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 sharp 182-point gap down at 23,150.30, following a global market sell-off led by the US. The drop was triggered after US President Trump announced broad-based tariffs, with a 26% duty on Indian imports.
Despite the weak start, the opening levels marked the day’s low. Nifty quickly rebounded to 23,260, dipped around 50 points, and then recovered again to test the 23,300 mark. For the rest of the session, it traded in a narrow range between 23,240 and 23,290, eventually closing at 23,250.10, down 0.35%.
While the market ended lower, it significantly outperformed most global peers.
Going forward, investors will be closely watching tariff-related developments, the upcoming RBI monetary policy decision, and earnings season.
Broader Market Performance:
While the headline indices closed lower, the broader market had a strong day. Out of 2,963 stocks traded on the NSE, 2,057 advanced, 829 declined, and 77 remained unchanged.
Sectoral Performance:
Nifty Pharma emerged as the top gainer among sectoral indices, registering a strong 2.25% gain. On the flip side, Nifty IT was the biggest laggard, plunging 4.21%, marking a sharp underperformance compared to its peers.
Out of the 12 tracked sectoral indices, 7 closed in the green, indicating modest sectoral breadth in the market. Meanwhile, 5 sectors ended in the red, reflecting some underlying pressure, particularly in services, metals, auto, and especially IT.
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 23,500, followed by 23,300, indicating strong resistance at 23,400 - 23,500.
- The maximum Put Open Interest (OI) is at 23,000, followed by 22,800, suggesting strong support at 23,200, with additional support at 23,000 and 22,900.
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 Commerce Ministry views the 26% tariff imposed by the U.S. as a mixed outcome, not a setback, and is analyzing its impact. The U.S. will apply a universal 10% tariff starting April 5, with the remaining 16% starting April 10. India is also in talks with the U.S. for a bilateral trade agreement. Dive deeper
Maruti Suzuki announced a price hike for several models, including Grand Vitara, up to â‚ą62,000, effective April 8, 2025, due to rising input costs and impending US tariffs on car imports. Dive deeper
Infosys has partnered with Formula E to launch an AI-powered Stats Center using 'Infosys Topaz to enhance fan engagement. The platform offers data-driven insights, interactive experiences, and advanced stats on drivers and teams, creating deeper fan connections. Dive deeper
Sebi has allowed investment advisers and research analysts to charge advance fees for up to one year, a change from the previous rules limiting advance fees to two quarters for IAs and one quarter for RAs. The new guidelines, effective immediately, apply to individual and HUF clients, excluding institutional or accredited investors. Dive deeper
India’s UPI transactions grew 42% YoY in H2 FY24, reaching 93.23 billion transactions worth ₹130.19 trillion. POS deployments increased by 23%, UPI QR adoption surged by 126%, and mobile transactions rose by 41%, reflecting a shift toward mobile-first financial behavior. Dive deeper
Adani Ports’ unit, Astro Worldwide Investment Ltd., has incorporated 11 Singapore-based marine and harbour entities as wholly owned subsidiaries. This follows the announcement that Mundra Port handled over 200 million metric tons of cargo in the fiscal year 2025, marking a new milestone. Dive deeper
Bharat Electronics Ltd. has secured a Rs 593.22 crore contract from the Indian Air Force to provide maintenance services for the Akash Missile System. The contract marks the company’s first order for FY 2025-26. Dive deeper
Apple aims to expand its India-based production to 25% by 2028, up from 14% in FY24, making India the largest iPhone producer outside China. This is part of a broader trend where US companies are shifting manufacturing to “friendlier” countries like India, Mexico, and Vietnam. Dive deeper
Lupin’s UK subsidiary, Lupin Healthcare UK, has acquired UK-based Renascience Pharma for Rs 135 crore, gaining full ownership. Renascience will operate as Lupin’s subsidiary, enhancing its branded medicine portfolio in the UK market. Dive deeper
Mahindra Lifespace Developers has secured two redevelopment projects in Mumbai worth Rs 1,200 crore, expecting significant revenue gains. Dive deeper
HDFC Bank shares are under scrutiny after Sebi issued a warning letter for regulatory non-compliance in its custody activities. Dive deeper
Bharti Airtel shares are in focus after the company deepened its 5G core network partnership with Nokia to enhance service delivery and reduce operational costs. The expansion aims to speed up the introduction of new services while improving network efficiency. Dive deeper
Kirloskar Oil Engines secured a Rs 270 crore order from the Indian Navy for developing a 6MW Medium Speed Marine Diesel Engine. The deal, aimed at advancing indigenous marine engine production, aligns with the government’s push for self-reliance in defence manufacturing. Dive deeper
Dabur India shares saw a decline after reporting flat consolidated revenue and a lower operating profit margin for Q4 FY25, due to inflation and operating deleverage. Volume growth remained subdued, with rural markets showing better resilience. Dive deeper
ACME Solar Holdings secured a Rs 2,491 crore long-term refinancing facility from SBI and REC at an 8.8% interest rate to reduce debt costs for its renewable energy projects in Andhra Pradesh, Rajasthan, and Punjab. Dive deeper
