gensol Engineering promoters Anmol and Puneet Singh Jaggi from the securities market over alleged fund diversion and misleading disclosures. â‚ą262.13 crore meant for EV purchases remains unaccounted. A forensic audit has been ordered and the stock split put on hold. Dive deeper
Meanwhile, BluSmart, co-founded by the Jaggi brothers, has suspended services in Mumbai, Delhi NCR, and Bengaluru with no slots available till May 7. The disruption follows SEBI’s interim order and scrutiny of EV-linked transactions. Dive deeper
ICICI Prudential rose 3.38% to â‚ą586.30 after Q4 net profit surged 122% YoY to â‚ą386 crore, aided by lower expenses. Net premium income grew 10.6% to â‚ą16,369 crore, and FY25 profit rose 40% to â‚ą1,189 crore. Dive deeper
What’s happening globally
WTI crude rose to $62 as hopes for US-China trade talks offset concerns over a supply glut and weak demand. While the IEA cut its global demand forecast and U.S. inventories rose unexpectedly, declines at Cushing and in fuel stockpiles provided some support. Dive deeper
Gold hit a new record of $3,309.2 per ounce as safe-haven demand surged amid U.S. trade policy uncertainty and a weaker dollar. A proposed probe into critical mineral imports added to the momentum, supported by ETF inflows and central bank buying. Dive deeper
The dollar index fell to 99.5, hitting a three-year low as aggressive U.S. tariff measures reignited recession fears and drove outflows from dollar assets. Dive deeper
The average 30-year mortgage rate in the U.S. jumped to 6.81% in the week ending April 11, the highest since February and the sharpest rise since October. The spike follows surging bond yields as trade war concerns drove investors away from U.S. assets. Dive deeper
UK inflation eased to 2.6% in March 2025, below expectations and the BoE’s forecast, driven by lower prices in recreation, transport, and hospitality. Fuel and food costs also saw slower increases, while clothing prices rose with seasonal demand. Monthly CPI rose 0.3%, and core inflation eased to 3.4%. Dive deeper
China’s economy grew 5.4% in the first quarter of 2025, beating forecasts of 5.1%, as exporters rushed to ship goods ahead of new U.S. tariffs. Industrial output rose 6.5%, while retail sales grew 4.6%, signalling strong manufacturing and steady consumer demand. Dive deeper
China named Li Chenggang as its new top trade negotiator amid a deepening trade war with the U.S., replacing Wang Shouwen. The move follows steep U.S. tariffs of up to 145% on Chinese goods, with China retaliating at 125%. Dive deeper
Citigroup posted a Q1 net profit of $4.1 billion, driven by a 23% jump in equity trading and strong client activity amid market volatility. Markets revenue rose 12% to $6 billion, while fixed income revenue increased 8%. Banking and wealth units also saw double-digit growth. Dive deeper
Figma has confidentially filed for a U.S. IPO, over a year after its $20 billion acquisition deal with Adobe collapsed due to regulatory hurdles. 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.
Supreme Court on plea for cryptocurrency regulation
“It is in the domain of policymakers. How can we issue any such direction? We can’t lay down the law,” said Justice B.R. Gavai, refusing to entertain the petition.
“The prayers made in the petition are within the domain of the legislature and the executive. In that view of the matter, we are not inclined to entertain the petition.” - Link
Samir Seksaria, CFO, TCS, on generative AI and margins
“We see cannibalisation at a transaction level, but that can far offset the volumes it can create.”
“If I am able to get more work, my volumes increase. That’s a win-win despite optimising with fewer people.”
“You will not be able to retain all of the productivity gains; it will be somewhere in between gains for customers and for us.” Link
Alastair Borthwick, CFO, Bank of America, on recession fears
“Client concerns over trade policy and recent market turmoil have grown”
“Our research team at this point doesn’t believe we’ll see a recession, and our clients continue to show encouraging signs”
“We don’t see the signs of a downturn in the near term” - Link
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! Join the conversation on trade wars and their potential escalation on TradingQnA.
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