Nifty closes near 23,200 as global cues fuel market optimism
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
Tracking positive cues from U.S. markets following the Fed’s dovish stance, Nifty opened with a 130-point gap up at 23,036.60. After briefly testing lows of 22,973.95 in the first hour, the index trended upward throughout the day, crossing 23,100 by 1 PM. After holding those levels for some time, Nifty surged another 115 points to surpass 23,200. In the final hour, it remained steady before closing at 23,190.65, up 1.23%.
The market’s positive momentum continued, pushing indices higher as U.S. markets rallied on the Fed’s policy stance. With a nearly 900-point gain in recent days, it remains to be seen whether the market will continue its upward trajectory or take a breather.
Broader Market Performance:
The broader market performed well today but lagged behind the headline indices. A total of 2,981 stocks were traded on the NSE, with 1,759 advancing (down from 2,345 yesterday), 1,143 declining (up from 568), and 77 remaining unchanged.
Sectoral Performance:
The stock market saw a positive session, with all sectoral indices closing in the green. Nifty Auto emerged as the top gainer, rising 1.42% to 21,623.05. No sector ended in the red, indicating broad-based buying interest. Out of the 12 tracked sectors, every single one recorded gains, reflecting overall market strength and investor optimism.
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 27th March:
The maximum Call Open Interest (OI) is observed at 23,000, followed by 23,500 indicating strong resistance at 23,300 levels followed by 23,500. As the Index is above 23,000 it remains to be seen if the call writers go for cover or whether 23,000 resistance will be retested again.
The maximum Put Open Interest (OI) is at 23,000, followed by 22,800, suggesting strong support at 23,000, with additional support at 22,800 & 22,750.
.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 Indian rupee strengthened past 86.4 per USD, bolstered by a pullback in the dollar and lower oil prices. Despite a slowing economy, the RBI is expected to continue its rate-cutting cycle to support growth. Dive deeper
The 10-year Indian G-Sec yield fell below 6.7%, the lowest in three years, supported by the RBI's rate cut and liquidity measures. Lower-than-expected inflation and foreign investor interest in Indian bonds contributed to the rally, alongside US Treasury support. Dive deeper
The Union Cabinet approved a ₹1,500 crore incentive scheme for UPI payments under ₹2,000 for FY 2024–25, offering banks 0.15% incentives for small merchant transactions. A fifth of the incentive is contingent on bank infrastructure performance. The scheme encourages UPI adoption among small merchants, with no incentive for payments above ₹2,000. Dive deeper
Paytm's stock fell 3.92% following this development due to concerns over the macro-environment and its UPI market share. Dive deeper
India's gems and jewellery exports dropped 23.49% to ₹21,085 crore in February 2025, primarily due to reduced demand from key markets like the US and China. Exports of cut and polished diamonds fell by 20.2%, and gold jewellery exports declined by 18.09%. The decline also reflected a 10-15% correction in rough diamond prices. Dive deeper
RBI Governor Sanjay Malhotra urged urban cooperative banks to regain depositor trust, enhance customer service, and address IT and cyber risks. During a meeting with UCB heads and industry bodies, he emphasized the central bank's continued support while highlighting the importance of UCBs' responsibilities towards their depositors. Dive deeper
Adani Enterprises' copper arm, Kutch Copper, has formed a 50:50 joint venture with Praneetha Ventures, named Praneetha Ecocables Ltd. This venture will focus on manufacturing and marketing metal products, cables, and wires, complementing Adani's broader copper production strategy. Dive deeper
Shares of companies in the cables and wires sector fell following Adani's move into the market, with the formation of Praneetha Ecocables increasing competition for established players. Dive deeper
IREDA launched its first perpetual bonds issue to raise Rs 1,247 crore with an 8.4% coupon. The company also received Rs 24.48 crore in tax relief and expects a Rs 195 crore refund. Dive deeper
Transrail Lighting secured new orders worth Rs 1,647 crore in power transmission, distribution, and railway sectors. Year-to-date order inflows are approaching Rs 9,200 crore. Dive deeper
D-Mart announced a Rs 175 crore investment in its subsidiary, Avenue E-Commerce (AEL), by subscribing to 4.67 crore equity shares at Rs 37.41 per share. This raises D-Mart’s stake in AEL from 99.71% to 99.74%. Dive deeper
Ola Electric's shares fell after Maharashtra expanded inspections of its stores over alleged trade certification violations. 36 scooters were confiscated during checks at 26 stores. Dive deeper
