Broader market recovery continues while Nifty stays muted
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 110-point decline at 22,821.10 and, after some initial volatility in the first half hour, stabilized between the 22,870 and 22,900 range for the next couple of hours.
In the second half, it remained in a tight 30-point band between 22,875 and 22,905. During the final hour, although Nifty managed to stay above 22,900, it traded within an extremely narrow 20-point range before closing at 22,913.15, down 0.08%. This marks the fourth consecutive session where Nifty has closed within a narrow 20-point range.
The sentiment remained cautious as geopolitical tensions and trade uncertainties kept market activity subdued.
Broader Market Performance:
Although the headline indices remained flat, Broader market indices continued to strongly outperform today. Of the 2,904 stocks traded on the NSE, 1,996 advanced, 831 declined, and 77 remained unchanged.
Sectoral Performance:
The top-gaining sector for the day was Nifty Metal, which rose by 1.96%, while the biggest loser was Nifty Bank, declining by 0.48%. In total, five sectors closed in the red, while seven sectors ended the day in the green.
Note: The above numbers for Commodity futures were taken around 4 pm.
Change in OI for the day
The following is the change in OI for Nifty contracts expiring on 27th February:
The maximum Call Open Interest (OI) is observed at 23,000, followed by 23,200. Meanwhile, The maximum Put Open Interest (OI) is at 23,000, closely followed by 22,500.
Immediate support is identified in the 22,800–22,700 range, while resistance is expected between 23,080 zones followed by 23,200.
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 get a sense of 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
IRDAI has mandated life and health insurers to offer Bima-ASBA, allowing policyholders to block premium amounts in their bank accounts, debited only upon policy issuance. Insurers must implement this by March 1, integrating UPI-OTM for smoother transactions. Dive deeper
Bharat Forge’s subsidiary, Kalyani Strategic Systems (KSSL), signed a Letter of Intent (LoI) with AM General, USA, marking the first-ever supply of Indian-made artillery cannons to the US. This builds on their prior collaboration to co-develop advanced 105mm and 155mm artillery systems. Dive deeper
HFCL secured a ₹2,501.30 crore advance work order from BSNL for executing BharatNet Phase III in Punjab, becoming the first Project Implementation Agency under the program. Dive deeper
Cyient appointed Sukamal Banerjee as CEO of its Digital, Engineering, and Technology (DET) business, aiming to strengthen its core engineering offerings. Dive deeper
JBM Ecolife Mobility secured a ₹5,500 crore order for 1,021 electric buses under the PM e-Bus Sewa Scheme-2. The buses will be deployed across 19 cities in Gujarat, Maharashtra, and Haryana, with JBM handling end-to-end execution. Dive deeper
Mahindra Group partnered with U.S.-based Anduril Industries to co-develop autonomous maritime systems, AI-enabled Counter-UAS technology, and C2 software. The alliance aims to enhance regional security through modular underwater vehicles and advanced drone defence solutions. Dive deeper
Google inaugurated Ananta, a 1.6-million-sq-ft office in Bengaluru, its largest in India, housing over 5,000 employees. The facility underscores Google’s commitment to India, fostering innovation across Android, Search, Cloud, and DeepMind. Dive deeper
HSBC India’s pre-tax profit rose 11% to $1.69 billion in 2024, led by global banking and markets, which contributed $875 million. Commercial banking profits reached $448 million, while wealth and personal banking grew to $96 million. Dive deeper
Godrej Capital plans an IPO in three years as its AUM surpasses ₹15,000 crore, targeting ₹30,000 crore by March 2026. The company, backed by ₹3,000 crore in equity, is expanding its presence and expects profits to triple to ₹175 crore by March 2025. Dive deeper
The Defence Ministry signed a ₹697.4 crore contract with ACE Ltd. and JCB India for 1,868 rough-terrain forklift trucks to support the army, air force, and navy. The acquisition boosts defence logistics while promoting MSMEs and indigenous manufacturing. Dive deeper
The Coal Ministry plans to introduce additional incentives for underground commercial coal block auctions to promote sustainable coal production. With 37 of 113 auctioned mines being underground, the ministry is also working on environmental concessions and policy refinements. Dive deeper
Burmans' ₹2,116 crore open offer for a 26% stake in Religare saw a weak response, with only 0.07% shares tendered. Their stake will rise to 24.02%, amid regulatory disputes and insider trading allegations. Dive deeper
