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 nearly 300 points at 22,695.40, which also remained the day’s low, following U.S. President Trump’s announcement of a 90-day pause on the additional tariffs imposed on April 2 — for all countries except China.
After the upbeat opening, the index climbed above 22,800 but faced resistance near 22,850, leading to a 100-point dip to 22,750. It then rebounded, crossing 22,850 again and testing the 22,900 mark, eventually hitting an intraday high of 22,923.90. After hovering in the 22,880–22,920 range for a while, the index cooled off below 22,800 before closing the day at 22,828.55, up 1.91%.
Looking ahead, investors will closely track tariff-related developments and react to cues from the ongoing earnings season.
Broader Market Performance:
The broader market had a strong session today. Out of 2,959 stocks traded on the NSE, 2,381 advanced, 492 declined, and 86 remained unchanged.
Sectoral Performance:
The sectoral indices ended the day on a strong note, with all sectors closing in the green. Out of the 12 sectors listed, all 12 advanced while none declined.
Nifty Metal was the top gainer, surging 4.09%, followed by Nifty Consumer Durables, which rose 3.19%, and Nifty Energy, which added 2.70%. On the other hand, Nifty IT was the least performing sector, gaining just 0.69%, followed closely by Nifty FMCG at 0.86%.
Overall, the market saw a broad-based rally 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 23,000, followed by 23,200, indicating strong resistance at the 23,000 to 23,200 zone.
- The maximum Put Open Interest (OI) is at 22,500, followed by 22,800, suggesting strong support at 22,500, with additional support at 22,400.
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 industrial production growth slowed to 2.9% in February 2025, the weakest since August, down from 5.2% in January and below expectations. Key sectors like petroleum, metals, textiles, and machinery saw slower growth, while food and chemical output declined. Dive deeper
TCS reported a 1.26% drop in net profit for Q4, with revenue rising 0.79% to ₹64,479 crore, slightly missing estimates. Margins contracted 27 basis points to 24.19%, while Total Contract Value reached $12.2 billion. The company cited uncertainty due to tariff discussions and delays in decision-making but remains optimistic for FY25. Dive deeper
Gold ETFs saw a net outflow of ₹77 crore in March 2025, marking the first monthly withdrawal since April 2024, compared to a ₹1,980 crore inflow in February. Despite this, gold ETFs’ assets under management grew by 53% YoY, reaching ₹58,888 crore. Meanwhile, global gold ETFs saw continued inflows, totaling $8.6 billion in March. Dive deeper
SJVN has released ₹269.97 crore in land compensation for the 3,097 MW Etalin Hydro Project in Arunachal Pradesh. The project, scheduled for completion by December 2033, includes two dams and an underground powerhouse. The initiative is part of a larger investment in hydropower projects in the state. Dive deeper
Adani Energy’s transmission order book tripled to ₹59,936 crore in Q4, with a 140 ckm expansion in its network. The company also saw growth in smart meter installations, with 31 lakh meters installed and a target of 1 crore by the fiscal year 2026. Dive deeper
BlackRock invested over $250 million in Adani’s $750 million bond issue, becoming the largest investor. The funds will help finance acquisitions like ITD Cementation. This marks BlackRock’s first private placement in India’s infrastructure sector. Dive deeper
Audi India has expanded its EV charging network to over 6,500 points as part of Phase II of the ‘Charge My Audi’ initiative. The expansion includes 16 new partners and over 5,500 additional charging points, with 75% featuring DC fast-charging technology. Dive deeper
Biocon Biologics received USFDA approval for Jobevne, a biosimilar to Avastin, used for cancer treatment. This expands its oncology portfolio in the U.S. and marks its seventh biosimilar approval. Dive deeper
Muthoot Finance shares fell sharply over two days following the RBI’s announcement of stricter gold loan regulations, including a 75% Loan-to-Value (LTV) cap and enhanced monitoring of income-generating loans. The decline also impacted other lenders with significant gold loan exposure, such as Manappuram Finance and IIFL Finance… Dive deeper
NBCC shares hit a two-month high after selling residential units worth ₹1,505 crore, boosting the stock by 3.67%. The company also secured multiple orders, including a strategic partnership with RailTel for data centre projects. Despite a 3% decline over the past year, analysts suggest a 36.8% potential upside. Dive deeper
Samvardhana Motherson shares gained after announcing a EUR 50 million cost optimisation initiative to enhance profitability amid global uncertainties. The company also addressed a tax penalty in South Africa, deemed immaterial to its financials. Dive deeper
Economists expect India’s repo rate to reach 5.25-5.5% amid growth risks, falling inflation, and global uncertainties. The RBI’s shift to an accommodative stance and revised growth forecasts suggest deeper rate cuts, with some anticipating a 5% terminal rate by December 2025. Key forecasts include a 100bps reduction by year-end. Dive deeper
Net interest margins (NIMs) for private banks may shrink due to immediate repricing of loans linked to the repo rate, while deposit rates adjust more slowly. Analysts from Emkay Global expect a 7-20bps impact, with ICRA predicting a 15- 17bps decline for FY26. Dive deeper
What’s happening globally
