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 with a strong 285-point gap-up at 22,446.75, supported by positive global cues and a rebound in US markets overnight. In the first hour, it climbed to around 22,550 levels before sharply falling 280 points to test 22,270.
From there, Nifty staged a 200-point recovery and, after some back-and-forth movement, broke out above the 22,600 mark to hit a high of 22,697. However, it later slipped again by 220 points to 22,480 before bouncing back to around 22,650. In the final hour, the index moved in a narrow range and eventually closed at 22,535.85, up 1.68% for the day.
Looking ahead, markets will be closely watching developments around tariff-related news, the RBI’s monetary policy decision due tomorrow morning, inflation data, and the kickoff of the earnings season.
Broader Market Performance:
The broader market had a very strong session today. Out of 2,957 stocks traded on the NSE, 2,391 advanced, 499 declined, and 67 remained unchanged.
Sectoral Performance:
On the sectoral front, Nifty Media was the top gainer of the day, surging 4.72% to close at 1,497.45. On the other hand, Nifty Bank was the least performing among the gainers, rising 1.31% to end at 50,511.00. Notably, none of the sectors closed in the red today — all 12 sectoral indices ended in the green, reflecting broad-based buying across the market.
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 9th April:
- The maximum Call Open Interest (OI) is observed at 23,000, followed by 22,800, indicating strong resistance at the 22,700 to 22,900 zone.
- The maximum Put Open Interest (OI) is at 22,500, followed by 22,200, 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
India became the third-largest producer of wind and solar power in 2024, surpassing Germany. Clean energy sources made up 22% of India’s electricity, with wind and solar contributing 10%. Solar power grew rapidly, accounting for 7% of the country’s electricity. Dive deeper
The Centre raised LPG prices by â‚ą50 per cylinder and increased excise duties on petrol and diesel by â‚ą2. Despite global oil prices dropping, the excise hikes aim to offset losses for oil marketing companies selling LPG at a loss. Dive deeper
Foreign investors pulled over ₹9,000 crore ($1.04 billion) from Indian equities, marking April’s second-largest outflow in 2025. Dive deeper
Lenders added 25,000 beneficiaries under the Tarun Plus category of PM Mudra Yojana in FY25, providing loans of up to â‚ą20 lakh. A total of â‚ą3,790 crore was disbursed to 24,557 new borrowers. Since its launch, the scheme has sanctioned over â‚ą33.65 lakh crore in loans. Dive deeper
Coffee Day Enterprises reported a â‚ą425.38 crore loan default as of March 31, 2025, due to a liquidity crisis. This includes â‚ą174.83 crore in principal and â‚ą5.78 crore in interest on loans, along with â‚ą200 crore in default on unlisted debt securities. The company is working through asset resolution and has faced legal disputes and loan recall notices from lenders. Dive deeper
The RBI is expected to focus on liquidity management to ensure effective rate transmission amid global tariff challenges. A policy rate cut is anticipated, with short-term liquidity measures to support growth. This comes as the central bank navigates inflation and growth dynamics. Dive deeper
Bharat Electronics (BEL) shares surged 3.44% after securing a ₹2,210 crore order from the Defence Ministry for Electronic Warfare suites for Mi-17V5 helicopters. This increases BEL’s FY25 order intake to ₹2,803 crore, supporting India’s defence indigenisation efforts. Dive deeper
IL&FS Engineering shares are under scrutiny after the company disclosed a ₹2,628.15 crore loan default on April 8, 2025. The company’s total financial indebtedness, including both short-term and long-term debt, stands at ₹3,097.71 crore. Dive deeper
Brigade Enterprises shares are in focus after the company signed a Joint Development Agreement for a premium residential project in Mysuru. The 10-acre project, with a GDV of â‚ą225 crore, will feature plots and high-end apartments. Dive deeper
KPI Green Energy shares are in focus after the company terminated its 66.20 MW hybrid power project due to changes in technical requirements. The order, awarded to M/s Sai Bandhan Infinium, was cancelled under the Captive Power Producer segment. The company stated that the termination will not have a material financial impact. Dive deeper
Ola Electric shares are in focus after including bookings for unlaunched e-scooters and motorcycles in its February sales, inflating its market share. The company reported 25,207 “confirmed orders,” but some vehicles haven’t been delivered. The Ministry of Road Transport and Highways has requested clarification on the reported sales figures. Dive deeper
