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 slightly lower, down around 35 points, and slipped to the day’s low of 23,298.55 in the first hour. It traded in a narrow range until 11 AM before picking up momentum and rising steadily through the day. The index touched a high of 23,872.35 and closed near that level at 23,851.65, ending the session with a strong 1.77% gain.
The upmove was supported by steady FII flows, improving global sentiment, and expectations of stable domestic policy. Positive sentiment around financial earnings also played a role. Focus now shifts to signals from the upcoming US Fed meeting.
Broader Market Performance:
The broader market showed a positive performance today, with 2,977 stocks traded on the NSE. Of these, 1,847 advanced, 1,047 declined, and 83 remained unchanged.
Sectoral Performance:
All sectoral indices closed higher. Nifty Bank led with a 2.21% gain, followed by Nifty Services at 2.01% and PSU Bank at 1.64%. Pharma, Auto, and Energy rose over 1%, while FMCG, Consumer Durables, and Realty posted modest gains. Metal, IT, and Media saw marginal upticks, rounding off a broadly positive day across 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 24th April:
- The maximum Call Open Interest (OI) is observed at 24,000, followed by 23,800, indicating strong resistance at these levels.
- The maximum Put Open Interest (OI) is at 23,500, followed by 23,800 and 23,400, suggesting strong support at 23,800, with additional support at 23,500 and 23,400.
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
Infosys reported a 12% YoY decline in Q4FY25 net profit at ₹7,033 crore, while revenue rose 8% to ₹40,925 crore. Operating margin stood at 21%, up 0.9% points YoY. The company guided for 0–3% revenue growth and 20–22% margin for FY26. Dive deeper
ICICI Bank has cut its savings account interest rate by 25 bps to 2.75% for balances below ₹50 lakh, joining peers like HDFC and Axis Bank. The move aims to lower funding costs and protect Net Interest Margins (NIMS) amid an expected rate-cut cycle. Dive deeper
SpiceJet’s revival plan is progressing well, with the airline aiming to double its fleet within the next 12 months, according to CMD Ajay Singh. Having added 10 aircraft since October 2024, the carrier is working to bring more grounded planes back into service amid ongoing recovery from financial and legal setbacks. Dive deeper
Paytm CEO Vijay Shekhar Sharma has voluntarily forgone 2.1 crore ESOPS amid regulatory scrutiny, leading to a one-time non-cash ESOP expense of ₹492 crore for Q4 FY25. The move follows SEBI’s show-cause notice over alleged violations in granting ESOPS to promoters, which are barred under current rules. Dive deeper
UltraTech Cement will acquire a 26% stake in AMPIN C&I Power Eight for up to ₹25.5 crore to support its green energy goals. The investment is tied to a 75 MWp solar project in Rajasthan and is expected to help optimise energy costs and meet captive power norms. Dive deeper
Hero MotoCorp will pause production at four plants from April 17 to 19 for maintenance and supply alignment, resuming on April 21. The company assured there will be no retail disruption. Dive deeper
Angel One closed at ₹2,356.20, down 0.15%, after initially slumping 6% following a 49% YoY drop in Q4 profit to ₹174.5 crore. Total income declined 16% sequentially to ₹1,057.8 crore. Dive deeper
IDFC FIRST Bank approved a ₹7,500 crore fundraise via compulsorily convertible preference shares at ₹60 each, issuing them to Warburg Pincus affiliate Currant Sea and ADIA-backed Platinum Invictus. Currant Sea will invest ₹4,876 crore for a 9.48% stake, while Platinum Invictus will invest ₹2,624 crore for a 5.10% stake. Dive deeper
India is projected to surpass China in air passenger traffic growth rate by 2026, with a 10.5% rise versus China’s 8.9%, according to Airports Council International. For 2023-27, India’s CAGR is estimated at 9.5%, ahead of China’s 8.8%. Over 2023-2053, India is expected to be the fastest-growing aviation market globally. Dive deeper
Reliance Industrial Infrastructure Ltd. has recommended a dividend of ₹3.5 per share for FY25 after approving its audited financial results. The AGM and dividend payout date will be announced later. Dive deeper
JSW Infrastructure has issued commercial paper worth ₹1,000 crore, maturing on September 30, 2025, with a yield of 6.88%. Each unit, with a face value of ₹5 lakh, is priced at ₹4,84,177.50 and will be listed on the BSE. Dive deeper
Federal Bank has reduced its savings account interest rate by 25 basis points to 2.75% for deposits up to ₹50 lakh. Balances between ₹50 lakh - ₹5 crore will earn 3.5%, and ₹5 - 50 crore will fetch 5.25%. Dive deeper
