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.
Introducing In The Money by Zerodha
This newsletter and YouTube channel aren’t about hot tips or chasing the next big trade. It’s about understanding the markets, what’s happening, why it’s happening, and how to sidestep the mistakes that derail most traders. Clear explanations, practical insights, and a simple goal: to help you navigate the markets smarter.
Market Overview
Nifty opened with a 122-point gap-up at 24,991, reacting positively to the encouraging exchange of tweets between PM Modi and President Trump that signaled constructive steps toward easing U.S.-India tensions and progress on trade. The index surged past the 25,020 mark in the opening hour before giving up some gains.
Through the first half, Nifty remained volatile but largely held above 24,950, testing fresh highs around 25,030 before encountering selling pressure. By mid-day, the index slipped into a consolidation phase, oscillating between 24,940 and 24,980.
In the second half, weakness gradually intensified as the index drifted lower, hitting intraday lows near 24,915 by 2:30 PM. A late rebound attempt lifted Nifty back toward the 24,980 zone, and it eventually settled at 24,973.10, flat compared to the highs but still holding onto its opening gains.
While market sentiment remains cautious in general, with concerns over 50% tariffs, persistent foreign investor outflows, and muted earnings weighing on confidence, some encouraging triggers, such as easing U.S.-India trade tensions, have helped markets recover from lows in the last week.
Broader Market Performance:
Broader markets had a strong session today. Of the 3,128 stocks traded on the NSE, 1,833 advanced, 1,209 declined, and 86 remained unchanged.
Sectoral Performance
Nifty IT emerged as the top gainer, rising 2.63%, while Nifty Auto was the worst performer with a 1.28% decline. Out of the 12 sectoral indices, 9 ended in the green and 3 closed in the red, indicating a broadly positive market sentiment led by IT and PSU Bank stocks.
Here’s the trend of FII-DII activity from the last 5 days:
Change in OI for the day
The following is the change in OI for Nifty contracts expiring on 16th September:
- The maximum Call Open Interest (OI) is observed at 25,000, followed closely by 25,200, suggesting strong resistance at 25,100 - 25,200 levels.
- The maximum Put Open Interest (OI) is observed at 25,000, followed closely by 24,900, suggesting strong support at 24,900 to 24,800 levels.
Note: OI is subject to multiple interpretations, but generally, an increase in Call OI indicates resistance in a falling market, and an increase in 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
Textile companies gained after US President Trump and Prime Minister Modi indicated progress in trade negotiations, raising expectations of a potential rollback of US tariffs on Indian imports. Dive deeper
Sumitomo Mitsui will sell its 1.65% stake in Kotak Mahindra Bank through a ₹6,166 crore block deal at a floor price of ₹1,880 per share. Dive deeper
SEBI cut the minimum subscription for privately placed InvITs to ₹25 lakh from ₹1 crore, aligning it with secondary norms. The change widens investor access, boosts liquidity, and simplifies fundraising for infrastructure projects. Dive deeper
India and the European Union are holding trade talks in New Delhi this week, with both sides aiming for a deal by year-end. Progress has been made on 11 of 23 chapters, though gaps remain on agriculture, autos, alcohol, food safety, and labor and environmental standards. Dive deeper
Oracle projected its cloud infrastructure business will generate over $500 billion in booked revenue, lifting sentiment across European markets. The outlook also boosted peers like SAP, reflecting strong confidence in cloud growth. Dive deeper
IDBI Bank filed an insolvency case against Zee Entertainment at NCLT Mumbai, alleging a default of ₹225.23 crore linked to guarantees for Siti Networks. Zee said it will contest the move and may pursue defamation and damages claims against the bank. Dive deeper
Vegetable prices in Delhi surged after floods and heavy rains in neighbouring states disrupted supplies and damaged crops. Dive deeper
Royal Enfield will cut prices of its 350cc range by up to ₹22,000 from September 22, passing on the benefit of recent GST rate cuts. Prices of models above 350cc will also be revised in line with the new rates. Dive deeper
HAL signed a technology transfer deal with ISRO, IN-SPACe, and NSIL to manufacture Small Satellite Launch Vehicles, moving from defense equipment to space launch services. The company will absorb the technology in two years and then enter a 10-year production phase, aiming to meet domestic and global demand. Dive deeper
Vikram Solar posted Q1 net profit of ₹133 crore, up 484% YoY, with revenue rising 80% to ₹1,134 crore. The company’s order book stood at 10.96 GW, including a 336 MW module order from L&T. Dive deeper
