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.
Follow Market Alerts by Zerodha on X (Twitter) to get instant summaries of key exchange filings as soon as they happen. These alerts are delivered in real time by Tijori.
Market Overview
Nifty opened lower by 75 points at 22,460.30, tracking an overnight reversal in US markets from their highs. The index quickly slipped to around 22,380 as volatility picked up ahead of the RBI’s policy announcement at 10 AM. Following the RBI’s 25 basis point rate cut, Nifty briefly dipped to the day’s low near 22,350 around 11 AM.
However, the market rebounded sharply, recovering nearly 80 points to reach 22,430. For the rest of the day, it traded in a narrow 40-point range between 22,390 and 22,430. Nifty eventually closed at 22,399.15, down 0.6% for the day.
Looking ahead, investors will keep a close eye on developments related to tariffs, inflation data, and the start of the earnings season.
Broader Market Performance:
The broader market had a weak session today. Out of 2,909 stocks traded on the NSE, 1,083 advanced, 1,747 declined, and 79 remained unchanged.
Sectoral Performance:
The top-gaining sector for the day was Nifty FMCG, which closed 1.78% higher. It was followed by Nifty Consumer Durables, which posted a modest gain of 0.23%. Nifty Auto was also marginally in the green, ending the day up by 0.01%.
On the losing side, Nifty PSU Bank was the worst performer, falling by 2.52%. It was followed by Nifty IT, which declined 2.19%, and Nifty Pharma, which ended 1.97% lower.
Out of the 12 sectoral indices, 3 closed in the green while 9 ended in the red, indicating broad-based weakness across most 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 22,500, followed by 22,400, indicating strong resistance at the 22,500 to 22,700 zone.
- The maximum Put Open Interest (OI) is at 22,500, followed by 22,000 and 22,400, suggesting strong support at 22,200, with additional support at 22,000.
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 Governor Sanjay Malhotra confirmed a 25bps repo rate cut to 6% and a shift to an accommodative stance. FY26 growth is projected at 6.5%, signaling a tilt toward supporting growth. Dive deeper
India’s forex reserves rose to $676.3 billion as of April 4, the highest in five months, with a $10.9 billion weekly gain. The reserves now offer about 11 months of import cover. RBI Governor Malhotra noted the external sector remains resilient despite global volatility. Dive deeper
India’s building materials sector saw a 30% rise in hiring from Jan 2023 to Jan 2025, driven by urbanisation, infra growth, and tech adoption. Demand is rising for roles in sustainability, advanced manufacturing, and green certifications. Women make up just 12% of the sector’s workforce. Dive deeper
SEBI has advised all regulated entities to use the ‘1600’ number series for service and transactional calls to existing customers. The move aims to enhance investor protection and curb financial fraud, in line with TRAI’s guidelines for secure communication. Dive deeper
Ather Energy may cut its IPO size by at least $50 million from the $400 million target amid market volatility. Existing investors could offer fewer shares, with a valuation trim also under review. Dive deeper
Gold loan NBFC stocks declined after the RBI announced new prudential norms aimed at harmonising gold loan regulations across entities with differing risk profiles. The broader framework also includes proposals on co-lending, securitisation of stressed assets, and revised credit enhancement norms. Dive deeper
IRDAI fined Flipkart ₹1.06 crore for misusing its ISNP platform and selling insurance without valid registration. A warning was issued for using one person to procure 70,000 policies. Charges on board-related violations were dropped after compliance. Dive deeper
Cyient has allocated ₹860 crore for its new semiconductor subsidiary, aiming to provide customised silicon chip solutions across industries like EVs and discoms. The focus will be on R&D, IP creation, and mature-node chips, with plans to raise external capital and eventually list the unit. Dive deeper
Indian Oil will invest ₹61,077 crore in a petrochemical complex in Paradip, Odisha, its largest single-location project. The facility, set for completion by 2029, aims to meet rising petrochemical demand and reduce import dependence. Additional investments in LNG and oil storage will support the region’s industrial growth. Dive deeper
IBM will launch a new AI-focused Software Lab in Lucknow to develop generative AI solutions for businesses using LLMs and SLMs. The lab aims to boost local job creation and digital innovation, aligning with Uttar Pradesh’s vision to become an AI hub. Dive deeper