India Glycols secured a ₹1,264.20 crore ethanol supply contract, including ₹1,227.10 crore from OMCs and ₹37.10 crore from Reliance and Nayara Energy. Q3 FY25 net profit rose 26% to ₹56.81 crore, with revenue up 14.4% to ₹975.20 crore. Dive deeper
Citi India plans to triple its asset-backed securities holdings to over $1 billion by FY26, as securitization gains traction amid sluggish deposit growth. The market, expected to reach $30 billion, is seeing increased participation from private banks and digital lenders. Dive deeper
What’s happening globally
Fed minutes from January 2025 showed policymakers favoring a cautious approach amid uncertainty. Many supported keeping rates restrictive if inflation remained high, while some saw room for easing if growth slowed. Risks to inflation included trade shifts, geopolitics, and strong spending. Dive deeper
US stock futures dipped as investors assessed Fed minutes signaling caution on rate cuts and Trump’s renewed tariff threats. Dive deeper
Gold surged past $2,950 per ounce to a record high, driven by safe-haven demand amid trade tensions and geopolitical risks. Trump's tariff plans and FOMC concerns over inflation reinforced expectations of a prolonged pause on rate cuts. Dive deeper
US natural gas futures eased to $4.24 per million British thermal units (MMBtu) after a seven-day rally, ahead of an expected 191 bcf storage draw. Extreme cold boosted heating demand and cut production to a four-week low, while LNG exports hit record levels. Dive deeper
The Mexican peso weakened past 20.4 per USD, nearing a three-year low, amid renewed U.S. tariff threats and Banxico’s 50 bps rate cut to 9.50%. Rising risk aversion and demand for safe-haven assets added pressure. Dive deeper
Russia’s industrial producer prices rose 9.7% YoY in January 2024, the highest in five months, driven by supply constraints and higher energy costs. Price gains were sharp for miners and manufacturers, while inflation eased for utilities and waste services. Dive deeper
Australia’s unemployment rate rose to 4.1% in January 2025 from 4.0%, in line with estimates, as unemployed numbers increased despite a 44,000 rise in employment. The participation rate hit a record 67.3%, while monthly hours worked fell by 7 million. Dive deeper
The People's Bank of China kept key lending rates unchanged in February, with the one-year LPR at 3.1% and the five-year LPR at 3.6%. The decision follows prior cuts amid yuan fluctuations and trade policy concerns, with the PBoC signalling readiness for future adjustments. Dive deeper
Germany’s producer prices rose 0.5% YoY in January 2025, easing from December’s 0.8% and below the 1.3% forecast. Higher costs for consumer and capital goods offset declines in energy and intermediate goods, while monthly PPI fell 0.1%. Dive deeper
Bumble shares fell 27% after forecasting weak Q1 revenue amid slowing paying user growth. The company is undergoing executive changes, cutting jobs, and discontinuing apps to refocus on its core platform. Dive deeper
Berkshire Hathaway sold 750,000 DaVita shares between February 14-19, reducing its stake to 35.14 million shares worth $5.4 billion. The $115 million sale follows a prior divestment as DaVita’s 2025 earnings outlook disappointed investors. Dive deeper
WhatsApp has been designated a Very Large Online Platform under the EU’s Digital Services Act (DSA) after reporting 46.8 million monthly users. It now has four months to comply with stricter content moderation rules, with potential fines of up to 6% of global revenue for violations. 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.
Rohit Jawa, Managing Director and CEO of HUL
So, given that the macro factors are turning in the favour of consumption, the institutional policies are beginning to bias that, and some of the things that we cannot control, such as the weather, have also turned in our favour and India will always remain a very under-penetrated big head space for consumption. However, I do think that as we go in the quarters going forward, the economy driven by consumption is going to look better. How long it takes, I cannot say. I am not a soothsayer but I am optimistic and all the signals are positive at this point. - Link
Satya Nadella, CEO of Microsoft
"After a nearly 20 year pursuit, we’ve created an entirely new state of matter, unlocked by a new class of materials, topoconductors, that enable a fundamental leap in computing,"
"We believe this breakthrough will allow us to create a truly meaningful quantum computer not in decades, as some have predicted, but in years. The qubits created with topoconductors are faster, more reliable, and smaller." - Link
Calendars
In the coming days, we have the following major events and corporate actions:
That’s it from us. Do let us know your feedback in the comments and share it 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.
Need to understand how topoconductors from microsoft will impact semi-conductors investments planned in India
FII AND DII ACTIVITY