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 started the day strong, opening with a 92-point gap-up at 23,751.50. It dipped 70 points in the first 15 minutes but quickly bounced back, jumping 170 points to cross 23,800 and hitting a high of 23,869.60 within the first 45 minutes. After that, the index saw a reversal and moved in small ups and downs through the day.
In the second half, Nifty stayed mostly in a tight range between 23,650 and 23,725. In the last 30 minutes, it broke below this range and ended the day almost flat at 23,668.65, up just 0.04%.
With most macro factors looking positive and the market still holding momentum, the big question is whether this rally will continue or if a short break is coming. Global markets are also keeping an eye on April 2nd, when the US President is expected to announce reciprocal tariffs on several major economies.
Broader Market Performance:
The broader market significantly underperformed the headline indices. On the NSE, a total of 2,998 stocks were traded—674 advanced (down from 1,865 the previous day), 2,258 declined (up from 1,082), and 66 remained unchanged.
Sectoral Performance:
Among the sectoral indices, Nifty IT emerged as the top gainer, rising 1.32% to close at 37,706.90. On the flip side, Nifty Consumer Durables was the worst performer, slipping 1.93% to end at 35,680.35. Out of the 12 sectors tracked, only two—Nifty IT and Nifty Service—managed to close in the green, while the remaining ten sectors ended in the red, reflecting broad-based weakness across the market.
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 27th March:
- The maximum Call Open Interest (OI) is observed at 24,000, followed by 24,100, indicating strong resistance at 23,800 levels, followed by 24,000.
- The maximum Put Open Interest (OI) is at 23,500, followed by 23,200, suggesting strong support at 23,500, with additional support at 23,300.
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
SEBI will form a high-level committee to review conflict of interest rules for its board members, ensuring transparency. The panel, comprising experts from different sectors, will assess regulations on investments, liabilities, and disclosures. Recommendations are expected in three months. Dive deeper
IndusInd Bank’s share price dropped over 5% after it was hit with a ₹30.15 crore penalty by GST authorities for various issues. The bank, already under investigation for derivative account discrepancies, may appeal the order. Dive deeper
Brigade Enterprises acquired 4.4 acres of land in Bengaluru’s Whitefield to develop a premium residential project with an estimated revenue of Rs 950 crore. The project will have a development potential of 0.6 million square feet. Dive deeper
Hyundai India will invest Rs 694 crore to set up a tooling centre for manufacturing stamping tools and panels, enhancing its supply chain and manufacturing capabilities. This move will support production at its Chennai plant and the upcoming Pune facility. The investment aims to boost annual production to 1.1 million units. Dive deeper
Adani Enterprises’ renewable energy subsidiary, Adani New Industries Ltd., incorporated a solar unit, Adani New Industries One Ltd. (ANIOL), to trade and supply components for solar and wind manufacturing. Dive deeper
The RBI has enhanced priority sector lending (PSL) guidelines, increasing loan limits and expanding eligibility for renewable energy loans. It has also lowered the PSL target for urban cooperative banks to 60% and removed the cap on loans to individual women beneficiaries. These changes, effective from April 1, aim to improve credit targeting for key sectors. Dive deeper
Zepto is in talks for a $250 million secondary sale to boost Indian investor ownership before its IPO, aiming for a $5 billion valuation. Dive deeper
RVNL secured a Rs 116 crore contract from Central Railway’s Nagpur division for OHE modification work, aimed at upgrading the electric traction system over 24 months. The company also secured a Rs 156 crore contract from South Western Railway earlier this month. Dive deeper
SBI Life Insurance received an Income Tax order for Rs 352.50 crore in tax and Rs 78.50 crore in interest for the Assessment Year 2023-24 due to an erroneous increase in policyholder and shareholder income. The company plans to appeal the order, stating it has no material impact on its operations. Dive deeper
Power Grid Corporation of India has acquired three Special Purpose Vehicles (SPVs) for Rs 43.73 crore to enhance power infrastructure across Gujarat, Andhra Pradesh, Karnataka, Rajasthan, and Madhya Pradesh. The projects will follow the BOOT model, focusing on substations and transmission lines. Dive deeper
IREDA shares were in focus ahead of its board meeting to discuss the borrowing plan for FY 2025-26. The meeting will focus on matters related to the borrowing plan, as per SEBI’s regulations. Dive deeper
Raymond Ltd. is leveraging Joint Development Agreements (JDAs) for Rs 10,000 crore projects in Mumbai, focusing on capital-efficient growth. The company aims to reduce risks in the capital-starved real estate sector. Regulatory changes, such as the Mumbai Development Plan 2034 and RERA, have made JDAs more feasible. Dive deeper
