Autos lead, Tech bleeds as Nifty stays rangebound
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 an 85-point gap-up at 24,819 on strong global cues but quickly slipped below 24,750 in the opening minutes, testing 24,650 in the first hour. Selling pressure persisted through the first half as the index steadily declined, touching an intraday low near 24,620 around mid-day.
In the second half, Nifty staged a sharp recovery, climbing to test 24,770 by 2 PM. However, it failed to sustain those gains and consolidated in a narrow range between 24,725 and 24,755 during the last hour, eventually closing at 24,741, almost flat compared to its opening levels.
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 with a slightly bullish bias today. Of the 3,121 stocks traded on the NSE, 1,644 advanced, 1,370 declined, and 107 remained unchanged.
Sectoral Performance
Nifty Auto was the top gainer today, rising 1.25%, while Nifty IT led the losses with a decline of 1.44%. Out of the 12 sectoral indices, 7 closed in the green and 5 ended in the red, indicating a mixed but mildly positive market breadth across sectors.
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 9th 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 24,500, followed closely by 24,600, suggesting strong support at 24,600 to 24,500 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 Indian rupee fell 21 paise to a record low of 88.36/$, pressured by foreign fund outflows and global trade tensions. This came despite GST reforms simplifying slabs to 5% and 18%, with a steep 40% for luxury and sin goods. Dive deeper
Shares of Indus Towers jumped over 5% after promoter Bharti Airtel bought 68.76 lakh shares through open market deals. Airtel now holds a 50% stake as of June 30, boosting investor confidence in the stock. Dive deeper
Apple’s India sales hit a record $9 billion in FY25, up 13% from the previous year. iPhones led the growth, supported by rising MacBook demand and an expanding retail presence. Dive deeper
Ola Electric shares tumbled nearly 8% after SoftBank sold another 2% stake, cutting its holding to 15.68%. The offload, done within two months, raised concerns over sustained investor interest. Dive deeper
Glenmark launched a multi-country Phase 3 trial of cancer drug Envafolimab, already used in China. The news lifted shares over 2.5% despite weak overall market sentiment. Dive deeper
Gujarat Mineral Development Corp stock soared 13% to a 52-week high on heavy volumes. The rally was fueled by government’s thrust on rare earth mining for domestic demand. Dive deeper
Reliance Infrastructure’s subsidiary RAL will transfer 2% stake in DRAL to Dassault Aviation for about ₹176 crore. The deal, agreed on Sept 5, is expected to close by November 1, 2025. Dive deeper
What’s happening globally
S&P 500 futures hit record highs and Nasdaq futures edged up on Friday, with Broadcom’s strong earnings lifting sentiment ahead of key U.S. jobs data. Dive deeper
The Hang Seng jumped 359 points, or 1.4%, to close at 25,418 on Friday, breaking a three-day losing streak. Sentiment improved after the S&P 500 hit a record high, with traders betting on a Fed rate cut amid signs of U.S. labor market weakness. Dive deeper
President Trump signed an order cutting tariffs on Japanese car imports from 27.5% to 15%, retroactive to August 7, while exempting airplanes and parts, easing trade tensions with Japan. Dive deeper
Taiwan’s consumer prices rose 1.6% in August, below the 2% mark for the fourth month, though food costs jumped 3.18% due to weather-driven spikes in fruits, vegetables, meat, and grains. Dive deeper
Global food prices stayed near 2023 peaks, with the FAO index at 130.1 in August. Vegetable oil prices climbed 1.4%, led by palm, sunflower, and rapeseed oils, offsetting softer soyoil values. Dive deeper
Germany’s factory orders fell 2.9% in July 2025, far below expectations of 0.5% growth, marking the steepest drop since January. The decline was driven by a 38.6% slump in demand for aircraft, ships, trains, and military vehicles after June’s surge in big contracts. 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.
Angshu Mallick, CEO of Adani Wilmar, on GST cuts
“Margarine earlier attracted 18% GST, which made it less competitive despite being made from vegetable oil. Now at 5%, it is at par with ghee and edible oil, benefiting bakeries, ice cream makers, and the wider food industry,” - Link
Balbir Singh Dhillon, head of Audi India, on GST cuts
"We are super excited and positive about this decision. Earlier, the highest GST and Cess was their on the luxury car industry,"
"Once the GST rates get implemented on Sept. 22, the prices of our cars, will go down by 5-6%," - Link
Union Finance Minister Nirmala Sitharaman on purchasing Russian Oil
“Whether it is Russian oil or anything else, we will take a call based on what suits our needs in terms of rates, logistics or whatever. Where we buy our oil from, especially it being a big ticket foreign exchange related item, is a call we will take based on what suits us best. So, we will undoubtedly be buying Russian oil," - 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!