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 50-point gap down at 24,277.90, tracking lacklustre global cues. The index experienced sharp swings, dipping to 24,250 before spiking to 24,340, then falling 90 points to 24,260, and eventually recovering toward 24,300. The market traded in a narrow range between 24,280 and 24,230 before closing at 24,246.70, down by 0.33%.
Sentiment remains supported by FII inflows, strong corporate earnings, a weaker dollar, and improving global cues, with easing trade tensions adding to optimism. The focus now shifts to the upcoming U.S. Federal Reserve meeting, which may steer the market’s next move. Domestically, markets are also tracking developments in Kashmir, where escalating tensions between India and Pakistan are adding a layer of uncertainty.
Broader Market Performance:
The broader market closed marginally weak today, with 2,930 stocks traded on the NSE. Of these, 1,404 advanced, 1,441 declined, and 85 remained unchanged.
Sectoral Performance:
Nifty Pharma emerged as the top-gaining sector, rising by 1.08%, while Nifty Realty was the worst performer, falling by 1.41%. Out of the 12 sectoral indices, only 3 closed in the green — Pharma, Metal, and Media. The remaining 9 sectors ended in the red, with notable declines seen in FMCG, Services, and Consumer Durables.
Note: The above numbers for Commodity futures were taken around 5 pm. 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 30th April:
- The maximum Call Open Interest (OI) is observed at 24,500, followed closely by 24,300, indicating strong resistance at these levels.
- The maximum Put Open Interest (OI) is 24,000, followed by 24,200, suggesting strong support at 24,000, and additional support at 23,800.
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
NSE has revised eligibility norms for firms moving from the SME platform to the main board, effective May 1. Companies must now have â‚ą10 crore paid-up capital, â‚ą100 crore average market cap, and â‚ą100 crore revenue. They must also meet stricter compliance, profitability, and shareholder requirements. Dive deeper
Sebi has mandated ESG (Environmental, Social, and Governance) Rating Providers using the subscriber-pays model to share rating reports with both subscribers and rated entities at the same time. Issuers will get 2 working days to provide feedback, which must be disclosed. ERPs must rely only on public data and ensure transparency on their policies. Dive deeper
NTPC Green Energy will consider raising up to ₹5,000 crore via bonds in FY26. The board will meet on April 29 to discuss issuing debentures in one or more tranches. NGEL is NTPC’s green energy subsidiary. Dive deeper
ABB India has started using electric vehicles for factory logistics and last-mile deliveries in Bengaluru. The move was flagged off at its Smart Power factory in Nelamangala and Hanchipura distribution centre. This is expected to cut Scope-3 emissions significantly. Dive deeper
ICL Fincorp will raise â‚ą100 crore via a public issue of secured NCDs, opening April 25 and closing May 9. This fifth NCD issue, listed on BSE, offers yields up to 13.01% and holds a CRISIL BBB/stable rating. Proceeds will be used for lending, refinancing, and general purposes. Dive deeper
Niva Bupa Health Insurance has received IRDAI approval to reappoint Krishnan Ramachandran as MD & CEO for five years, from May 1, 2025, to April 30, 2030. Dive deeper
NABARD has acquired a 10% stake in agri-fintech startup 24x7 Moneyworks, marking its first investment in a bootstrapped venture. The startup’s eKisanCredit platform enables end-to-end digital automation of rural credit, with NABARD now set to roll it out nationwide. Dive deeper
NHPC will invest ₹797 crore to develop a 1,200 MW solar park in Jalaun, Uttar Pradesh, through its JV Bundelkhand Saur Urja Ltd. The project is part of the MNRE’s Ultra Mega Renewable Energy Power Parks scheme and includes ₹239 crore in equity and ₹42.7 crore as interest during construction. Dive deeper
BSE CEO Sundararaman Ramamurthy urged for a level playing field in stock trading, citing poor BSE visibility on apps and lack of best price execution. He advocated for common contract notes for institutions. Ramamurthy also warned that a single expiry day could pose concentration risks. Dive deeper