What’s happening globally
Brent crude oil futures rose to $73.3 per barrel, driven by concerns over tighter global supply following President Trump’s 25% tariff announcement on oil imports from Venezuela. While the extension of Chevron’s operations in Venezuela and potential Russian oil exports could limit further price gains, an OPEC+ production hike and uncertainty over tariffs weigh on the market outlook. Dive deeper
European natural gas futures fell to around €42/MWh as traders monitored US- Russia talks about the Ukraine war, raising hopes for increased gas flows. The heating season is ending, and solar and wind power are gaining a share in Europe’s energy mix. However, gas inventories are significantly lower than last year, with EU storage at about 34%. Dive deeper
Retail sales in Taiwan fell 3.8% year-on-year in February 2025, marking the first decline since October 2024. Sales dropped for textiles, cultural goods, and food, while construction materials and motor vehicle sales saw growth. Monthly retail sales dropped 20.2% in February. Dive deeper
The UK’s retail sales gauge dropped to -41.0 in March 2025, marking the sixth consecutive month of decline. Retailers cited global trade tensions and the Autumn Budget as key factors. Online sales remained weak, with sales below seasonal norms. Dive deeper
Germany’s Ifo Business Climate indicator rose to 86.7 in March 2025, its highest since July, reflecting improved business sentiment. Optimism grew across all sectors, with manufacturers and trade showing a notable shift. The construction sector saw improvements, though order shortages remain a challenge. Dive deeper
Kuwait’s annual inflation rate remained stable at 2.49% in February 2025, with slight changes in price trends. While costs for clothing, footwear, and transport decreased, food, health, and miscellaneous goods saw price increases. On a monthly basis, consumer prices rose by 0.22%. Dive deeper
Retail sales in Mexico rose 2.7% year-on-year in January 2025, marking the first increase after eight months of declines and exceeding the forecasted 1.1% growth. The rise was driven by strong sales in textiles, costume jewelry, and footwear, while online sales surged by 19.1%. Every month, retail trade increased by 0.6%. Dive deeper
Spain’s producer prices surged 6.6% year-on-year in February 2025, driven mainly by a 22.2% rise in energy prices. Excluding energy, industrial prices remained flat, while durable and intermediate goods saw slight price increases. On a monthly basis, producer prices rose 1.2%, led by a 5.7% jump in electricity production and distribution. Dive deeper
Passenger car registrations in the EU fell by 3.4% year-on-year in February 2025, with Germany and Italy leading the decline. However, battery electric vehicles (BEVs) saw a 23.7% rise in registrations, capturing 15.4% of the market share. In the first two months of 2025, BEV sales grew by 28.4%, with significant growth in Germany, Belgium, and the Netherlands. Dive deeper
China’s fiscal revenue dropped by 1.6% in the first two months of 2025, reversing last year’s growth, while government spending rose 3.4%. To counter rising U.S. tariffs and boost consumption, China set a record-high fiscal deficit target of CNY 5.66 trillion, aiming for 5% GDP growth in 2025. Dive deeper
BlackRock is launching a Bitcoin exchange-traded product (ETP) in Europe, following the success of its US fund. The iShares Bitcoin ETP will list on Xetra, Euronext Paris, and Euronext Amsterdam with a temporary fee waiver. 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.
Airbus CEO Guillaume Faury, CEO of Airbus, on Sustainable Aviation Fuel and the opportunity for Indian Aviation
“Sustainable Aviation Fuel (SAF) is an opportunity for India… sustainability is something that is very high on the agenda in India… India has a bigger share of aviation… of the global aviation. Therefore India has a bigger role and a bigger responsibility to play in the global equation," - Link
Tuhin Kanta Pandey, Chairman, SEBI on Market Volatility and Regulatory Focus
“Normally, in the kind of turmoil that we are seeing in the world today, you would have anticipated far more VIX than currently.”
“Indian equity markets are not so volatile despite the turmoil being witnessed across the world.”
“Some progress has happened on the issue of minimum public shareholding in listed state-run firms, and the capital markets regulator will engage with the relevant government departments to bring down the number of companies which are yet to meet the norms.” - Link
Rajiv Ranjan Singh, Union Minister of Animal Husbandry and Dairying
“India is now the top milk producing country in the world. We have now set a target of producing 300 MMT of milk in next five years from the present 239 MMT,” - Link
Calendars
In the coming days, we have the following significant events and corporate actions:
That’s it from us. Do let us know your feedback in the comments and share it with your friends to spread the word.