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
Carrying forward its strong momentum, Nifty opened with a 60-point gap up despite a sharp 2.5% overnight drop in U.S. markets. After the positive start, the index slipped nearly 100 points to touch 24,070 but quickly rebounded. Within the first hour, it broke out of its opening range and tested the 24,230 level before turning rangebound. For the rest of the session, the index moved within a narrow 50-point band between 24,150 and 24,200, eventually closing at 24,167.25, up 0.17%.
The rally was supported by steady FII inflows, strong financial earnings, improving global sentiment, a weakening dollar, and expectations of stable domestic policy. Going forward, markets are likely to focus on tariff-related developments and the upcoming U.S. Fed meeting.
Broader Market Performance:
The broader market performed well today, with 2,986 stocks traded on the NSE. Of these, 1,834 advanced, 1,059 declined, and 93 remained unchanged.
Sectoral Performance:
Nifty Realty was the top-gaining sector, rising 2.42%, while Nifty IT was the top loser, declining 0.57%. Out of the 12 sectoral indices, 10 ended in the green and 2 closed in the red.
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 24,500, followed closely by 24,200, indicating strong resistance at these levels.
- The maximum Put Open Interest (OI) is 24,000, followed by 23,800, suggesting strong support at 23,800, and an additional support at 23,600.
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
RBI’s new liquidity coverage ratio (LCR) norms, effective April 2026, lower the run-off rate on digital retail deposits from 10% to 7.5%, easing capital requirements for banks. The move is expected to boost banks’ LCR by 6% points and free up ₹2.7–3 lakh crore for lending. This aligns LCR norms with global standards while ensuring liquidity resilience. Dive deeper
India’s infrastructure output grew 3.8% YoY in March 2025, led by cement, steel, and electricity. However, crude oil and natural gas output declined sharply. For FY25, growth slowed to 4.4% from 7.6% in FY24. Dive deeper
RBI now allows minors aged 10+ to open and operate bank accounts independently, without a guardian. Banks must ensure accounts remain in positive balance and follow risk policies. The new rules take effect from July 1, 2025. Dive deeper
Coal India and DVC signed a â‚ą16,500 crore deal to set up a 2x800 MW thermal power plant in Jharkhand as a brownfield expansion of the Chandrapura station. Both will hold equal equity in the JV. Coal will be sourced from nearby CIL subsidiaries. Dive deeper
HUL acquired a 90.5% stake in Minimalist’s parent Uprising Science for ₹2,706 crore. The deal includes primary infusion and secondary share purchase, with the remaining 9.5% to be bought in two years. CCI approval is pending. Dive deeper
Vedanta said its promoter group firms signed a $530 million (₹4,514 crore) facility agreement, with covenants restricting Vedanta from asset sales, investments, or structural changes without lender consent. Vedanta isn’t a borrower but is subject to these conditions. Dive deeper
Central and state GST officers detected 25,009 fake firms in FY25 that fraudulently passed on â‚ą61,545 crore in input tax credit (ITC). Over the last two years, fake ITC worth over â‚ą1.01 lakh crore was uncovered across 42,140 bogus entities. â‚ą3,107 crore has been recovered so far, with 316 arrests made. Dive deeper
Flipkart will shift its domicile from Singapore to India, aligning its holding structure with core operations and India’s growing digital economy. The move is seen as a step toward a potential public listing. Flipkart said this transition will enhance its focus on serving Indian customers, sellers, and partners. Dive deeper
360 ONE WAM will acquire UBS AG’s onshore India wealth business for ₹307 crore, covering stock broking, PMS, and loan portfolios. UBS will also take a 4.95% stake in 360 ONE. Both firms will collaborate to expand wealth offerings across India and global markets. Dive deeper
IndusInd Bank fell 4.91% to â‚ą787.5 after appointing EY for a second forensic audit into a â‚ą600 crore discrepancy in its microfinance portfolio, adding to concerns already raised by an ongoing forex derivatives probe. Dive deeper
The government has imposed a 12% safeguard duty on select steel imports for 200 days starting April 21, following a DGTR probe triggered by complaints from domestic producers about a sharp rise in cheap imports from China and Vietnam. The move aims to protect the local industry from dumping-related injury. Dive deeper
Adani Group plans to invest an additional $10 billion to build two 1-GW data centres in India, targeting locations like Andhra Pradesh, Maharashtra, Gujarat, and Tamil Nadu. The goal is to eventually scale to 10 GW, riding the AI-led demand surge and tapping government contracts. Dive deeper
Bharti Airtel and its unit Bharti Hexacom will acquire 400 MHz of 26 GHz spectrum from Adani Data Networks across six circles. The deal, subject to regulatory approvals, involves spectrum originally bought by Adani for ₹212 crore in the 2022 5G auction and strengthens Airtel’s mmWave portfolio. Dive deeper
