Bearish sentiment deepens as Nifty breaks 23,900
As persistent selling continued throughout the day
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 30-point gap-down at 24,232 and came under immediate selling pressure in the opening minutes, slipping toward the 24,150 zone in the first hour. By late morning, Nifty broke below the 24,100 mark and continued to trend downward, testing the 24,000 zone around noon. The weakness extended into the afternoon session, with the index forming lower highs and lower lows amid a steady sell-off.
In the second half, selling intensified further as Nifty slipped below 23,950 and continued its downward trajectory, with the bounces continuing to get shallower with no sectoral leadership to attempt any meaningful recovery. The index broke 25,900 and eventually closed near the day’s lows at 23,866.85, marking a weak session dominated by sustained selling pressure and lack of meaningful recovery attempts through the day.
Looking ahead, markets are likely to remain sensitive to global geopolitical developments, risk appetite, AI-related news flow, and key domestic cues.
Broader Market Performance:
The broader market had a weak session today. Of the 3,299 stocks that traded on the NSE, 1,337 advanced, 1,869 declined, and 93 remained unchanged.
Sectoral Performance:
Nifty Pharma was the top gainer, rising 0.41%, while Nifty Auto was the top loser, falling 3.15%. Overall, 2 sectors closed in green, and 10 sectors ended in red.
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 17th March:
The maximum Call Open Interest (OI) is observed at 24,300, followed by 24,200, indicating potential resistance at the 24,200 -24,300 levels.
The maximum Put Open Interest (OI) is observed at 23,500, followed by 24,000, suggesting support at 23,700-23,600.
Note: OI is subject to multiple interpretations; however, generally, an increase in Call OI indicates resistance in a falling market, while an increase in Put OI indicates support in a rising market.
Source: Sensibull
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What’s happening in India
Reliance Industries will partner in building the first new oil refinery in the United States in 50 years at the Port of Brownsville in Texas, according to US President Donald Trump. The project, estimated at $300 billion, is being described as the largest refinery investment in US history and a major boost to American energy production. Dive deeper
Indian government bonds firmed as steady crude oil prices and expectations of RBI bond purchases supported demand in the debt market. Dive deeper
Shares of kitchen appliance makers such as TTK Prestige, Butterfly Gandhimathi Appliances and Stove Kraft surged over 10% after the government moved to divert gas supplies to safeguard cooking fuel availability amid Iran war disruptions. Dive deeper
City gas distribution stocks also rallied, with Adani Total Gas jumping about 20%, as the government stepped up efforts to secure domestic gas supplies and increase LPG output amid Middle East supply risks. Dive deeper
Walmart-backed Flipkart plans to invite investment banks in April to pitch for roles in its upcoming IPO, marking a key step toward a potential listing in India. Dive deeper
The RBI has revised banks’ capital rules to align with global standards, particularly in how lenders calculate capital charges for foreign-exchange risk. Dive deeper
Adani Energy Solutions has raised $500 million in bilateral debt from Apollo Global Management to refinance existing obligations and support its transmission infrastructure expansion. Dive deeper
Reliance Industries is ramping up LPG production at its Jamnagar refinery and diverting natural gas from the KG-D6 basin to priority sectors to support domestic energy supply. Dive deeper
Fintech firm Cred has received RBI approval to operate as a payment aggregator, allowing it to onboard merchants and process payments across multiple instruments. Dive deeper
What’s happening globally
WTI crude eased to around $85 per barrel after reports that the IEA and G7 may coordinate a strategic oil reserve release to ease supply pressures. Dive deeper
Gold hovered around $5,180 per ounce, supported by safe-haven demand as the Middle East conflict intensified and policy signals from US officials remained mixed. Dive deeper
Silver fell below $88 per ounce, paring recent gains as markets reacted to escalating US-Israel strikes on Iran and conflicting signals on the conflict’s outlook. Dive deeper
US inflation is expected to hold steady at 2.4% in February, remaining near its lowest level since mid-2025, while core inflation is likely to stay at 2.5%. Dive deeper
The euro slipped below $1.16, its weakest level since late November, as Middle East tensions and rising eurozone inflation concerns weighed on the currency. Dive deeper
European stocks declined, with the STOXX 50 and STOXX 600 falling about 0.8%, as escalating tensions with Iran and mixed signals from the US administration weighed on sentiment. Dive deeper
Chinese stocks rose for a second session, with the Shanghai Composite up 0.25% and Shenzhen Component gaining 0.78%, as lower oil prices and a proposed strategic reserve release eased inflation concerns. Dive deeper
Japan’s Nikkei 225 rose 1.4%, and Topix gained 0.9%, extending gains as falling oil prices eased inflation concerns and boosted risk appetite. Dive deeper
Oracle shares rose after the company reported quarterly revenue of $17.2 billion, up 22% year-on-year, driven by strong demand for AI-related cloud computing services. Dive deeper
Management chatter
In this section, we highlight interesting comments from the management of major companies and policymakers in the Indian and Global Economies.
Sujata Sharma, Joint Secretary of the Ministry of Petroleum and Natural Gas, on the LPG shortage issue:
"Crude supply remains secure. Volumes secured today exceed what normally would arrive from the Strait of Hormuz. OMCs secured various crude cargoes from various countries. 75% crude coming from routes other than Hormuz against 55% earlier."
Our normal delivery cycle for domestic LPG remains 2.5 days. No need for customers to rush to book a cylinder.
"Our refineries are operating at the highest capacity utilisation, some operating at more than 100% than capacity. Gas total consumption 189 mmscmd, 97.5 mmscmd produced domestically, the rest is imported. 47.4 mmscmd supply has been affected due to force majeure conditions."
"Procurement through alternative routes is underway to secure supplies. We import 60% of our requirement. 90% is through the Strait of Hormuz. Domestic LPG production has increased by 25% and is being directed to household consumers after the government took steps to increase output." - Link
Jensen Huang, Founder and CEO of NVIDIA, on AI Infrastructure building and massive demand for skilled blue-collar labour:
"We have only just begun this buildout. We are a few hundred billion dollars into it. Trillions of dollars of infrastructure still need to be built. Around the world, we are seeing chip factories, computer assembly plants, and AI factories being constructed at unprecedented scale. This is becoming the largest infrastructure buildout in human history."
“The labour required to support this buildout is enormous. AI factories need electricians, plumbers, pipefitters, steelworkers, network technicians, installers, and operators. These are skilled, well-paid jobs, and they are in short supply. You do not need a PhD in computer science to participate in this transformation.” - Link
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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.
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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!
Thanks for the breakdown guys helps alot