Brutal sell-off continues across the board as Nifty plunges to 22,500
Gift Nifty sharply up after Trump's remarks on temporary pause in strikes
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.
In our latest episode of In The Money by Zerodha video series, we focus on an idea that is absolutely central to intraday trading: market structure statistics. We explore how skilled traders develop an intuitive feel for numbers and how you can use data as a framework to dramatically shorten your learning curve and avoid poor trading decisions. Because this episode is heavily data-driven, grab a notebook to follow along.
Market Overview
Nifty opened with a big 290-point gap-down at 22,824, tracking weak global cues following rising escalations between the US and Iran. The index immediately started falling as selling pressure quickly resumed, dragging it lower through the first hour toward the 22,570–22,600 range.
The weakness persisted through the late morning session, with Nifty gradually drifting lower and testing below the 22,500 zone, going towards 22,480 levels around noon. In the second half, the index remained largely range-bound between 22,500 and 22,550, with only a brief recovery attempt around 2 PM pushing it toward 22,650 following PM Modi’s speech on the West Asian conflict. However, the bounce lacked follow-through, and prices slipped back toward the lower end of the day’s range into the close. Nifty eventually settled at 22,512.65, marking a weak session dominated by a sharp gap-down, sustained selling, and a lack of meaningful recovery.
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 brutal bearish session today. Of the 3,420 stocks that traded on the NSE, 332 advanced, 3,008 declined, and 80 remained unchanged.
Sectoral Performance:
Sectoral performance was weak across the board, with no sectors closing in the green. Nifty IT was the least negative, down 0.18%, while Nifty Consumer Durables was the top loser, falling sharply by 5.17%.
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 24th March:
The maximum Call Open Interest (OI) is observed at 23,000, followed by 22,700, indicating potential resistance at the 22,800 -22,900 levels.
The maximum Put Open Interest (OI) is observed at 22,000, followed by 22,500, suggesting support at 22,300-22,200.
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
The rupee weakened sharply toward 94 per dollar, amid escalating West Asia conflict, rising oil prices, and FPI outflows. Trade disruptions and energy costs are further pressuring the currency. Dive deeper
India’s 10-year bond yield climbed to a 14-month high of ~6.82%, driven by the surge in crude oil prices due to Middle East tensions. Rising yields reflect concerns over inflation and fiscal pressures. Dive deeper
India’s banking system liquidity slipped into a deficit of around ₹65,900 crore for the first time in 2026, reversing sharply from an average surplus of ₹2.5 lakh crore seen between February and mid-March.The shift was driven by heavy tax outflows and RBI currency interventions, which drained liquidity without sufficient offsetting inflows. Dive deeper
HDFC Bank shares hit a 52-week low of ₹750, weighed down by negative sentiment following the sudden resignation of Chairman Atanu Chakraborty. Dive deeper
Vedanta declared a third interim dividend of ₹11 per share for FY26, with a total payout of ₹4,300 crore. The record date to determine eligible shareholders has been set as March 28. Dive deeper
The government approved a ₹20,000 crore credit guarantee scheme (CGSMFI-2.0) to support microfinance institutions facing funding challenges. The scheme will cover loans extended to MFIs till end-June. Dive deeper
The government directed Tata Power’s 4 GW imported-coal plant in Gujarat to operate at full capacity from April to June to meet peak summer electricity demand. Dive deeper
What’s happening globally
Oil prices dropped sharply by 6% to $100 per barrel after President Donald Trump said he would delay military strikes on Iran’s energy infrastructure, easing supply disruption fears. Brent fell about 15% to $91.5 per barrel, while WTI dropped around 13.5% to $85 before recovering swiftly. Dive deeper
The US 10-year Treasury yield swung sharply and rose to around 4.39%, its highest since July, as markets reacted to mixed signals on US–Iran tensions. While a temporary pause in strikes initially eased yields, persistent inflation concerns from elevated oil prices led traders to scale back expectations of Fed rate cuts. Dive deeper
Gold pared sharp intraday losses to trade around $4,350 per ounce, down about 3%, after briefly plunging over 9% earlier in the session. The recovery came after President Trump postponed planned strikes on Iran for five days following “productive talks.” Dive deeper
UK 10-year government bond yields rose to 5.065%, their highest level since July 2008, as markets priced in four Bank of England rate hikes this year. The move reflects expectations of tighter monetary policy amid persistent inflation concerns. Dive deeper
Sri Lanka raised fuel prices by around 25% on Sunday, marking the second hike in a week as the West Asia conflict and Strait of Hormuz closure disrupted global energy supplies. Diesel, petrol, and kerosene prices were all sharply increased, with kerosene seeing the steepest rise of over 30%. Dive deeper
Steel rebar futures rose above CNY 3,150 per tonne, approaching their highest levels since August last year, as China moved to curb excess capacity despite weak demand. 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.
US President Donald Trump ordered a five-day pause on planned military strikes against Iran:
“I am pleased to report that the United States of America and the country of Iran have had, over the last two days, very good and productive conversations regarding a complete and total resolution of our hostilities in the Middle East.”
“Based on the tenor and tone of these in-depth, detailed and constructive conversations, which will continue throughout the week, I have instructed the Department of War to postpone any and all military strikes against Iranian power plants and energy infrastructure for a five-day period, subject to the success of the ongoing meetings and discussions.” - Link
Prime Minister Narendra Modi addressed the Lok Sabha on key aspects of the ongoing West Asia conflict:
“Crisis in West Asia created a negative impact on the world economy, people. West Asia war set unprecedented challenges for India too.”
“India has extensive trade relations with countries at war and affected by the conflict. The region where the conflict is taking place is also an important route for our trade with other countries around the world, particularly for a large portion of our crude oil and gas needs. This region is also important for us for another reason. Nearly 10 million Indians live and work in the Gulf countries. Commercial ships operate there. The number of Indian crew members is also very high. Due to these various reasons, India’s concerns are naturally greater. Therefore, it is essential that a unified voice and consensus reach the world regarding this crisis from the Parliament.” - Link
Roland Busch, CEO of Siemens, on the impact of the Iran war on investments:
"Growth is throttled because of price increases. You see ... customers holding back their investments. For example, oil and gas customers or petroleum customers who were planning maybe a new plant... so it means investments are slowing down." - 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.
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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!