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 40 points higher despite weak US markets, driven by strong bullish momentum. However, it faced volatility in the first hour, dipping to a low of 22,807.95. After 10 AM, Nifty surged 70 points and remained within a narrow 60-point range between 22,880 and 22,940 for the rest of the day. It eventually closed at 22,907.60, up 0.32%.
Markets will be closely watching the Federal Reserve’s decision tonight and the outlook ahead. Despite concerns over FII outflows and tariff uncertainties, the domestic market’s positive momentum continued to push indices higher.
Broader Market Performance:
The broader market performed well today, with 2,990 stocks traded on the NSE. Among them, 2,345 advanced (up from 2,288 yesterday), 568 declined (down from 646), and 77 remained unchanged.
Sectoral Performance:
The top gaining sector for the day was Nifty Realty, which closed at 845.35, reflecting a 2.80% gain. On the other hand, the biggest loser was Nifty IT, which ended the day at 36,223.50, marking a 1.08% decline.
In terms of overall market performance, ten sectors closed in the green, indicating a positive movement, while two sectors ended in the red, showing a decline. This suggests a broadly bullish sentiment in the market, with the majority of sectoral indices posting gains.
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 20th March:
- The maximum Call Open Interest (OI) is observed at 23,300, followed by 23,000 indicating strong resistance at 23,000 levels followed by 23,200.
- The maximum Put Open Interest (OI) is at 22,500, followed by 22,800, suggesting strong support at 22,500, with additional support at 22,800 & 22,750
.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
The RBI announced an Open Market Operation (OMO) on March 25 to purchase government securities worth Rs 50,000 crore, aiming to ease market liquidity. The operation will include six dated stocks and follows the first tranche of Rs 50,000 crore conducted on March 12. The move is part of a Rs 1 lakh crore liquidity infusion plan. Dive deeper
India’s Commerce Ministry has proposed a 12% provisional safeguard duty on certain steel imports to protect the domestic industry from a surge in cheap imports due to US tariffs. The duty is recommended for 200 days, with the final decision expected after a 30-day comment period. Dive deeper
Kia India announced a 3% price hike across all models, effective from April 1, due to rising costs of materials such as steel, aluminium, and plastics, along with higher supply-chain expenses. Despite the impact on customers, the company aims to absorb a significant portion of the cost increase. Dive deeper
Axis Bank is in talks to acquire 3,500-4,000 ATMs from AGS Transact Technologies due to service issues and the vendor’s financial troubles. The bank plans to audit the machines before completing the deal and transferring them to another provider. AGS Transact’s financial struggles have affected its ATM network, leading multiple banks to seek alternatives. Dive deeper
GR Infraprojects shares surged over 12% to ₹1,054 after securing a ₹4,262.78 crore highway project from NHAI. The project involves constructing the Agra-Gwalior Greenfield Road, spanning Uttar Pradesh, Rajasthan, and Madhya Pradesh and is scheduled for completion within 910 days. The project will be executed under the DBFOT (Toll) model. Dive deeper
Shares of MobiKwik’s parent company, One Mobikwik Systems, surged 43% over two days after the expiry of its IPO lock-in period. The stock gained 19% on March 19, adding to a 20% rally the previous day. Dive deeper
Jio Financial gained nearly 2% following reports that Allianz SE is exploring a partnership with the company for its re-entry into India’s insurance market. Allianz is selling its 26% stake in Bajaj Allianz for $2.8 billion and looking to form a joint venture with Jio Financial Services. Dive deeper
NBCC shares rose after the company sold residential units worth ₹2,353 crore in Uttar Pradesh’s Greater Noida through an e-auction. The sale included 1,046 units at Aspire Centurian Park, with NBCC earning a 1% marketing fee on the total sale value. Dive deeper
Cipla has secured an exclusive licensing agreement with Taiwan’s Formosa Pharmaceuticals to market clobetasol propionate ophthalmic suspension in 11 countries. The treatment, approved by the USFDA, offers post-operative inflammation and pain relief and is set to enhance Cipla’s ophthalmology portfolio. Dive deeper
