Bulls take the backseat as stalemate in peace talks brings uncertainty back
Nifty closes below 23,850 but closes 300 points higher from lows
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 move from the “what” to the “how.” Once you understand market structure, the most critical decision is execution—how to select the right strikes and define entries and exits that are repeatable. We explore why trading 1-strike In-The-Money (ITM) options based on Synthetic Futures is often the most robust rule of thumb for both buyers and sellers.
We also break down the three distinct time segments of the trading day—S1, S2, and S3—and the specific setups that emerge in each. Whether it’s a morning breakout or an afternoon mean reversion, the goal is to align your setup with the current market regime. As we discuss in the video, the primary signal must always come from the Spot chart, even when you are trading options.
Market Overview
Nifty opened with a big 460-point gap down at 23,590 after the US–Iran peace talks ended in a stalemate, triggering a surge in oil prices. The index saw sharp volatility in the opening minutes, briefly dipping toward the 23,550 zone before witnessing a quick rebound.
Buying interest picked up through the first hour, helping Nifty recover steadily toward the 23,700–23,720 range. The upmove continued into the late morning session, with the index gradually climbing and reclaiming the 23,800 mark by noon.
In the second half, the recovery extended further, with Nifty moving toward the 23,900 zone around 2 PM. However, the momentum slowed near higher levels, and the index turned range-bound.
Some profit booking emerged in the final hour, dragging Nifty slightly lower from its intraday highs. The index eventually closed at 23,842.65, marking a strong recovery from the gap-down open, with buyers stepping in through the day despite weak global cues.
Looking ahead, markets are likely to remain sensitive to global geopolitical developments, risk appetite, and key domestic cues.
Broader Market Performance:
The broader market had a weak session today. Of the 3,325 stocks that traded on the NSE, 1,306 advanced, 1,928 declined, and 91 remained unchanged.
Sectoral Performance:
Nifty Energy was the sole gainer, inching up 0.06%, while Nifty Auto was the top loser, falling 2.09%. Overall, 1 sector closed in green, and 11 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 21st April:
The maximum Call Open Interest (OI) is observed at 24,000, followed by 24,300 & 24,300, indicating potential resistance at the 24,100 -24,200 levels.
The maximum Put Open Interest (OI) is observed at 23,500, followed by 23,800 & 23,800, suggesting support at 23,600-23,500.
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
Tijori is an investment research platform that has 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
India’s retail inflation rose to 3.40% YoY in March from 3.21% in February, driven by a slight uptick in food prices. Food inflation stood at 3.87%, with rural inflation at 3.96%, higher than urban inflation at 3.71%, indicating mild price pressures across regions. Dive deeper
India’s 10-year bond yield rose to around 6.9% as a surge in oil prices and renewed geopolitical tensions triggered selling. Dive deeper
The rupee weakened to around 93.37 per dollar, hitting a three-week low as rising oil prices and risk aversion returned. Dive deeper
Iranian crude shipments have resumed to India after nearly seven years, with two supertankers docking at key ports. Dive deeper
Oil marketing stocks like IOC, BPCL, HPCL, and Reliance Industries came under pressure after the government sharply raised windfall taxes on fuel exports. Export duty on diesel was hiked to ₹55.5/litre and ATF to ₹42/litre. Dive deeper
Rapido has launched a food delivery app ‘Ownly’ in Bengaluru, entering the segment with a zero-commission model. Dive deeper
Jyoti CNC Automation shares fell over 14% after its subsidiary Huron Graffenstaden SAS came under investigation by French authorities for alleged violations of EU export control laws involving dual-use machinery. Dive deeper
L&T shares were in focus after announcing a ₹1,123 crore acquisition of IGSL, making it a wholly owned subsidiary. Dive deeper
The IMD expects the 2026 southwest monsoon to be below normal at around 92% of the long-period average, with a 31% probability of deficient rainfall, raising concerns over farm output, growth, and inflation amid ongoing global uncertainties. Dive deeper
What’s happening globally
WTI crude surged over 9% to above $105 per barrel after the US announced a blockade of the Strait of Hormuz. Dive deeper
Gold fell toward $4,700 per ounce, giving up recent gains as escalating tensions and a potential Hormuz blockade lifted inflation risks. Dive deeper
Aluminium prices rose to around $3,560 per tonne, the highest since March 2022, driven by supply disruptions. Dive deeper
Germany is increasing pressure on the European Union to relax strict auto emissions rules, arguing that current targets risk hurting the region’s car industry. Dive deeper
China’s new yuan loans fell to CNY 2.99 trillion in March, missing expectations and marking the weakest level since 2021 for the period. Dive deeper
Hong Kong has increased IPO banker licenses by 53%, with regulators granting 43 new corporate finance licenses in March to address a talent shortage. Dive deeper
John Giannandrea will exit Apple next week after an eight-year tenure, during which he led the company’s machine learning and AI strategy, marking a key leadership change in its AI division. 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.
Arjun Juneja, chief operating officer of Mankind Pharma, on price hikes in the API & Pharma Industry:
"In the next 15–20 days or over the next month, the effects will start coming in, especially due to shortages of LPG and other petroleum‑related products that are critical for manufacturing APIs and pharmaceutical formulations.”
“The supply situation will not normalise quickly. It could take anywhere between six months to a year for supply chains to stabilise, depending on how geopolitical tensions evolve and energy markets adjust.” - Link
Emmanuel Macron, President of France, on opening the Strait of Hormuz:
“We are ready to play our full part in ensuring freedom of navigation in the Strait of Hormuz.”
“A peaceful multinational mission… will be deployed as soon as conditions allow.”
“This will be a strictly defensive mission, distinct from the belligerents.” - 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.
We’re now on WhatsApp!
We’ve started a WhatsApp channel for The Daily Brief where we’ll share interesting soundbites from concalls, articles, and everything else we come across throughout the day. You’ll also get notified the moment a new video or article drops, so you can read or watch it right away. Here’s the link.
See you there!
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!