Friday blues hit the market once again !
Nifty dives below 22,900 ; USD-INR nearing 95
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 dive into market structure statistics and challenge the idea that trading days follow predictable patterns. By breaking the day into segments, we explore how markets actually behave on most days and why trying to predict structure often doesn’t work.
This episode shifts the focus from prediction to probability, showing why most market days are random and how range, timing, and volatility define real scalping opportunities. It highlights why the first two hours and the last hour matter most, and how simple indicators can help you track these dynamics in real time.
Market Overview
Nifty opened with a gap down of 132 points at 23,174, following weak global cues, and immediately started to go down, with the index going below 23,000 within the first hour.
The weakness persisted through the morning session, with Nifty gradually drifting lower and slipping toward the 22,950 mark by late morning. The index continued to trade with a negative bias through noon, with only shallow pullbacks failing to sustain.
In the second half, selling pressure intensified further. Nifty broke below 22,900 and extended losses toward the 22,850 zone. In the final hour, markets remained under pressure, with the index slipping to intraday lows near the 22,800–22,820 zone and eventually settling at 22,819.60, marking a weak session dominated by sustained selling and a lack of meaningful buying support.
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 an extremely weak session today. Of the 3,388 stocks that traded on the NSE, 503 advanced, 2,813 declined, and 72 remained unchanged.
Sectoral Performance:
Sectoral performance was broadly weak today, with no sectors closing in the green. Nifty IT was the least negative, down 0.44%, while Nifty PSU Bank was the top loser, falling 3.86%.
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 30th March:
The maximum Call Open Interest (OI) is observed at 23,000, followed by 23,200 & 23,800, indicating potential resistance at the 23,100 -23,200 levels.
The maximum Put Open Interest (OI) is observed at 22,500, followed by 23,000, suggesting support at 22,600-22,500.
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
The rupee plunged past 94.7 per dollar to a record low, hit by the Middle East-driven energy crisis and persistent capital outflows. It is now on track for its worst fiscal-year decline in over a decade. Dive deeper
The government cut excise duty on petrol and diesel by ₹10 per litre, but retail prices may not fall immediately due to elevated global crude prices and supply stress. Dive deeper
Reliance Industries fell by more than 4% after the Government decided to levy an export duty on the sale of petrol and diesel in international markets. Dive deeper
Infosys has announced the acquisition of Optimum Healthcare IT and Stratus for about ₹5,260 crore to strengthen its presence in the US healthcare and insurance tech segments. Dive deeper
The government increased commercial LPG allocation to 70% of pre-crisis levels to support industries affected by supply disruptions from the Strait of Hormuz blockade. Dive deeper
India’s forex reserves fell sharply by $11.41 billion to $698.34 billion, extending the previous week’s decline of USD 7.05 billion. Dive deeper
HEG and Graphite India surged up to 5-12% after U.S.-based GrafTech International announced steep price hikes of $600–1,200 per tonne. The move is expected to improve pricing outlook and margins for global graphite electrode manufacturers. Dive deeper
What’s happening globally
U.S. President Donald Trump has delayed the deadline for potential strikes on Iran’s energy infrastructure by 10 days, pushing it to April 6, citing “productive” ongoing talks with Tehran. Dive deeper
WTI crude futures are back near $97 per barrel despite President Donald Trump extending the deadline for Tehran to secure a deal or face further attacks by another 10 days. Dive deeper
US equity futures fell to their lowest in nearly seven months on Friday as war in the Middle East and trade disputes heightened stagflationary risks to the economy. Dive deeper
AI firm Anthropic won a preliminary injunction blocking a Trump administration ban on government use of its technology, with a US judge pausing the move during the legal battle. The company argued the ban could have cost it billions in lost revenue. Dive deeper
Blackstone invested $250 million in UAE-based Advanced Digital Gaming Technology, marking the first private equity-backed inbound deal in the Gulf since the Iran war began. The move signals continued investor interest in the region despite geopolitical tensions. Dive deeper
Japan’s 10-year government bond yield rose to around 2.37%, its highest level since 1999, as oil-driven inflation pressures strengthened expectations of a Bank of Japan rate hike. A weakening yen and higher energy import costs further supported hawkish policy bets. Dive deeper
China’s industrial profits jumped 15.2% yoy in the first two months of 2026, rebounding sharply from 0.6% growth in 2025. It marked the strongest start since 2018, excluding the pandemic spike in 2021, underscoring China's recovery momentum before Middle East conflict-driven oil shocks lifted raw material costs. 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.
Union Petroleum and Natural Gas Minister Hardeep Singh Puri on avoiding rumours:
“Rumours of a lockdown in India are completely false. Let me state this clearly, there is no such proposal under consideration by the Government of India. In such times, it is important that we remain calm, responsible, and united. Attempts to spread rumours and create panic in such a situation are irresponsible and harmful.” - 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.
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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!