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.
Introducing In The Money by Zerodha
This newsletter and YouTube channel aren’t about hot tips or chasing the next big trade. It’s about understanding the markets, what’s happening, why it’s happening, and how to sidestep the mistakes that derail most traders. Clear explanations, practical insights, and a simple goal: to help you navigate the markets smarter.
Market Overview
Nifty opened with a sharp 265-point gap-up at 24,980, reacting to the GST Council’s tax cut announcements. However, it quickly slipped to the 24,860–880 zone within the opening ticks and remained range-bound between 24,880 and 24,930 through the first hour. By the end of the first half, the index drifted lower to 24,800.
In the second half, weakness intensified as Nifty turned negative post 2 PM. Despite a brief recovery attempt, the index eventually closed flat at 24,734.30, nearly 1% below its opening levels.
Market sentiment remains cautious, with concerns over 50% tariffs, persistent foreign investor outflows, and muted earnings weighing on confidence. Escalating U.S.-India trade tensions are expected to remain the key driver of near-term market direction.
Broader Market Performance:
Broader markets had a weak session today. Of the 3,141 stocks traded on the NSE, 1,226 advanced, 1,818 declined, and 97 remained unchanged.
Sectoral Performance
Nifty Auto was the top gainer, rising 0.85%, while Nifty PSU Bank led the losses with a sharp 1.11% decline. Out of 12 sectoral indices, 4 closed in the green and 8 ended in the red, indicating broad-based weakness despite selective strength in autos and FMCG.
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 9th September:
- The maximum Call Open Interest (OI) is observed at 25,000, followed closely by 24,900, suggesting strong resistance at 24,900 - 25,000 levels.
- The maximum Put Open Interest (OI) is observed at 24,500, followed closely by 24,600, suggesting strong support at 24,600 to 24,500 levels.
Note: OI is subject to multiple interpretations, but generally, an increase in Call OI indicates resistance in a falling market, and an increase in 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 GST Council has revamped the tax structure into a simplified two-slab system of 5% for essentials and 18% for general goods, effective September 22, 2025. Everyday items like toothpaste, shampoo, snacks, and some medicines have been moved to the lower slab or made tax-free to reduce living costs. A steep 40% slab has been introduced for luxury and sin goods such as tobacco, fizzy drinks, and high-end cars. Additionally, GST has been completely removed on life and health insurance premiums to ease the burden on policyholders and boost insurance penetration. Dive deeper
The GST Council decided to retain the 5% GST rate on electric vehicles, giving relief to automakers like Tata Motors and M&M, while small petrol and diesel cars will now attract an 18% tax. Dive deeper
Poonawalla Fincorp approved raising ₹1,500 crore through non-convertible debentures, with a base issue of ₹1,000 crore and a ₹500 crore green-shoe option to boost funding. Dive deeper
MosChip Technologies’ stock jumped more than 15% to a record high after the government unveiled Semiconductor Mission 2.0, aimed at strengthening India’s presence in the global chip market. Dive deeper
India’s free-trade agreement with EFTA nations (Switzerland, Norway, Iceland, Liechtenstein) will take effect on October 1, bringing $100 billion in investments and tariff cuts on key Swiss goods. Dive deeper
Delta Corp and Nazara Technologies shares fell, with Delta down 8.3% and Nazara 2.5%, after the GST Council imposed a steep 40% levy on casinos, betting, and online gaming. Dive deeper
Amazon completed its acquisition of fintech lender Axio, securing a direct lending licence in India that will allow it to offer credit products and expand its financial services. Dive deeper
What’s happening globally
Trump warned the U.S. may scrap trade deals with the EU, Japan, and South Korea if the Supreme Court rules his tariffs illegal, though experts see it as a pressure tactic, noting tariffs mainly raise costs for U.S. importers and fuel inflation. Dive deeper
Zijin Mining plans a Hong Kong IPO to raise over $3 billion, one of the world’s largest this year, supported by strong gold prices and demand, with proceeds aimed at boosting production to over 100 tonnes by 2028. Dive deeper
Oil prices fell for a second day as traders expect OPEC+ may increase supply, while U.S. data showed slowing demand and rising inventories, pulling Brent near $67 and WTI below $64. Dive deeper
U.S. job openings dropped to a 10-month low of 7.18 million in July, showing weaker demand for workers; economists say this softening may push the Fed toward rate cuts. Dive deeper
Sanofi shares tumbled over 10% after its new eczema drug showed weaker results than its blockbuster Dupixent, wiping $13 billion in value and raising concerns about its future drug pipeline. Dive deeper
U.S. employers announced nearly 86,000 job cuts in August, up 39% from July and the highest since 2020 for the month, led by pharma, finance, and tech, with year-to-date layoffs at their highest since 2020. Dive deeper
Eurozone retail sales fell 0.5% in July, the steepest drop in two years, as food and fuel sales slumped, reversing the previous month’s gains and signaling weak consumer demand. 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.
R C Bhargava, chairman of Maruti Suzuki, on GST cuts
“With the latest GST reduction we project that the small car market which was degrowing will now grow this year by over 10 per cent,”
“As a result the overall passenger car market should grow by 6-8 per cent. There is a general feeling of euphoria with interest rates coming down, income tax benefits and now GST which will help consumers to have more money to increase consumption,” - Link
Nilesh Shah, Managing Director of Kotak Mutual Fund, on GST cuts
“The Diwali gift of Rs 48,000 crore is fiscally manageable. Completing a two-day GST Council meeting in one day shows the urgency. While leakages and fraud in GST need to be dealt with an iron hand, process improvement should be a continuous affair with a feedback loop,”
“The GST slab and rate rationalisation, as well as process improvement, is a step in the right direction. GST slab consolidation and rate rationalisation is ek teer kai nishaan. The latest GST announcement lowers inflation, increases growth, boosts consumer sentiment, doesn’t disturb the path of fiscal consolidation, improves ease of doing business, and partially offsets the adverse effects of tariffs,”- 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.
Also reading Mind Over Markets by Varsity?
It goes out thrice a week, covering markets, personal finance, or the odd question you didn’t know you had. The Varsity team writes across three sections: Second Order , Side Notes , and Tell Me Why , thoughtfully put together without trying to be too clever.
Go check out Mind Over Markets by Zerodha Varsity 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!