Sterling and Wilson Renewable Energy received a ₹415 crore order for a solar power project in Rajasthan, including a 300 MW AC / 420 MWp DC plant and related infrastructure. The company said the project also covers operation and maintenance services. Dive deeper
Brigade Enterprises announced a joint development luxury housing project on 10.75 acres in East Bengaluru, with 2.5 million sq ft of saleable area. The company estimates the project’s revenue potential at around ₹2,500 crore. Dive deeper
What’s happening globally
Brent crude rose above $67 per barrel, supported by escalating Middle East tensions after Israeli strikes in Doha and Gaza warnings, alongside OPEC+’s smaller October output hike. Dive deeper
Gold rose to near $3,650 per ounce after a surprise fall in US producer prices boosted expectations of a Fed rate cut next week. Dive deeper
US producer prices fell 0.1% in August, the first decline in four months, against expectations of a rise. Services costs dropped sharply, while goods prices edged higher, keeping annual PPI at 2.6% and core inflation at 2.8%, both below forecasts. Dive deeper
The average US 30-year fixed mortgage rate fell to 6.49% in the week ending September 5, the lowest since October 2024, down from 6.64% a week earlier. Dive deeper
Brazil’s annual inflation eased to 5.13% in August from 5.23% in July, broadly in line with expectations. The decline was led by slower rises in food, housing, household goods, transport, and communication, while clothing, health, personal care, and education saw higher increases. Dive deeper
China’s consumer prices fell 0.4% year-on-year in August, the sharpest drop since February and the fifth deflationary reading this year, driven by a steep decline in food costs. Core inflation rose 0.9%, the highest in 18 months, while monthly CPI was flat. Dive deeper
Euro zone bond yields eased as investors awaited US inflation data that could shape the size of a Federal Reserve rate cut next week, with markets pricing a 0.25% cut as most likely. French yields were steady after President Macron named Sebastien Lecornu prime minister, while Portugal raised €1.13 billion in a bond auction. Dive deeper
Jaguar Land Rover said a cyberattack has compromised some customer data, disrupting production and sales. The company is notifying regulators and continuing a forensic investigation, pledging to update affected individuals as needed. 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.
AM Karthik, SVP & Co-Group Head, ICRA, on credit growth outlook
“Incremental credit flow to banks is projected at ₹19–20.5 lakh crore in FY26, translating into 10.4–11.3% growth.”
“Recent GST rate cuts and the upcoming CRR cut are expected to spur consumption and improve system liquidity.”
“We expect credit costs of banks and NBFCs to rise by 13 bps and 30 bps, respectively, with the impact more pronounced in non-housing segments.” - Link
Rajesh Magow, Co-founder & Group CEO, MakeMyTrip, on pilgrimage travel trends
“Pilgrimage travel has always been part of our culture, but what we see now is its scale and consistency across the country.”
“Stronger connectivity and participation across all age groups and income segments are fuelling steady growth in pilgrimage-led trips.”
“The rationalisation of GST slabs is a welcome move that will boost discretionary income and make domestic stays more affordable, reinforcing travel demand.” - Link
Mark Zuckerberg, CEO, Meta, on US investment commitment
“I think it’s probably going to be something like… I don’t know, at least $600 billion through 2028.”
“I wasn’t sure which number he was asking about, so I just shared the lower number through ’28 and clarified with him afterwards.”
“If AI progress keeps accelerating, it’s quite possible we’ll invest even more than this in the US through the end of the decade.” - Link
Have you checked out The Chatter?
Every week, we listen to the big Indian earnings calls—Reliance, HDFC Bank, and even smaller logistics firms—and copy the full transcripts. We then remove the fluff and keep only the sentences that could move a share price: a surprise price hike, a cut-back on factory spending, a warning about weak monsoon sales, or a hint from management on RBI liquidity. We add a quick, one-line explainer and a timestamp so you can trace the quote back to the call. The whole thing lands in your inbox as one sharp page of facts you can read in three minutes—no 40-page decks, no jargon, just the hard stuff that matters for your trades and your macro view.
Go check out The Chatter here.
Also reading Mind Over Markets by Varsity?
It goes out thrice a week, covering markets, personal finance, or the odd question you didn’t know you had. The Varsity team writes across three sections: Second Order , Side Notes , and Tell Me Why , thoughtfully put together without trying to be too clever.
Go check out Mind Over Markets by Zerodha Varsity here.
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!