The IMF has reached a $20 billion staff-level bailout deal with Argentina, pending board approval. The agreement follows President Milei’s fiscal reforms and rare budget surplus. It aims to help rebuild reserves and ease currency controls. Dive deeper
Vodafone Idea allotted shares worth ₹36,950 crore to DIPAM by converting spectrum dues into equity, raising the government’s stake to 48.99%. This move significantly increased the company’s paid-up capital and aims to improve its liquidity position. Dive deeper
BPCL and Sembcorp have formed a 50:50 JV to develop renewable energy and green hydrogen projects in India. The venture will also explore green ammonia and port decarbonisation. It supports India’s climate goals and BPCL’s 2040 net-zero target. Dive deeper
Cochin Shipyard has signed an MoU with Drydocks World to develop ship repair clusters in Kochi and Vadinar. The collaboration aims to modernise maritime infrastructure and support the Maritime India Vision 2030. It also aligns with the Atmanirbhar Bharat initiative through job creation and self-reliance. Dive deeper
What’s happening globally
Brent crude fell over 3% to below $61, marking five straight sessions of losses amid rising trade tensions and weaker demand. OPEC+ output hikes and China-U.S. tariff escalation added pressure, while U.S. crude stocks fell by 1.1 million barrels. Dive deeper
Copper futures rebounded to $4.2 per pound after hitting a three-month low, supported by U.S. supply concerns despite recession fears. The bounce widened the U.S.-LME premium, following tariff-driven pressures. Prices remain over 20% below March highs. Dive deeper
Wheat futures rose above $5.40 per bushel, driven by dry U.S. weather, a weaker dollar, and tariff-related uncertainty. Trump’s new tariffs and China’s response added pressure. USDA rated 48% of winter wheat good-to-excellent, down from 56% last year. Dive deeper
U.S. mortgage applications jumped 20% in early April, reversing three weeks of declines, as benchmark rates fell. Refinance applications surged 35%, while purchase applications rose 9%, amid a flight to fixed income triggered by trade war concerns. Dive deeper
The dollar index fell to 102.3, nearing six-month lows, as trade tensions and global growth concerns drove demand for safe-haven currencies. A sell-off in U.S. Treasuries and fresh U.S. tariffs on Chinese goods added to the pressure. Dive deeper
The RBNZ cut its cash rate by 25bps to 3.50%, its lowest since Oct 2022, citing trade war risks and soft growth. Inflation remains near target, with Q4 2024 GDP up 0.7% after two quarters of contraction. Dive deeper
China’s onshore yuan closed at 7.3498 per dollar, its weakest since 2007, amid escalating trade tensions with the U.S. The offshore yuan also hit a record low. This follows new U.S. tariffs, prompting China to weigh economic support measures. Dive deeper
The Bank of England warned that hedge funds face heavy margin calls due to U.S.-driven market volatility but have managed so far. It noted rising global risks and heightened uncertainty. Dive deeper
Japan is set to get priority in U.S. tariff talks after a Trump-Ishiba call, following the imposition of a 24% reciprocal tariff and 25% auto duty. Japan voiced concerns over the impact on its auto industry, and shares rebounded on hopes of easing tensions. Dive deeper
Samsung has doubled its sales in the room air conditioner segment and expects a 10% market share in Q1 FY25, driven by strong demand and wider distribution. The company launched 19 AI-enabled models and is targeting growth in both residential and commercial segments. 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.
Sanjay Malhotra, Governor, Reserve Bank of India on tariff impact and growth outlook
“More than inflation, we are concerned about the tariff impact on growth”
“India’s FY26 growth forecast has been revised to 6.5% from 6.7% due to rising global trade uncertainties”
“Crude prices may ease inflation, but the larger worry is how tariffs may hurt growth” - Link
Dinesh Kumar Khara, Former Chairman, SBI on deposit rate outlook and co-lending reforms
“Deposit rate cuts will depend on liquidity and credit growth. Some banks have already reduced rates due to lower credit growth in Q1”
“Co-lending reforms are a welcome move, expanding beyond priority sector to all loan types and ecosystem participants”
“RBI is using OMOs to manage liquidity instead of a CRR cut. The tool may differ, but the goal of ensuring system liquidity is being addressed” - 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 the RBI’s 25 bps repo rate cut to 6% on TradingQnA.
We’re now on Telegram, follow us for interesting updates on what’s happening in the world of business and finance. Join the conversation on today’s market action here.