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 27-point gap up at 23,192.60. After filling the gap and making a low of 23,158.45, it surged by 120 points to reach 23,280, before retracing back to 23,200 — all within the first hour of trade. Following that, Nifty moved higher and remained in a tight 50-point range between 23,250 and 23,300 for most of the day. In the final hour, it edged above 23,300 and closed near the day’s high at 23,332.35, up 0.71%.
Global investor sentiment stayed cautious ahead of the U.S. reciprocal tariff decision expected from President Trump early tomorrow morning. Despite a strong performance in March, concerns around global cues continue to weigh on the markets.
Broader Market Performance:
In line with the headline indices, the broader market also had a strong day. Out of 2,977 stocks traded on the NSE, 2,148 advanced, 757 declined, and 72 remained unchanged.
Sectoral Performance:
The top-gaining sector for the day was Nifty Realty, which rallied by 3.61%, followed by Nifty Consumer Durables, which rose 2.51%. On the flip side, Nifty Energy was the weakest performer among the lot, posting the smallest gain of just 0.52%—though it’s worth noting that none of the sectors closed in the red.
Out of the 12 sectoral indices listed, all 12 ended the day in the green, with zero sectors closing in the red. This broad-based rally indicates strong market sentiment across sectors, not just limited to a few pockets.
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 3rd April:
- The maximum Call Open Interest (OI) is observed at 23,500, followed by 23,300, indicating strong resistance at 23,400 - 23,500.
- The maximum Put Open Interest (OI) is at 23,000, followed by 23,200, suggesting strong support at 23,200, with additional support at 23,000 and 22,900.
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 HSBC India Manufacturing PMI rose to 58.1 in March 2025, marking the highest level since July 2024, driven by stronger new orders and output. Despite strong growth, foreign sales growth slowed, and input cost inflation reached a three-month high. Dive deeper
India exported 198.65 lakh tonnes of rice till March 25, 2025, surpassing last year’s total of 163.58 lakh tonnes. Basmati rice shipments accounted for 59.44 lakh tonnes, with significant exports in parboiled, non-basmati white, and broken rice. The government closely monitors rice production and exports to ensure food security. Dive deeper
The RBI will inject â‚ą80,000 crore into the system by purchasing government securities in four tranches, citing evolving liquidity conditions. The move, starting April 3, is aimed at addressing liquidity deficits in the banking system. The RBI will continue to monitor and adjust measures as needed. Dive deeper
Sebi has extended the deadline for retail algo trading rules to May 1, 2025, with implementation set for August 1, 2025. The extension allows more time for discussions with brokers. The framework ensures regulated access, investor protection, and broker accountability. Dive deeper
PwC’s IDEA framework advises Indian businesses to invest in technology, diversify markets and suppliers, express concerns to the government, and stay adaptable to navigate U.S. tariff uncertainties and global trade shifts. Dive deeper
Foxconn has invested â‚ą276 crore in machinery to increase iPhone production in India, aiming to nearly double output. The company will also begin producing Apple AirPods for export at its Hyderabad plant. This move comes ahead of the U.S. imposing reciprocal tariffs on India. Dive deeper
Sebi has granted NSDL an extension until July 31, 2025, for its IPO listing, after the depository requested more time. The IPO will be a complete Offer For Sale (OFS) of over 5.72 crore equity shares by existing shareholders, and the funds raised will not go to NSDL. Dive deeper
Sterling and Wilson secured green energy projects worth â‚ą1,470 crore in Rajasthan and Gujarat, including a wind-solar hybrid project and a solar photovoltaic plant. The company also emerged as the lowest bidder for a 260 MW solar project. Dive deeper
Poonam Gupta has been appointed as the Deputy Governor of the Reserve Bank of India for a three-year term, succeeding Michael Debaprata Patra. Dive deeper
Kalpataru Projects International secured new orders worth ₹621 crore in India, focusing on its buildings & factories and railway sectors. The company aims to strengthen its order book and market position. For FY25, the company’s total order inflows exceeded ₹25,000 crore. Dive deeper
Coal India has approved a â‚ą10 price hike for both coking and non-coking coal, effective from April 16. The additional revenue will contribute to the Coal Mines Pension Scheme, 1998. The price increase applies to both regulated and non-regulated sectors. Dive deeper
The RBI has mandated that banks pay uniform interest rates on deposits across all branches, with no discrimination on similar deposits. Interest rates must follow a pre-disclosed schedule, and negotiations between banks and depositors are prohibited. The new rules, effective immediately, ensure transparency and consistency. Dive deeper
Ola Electric sold 3,44,005 EV scooters in FY25, capturing a 30% market share. In March 2025, it registered 23,430 units, with strong demand from urban and rural markets. The company also expects to complete the remaining February–March registrations in April 2025. Dive deeper
India’s electricity consumption surged nearly 7% in March, reaching 148.48 billion units, driven by rising temperatures. Peak power demand rose to 235.22 GW, with forecasts predicting it could hit 277 GW by summer 2025 due to expected heat waves. Dive deeper
