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 strong gap-up of 540 points at 23,368.35, supported by positive global cues after the U.S. temporarily exempted tariffs for certain sectors, easing trade tensions. The index briefly dipped in the initial minutes, touching the day’s low of 23,207 before recovering. It soon moved back above 23,300 and remained within a tight 50-point range between 23,300 and 23,350 through the session. The index eventually closed at 23,328.55, gaining 2.19% for the day.
Investors will now shift focus to upcoming earnings and monitor further updates on the global tariff situation.
Broader Market Performance:
The broader market had a strong session today. Out of 3,009 stocks traded on the NSE, 2,547 advanced, 377 declined, and 85 remained unchanged.
Sectoral Performance:
Nifty Realty emerged as the top gainer, rising 5.64%, while Nifty FMCG was the least performing sector, gaining just 0.28%. All 12 sectoral indices ended in the green, with none closing in the red, indicating broad-based market participation and positive sentiment 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 17th April:
- The maximum Call Open Interest (OI) is observed at 23,500, followed by 23,300, indicating strong resistance at the 23,400 to 23,500 zone.
- The maximum Put Open Interest (OI) is at 23,300, followed by 23,000, 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
India’s inflation eased to 3.34% in March 2025, the lowest since August 2019, driven by a sharp drop in food prices. The decline offset rising fuel and housing costs, pulling inflation further below the RBI’s 4% target. Consumer prices fell 0.26% from February. Dive deeper
India’s wholesale inflation eased to 2.05% in March 2025, the slowest since November, driven by softer food and primary article prices. Manufacturing inflation hit a 27-month high, while fuel prices rose for the first time since July 2024. Wholesale prices fell 0.19% from February. Dive deeper
HDFC Bank shares rose 3.22% to close at â‚ą1,864.90 after the bank cut its savings account interest rate by 25 bps to 2.75%, aiming to lower funding costs amid a softening rate environment. Dive deeper
IREDA reported a 49% YoY jump in Q4 FY25 consolidated net profit to â‚ą502 crore, with revenue rising 37% to â‚ą1,905 crore. Sequentially, PAT rose 18% from â‚ą425 crore in Q3. The results were announced after market hours and shares closed 8.29% higher at â‚ą166.98. Dive deeper
Jio Financial shares rose 3.72% to close at â‚ą238.57 after the company announced its board would consider declaring a maiden dividend on April 17. Dive deeper
Swiggy launched the consumer app for its home services platform, Pyng, in Bengaluru, offering access to over 1,000 professionals across 100+ specialisations. The move marks a direct entry into the Just Dial-dominated services marketplace, expanding Swiggy’s super-app ambitions beyond food and quick commerce. Dive deeper
India’s trade deficit widened to $21.54 billion in March from $14.05 billion in February, as imports surged 11.3% YoY while exports remained flat. Fiscal year 2025 saw record overall exports above $820 billion, but rising import bills and tariff concerns linked to U.S. policies added to the pressure. Dive deeper
The IEA sharply cut its 2025 global oil demand growth forecast, citing a weaker economic outlook amid escalating trade tensions. It expects demand growth to slow further in 2026 to 690,000 bpd, with lower oil prices offering limited support. Dive deeper
Bharti Airtel has partnered with Blinkit to offer 10-minute doorstep delivery of SIM cards across 16 major cities, including Delhi, Mumbai, and Bengaluru. Customers can choose prepaid, postpaid or port their number, with Aadhaar-based activation and a video-guided setup. Dive deeper
India’s gems and jewellery exports fell 11.72% to $28.5 billion in FY25, hit by weak demand in key markets and falling diamond prices. Cut and polished diamond exports dropped 16.75%, while gold and silver jewellery exports also declined. Dive deeper
SEBI resolved 4,371 complaints in March 2025 through its SCORES platform, with 4,161 complaints pending at month-end. The average resolution time was nine days. Dive deeper
SBI has cut interest rates on its 444-day special fixed deposit scheme by 20 bps to 7.05% and lowered loan rates linked to external benchmarks by 25 bps, effective April 15. The move follows the RBI’s recent policy rate cut and reflects improved banking system liquidity. Dive deeper