Hero FinCorp is planning to raise $200 million via a syndicated loan led by DBS Bank to support its lending operations amid delays in its â‚ą3,668 crore IPO. Roadshows for the loan have started in Taipei. The IPO is reportedly held up due to regulatory scrutiny by SEBI. Dive deeper
Dalmia Bharat will invest â‚ą3,520 crore to expand cement capacity in Karnataka and Maharashtra, adding clinker and grinding units. The move will raise its total cement capacity to 55.5 MTPA by FY27 from 49.5 MTPA. The company aims to tap underserved Southern and Western Maharashtra markets. Dive deeper
Adani Green Energy signed a PPA with Uttar Pradesh Power Corporation for 1,250 MW of pumped hydro storage through its subsidiary Adani Hydro Energy Five. This follows its recent 400 MW solar deal and takes its total operational capacity to 14.2 GW. Dive deeper
Biocon’s board has approved raising up to ₹4,500 crore via QIP, rights issue, or other permitted routes. It also cleared increasing authorised share capital from ₹625 crore to ₹700 crore. Both proposals are subject to shareholder and regulatory approvals. Dive deeper
Eternal’s food delivery CEO, Rakesh Ranjan, stepped down; founder Deepinder Goyal to oversee operations until a replacement is named. Dive deeper
What’s happening globally
WTI crude held near $63 as markets weighed possible OPEC+ output hikes and mixed signals on US-China trade talks. Kazakhstan ruled out deeper cuts, citing national interest, while the US hinted at reducing China tariffs to support negotiations. Sanctions on Iran added uncertainty to supply expectations. Dive deeper
Gold climbed to $3,320/oz as uncertainty over US-China trade tensions sustained safe-haven demand. Trump ruled out unilateral tariff cuts, while signalling relief for carmakers. Dive deeper
US 10-year Treasury yield fell to 4.32%, its third straight drop, as mixed signals on US-China trade talks and weak core durable goods data dampened sentiment. Dive deeper
European natural gas prices fell below €34/MWh, the lowest in 7 months, due to ample LNG supply and weak Asian demand. High arrivals at Dutch hubs supported EU restocking post-winter. Lower LNG intake from China and India added to the downward pressure. Dive deeper
Germany’s Ifo Business Climate Index rose to 86.9 in April, the highest since July 2024, supported by public spending. Current conditions improved, but expectations dipped slightly to 87.4 amid trade war concerns. Sentiment improved in construction and services, but weakened in manufacturing. Dive deeper
EU passenger car registrations dipped 0.2% YoY in March 2025, marking a third straight monthly decline amid economic uncertainty. Battery Electric Vehicle (BEV) sales rose 17.1%, led by Germany, with BEVs making up 15.2% of Q1 EU market share. Overall, car sales in Q1 2025 fell 1.9% YoY, while France saw a decline in BEV uptake. Dive deeper
Morgan Stanley has begun selling the last $1.23 billion of X Corp. debt at a 9.5% rate, offered at 97.5–98 cents on the dollar. This marks the final phase of banks exit from exposure to Elon Musk’s firm. Commitments are due by April 28, Bloomberg reported. 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.
Sunil D’Souza, CEO & MD, Tata Consumer Products Ltd, on impact of US tariffs and coffee business outlook
“If I take 10% as a normative norm, our big business in the US is coffee, and coffee is not produced in the US… It’s all imported.”
“Because we are manufacturing onshore, we might have a little bit of a handicap in our favour as we go forward.”
“Fingers crossed… For now, I’m not sure about where it’s headed. But tea and coffee are basic consumption categories and not discretionary products.” - Link
Ajay Seth, Finance Secretary, Government of India, on US tariffs and growth outlook
“Direct impact of the tariffs could shave off between 0.2 to 0.5 percentage points from GDP growth.”
“We grow about 6.5% in the current year… second order effects would be important.”
“Potential growth rate of around 7% can be achieved over the next decade.” - 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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