KFin Technologies rose 5.07% to close at ₹1,105.80 after announcing the acquisition of a 51% stake in Singapore’s Ascent Fund Services for $34.7 million, accelerating its entry into the global fund administration space. Dive deeper
HDFC AMC closed 2.13% higher at ₹4,218 after announcing a final dividend of ₹90 per share for FY25. Q4 net profit rose 18% YoY to ₹639 crore, while revenue grew 30% to ₹901 crore. Dive deeper
BluSmart has begun rebranding its electric cabs as Uber Green in Bengaluru following the Gensol controversy. Around 800–1,000 EVS are expected to be leased to Uber, with BluSmart shifting to a leaner fleet model. An outright acquisition by Uber is not being considered at this stage. Dive deeper
What’s happening globally
Brent crude rose above $66, extending gains as fresh U.S sanctions on Iran and planned OPEC+ output cuts raised supply concerns. While major agencies trimmed demand forecasts amid trade tensions, hopes for US-China trade talks offered support. Dive deeper
Gold slipped below $3,330 per ounce as investors booked profits after a record high, despite ongoing safe-haven demand amid U.S. trade policy uncertainty. Tariff probes on semiconductors and pharmaceuticals added to market volatility, while Fed Chair Powell signalled a cautious approach on rate changes. Dive deeper
The US dollar index rose above 99.5 as investors weighed Fed Chair Powell’s caution on rate cuts amid tariff-driven inflation risks. Powell stressed the need for policy clarity, while strong March retail sales highlighted consumer resilience. Dive deeper
U.S. retail sales rose 1.4% in March 2025, the biggest monthly gain since January 2023, driven by a 5.3% jump in auto sales as buyers rushed ahead of tariff hikes. Core retail sales used for GDP calculations rose 0.4%, while declines were seen at gas stations and furniture stores. Dive deeper
The ECB is expected to cut rates by 25 bps to 2.25%, marking a sixth straight cut amid weak growth and soft inflation. Lagarde warned U.S. tariffs could halve Eurozone growth. The rate now nears the ECB’s estimated neutral level. Dive deeper
New Zealand’s annual inflation rose to 2.5% in Q1 2025, the highest since June 2024 and above expectations of 2.3%. The increase was driven by rent, local authority rates, and construction costs, while falling petrol prices provided some relief. Quarterly inflation stood at 0.9%. Dive deeper
Germany’s producer prices fell 0.2% YoY in March 2025, the first annual decline since October, driven by a 3.6% drop in energy costs. Excluding energy, PPI rose 1.4%. On a monthly basis, prices fell 0.7%, the sharpest drop since December 2023. Dive deeper
Japan’s exports rose 3.9% YoY in March 2025 to JPY 9,847.8 billion, slowing from 11.4% in February and missing forecasts of 4.5%, partly due to U.S. metal tariffs. Growth was led by autos, machinery, and scientific instruments, while shipments to China, the EU, and Australia declined. Dive deeper
Tech stocks fell Wednesday after Nvidia flagged a $5.5 billion hit from US curbs on H20 chip sales to China. The Nasdaq slipped 3.1%, with Nvidia down 6.9% and the Philadelphia Semiconductor Index dropping 4.1%. Broader concerns around AI export controls and tariff-linked risks added to the pressure. Dive deeper
Google is facing a £5 billion lawsuit in the UK from around 250,000 businesses, alleging it overcharged for search advertising by abusing its market dominance since 2011. The case, filed by law firm Geradin Partners, claims Google excluded rivals and inflated ad prices. Google called it “speculative” and said it will defend itself vigorously. 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.
Jerome Powell, Chair, US Federal Reserve, on tariffs and policy outlook
“For the time being, we are well-positioned to wait for greater clarity before considering any adjustments to our policy stance.”
“Tariffs are highly likely to generate at least a temporary rise in inflation. The inflationary effects could also be more persistent.”
“Markets are functioning… They’re orderly and they’re functioning just about as you would expect them to function.” - Link
Deep Kalra, Founder and Chairman, MakeMyTrip, on sustainable tourism in India
“Currently, the market is still modest in size, valued at about $37 million or roughly ₹320 crore, but we see it growing to $216 million in 10 years’ time”
“Barely 1–2% of all tourism can be categorised as sustainable”
“As we think about the future of India’s travel and tourism sector, it is clear that sustainability cannot remain a peripheral concern” - 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!
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