IDFC First Bank shares rose to a one-month high as total business grew 23% to ₹4.8 lakh crore in FY25, with loans and deposits increasing by 20% and 25%, respectively. The bank’s CASA ratio stood at 46.9% for Q4. Dive deeper
What’s happening globally
President Donald Trump announced an executive order today declaring a national emergency over persistent U.S. trade deficits. The order implements a 10% baseline reciprocal tariff on all imports, with higher tariffs on countries with trade surpluses, aiming to address trade imbalances and safeguard U.S. economic and national security interests. Dive deeper
Further, he announced a set of reciprocal tariffs on April 2, 2025, targeting countries with high levies on U.S. goods. Customized tariffs will apply to 60 countries, including 54% for China, 46% for Vietnam, and 26% for India. The tariffs aim to bolster U.S. manufacturing by addressing trade imbalances and will not apply to specific goods like copper, pharmaceuticals, and energy. Additionally, a 25% tariff will be imposed on foreign-made automobiles starting April 3, 2025. Dive deeper
Here’s the list of the top 25 countries and their corresponding tariffs as part of the new reciprocal tariff announcement:
Brent crude oil futures dropped nearly 5.5% below $71 per barrel as higher-than-expected US tariffs fueled concerns over global energy demand. A surprise rise in US crude inventories and tighter Russian export restrictions added to the bearish sentiment. Dive deeper
Gold eased to below $3,130 per ounce after reaching a new all-time high of $3,160, driven by heightened risk aversion following President Trump’s tariff announcement. Dive deeper
The dollar index fell below 102, its lowest in nearly six months, after Trump’s tariff announcement, with stronger-than-expected job growth offset by a decline in job openings. Dive deeper
US employers announced 275,240 job cuts in March 2025, the highest since May 2020, with the federal government accounting for most layoffs. The total for Q1 2025 reached 497,052, the highest year-to-date total since Q1 2009. The DOGE initiative contributed significantly to the layoffs. Dive deeper
The US 10-year Treasury yield fell to 4.08%, its lowest since October, as President Trump’s reciprocal tariff announcement triggered a flight to safety. His tariffs, including 34% on China and 20% on Europe, heightened recession fears, leading traders to price in more Federal Reserve rate cuts this year. Dive deeper
The S&P Global UK Services PMI for March 2025 was revised lower to 52.5 from 53.2, driven by a slight rebound in new work and export orders. However, staffing levels declined for the sixth consecutive month amid rising payroll costs. Dive deeper
The S&P Global UK Composite PMI registered 51.5 in March, down from 52.0, with services driving modest growth while manufacturing contracted. Job cuts slowed, but cost pressures remained high, with a decline in new orders for the fourth month. Dive deeper
The Caixin China General Composite PMI rose to 51.8 in March 2025, its highest since November, driven by stronger manufacturing and service sector growth. The increase was fueled by higher new business and export orders, though employment levels declined due to job shedding in the service sector. Dive deeper
Aluminum futures fell to a seven-month low below $2,470 per tonne, pressured by escalating trade tensions and tariffs. Dive deeper
The Shanghai Composite dropped 0.24% to 3,342, and the Shenzhen Component fell 1.4% to 10,365, as mainland stocks reversed a two-day gain following President Trump’s announcement of a 34% reciprocal tariff on China. This escalated the trade dispute between the U.S. and China, with the tariff adding to existing levies, totaling 54% on Chinese goods. 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.
Scott Bessent, U.S. Treasury Secretary, on market volatility and tariffs
“I’m trying to be Secretary of Treasury, not a market commentator. What I would point out is that especially the Nasdaq peaked on DeepSeek day, so that’s a Mag 7 problem, not a MAGA problem.”
“The stock market actually peaked on the Chinese AI announcement. So a lot of what we have seen has been just an idiosyncratic tech sell-off.”
“It’s going to be fine if we put the best economic conditions in place.” - Link
Ramesh Damani, Member, BSE, on Trump’s policies and shifting global order
“Trump will declare victory in the next couple of weeks and reverse the policies he has introduced, saying his objectives are achieved. He will never admit loss”
“It is a vinash kale viprit buddhi moment. The world order built by America: NATO, Bretton Woods, WTO is being undone in just 10 weeks.”
“We are witnessing a stunning fall from grace for America. What took 75 years to build in soft power is being dismantled rapidly.”
“When the US economy slows down, they’ll realise they’ve bitten off more than they can chew.” - Link
Jayen Mehta, Managing Director, GCMMF (Amul) on FY25 performance and growth outlook
“Our revenue during the 2024-25 financial year grew by 11% to ₹65,911 crore. We have clocked double digits across all product categories.”
“The rise in turnover was largely driven by volume growth. We did not increase prices much.”
“We expect to maintain this momentum on strong consumer demand and will continue expanding capacity to meet it.” - 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! You can join the conversation around the 26% tariffs on India on TradingQnA