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 60-point gap-down at 23,190.40, following a global market sell-off led by the US. It quickly moved lower towards the 23,050 zone, before retracing 50 points. However, within the first 45 minutes, it breached the 23,000 mark.
From there, the market remained in a narrow 50-point range between 22,950 and 23,000 until around 1:30 PM. In the afternoon, the breakdown continued, slipping below 22,900 and hitting an intraday low of 22,857.45. After hovering near the lows for most of the final hour, the index eventually closed at 22,904.45, down 1.48% for the day.
With China imposing retaliatory tariffs on the US, this weekend is expected to bring a wave of news flow that the markets will be watching closely. Going forward, investors will be keeping an eye on tariff-related developments, the upcoming RBI monetary policy decision, and the ongoing earnings season.
Broader Market Performance:
In line with the headline indices closing lower, the broader market also had a weak session. Out of 2,947 stocks traded on the NSE, 646 advanced, 2,230 declined, and 71 remained unchanged.
Sectoral Performance:
On a weak trading day, Nifty FMCG emerged as the only gainer, closing marginally higher by 0.04%. In contrast, Nifty Metal was the top loser, plunging by 6.56%, reflecting the broader pressure on metal stocks.
Out of the 12 sectoral indices, only 1 sector closed in the green, while a significant 11 sectors ended in the red, highlighting broad-based selling across the board. The most notable losers besides Metal were Nifty Pharma (-4.03%), Nifty Energy (-3.73%), and Nifty Realty (-3.60%), indicating widespread weakness in key 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 9th April:
- The maximum Call Open Interest (OI) is observed at 23,200, followed by 23,000, indicating strong resistance at 23,000 - 23,200.
- The maximum Put Open Interest (OI) is at 22,500, followed by 22,800, suggesting strong support at 22,800, with additional support at 22,500.
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’s Composite PMI rose to 59.5 in March, the highest since August, driven by strong manufacturing growth and continued services expansion. Job creation slowed while input cost growth eased, and output inflation hit a three-year low. Dive deeper
India’s Services PMI was revised up to 58.5 in March, though down from 59.0 in February, marking 44 months of expansion. Growth eased amid slower foreign sales and weak job gains, while input and output inflation softened. Business confidence fell to a seven-month low. Dive deeper
Strides Pharma, Inc. is recalling over 4.4 lakh cartons of Testosterone Gel (1%) in the U.S. due to the presence of benzene, according to the USFDA. The Class II recall, initiated on March 5, covers 1,95,952 cartons of the 2.5g variant and 2,44,412 cartons of the 5g variant. Dive deeper
Foreign firms accounted for 62% of office space leasing in India’s top nine cities during Jan–Mar 2025, renting 111.6 lakh sq ft out of a total 180 lakh sq ft, per CBRE. Gross leasing rose 5% YoY, with Bengaluru, Hyderabad, Delhi-NCR, and Mumbai leading the demand. Dive deeper
Aditya Birla Fashion plans to focus on profitable, organic growth over the next five years, ruling out further M&As or fundraising. It aims to double revenues, improve margins, and become debt-free in 2–3 years. Dive deeper
Experts warn that U.S. reciprocal tariffs could lead to a surge in low-cost steel imports into India from affected countries, disrupting domestic markets. While India’s direct stainless steel exports to the U.S. are limited, trade diversions may challenge local producers and heighten competition. Dive deeper
SEBI has exempted the Government of India from making an open offer in its direct equity acquisition of Vodafone Idea, allowing GoI’s stake to rise from 22.60% to 48.99%. The move aims to ease VIL’s liquidity by converting ₹36,950 crore of dues into equity, offering financial relief to the telecom firm. Dive deeper
Jio Financial Services and BlackRock invested ₹66.5 crore in their 50:50 JV, Jio BlackRock Investment Advisers, reinforcing their digital-first wealth and broking plans in India. Dive deeper
SIAM expects minimal impact on India’s automobile sector from the U.S. reciprocal tariffs, as autos are excluded from the latest order and exports to the U.S. remain limited. Autos and related parts were already subject to earlier Section 232 tariffs of 25%, announced on March 26, 2025. Dive deeper
Zomato will be renamed Eternal Limited, and its trading symbol will change from ZOMATO to ETERNAL on the exchanges starting April 9, 2025. Dive deeper
Mazagon Dock shares closed down 7.14% after the government began offloading up to 4.83% stake via an Offer for Sale. The base offer includes 1.14 crore shares (2.83%), with an option to sell another 2%. The floor price of ₹2,525 was nearly 8% below the previous close. Dive deeper
YES Bank shares fell 4.24% despite reporting an 8.2% YoY rise in loans to ₹2.46 lakh crore and a 6.8% jump in deposits in Q4 FY25. CASA ratio improved to 34.3%, and asset quality remained stable. Dive deeper
SEBI has proposed an ‘Investor Charter’ for KYC Registration Agencies (KRAs), outlining their services, investor rights, grievance redressal, and Dos and Don’ts. The move aims to enhance investor awareness and transparency. Public comments are invited on the draft until April 25, 2025. Dive deeper