What’s happening globally
China rejected U.S. tariff threats as “blackmail,” vowing to “fight to the end” amid escalating trade tensions. Trump’s threat to increase tariffs over 100% on Chinese imports met with resistance, while the EU proposed counter-tariffs and worked on negotiating a solution. Dive deeper
Brent crude oil futures fell below $64 a barrel, the lowest since April 2021, amid fears of a US- China trade war and global demand concerns. Trump’s tariff threats and OPEC+'s output increase added pressure. The EU is also considering retaliatory measures. Dive deeper
Gold rose above $3,000 per ounce, driven by trade war concerns and haven demand. Trump’s tariff threats and the EU’s counter-tariffs fueled global uncertainty. Focus now shifts to upcoming Fed meeting minutes and inflation data for clues on monetary policy. Dive deeper
US consumer credit dropped by $0.81 billion in February 2025, the first decline since November. This was driven by reduced credit card balances and nonrevolving loans, with a 0.2% decrease on a seasonally adjusted annual rate. Revolving credit rose slightly, while nonrevolving credit fell. Dive deeper
The US dollar index fell to around 103, driven by trade uncertainties and inflation concerns. Trump denied rumors of a tariff pause while escalating tensions with China, which vowed to defend its interests. Market focus now shifts to upcoming inflation data, influencing expectations for rate cuts. Dive deeper
Japan’s current account surplus surged to a record JPY 4,060.7 billion in February 2025, driven by a shift to a goods account surplus. Exports rose 10.4%, while the primary income surplus also increased. However, deficits in the services and secondary income accounts widened. Dive deeper
Australia’s Westpac-Melbourne Institute Consumer Sentiment Index dropped 6.0% to a six-month low of 90.1 in April 2025, with declines in family finances and economic outlooks. Concerns over global developments, particularly US tariffs, deepened sentiment. Unemployment expectations rose slightly. Dive deeper
China’s 10-year bond yield fell to 1.66%, near a two-month low, amid rising US-China trade tensions. Trump’s new tariffs and China’s retaliatory stance heightened fears, fueling expectations of more fiscal and monetary support. Dive deeper
Indonesia’s consumer prices rose 1.03% YoY in March 2025, driven by higher costs in food, health, and transport, but missing the 1.16% forecast. Core inflation reached a 20-month high of 2.48%. On a monthly basis, consumer prices rose 1.65%, the largest increase since December 2014. Dive deeper
Euronext CEO Stephane Boujnah stated that the U.S. is beginning to resemble an emerging market due to the volatility from President Trump’s tariffs. He noted that investor uncertainty is high, with money flowing to Europe. Tariff-related developments continue to weigh on global financial markets. 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.
Vinod Aggarwal, CEO, Volvo Eicher Commercial Vehicles, on US tariffs and FY26 outlook
“Finished vehicle exports to the US are negligible, so the 25% auto tariff won’t significantly affect India’s automobile sector”
“Component exports worth $6–7 billion to the US may see some pressure, but since tariffs apply to all major trading partners, this could trigger price renegotiations and new trade alignments”
“Bus demand remains strong with rising procurement by state transport undertaking, schools and staffing firms, and we expect this segment to remain robust in FY26” - Link
Piyush Goyal, Commerce and Industry Minister, on global trade turbulence and US tariffs
“China’s growth came through unfair trade practices that violated the rules of fair global trade and undermined transparency and fair competition”
“India’s applied tariff on US goods is only around 7% to 8%, not excessive, and we have always played by the rules”
“Strategic and security concerns drive our investment decisions, which is why we haven’t permitted BYD to set up operations in India” - Link
Jamie Dimon, CEO, JPMorgan Chase, on Trump’s tariff policy and economic risks
“The quicker this issue is resolved, the better because some of the negative effects increase cumulatively over time and would be hard to reverse”
“In the short run, I see this as one large additional straw on the camel’s back”
“My most serious concern is how this will affect America’s long-term economic alliances” - 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!
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.