Brent crude fell over 3.5% to $63.3 per barrel, extending losses amid escalating U.S.-China trade tensions and demand concerns. China raised tariffs to 125%, while US duties hit 145%. The EIA cut global demand forecasts, and OPEC+ plans to ramp up output, adding to supply fears. Dive deeper
Gold surged toward a record $3,200 per ounce, driven by a weaker dollar and rising safe-haven demand amid escalating U.S.-China trade tensions. China raised tariffs to 125%, impacting $700 billion in trade. Disinflation signals and Fed rate cut expectations also boosted gold. Dive deeper
The dollar index dropped over 1% to 99.2, its lowest in nearly three years, amid rising trade tensions and recession fears. China raised tariffs on U.S. goods to 125%, while the U.S. maintained broad import duties. The dollar fell sharply against the euro, yen, and Swiss franc. Dive deeper
Wheat futures neared $5.50 per bushel, the highest since March 21, as Trump paused some tariff hikes and the dollar weakened. While duties on China rose to 145%, tariffs on other partners were reduced. The USDA raised U.S. wheat ending stock estimates above expectations. Dive deeper
U.S. inflation eased to 2.4% in March 2025, the lowest since September, driven by falling fuel prices and slower shelter costs. Monthly CPI fell 0.1%, the first drop since May 2020. Core inflation also softened to 2.8% annually, with a modest 0.1% monthly rise. Dive deeper
The U.S. 10-year Treasury yield settled near 4.4% after nearing 4.5%, up nearly 43bps for the week, as foreign investors pulled back amid escalating trade tensions. China’s tariff hike to 125% followed the U.S. move to raise duties to 145%, fueling stagflation concerns and weakening Treasury bonds’ safe-haven appeal. Dive deeper
The RBA kept its cash rate at 4.1% in April, after a February cut, citing growing confidence in inflation moving toward its 2–3% target. While rates are seen as appropriately placed, the bank flagged global and domestic uncertainties. The Exchange Settlement rate was held at 4.0%. Dive deeper
The UK economy grew 0.5% in February 2025, its strongest monthly gain in 11 months, beating expectations. Growth was led by a 1.5% jump in industrial output and solid gains in services and construction. GDP rose 0.6% over the three months to January. Dive deeper
China’s vehicle sales rose 8.2% YoY to 2.915 million units in March 2025, easing from February’s surge due to base effects. NEV sales jumped 40.1% to 1.237 million units, making up 42.4% of total sales. Full-year sales are projected to grow 4.7%, with NEVs up 24.4%. Dive deeper
Prada is acquiring Versace for $1.38 billion, creating Italy’s largest fashion group and bringing the brand back under Italian ownership. The move boosts Prada’s position against global rivals like LVMH and Kering. The deal is expected to close in the second half of 2025. Dive deeper
Chinese Amazon sellers are considering price hikes or exiting the U.S. market due to President Trump’s decision to raise tariffs to 125%. Sellers face higher costs, delays, and reduced profitability, with some planning to shift focus to markets like Europe and Mexico. Dive deeper
Shein has gained initial approval from UK regulators for its London IPO, marking a key step after filing in June 2024. However, it still needs approval from Chinese regulators, facing challenges from tariffs and market volatility. The IPO, with a valuation of $66 billion, could be delayed by these hurdles. Dive deeper
Berkshire Hathaway raised ¥90 billion ($628 million) in its smallest-ever yen bond deal amid trade war volatility. The offering featured higher premiums, with three-year notes offering a 70 bps spread. Despite market uncertainty, Buffett continues his bond market engagement with Japan. 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.
Andy Jassy, CEO, Amazon, on AI investment mission
“If your mission is to make customers’ lives better and easier every day, and you believe every customer experience will be reinvented by AI, you’re going to invest deeply and broadly in AI.”
“That’s why there are more than 1,000 GenAI applications being built across Amazon, aiming to meaningfully change customer experiences in shopping, coding, personal assistants, streaming video and music, advertising, healthcare, reading, and home devices, to name a few.”
“We continue to believe AI is a once-in-a-lifetime reinvention of everything we know, the demand is unlike anything we’ve seen before, and our customers, shareholders, and business will be well-served by our investing aggressively now.” - Link
S. Jaishankar, External Affairs Minister, on US tariffs and trade pact urgency
“The US’s tariffs have focused our minds on the need for correcting a certain skewed nature of our openness to the global economy.”
“I’d argue, we have an opportunity today … if we can focus on these three big [free trade agreement] negotiations, with the US, the European Union and the U.K., if these work out for us this year, we’d be in a different situation.”
“I don’t see a contradiction [between MAGA and Atmanirbharta] because anybody who’s been objective about the direction of the world would have seen the trend lines; this didn’t come out of the blue.” - Link
Nandan Nilekani, Founder, Infosys, on AI deployment and scalability
“Artificial intelligence is turning out to be far more difficult than we thought to actually make work at scale and useful to everyone.”
“But the most difficult actually is implementing AI in the public sector… because the public sector has structural concerns. It has ministries, it has departments, everybody is territorial… So data is not shared.”
“So we’ll focus on those things tomorrow. If some new model comes, we just replace the old one with the new one. No big deal.” - 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.
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