Zydus Lifesciences received FDA approval to manufacture Apalutamide tablets, used for treating prostate cancer. With annual sales of nearly $1.1 billion in the US, the tablets will be produced in Ahmedabad. Dive deeper
LIC is pushing the RBI to introduce 100-year bonds to support its investment strategy, as current bond maturities of 20 to 40 years are insufficient for its long-term policies. Additionally, LIC is in the final stages of acquiring a stake in a health insurance company, aiming to enter the sector. Dive deeper
Barclays has infused Rs 2,300 crore into its India operations, bringing its total investment to over Rs 12,400 crore. The capital boost will enhance its investment and private banking sectors. This move aligns with Barclays’ long-term growth strategy in India. Dive deeper
RBI and the Bank of Mauritius signed an MoU to promote the use of the Indian Rupee (INR) and Mauritian Rupee (MUR) for cross-border transactions. This will optimize costs and settlement times, enhancing trade and financial integration between the two countries. Dive deeper
Vodafone Idea is in talks with satellite providers, including Starlink, to expand its internet services. The discussions aim to enhance connectivity, particularly in underserved areas, as part of the telecom operator’s strategy to broaden its online offerings. Dive deeper
What’s happening globally
WTI crude oil futures dropped toward $66 per barrel, driven by fears of increased Russian supply and the potential lifting of sanctions. OPEC’s planned production boost and signs of slowing demand added pressure, although Middle East tensions provided some support against further losses. Dive deeper
The Federal Reserve is expected to keep the federal funds rate unchanged at 4.25%-4.5% during its March meeting, maintaining its pause in the rate-cut cycle. Updated economic projections are likely to show slightly higher core inflation and a modest economic growth slowdown. Dive deeper
European natural gas futures rose 4% to €42.2/MWh amid rising geopolitical tensions after Russia’s assault on Kyiv. Despite hopes for resumed gas flows, Putin’s demand for conditions to end the war and subsequent drone strikes dashed peace hopes. Gas storage is below 35%, with a 90% target for November. Dive deeper
The Russian ruble strengthened past 82 per USD in March, boosted by hopes of a ceasefire with Ukraine and easing US sanctions. A 30-day ceasefire was agreed upon during talks between President Putin and Trump. The Central Bank of Russia maintained rates at 21%, with a possible hike next week. Dive deeper
The Bank of Japan kept its short-term interest rate at 0.5%, its highest since 2008, following its third rate hike in January. The decision came amid concerns over global economic risks impacting Japan’s fragile recovery. Inflation is projected to rise gradually, driven by higher service prices, while economic growth remains moderate. Dive deeper
South Africa’s inflation remained at 3.2% in February 2025, the highest in four months but still below the 4.5% target. Food and non-alcoholic beverages saw inflation rise to 2.8%, while transport continued to decline. Core inflation dropped to 3.4%, its lowest since December 2021. Dive deeper
Foxconn expects its server revenue to surpass iPhone income within two years, driven by strong growth in its server business. Chairman Young Liu confirmed the projection during Nvidia’s GTC, suggesting this milestone could be reached as soon as this year. 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.
Pieter Elbers, CEO, IndiGo on International Expansion and Cost Leadership
“International air travel in India probably for quite a long time was very much taken care of by non-Indian airlines… there is a great opportunity to address that market (long haul) with our planes.”
“Our order book for aircraft is an incredible asset.”
“Maintaining cost leadership is incredibly important for us.” - Link
Jensen Huang, CEO, Nvidia on AI Advancements and New Launches at GTC 2025
“AI is going through an inflection point.”
“AI understands the context, understands what we’re asking. Understands the meaning of our request. It now generates answers. Fundamentally changed how computing is done.”
“The age of generalist robotics is here.” - 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.