Diesel demand in India rose just 2% to 91.4 million tonnes in FY25, the slowest growth since the pandemic, as EV adoption and a softer economy weighed on consumption. In contrast, petrol use rose 7.5%, LPG 5.6%, and jet fuel nearly 9%, while overall oil demand growth hit a decade low, excluding COVID-19 years. Dive deeper
What’s happening globally
WTI crude dipped toward $61 amid signs of weak demand and looming oversupply, following lowered forecasts from the IEA, OPEC, and EIA. Trade tensions and rising output, including potential Iranian supply, added to the pressure. Dive deeper
Gold climbed above $3,220 per ounce as ongoing tariff uncertainty and rising rate cut expectations fueled safe-haven demand. Fresh trade investigations and mixed Fed signals added to market caution, with traders pricing in 85bps of easing by year-end. Dive deeper
U.S. import prices fell 0.1% in March 2025, the first decline since September, led by a 2.3% drop in fuel costs. Nonfuel import prices rose 0.1%, while annual import inflation eased to 0.9% from 1.6% in February. Dive deeper
The U.S. 10-year Treasury yield rose to 4.39%, rebounding slightly after Monday’s sharp drop, as investors weighed rising recession risks and trade tensions. New tariff probes and policy uncertainty have shaken confidence in Treasuries as a haven, despite reassurances from Treasury Secretary Bessent. Dive deeper
Canada’s inflation eased to 2.3% in March 2025 from 2.6%, below forecasts. Falling fuel and telecom costs offset a spike in food prices following the end of tax breaks. Monthly inflation rose 0.3%. Dive deeper
Poland’s annual inflation held steady at 4.9% in March 2025 for the third month, with higher food, housing, and alcohol prices offset by declines in transport and slower rises in recreation and hospitality. Monthly inflation rose 0.2%. Dive deeper
UK payrolled employment fell by 78,000 in March 2025, the sharpest drop since May 2020, led by losses in accommodation and food services. Median pay rose 4.8% year-on-year to ÂŁ2,469, with the highest growth in the same sector. Dive deeper
Global tech stocks rose after the U.S. exempted smartphones and computer hardware from steep China tariffs, easing pressure on supply chains. Apple gained 6.6%, while HP, Dell, and Nvidia also advanced, though fresh semiconductor tariffs are expected in the coming months. Dive deeper
Azadea Group, the Middle East operator of Zara and Virgin Megastore, has paused its IPO plans to focus on business growth and regional expansion. The decision is strategic and not linked to recent market volatility or tariff-related uncertainty. Dive deeper
Intel will sell a 51% stake in its Altera chip unit to Silver Lake for $4.46 billion, valuing Altera at $8.75 billion. The move, led by new CEO Lip-Bu Tan, aims to streamline operations and refocus on core businesses amid financial strain and rising competition. Dive deeper
Nvidia will manufacture its AI supercomputers in the U.S. for the first time, with chip production in Arizona and assembly in Texas. The move, praised by the White House as “the Trump Effect,” is part of a broader plan to build $500 billion worth of AI infrastructure over four years. 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.
Sanjiv Puri, Chairman, ITC on India’s resilience amid Trump tariffs
“It’s difficult to say how it will evolve, but my own sense is that at the end of it, I think India is going to be much better placed, because we do see the possibility of several FTAs being inked… whether it’s the EU, UK, and, of course, the US.”
“So while short-term uncertainty, unpredictability may be causing some kind of impact on global growth also…a consequent little impact on India will be also there.”
“We need agile, empowered teams to deal with changes in tariff structures while focusing on diversification, digitalisation, and climate-resilient infrastructure.” - Link
Akio Okuno, Head of Monetary Affairs, Bank of Japan on global market volatility
“Unlike during the global financial crisis, we’re not seeing a major decline in short-term liquidity.”
“The BOJ will continue to scrutinise market developments and their impact on global and domestic economies” - 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.