UltraTech Cement plans to acquire Wonder WallCare for up to ₹235 crore to strengthen its presence in the wall putty segment. The Rajasthan-based plant adds 6 lakh tonnes of annual capacity and supports UltraTech’s broader expansion strategy in value-added products. Dive deeper
Bajaj Finance reported a 26% YoY rise in AUM to ₹4.17 lakh crore in Q4 FY25, with new loans up 36% and 4.7 million customers added. The deposit book grew 19% YoY. Meanwhile, RBI flagged compliance gaps in its co-branded credit card business. Dive deeper
What’s happening globally
The dollar index traded flat near 102 on Friday after a sharp drop, weighed by escalating US-China trade tensions and rising expectations of Fed rate cuts. Markets now price in four cuts this year, with the first likely in June. The dollar is down 1.9% for the week. Dive deeper
Silver fell to $31 per ounce, marking a 9% weekly loss as the escalating trade war heightened recession concerns. China’s 34% tariff on U.S. goods and Trump’s new tariffs on major economies added to the market turmoil. Despite the selloff, silver and other precious metals may find support as recession fears grow and Fed rate cuts are priced in. Dive deeper
Gold prices recovered to trade above $3,121 an ounce, approaching record highs as safe-haven demand spiked amid rising trade tensions. China’s 34% tariff on U.S. imports added concerns over global stability and inflation. Gold inventories in U.S. COMEX warehouses surged, reflecting fears of tariff disruptions. Dive deeper
WTI crude oil futures dropped over 7% to $62 per barrel, the lowest since August 2021, amid rising OPEC+ output and global trade tensions. OPEC+ increased its supply target for May, while China’s 34% tariff on U.S. goods added further market pressure. Oil is set for a nearly 10% weekly decline, its largest drop in six months. Dive deeper
Roughly $2 trillion was wiped off the S&P 500 as Trump’s sweeping new tariffs triggered fears of recession, inflation, and global supply chain disruption. Apple alone lost $275 billion in market value, with most S&P 500 stocks trading lower. Dive deeper
New car registrations in the UK rose 12.4% year-on-year to 357,103 units in March 2025, with private retail buyers driving the rebound. Electrified vehicles, especially BEVs, saw strong growth, setting a new record, while traditional fuel vehicle sales, including petrol and diesel, declined. Dive deeper
The FAO Food Price Index was slightly up at 127.1 points in March 2025, with cereals down 2.6% and sugar prices falling 1.4% amid weaker global demand. Vegetable oils and meat prices saw increases, while dairy prices remained stable. Dive deeper
The U.S. is expected to add 135,000 jobs in March, down from 151,000 in February, with unemployment steady at 4.1%. Wage growth may ease slightly to 3.9% annually. Strike resolutions could support hiring, while upcoming spending cuts and tariffs may weigh on growth. Dive deeper
Germany’s factory orders were flat in February, missing expectations, with gains in capital goods offset by declines in consumer and intermediate goods. Domestic demand fell, while foreign orders rose on non-euro area strength. Orders excluding large contracts dipped 0.2%. Dive deeper
The ISM Services PMI fell to 50.8 in March, marking the weakest growth since June, with sharp declines in employment and new orders. Price pressures eased while tariffs and government spending cuts weighed on sentiment. Production rose, but backlogs continued to contract. Dive deeper
Bank of Japan Deputy Governor Shinichi Uchida signaled that rate hikes may continue if inflation nears the 2% target while monitoring risks from U.S. tariffs. He noted tariffs could pressure Japan’s economy via trade, confidence, and markets, impacting both growth and inflation dynamics. Dive deeper
The Philippines’ annual inflation eased to 1.8% in March, the lowest since May 2020 and below expectations, driven by slower food and transport prices. Core inflation fell to 2.2%, while monthly consumer prices declined 0.2% for a second month. 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.
Deepak Shenoy, CEO, CapitalMind, on market overreactions and Nike’s tariff impact
“Markets are basically like people who have taken cocaine. Overreact to everything and have short-term memories.”
“Nike can increase the price to $124. No one will care. You’re buying the advertising, not the shoe.”
“The problem with Nike isn’t this margin thingy. It’s the fact that their growth sucks. Profits have grown just 40% in seven years.” - Link
Peter McGuire, CEO, Trading.com, on gold outlook and market uncertainty
“Gold has hit a record high of $3,167.57, and the next key resistance lies at $3,200. If that level is breached, we could see a significant push to the upside.”
“While silver faced a recent selloff mainly in the paper markets physical demand remains robust.”
“I’m concerned about a potential US recession, and upcoming payroll data will be critical.”
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! You can join the conversation around the 26% tariffs on India on TradingQnA
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