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 nearly flat at 23,600.40 and traded within a narrow band through the morning, briefly touching an intraday high of 23,649.20 around 11 AM. However, selling pressure from the highs led the index to a low of 23,450.20, nearly 200 points off the peak. It recovered part of the losses intraday but slid again in the final 30 minutes to close at 23,519.35, down 0.31% for the day.
Investor caution persisted ahead of the U.S. reciprocal tariff decision next week, weighing on sentiment. Despite a strong March, concerns around global cues and foreign fund outflows remain. Focus now shifts to global developments and the Q4 earnings season in April.
Broader Market Performance:
The broader market showed a negative performance today, with 2,976 stocks traded on the NSE. Of these, 1,099 advanced, 1,807 declined, and 70 remained unchanged.
Sectoral Performance:
Most sectoral indices ended the day in the red. Nifty FMCG was the only gainer, rising 0.59%. Nifty Media saw the steepest fall, down 2.29%, followed by IT and Realty, which declined 1.76% and 1.42%, respectively. Auto, Metal, and Pharma dropped over 0.6%, while PSU Bank and Consumer Durables slipped more than 0.5%. Banking, Services, and Energy indices ended with marginal losses.
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 3rd April:
- The maximum Call Open Interest (OI) is observed at 24,000, followed by 23,800 and 23,600, indicating strong resistance at these levels.
- The maximum Put Open Interest (OI) is at 23,500, followed by 23,000 and 23,300, suggesting strong support at 23,500, with additional support at 23,000 and 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
India’s infrastructure output grew by 2.9% year-on-year in February 2025, the slowest growth since September, with coal, refinery products, and cement showing slower growth. However, fertilizer production rose by 10.2%. In the April- February period, infrastructure output grew 4.4%, down from 7.8% in the same period last year. Dive deeper
India’s fiscal deficit narrowed to INR 13.47 trillion in April- February 2024-25, down from INR 15.01 trillion in the same period last year. Total expenditure rose by 3.9% to INR 38.93 trillion, while receipts grew by 13.4% to INR 25.46 trillion. Dive deeper
Sebi has proposed limiting equity derivatives’ expiry days to either Tuesday or Thursday, aiming for better spacing across exchanges to reduce volatility and enhance market stability. Dive deeper
NSE has postponed the change to move the F&O expiry day to Monday, awaiting SEBI’s proposal for uniform expiry days across exchanges. Dive deeper
BSE shares rose 16.09% to close at ₹5,438 after the NSE delayed its plan to change the expiry day for derivatives, following SEBI’s proposal for standardizing expiry days. Dive deeper
Ircon-SSNR JV secured a â‚ą873 crore contract from Rail Vikas Nigam Ltd. for constructing railway tunnels in Madhya Pradesh. Ircon will hold a 70% stake, valued at â‚ą611.1 crore, while SSNR will manage the remaining 30%, worth â‚ą261.9 crore. The project will be completed in 46 months. Dive deeper
Adani Green commissioned a 212.5 MW solar project in Khavda, Gujarat, boosting its operational renewable capacity to 13,700.3 MW. The company is also developing the world’s largest renewable energy plant in the area, with a target of 30,000 MW. Dive deeper
Jindal Steel & Power (JSPL) secured the Saradhapur Jalatap East coal block with a 10% revenue-sharing bid, enhancing its backward integration strategy. This acquisition, located close to its Angul steel plant, ensures a stable raw material supply, reducing reliance on external coal and mitigating supply chain risks. Dive deeper
The Union Cabinet approved a â‚ą22,919 crore scheme for electronics component manufacturing in India, covering capacitors, inductors, resistors, and connectors. The plan aims to generate 91,600 jobs and â‚ą4.56 lakh crore in production. Dive deeper
IREDA secured a JPY 26 billion External Commercial Borrowing (ECB) facility from SBI Tokyo, which will support India’s renewable energy sector. The five-year loan, costing under 7%, strengthens IREDA’s global presence and financial stability. Dive deeper
SEBI cancelled the registrations of 72 research analysts for failing to pay renewal fees, ensuring their certificates were not misused. This action aims to protect investors from potential misuse by those holding expired registrations. Dive deeper
Adani Energy Solutions acquired Mahan Transmission Ltd. from REC Power Development, enabling the transmission of 1,230 MW from Adani Power’s expansion units in Madhya Pradesh. Dive deeper
Zaggle acquired a 38% stake in Mobileware Technologies for ₹22.85 crore, comprising ₹15.60 crore for a 26% stake and ₹7.25 crore for a 12.34% stake from promoters. This strategic move strengthens Zaggle’s position in the SaaS FinTech sector. Dive deeper