Microfinance loan disbursals dropped 41.7% to 1.19 crore in the December quarter, with the total amount disbursed falling 34.9% to â‚ą63,440 crore. Overdue loans surged, and the overall portfolio shrank by 4%, impacted by regulatory changes and risk adjustments. Dive deeper
Indian Railways reported a 1.68% increase in freight loading to 1,617 million tonnes in FY25, with notable growth in coal (7.4%) and containers (19.72%). Eastern Railway led with a 16.11% growth, contributing to improved logistics for industries and energy. Dive deeper
Swiggy received a Rs 158.25 crore tax demand from the Income Tax Department for the fiscal year 2022 related to unpaid taxes on cancellation charges and interest income. The company plans to appeal the order, believing it has strong grounds and no significant adverse impact on its operations. Dive deeper
KEC International secured new orders worth Rs 1,236 crore across domestic and international markets, including projects in India, UAE, and Kuwait. This takes the company’s total order intake for FY25 to a record Rs 24,600 crore, reflecting a 36% growth from the previous year. Dive deeper
India’s defence exports reached a record Rs 23,622 crore in 2024-25, marking a 12.04% increase from the previous year. The country aims to achieve Rs 50,000 crore in defence exports by 2029, with DPSUs showing a 42.85% increase in exports. Dive deeper
L&T Technology Services secured a €50 million deal with a European auto OEM to set up a development center focused on software-defined vehicles and advanced driver-assistance systems. This follows a recent $80 million deal with a US firm. Dive deeper
Reliance Industries has entered the e-sports business through a joint venture with BLAST Esports to bring global e-sports properties and tournaments to India, leveraging both BLAST’s expertise and Jio’s technology. Dive deeper
What’s happening globally
Brent crude oil futures dropped below $74 per barrel as markets prepared for US reciprocal tariffs, which could escalate global trade tensions. President Trump’s potential secondary duties on Russian oil and increased sanctions on Iran provided some support. Dive deeper
Gold surged above $3,130 per ounce, nearing record levels, as markets anticipated escalating US tariffs and economic fallout. The rise was also fueled by expectations of interest rate cuts, central bank buying, and strong demand for gold-backed ETFs. Dive deeper
Job openings in the US fell by 194,000 to 7.568 million in February 2025, below expectations, with notable decreases in retail trade, finance, health care, and leisure sectors. Regional job openings also declined across the Northeast, South, Midwest, and West. Meanwhile, hires and separations remained stable at 5.4 million and 5.3 million, respectively. Dive deeper
The US ISM Manufacturing PMI dropped to 49 in March 2025, signaling a contraction in factory activity driven by faster declines in new orders, production, and employment. Price pressures also surged to the highest level since June 2022, while inventories and supplier deliveries showed mixed trends. Dive deeper
The US 10-year Treasury yield steadied around 4.2%, amid concerns over tariffs and the economy, driving demand for safe-haven assets. Factory activity contracted in March, while job openings declined in February, signaling a cooling labor market. Dive deeper
US mortgage applications fell by 1.6% in the week ending March 28, extending a three-week decline, with refinancing applications hitting a five-week low, while new home purchase applications rose for the sixth consecutive week. Dive deeper
Malaysian palm oil futures rose 2.5% to MYR 4,500 per tonne, driven by stronger shipments and optimism in key markets. However, a cautious outlook on seasonal production recovery could limit further gains. Dive deeper
Spain welcomed 5.4 million international tourists in February 2025, a 7.7% increase from the previous year, with the UK, France, and Germany contributing the most. The Canary Islands led as the top destination, attracting 26.8% of visitors. Dive deeper
Turkey’s Manufacturing PMI dropped to 47.3 in March 2025, signaling the steepest contraction since October 2024, driven by a decline in new orders and production. Input costs rose sharply due to currency weakness, while output prices increased at a slower pace. Dive deeper
Visa has offered Apple $100 million to replace Mastercard as the tech giant’s credit card partner. This follows Goldman Sachs’ exit from the partnership in 2023. American Express, Barclays, and Synchrony Financial are also competing to secure the role of Apple’s new card issuer. 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.
Saurabh Gupta, CFO, Dixon Technologies, on lighting growth and margin outlook
“This JV with Signify can drive our lighting revenue from ₹800 crore to ₹2,000 crore in the next couple of years.”
“We are leveraging existing infrastructure and PLI benefits, with ₹100 crore committed—₹60 crore deployed, and ₹40 crore to be invested via the JV.”
“We expect overall company margins to improve from 3.7% to 4.5%–4.6% in the next few years on a much higher turnover base.” - Link
Peter Schiff, Economist and Gold Advocate, on Bitcoin vs. Dollar Debate
“Bitcoin’s volatility makes it unsuitable as a reserve currency—gold is the real threat to the dollar.”
“Larry Fink’s comments are an obvious attempt to promote BlackRock’s Bitcoin ETF.”
“Gold is a time-tested store of value trusted by central banks, unlike speculative Bitcoin.” - Link
Calendars
In the coming days, we have the following significant 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.