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 90-point gap-up at 24,864 and held firm in early trade, briefly dipping below 24,820 before recovering. Through the first half, the index moved in a choppy but upward trajectory, oscillating within a broad 24,820–24,860 range.
In the second half, momentum picked up as Nifty steadily climbed higher, testing levels close to 24,880 in the final hour. The index closed near the day’s high at 24,868.60, marking a strong finish and holding on to most of its opening gains.
Market sentiment remains cautious, with concerns over 50% tariffs, persistent foreign investor outflows, and muted earnings weighing on confidence. Escalating U.S.-India trade tensions are expected to remain the key driver of near-term market direction.
Broader Market Performance:
Broader markets had a mixed session today. Of the 3,106 stocks traded on the NSE, 1,483 advanced, 1,514 declined, and 109 remained unchanged.
Sectoral Performance
The top gaining sector for the day was Nifty IT, which rose by 2.76%, primarily led by Infosys’ buyback news. On the flip side, Nifty Realty was the top losing sector, slipping 0.30%.
Out of the 12 sectoral indices:
- 7 closed in green, indicating mild positive breadth,
- 5 ended in the red, showing selective weakness, particularly in realty, PSU banks, and energy.
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 24,900, suggesting strong resistance at 24,900 - 25,000 levels.
- The maximum Put Open Interest (OI) is observed at 24,800, followed closely by 24,500, suggesting strong support at 24,700 to 24,600 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
The rupee hovered near 88 per dollar as US tariffs on Indian exports pressured sentiment, partly offset by expectations of a Fed rate cut following weak US jobs data. Dive deeper
The yield on India’s 10-year G-Sec eased to 6.45% from 6.63% as deficit concerns softened after the finance minister reaffirmed the 4.4% fiscal deficit target. Bonds were further supported by low inflation, prospects of an RBI rate cut, and gains in emerging market debt following weaker US labor data. Dive deeper
The government has permitted the use of old packaging with revised MRPs via stickers or stamping until December 31, requiring original prices to remain visible and notices in newspapers. The move eases industry transition after GST changes and helps prevent stock wastage. Dive deeper
Sebi is fast-tracking IPO clearances to under three months using AI and closer coordination with bankers, aiming for record fundraising in 2025 despite weak secondary markets. Indian firms have already raised $8.2 billion this year, with nearly $13 billion approved and $18.7 billion awaiting nods, keeping India the world’s second-largest IPO market. Dive deeper
SpiceJet has completed a $24 million payment to Credit Suisse, closing a long-standing liability under a 2022 settlement. The move strengthens its balance sheet and marks progress in its turnaround efforts. Dive deeper
Glenmark’s subsidiary secured a $700 million upfront payment from AbbVie for exclusive rights to cancer drug ISB 2001 in key markets. The deal also provides for milestone payments, royalties, and Glenmark’s commercialization in emerging regions. Dive deeper
RailTel has secured work orders worth Rs 713.52 crore from the Bihar Education Project Council to set up smart classrooms, ICT labs, ISM labs, and supply teaching materials across state schools. The projects are scheduled for completion between 2025 and 2026. Dive deeper
Ujjivan Small Finance Bank plans to raise ₹2,000 crore via QIP over the next 18–24 months, alongside its application for a universal banking license expected to be decided by December. Dive deeper
Infosys plans to consider a share buyback proposal at its board meeting on September 11, with details to be disclosed afterward. The company had previously announced a ₹9,300 crore buyback in 2022. Dive deeper
Airbnb supported 1.11 lakh jobs in India in 2024, contributing about ₹2,400 crore in wages, according to an Oxford Economics report. Guest spending reached ₹11,200 crore, with 91% of stays from domestic travellers and rising interest in rural destinations. Dive deeper
Lexus India will cut prices across its range by up to ₹20.8 lakh from September 22 to fully pass on the GST rate reduction. The revised prices cover all six models, from the ES 300h sedan to the LX 500d SUV. Dive deeper
What’s happening globally
Brent crude rose above $66 per barrel, supported by OPEC+’s smaller output hike of 137,000 bpd from October and renewed concerns over Russian sanctions. Dive deeper
Gold hit a record high of about $3,650 per ounce, boosted by rising expectations of Fed rate cuts after weak US jobs data. Dive deeper
The dollar index stayed at 97.4, close to a seven-week low, as weak labor trends bolstered Fed rate cut expectations. Markets await job revisions and US inflation data this week for policy cues. Odds favor a 25 bps cut next week, with some betting on 50 bps. Dive deeper
Taiwan’s trade surplus hit a record USD 16.83 billion in August, with exports up 34.1% on strong demand for tech products and imports rising 29.7% on higher electronic and machinery purchases. Shipments surged to the US, ASEAN, and China, while imports grew mainly from Korea, ASEAN, and China. Dive deeper
The NFIB Small Business Optimism Index rose to 100.8 in August, the highest since January, driven by stronger sales and earnings expectations. Wage pressures persisted, with 29% raising pay and 20% planning hikes, while labor quality and unfilled job openings remained key concerns. Dive deeper
Microsoft has signed a multiyear deal worth $17.4–19.4 billion with Nebius through 2031 to secure AI cloud computing capacity. The agreement boosts Nebius’ data center expansion while helping Microsoft address ongoing shortages in AI infrastructure. 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.
Piyush Goyal, Commerce & Industry Minister, on GST rate cuts and growth
“The GST rate cuts, along with simplification, will boost domestic demand, create new jobs, raise incomes, and lead to higher spending.”
“Full benefits of GST rate cuts must be passed on to consumers, ensuring equitable growth that strengthens the foundation of India’s economy.”
“No power in the world will be able to stop India’s emergence as a global superpower, with the economy projected to reach $30 trillion by 2047.” - Link
Amitabh Kant, former CEO of the NITI Aayog, on GST reforms and broader priorities
“GST reforms are a bold and visionary step, but just the beginning for India’s economic journey.”
“Rationalisation into 5% and 18% slabs, plus 40% for luxury and sin goods, will boost consumption, investment, and job creation.”
“India must also act on 10 areas: high logistics, power, and land costs, bureaucratic and judicial reforms, manufacturing push, exports, tax simplification, renewable energy, digital infrastructure, and workforce skilling.” - Link
President Droupadi Murmu on global trade and engineering exports
“The challenges of global trade need to be turned into opportunities by utilising the exceptional capabilities available in our country.”
“In the last 10 years, India’s engineering exports have risen from $70 billion to over $115 billion despite global headwinds.”
“EEPC should work with the spirit of ‘Nation First’ and help make India a global innovation centre by providing the right incentives and ecosystem.” 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!
