Market holds steady, ends flat in range-bound session
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 35-point gap down at 22,508.65, following the weak US market close, and dipped to a low of 22,464.75. The index then quickly surged by 150 points to test 22,600 in the first hour before stabilizing around 22,620. An intraday sell-off of 100 points occurred, but the index managed to recover 50 points, closing flat at 22,552.50, up 0.03%.
The rally was supported by easing Brent crude prices, stabilizing around $70 per barrel, a decline in US bond yields, and a correction in the Dollar Index, which has dropped below 104 from 109 over the past few weeks.
With Nifty rebounding nearly 650 points from recent lows, the key question now is where this swing might pause.
Broader Market Performance:
Broader markets had a decent day with strong market breadth. Out of 2,988 stocks traded on the NSE, 1,818 advanced, 1,093 declined, and 77 remained unchanged.
Sectoral Performance:
Nifty Media was the top gainer of the day, closing up by 1.83%, while Nifty Realty was the top loser, ending down by 1.19%. Out of the 12 sectoral indices, 6 sectors closed in the green, and 6 sectors ended in the red.
Note: The above numbers for Commodity futures were taken around 4 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 13th March:
The maximum Call Open Interest (OI) is observed at 22,800, followed by 23,000, indicating strong resistance at these levels. First strong resistance levels shall most likely be at 22,600, followed by 22,800.
The maximum Put Open Interest (OI) is at 22,300, followed by 22,500, suggesting potential 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
The RBI will conduct a 14-day variable rate repo (VRR) auction for ₹50,000 crore on March 7, 2025, to offset liquidity outflows from corporate advance tax payments. This auction follows the RBI's announcement of additional liquidity measures, including ₹1 lakh crore in open market operations and $10 billion in dollar-rupee buy-sell swaps. Dive deeper
PM Modi will disburse Rs 450 crore to over 2.5 lakh women from self-help groups in Navsari on Saturday, marking International Women's Day. He will also inaugurate and lay foundation stones for 62 projects worth Rs 2,587 crore in Silvassa. Dive deeper
Nestle India received a SEBI warning for violating insider trading regulations involving a contra-trade by a designated person. The breach, however, had no material impact on the company's operations. Dive deeper
RBI plans stricter underwriting for gold loans, urging banks and NBFCs to monitor fund use and verify gold ownership. This move follows a 50% surge in gold loans since September 2024. Muthoot Finance and Manappuram Finance shares may be impacted. Dive deeper
Laurus Labs will invest Rs 83.3 crore in KRKA Pharma Pvt Ltd, a joint venture, to establish a manufacturing facility targeting new markets, including India. KRKA d.d. will invest Rs 86.7 crore, maintaining the 51:49 shareholding ratio. Dive deeper
The RBI has approved Sumant Kathpalia's reappointment as IndusInd Bank CEO for one year, effective March 24, 2025, despite the bank requesting a three-year term. This marks the second time the RBI has granted a one-year extension. Kathpalia has been leading the bank since March 2020. Dive deeper
Blue Star will invest Rs 400 crore in fiscal 2026 to expand its AC and refrigeration manufacturing, including Rs 200 crore for increased room AC capacity at its Sri City plant. The company aims for 20% growth, driven by innovation and market share gains. It expects to grow its room AC and commercial refrigeration market shares. Dive deeper
East Coast Railway (ECoR) has launched a Rs 1,000 crore fencing project to improve railway safety and enable higher train speeds. The project covers 2,792 km of track, with additional fencing works in specific sections. The initiative aims to prevent trespassing, restrict animal movement, and support train speeds of 130 km/h and beyond. Dive deeper
Citicorp Investment Bank (Singapore) settled a case with Sebi for Rs 36 lakh over violations of FPI rules, related to issuing offshore derivative instruments to Symmetry Master Fund Ltd without completing KYC norms. The settlement was made without admitting or denying the findings. Dive deeper
Kalpataru Projects International Ltd. secured orders worth Rs 2,306 crore, primarily from its transmission-and-distribution business abroad and infrastructure projects in India. Dive deeper
Knowledge Realty Trust, a joint venture of Blackstone and Sattva Developers, has filed for a Rs 6,200 crore REIT IPO. The trust, managing 30 assets across six cities, will be India's largest office REIT upon listing. Dive deeper
Siemens announces a $285 million investment in U.S. manufacturing, including new facilities in California and Texas. This investment is part of the company's $100 billion total investment in the U.S. over the last 20 years. Dive deeper