Sebi has lowered the minimum investment in Zero Coupon Zero Principal (ZCZP) instruments on the Social Stock Exchange from Rs 10,000 to Rs 1,000. This move aims to increase retail participation and support social enterprises in sectors like education and healthcare. The change takes effect immediately. Dive deeper
NHPC shares rose 2% after the company’s board approved a borrowing plan of up to Rs 6,300 crore for FY26 through bonds and loans. The funds will support various projects, including the company’s joint venture with Andhra Pradesh Power Generation Corp. for renewable energy. Dive deeper
India's online gaming market is projected to grow to $9.1 billion by 2029, driven mainly by real money games, which currently account for 86% of the market. The sector has already attracted $3 billion in FDI, with 85% directed towards Pay-to-Play games. Dive deeper
What’s happening globally
The Fed kept the federal funds rate at 4.25%-4.5% in March 2025, continuing its pause in the rate-cut cycle. GDP growth forecasts were revised lower to 1.7% for 2025, while PCE inflation is projected to rise to 2.7% this year. The unemployment rate for 2025 was slightly raised to 4.4%. Dive deeper
Oil prices have been volatile, with WTI crude around $67 per barrel. Tensions in the Middle East and a decline in U.S. gasoline inventories provided some support, while OPEC+ plans to increase production, adding downward pressure. Crude stockpiles rose less than expected, and levels at Cushing fell. Dive deeper
Copper futures rose above $5.10 per pound, approaching record highs, as traders redirected shipments to the US to capitalize on higher prices and avoid potential tariffs. An expected 100,000 to 150,000 metric tons of refined copper will arrive in the US soon, tightening supply in China. Dive deeper
Producer prices in Germany rose 0.7% YoY in February 2025, driven by higher prices for non-durable goods and capital goods, while energy prices fell by 0.8%. Excluding energy, prices climbed 1.4%. Monthly, the PPI dropped 0.2%, marking the third consecutive monthly decline. Dive deeper
European stocks ended a four-day rally, with the Stoxx 50 down 0.6% and the Stoxx 600 slipping 0.2%. Investors focused on central bank decisions, including the Bank of England holding rates steady and the Swiss National Bank cutting rates. Dive deeper
The Central Bank of Taiwan kept its key discount rate at 2% during its March 2025 meeting, supporting economic stability amid uncertainties like US trade policies. It revised the 2025 growth forecast slightly lower to 3.05%, with CPI and core CPI growth projections for this year at 1.89% and 1.79%, respectively. Dive deeper
The Swedish Riksbank kept its policy rate at 2.25% in March 2025, maintaining a stable outlook despite inflation staying above the target for the year. The economy is recovering, supported by real wage growth and government spending, but risks remain from global factors, the krona, and geopolitical tensions. Dive deeper
The Bank of England is expected to hold interest rates at 4.5% amid economic uncertainty, with inflation at 3.7% and sluggish growth. While the Monetary Policy Committee is divided, market expectations suggest rate cuts later this year, with fiscal policy uncertainties adding to the pressure. Dive deeper
Regular pay in the UK rose 5.9% YoY to GBP 667 per week in the three months to January 2025, with public-sector wages seeing a 5.3% increase. Private-sector wage growth eased slightly to 6.1%, and the highest increases were in wholesale, retail, and hospitality. Adjusted for inflation, real wage growth rose by 2.2%, the lowest in four months. Dive deeper
Australia's unemployment rate held steady at 4.1% in February 2025, with a decline in the number of unemployed by 11.2 thousand. However, employment unexpectedly fell by 52.8 thousand, with full-time jobs dropping by 35.7 thousand. The participation rate also dropped to 66.8%, marking a nine-month low. 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.
Arnab Banerjee, chief executive officer at CEAT Ltd.
“We have very strong competition in this (passenger-vehicle) segment, very well-entrenched players. But if you look at our journey, about 12-13 years ago, we were at about 2.5% market share. We have climbed to 16%,”
“Climbing further is tougher due to the competitive intensity in the domestic market.” Still, “we see this (No.1 position) happening in a reasonably short period of time…it’s difficult to predict…it should be in 3-5 years time.” - Link
US Federal Reserve Chairman Jerome Powell on tariffs driving Inflation
“Some near-term measures of inflation expectations have recently moved up. We see this in both market and survey-based measures. And survey respondents, both consumers and businesses are mentioning tariffs as a driving factor,"
“Some of it, the answer is clearly some of it, a good part of it, is coming from tariffs, But, we’ll be working with other forecasters to separate non-tariff inflation (from) tariff inflation." - 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.