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 190-point gap-up at 24,357.60, tracking a sharp 2.5% rally in U.S. markets. After an initial 100-point dip, it recovered to 24,330 but soon slipped into the red, hitting a low of 24,120 within the first two hours. However, supported by positive global cues and broad market participation, it rebounded, reclaiming the 24,300 level and eventually closing near the day’s high at 24,328.95, up 0.66%.
Driven by FII inflows, strong earnings, positive global sentiment, and a weaker dollar, market optimism has been boosted by easing trade tensions and a dovish U.S. stance on interest rates and tariffs. The upcoming U.S. Federal Reserve meeting will be key in shaping the market’s next move.
Broader Market Performance:
The broader market managed to close in green today, with 2,931 stocks traded on the NSE. Of these, 1,516 advanced, 1,340 declined, and 75 remained unchanged.
Sectoral Performance:
The top gaining sector for the day was Nifty IT, which surged by 4.34%, while the worst performing sector was Nifty Consumer Durables, which declined by 0.96%. Out of the 12 sectoral indices, 8 sectors closed in the green and 4 sectors ended in the red, indicating broad-based market strength.
Note: The above numbers for Commodity futures were taken around 5 pm. 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 24,300, followed closely by 24,500, indicating strong resistance at these levels.
- The maximum Put Open Interest (OI) is 24,000, followed by 24,200, suggesting strong support at 24,000, and an additional support at 23,800.
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
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What’s happening in India
Ather Energy has set the IPO price band at ₹304–321 per share for its ₹2,980.76 crore issue, comprising a ₹2,626 crore fresh issue and a ₹354.76 crore offer-for-sale. The IPO will open for subscription from April 28 to April 30. Dive deeper
HSBC India Composite PMI rose to 60.0 in April, the fastest pace since August 2024. Growth was driven by robust factory output, strong services activity, and record foreign demand. Employment and backlogs also rose, while cost pressures persisted. Dive deeper
Luxury goods priced above â‚ą10 lakh will now attract 1% TCS, effective April 22, 2025. The tax applies to items like watches, handbags, art, and high-end gear. Sellers must collect and remit the tax to promote better tracking of big-ticket purchases. Dive deeper
LTIMindtree reported a 2% YoY rise in Q4 PAT to â‚ą1,129 crore, with revenue up 10% to â‚ą9,772 crore. EBIT margin declined to 13.8%, and the company declared a â‚ą45 per share final dividend. Deal wins stood at $1.6 billion, led by AI-led demand across verticals. Dive deeper
The government has re-appointed T. Rabi Sankar as RBI Deputy Governor for one more year starting May 3, 2025. This marks his second extension. He oversees foreign exchange, currency management, and government accounts at the RBI. Dive deeper
Aurobindo Pharma’s arm, Eugia Pharma, has received USFDA approval to launch generic Dasatinib tablets used in treating certain bone marrow and blood cancers. The drug is bioequivalent to Sprycel by Bristol-Myers Squibb and is expected to launch in Q1 FY26. The product’s estimated market size is $1.8 billion. Dive deeper
PFC closed at â‚ą433.10, down 1.15%, after disclosing â‚ą307 crore in unpaid dues from Gensol Engineering. The issue involves alleged document falsification, with legal action underway. Dive deeper
Ashoka Buildcon won a â‚ą568.86 crore EPC contract from Central Railway for gauge conversion between Pachora and Jamner in Maharashtra. The 53.3-km project includes bridges, earthworks, and civil infrastructure. It is to be completed in 913 days. Dive deeper
Tata Communications reported a 223.6% YoY jump in Q4 net profit to ₹1,040.5 crore, driven by strong digital growth. Revenue rose 6.1% YoY to ₹5,990.4 crore, and the board recommended a ₹25 per share dividend. Digital revenues now make up nearly 50% of the company’s portfolio. Dive deeper
Waaree Energies jumped 14.98% to â‚ą3,007.70 after reporting a 34% YoY rise in Q4 profit to â‚ą618.9 crore and 36% revenue growth. EBITDA more than doubled, and the company announced fresh capacity expansions in India and the US. Dive deeper
Ambuja Cements has completed the acquisition of a 37.8% promoter stake in Orient Cement, raising its total holding to 46.66% and becoming the new promoter. This includes an 8.87% stake bought from public shareholders. The acquisition is part of Ambuja’s ₹8,100 crore expansion plan. Dive deeper
What’s happening globally
WTI crude eased below $63.2 per barrel as rising OPEC+ supply, led by Kazakhstan’s quota-defying stance, offset early gains. Tensions within the cartel resurfaced amid plans to ramp up output in May. Meanwhile, US sanctions on Iran and mixed demand signals due to trade war uncertainty kept markets volatile. Dive deeper
Gold eased to $3,310 amid easing US-China tensions and reduced concerns over Fed independence. Dive deeper
US crude inventories fell by 4.565 million barrels last week, the biggest draw since late March, reversing the prior week’s build. Dive deeper
The average 30-year mortgage rate in the US rose to 6.9% for conforming and jumbo loans, the highest in two months, amid rising yields and Fed criticism. Dive deeper
Germany’s Flash Composite PMI fell to 49.7 in April, signalling the first contraction in four months as services activity slipped and tariff concerns hit demand. Dive deeper
The IMF has cut China’s 2025 growth forecast to 4%, down from 4.6%, citing mounting US trade tariffs, a prolonged property crisis, and weak consumer confidence. This is well below Beijing’s 5% target, as downside risks dominate the outlook amid retaliatory duties between China and the US. Dive deeper
The EU fined Apple €500 million and Meta €200 million under the Digital Markets Act (DMA) for breaching antitrust rules. Apple over App Store restrictions and Meta for its ad-free subscription model. These are the first penalties under the DMA. Both firms must comply within 60 days. 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.
Herald Van Der Linde, Head of Asia Pacific Equity Strategy, HSBC, on India’s resilience amid global trade uncertainty
“India stands out as a Trump-proof haven due to its domestic-driven economy and more attractive valuations.”
“We expect earnings growth of 10–15%, which looks solid compared to export-reliant peers facing tariff pressures.”
“Private banks, consumption, and healthcare are key sectors drawing foreign investor interest in India.” - Link
Jyotiraditya Scindia, Minister of Communications, Government of India on Vodafone Idea, MTNL, and BSNL
“The government will cap its stake in Vodafone Idea at 49%; it’s now VIL’s responsibility to perform—we don’t intend to turn it into a PSU.”
“MTNL’s dues will be cleared through monetisation of its land assets via the National Land Monetisation Committee (NLMC).”
“BSNL has posted its first profit in 18 years; with 90,000 towers installed, the 4G rollout is nearly complete and will pave the way for 5G.” - Link
Lip-Bu Tan, Chief Executive Officer, Intel Corporation, on restructuring and turnaround plans
“We’re streamlining management to rebuild an engineering-driven culture—cutting over 20% of staff is part of that transformation.”
“The goal is to refocus Intel by spinning off non-core assets and improving product offerings to regain our competitive edge.”
“This turnaround won’t happen overnight, but with the right talent and sharper execution, I believe we can get there.” - 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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