What’s happening globally
The ECB cut key interest rates by 25 basis points, lowering the deposit facility, main refinancing, and marginal lending rates. This move reflects a less restrictive monetary policy, with inflation projections at 2.3% in 2025 and economic growth forecasts revised downward. Dive deeper
US employers announced 172,017 job cuts in February 2025, the highest since July 2020, driven by government actions, cancelled contracts, and fears of trade wars. The government sector led with 62,242 cuts, followed by retail and tech. Year-to-date job cuts reached 221,812, the highest since 2009. Dive deeper
The US trade deficit hit a record $131.4 billion in January 2025, driven by a 10% surge in imports to $401.2 billion. Exports rose 1.2%, led by civilian aircraft and pharmaceuticals. The trade gap widened with several partners, including China, the EU, and Switzerland. Dive deeper
China's exports grew 2.3% year-on-year to USD 540 billion in January-February 2025, missing forecasts and slowing from December's 10.7% rise. Exports to the US, EU, and ASEAN rose, while shipments to South Korea and Australia fell. Steel, oil, and footwear exports declined. Dive deeper
Factory orders in Germany dropped 7.0% in January 2025, the steepest decline since January 2024, driven by lower demand in sectors like aircraft, electronics, and machinery. Domestic orders fell 13.2%, while foreign orders dropped 2.3%. Excluding large orders, the decrease was 2.7%, reflecting weaker demand across various categories. Dive deeper
The FAO Food Price Index rose 1.6% to 127.1 points in February 2025, driven by a 6.6% surge in sugar prices due to global supply concerns. Dairy costs jumped 4%, while vegetable oils and cereals also saw price increases. Meat prices edged down slightly by 0.1%. Dive deeper
The Eurozone economy grew 0.2% in Q4 2024, driven by household spending, government expenditure, and investment. However, exports and imports declined slightly, and inventories weighed on growth. Germany and France contracted, while Italy, Ireland, and several other countries saw growth. Dive deeper
China's foreign exchange reserves rose to $3.22 trillion in February 2025, with the yuan appreciating 0.5% against the dollar. Gold reserves increased for the fourth month to 73.61 million ounces, reflecting a rise in gold prices. The value of gold reserves reached $208.64 billion. Dive deeper
The euro surged above $1.085, boosted by Germany's fiscal reforms, a cautious ECB stance, and a weaker dollar amid trade war concerns. Germany’s plans for increased defence spending and a €500 billion infrastructure initiative contributed to the rally. The ECB's rate cut and signals of a possible pause further supported the euro's performance. Dive deeper
Microsoft will invest $296.81 million (5.4 billion rand) in AI infrastructure in South Africa. The investment aims to boost digital skills by covering technical certification exams for 50,000 individuals. This is part of Microsoft's broader $80 billion plan for AI and data centre development in fiscal 2025. Dive deeper
Saudi Aramco cut oil prices for Asia in April, reducing the price of its Arab Light crude by 40 cents a barrel, amid OPEC+ easing production curbs. This follows a hike in March and comes as OPEC+ plans to revive halted oil production, despite global market pressures. 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.
Sundararaman Ramamurthy, MD & CEO of BSE Ltd., on change in expiry dates after NSE’s decision to change expiry dates to Monday
“Any change in expiry dates will depend on what the market voice is. Once we are able to understand what the market advises, we will act accordingly.” - Link
Anish Shah, Group CEO & MD of Mahindra Group on Private Capex
"Very optimistic on the Indian economy, it is just a matter of time that private sector capex will happen. Would give a lot of credit to the government for staying consistent on capex because the multiplier effect is far greater. From a private sector standpoint, capex will depend on capacity utilisation." - Link
Howard Marks, Co-Chairman, Oaktree Capital Management on the Indian growth story
"India has incredible opportunities and an incredibly constructive government to take the country ahead." It would be a pretty good thing to even be an average participant in India’s growth story in the coming decade.
"To be an above-average participant and to have higher returns than the averages, you have to have proper knowledge. It takes a lot of hard work and an understanding of companies and markets. If people want to be above-average, they have to do the work and have a better understanding of the markets.” - Link
Calendars
In the coming days, we have the following significant 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.