Brigade Enterprises will develop a 20-acre plotted residential project in Malur, East Bengaluru, under a joint development agreement. The project has a development potential of 0.45 million sq. ft. and is expected to generate around ₹175 crore in revenue. This will be Brigade’s first plotted development in the region. Dive deeper
LG and Samsung have filed lawsuits against the Centre over India’s new e-waste recycling policy that mandates a minimum payout to recyclers. The companies argue the pricing rules inflate their costs without effectively addressing environmental goals, citing a lack of enforcement on the informal sector. Other firms like Daikin, Havells, Voltas, and Blue Star have also challenged the policy in court. Dive deeper
SEBI has extended its trading restriction framework to include immediate relatives of designated persons, freezing their PANs during trading window closures. The move aims to curb insider trading risks. This move follows the recent Gensol Engineering case, where promoters misused borrowed funds and made misleading disclosures while trading via related entities. Dive deeper
What’s happening globally
Brent crude edged up to $67 per barrel in a technical rebound, but the outlook stays weak amid US-Iran deal hopes and recession fears. Tariff pressures and US policy uncertainty continue to cloud demand. OPEC+ output hikes in May also add to supply concerns. Dive deeper
Gold jumped past $3,490 per ounce to a new record as rising US policy uncertainty and trade tensions with China drove risk aversion. Trump’s renewed attacks on Fed Chair Powell raised fears over central bank independence. Dive deeper
Aluminum futures stayed below $2,400 per pound, pressured by US-China trade tensions and a weak global manufacturing outlook. Tariffs from both sides deepened supply pressures, especially with rising exchange inventories. Dive deeper
US stock futures edged up Tuesday, trimming Monday’s losses as investors weighed risks to Fed autonomy and policy uncertainty. The main indices were set to open nearly 1% higher, with GE rising post-earnings, Verizon slipping, and Tesla in focus ahead of results. Dive deeper
The 10-year US Treasury yield held above 4.4% as markets stayed under pressure from growing fears over Fed independence and US policy uncertainty. Trump’s renewed calls for rate cuts and talk of replacing Powell unsettled investors, while stalled China trade talks added to the risk-off mood. Dive deeper
German 10-year Bund yield fell below 2.5%, hitting an eight-week low as investors moved to European debt amid concerns over US Fed independence. The yield gap with US bonds widened to 195 basis points, its steepest rise since 2003. Traders are now pricing in more ECB rate cuts as tariff risks mount. Dive deeper
The Euro Area’s government deficit-to-GDP ratio narrowed to 3.1% in 2024 from 3.5% in 2023. Twelve member states reported deficits above 3%, with Romania, Poland, and France among the highest. Government spending and revenue rose to 49.6% and 46.5% of GDP, respectively. Dive deeper
The Japanese yen rose to a seven-month high near 140.5 per dollar as global trade tensions and doubts over US policy boosted demand for safe havens. Weak sentiment followed stalled US-China talks and Trump’s threats toward the Fed. Focus now shifts to the upcoming Bank of Japan meeting. 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.
Nirmala Sitharaman, Finance Minister, Government of India, on long-term growth and reform strategy
“India’s growth over the next two decades will hinge on bold reforms, stronger domestic capacities, and adaptive strategies aligned with global shifts.”
“In the past decade, we’ve rationalised 20,000+ compliances, boosted capital expenditure 4x, and laid a strong foundation for manufacturing-led growth.”
“Digital Public Infrastructure and MSME reforms are central to our inclusive growth strategy as we move toward Viksit Bharat by 2047.” - Link
Prashant Kumar, MD & CEO, Yes Bank, on profitability, growth, and ROA targets
“We’re targeting 1% Return on Assets (ROA) by FY27, with margins improving and credit costs steadily falling.”
“Loan growth of 12–15% will come from large corporates, mid-market, SMEs, and a calibrated retail push.”
“With deposit costs under control and a Liquidity Coverage Ratio (LCR) of 125%, we’re well-positioned to manage Net Interest Margins (NIMs) despite rate cut headwinds.” - Link
Mark Mobius, Founder, Mobius Capital Partners, on India’s role in global trade and supply chains
“India will get more entangled in the global trade war as it becomes a key supplier—no one can escape, everyone’s in the same soup.”
“To truly replace China in supply chains, India must quickly liberalise its investment and trade systems.”
“Bureaucratic hurdles make it hard to import machinery—easing this is crucial to attract global manufacturers like Apple.” - 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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