Zen Technologies secured a Rs 152 crore contract from the Ministry of Defence for an integrated air defence combat simulator for the L70 gun. The simulator, developed in-house, offers realistic virtual training scenarios, minimizing live training costs. Dive deeper
BEML secured a Rs 405 crore contract from Bengaluru Metro Rail for supplying standard gauge metro cars, including training and maintenance for 15 years. The company also proposed a new manufacturing facility in Chhattisgarh to address growing demands in the mining and infrastructure sectors. Dive deeper
HUDCO plans to raise up to â‚ą2,000 crore by issuing bonds at a coupon rate of 7.19%. The bonds will be redeemable at par after 10 years, with yearly interest payments. The base issue size is â‚ą500 crore, with a greenshoe option of â‚ą1,500 crore. Dive deeper
What’s happening globally
Brent crude oil futures hit a four-week high at $74 per barrel, supported by supply concerns and a decline in US crude stockpiles. The US threatened tariffs on Venezuelan oil, prompting Reliance Industries to halt imports. Markets are also factoring in upcoming OPEC+ production increases and the impact of US auto tariffs. Dive deeper
Gold surged to a record high of $3,080 per ounce, driven by rising trade tensions and US tariff announcements. The increase was fueled by risk aversion, central bank inflows, and ETF demand. Traders await US PCE data for insights into future Federal Reserve policy. Dive deeper
Copper futures dipped below $5.10 per pound as traders locked in profits after reaching record highs. This followed President Trump’s plans to impose tariffs on copper imports, which triggered a surge in US demand. The increased demand has strained supply, especially in Asia. Dive deeper
Business confidence in the Netherlands fell to 1.5 in March 2025 from -1.2 in February, below its 20-year average. The decline was driven by a more pessimistic outlook on finished product stocks and order books. However, optimism about expected production improved slightly, with negative confidence persisting in most sectors. Dive deeper
The US PCE price index is expected to rise by 0.3% MoM in February 2025, maintaining the previous two months’ pace. Core PCE inflation is projected at 0.3%, with YoY headline inflation stable at 2.5%. Core PCE inflation likely increased to 2.7%, while the Fed raised its 2025 forecast to 2.7%. Dive deeper
The Eurozone’s Economic Sentiment Indicator fell to 95.2 in March 2025, the lowest in three months, driven by lower confidence in services, retail trade, and among consumers. Confidence remained stable in industry and construction. Significant declines were seen in France and Italy, while Spain, Germany, and the Netherlands showed improvements. Dive deeper
The US trade deficit in goods narrowed to $147.91 billion in February 2025, better than expected, with imports rising 22.5% and exports up 2.5%. The increase in imports was driven by industrial supplies, consumer goods, and capital goods. Exports were boosted by higher sales of capital and consumer goods. Dive deeper
Brazil’s unemployment rate rose to 6.8% in the three months to February 2025, the highest since July, with a 10.4% surge in unemployed individuals to 7.5 million. The number of employed people fell by 1.2%, while real income reached a record high of BRL 3,378, up 1.3%. Dive deeper
France’s annual inflation was held at 0.8% in March 2025, the lowest since February 2021. Service and food inflation increased while energy prices fell. Monthly consumer prices rose 0.2%, below the expected 0.4%, driven by higher clothing and footwear costs. Dive deeper
Tokyo’s core CPI rose 2.4% year-on-year in March 2025, above the BOJ’s 2% target for the fifth straight month, supporting expectations of further rate hikes. The BOJ maintained rates in March, but Governor Kazuo Ueda hinted at future increases if conditions align. Dive deeper
OpenAI is nearing a $40 billion funding round led by SoftBank, which will invest $7.5 billion initially, with a second $30 billion tranche planned later. The funding deal, involving investors like Magnetar Capital and Founders Fund, would value OpenAI at $300 billion, nearly double its previous valuation. 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.
Jitendra Singh, MoS, PMO on India’s Nuclear Energy Outlook
“India’s installed capacity of nuclear energy, which at present stands at 8.18 gigawatts, is set to increase to 13 GW by financial year 2029-30.”
“Once all sanctioned projects are completed by 2032, the capacity of nuclear energy will rise to 22.5 GW.”
“The government has set an ambitious target of 100 GW nuclear power capacity by 2047.” - 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.