Geopolitical uncertainty into the weekend takes markets down once again
Nifty back below 24,500
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 break down the SEBI framework around Research Analysts (RAs) and Investment Advisers (RIAs), clarify what is legal and what is not, and explain why unlicensed “tip calls” on social media, WhatsApp, or Telegram are a major red flag.
But legality is only the starting point. Even when advice comes from a SEBI-registered professional, blindly copying calls can still be risky. We discuss slippage, liquidity constraints, fee structures, cost realities, position sizing, capital allocation, and the gap between reported returns and real-world outcomes. If you’ve ever received a “sure-shot” trading call, this episode gives you a practical checklist to evaluate it — and shows how to use research without outsourcing your judgment.
Market Overview
Nifty opened with a 110-point gap-down at 24,656, tracking weak global cues and lingering geopolitical concerns. The index, after the dip to 24,600 in the opening ticks, attempted a brief recovery, moving toward the 24,680–24,700 zone, but the bounce lacked follow-through. Through the morning session, Nifty gradually drifted lower, oscillating between 24,600 and 24,650 as selling pressure persisted.
By late morning and early afternoon, the index remained choppy with a mild downward bias, briefly stabilising around the 24,570–24,620 range.
In the second half, weakness intensified sharply around 2:20 PM, dragging Nifty swiftly from 24,600 to the 24,420–24,450 zone. A small bounce in the final minutes helped trim a portion of the losses, and Nifty eventually settled at 24,450.45, ending the session near its lows after a largely weak and volatile day dominated by steady intraday declines and a sharp late sell-off.
Looking ahead, markets are likely to remain sensitive to global geopolitical news and risk appetite, news flow around AI-led disruptions, and key domestic cues.
Broader Market Performance:
The broader market had a weak session today. Of the 3,294 stocks that traded on the NSE, 1,315 advanced, 1,872 declined, and 107 remained unchanged.
Sectoral Performance:
Nifty Energy was the top gainer, rising 0.13%, while Nifty Bank was the top loser, declining 2.15%. 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 10th March:
The maximum Call Open Interest (OI) is observed at 24,600, followed by 24,700 & 24,800, indicating potential resistance at the 24,700 -24,800 levels.
The maximum Put Open Interest (OI) is observed at 24,000, followed by 24,500, suggesting support at 24,300-24,200.
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
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
Indian refiners are assessing the legal implications of a new US order allowing a 30-day waiver to import Russian oil currently at sea. The move comes after months of US pressure on India to curb purchases of Russian crude. Dive deeper
The Railway Ministry is reportedly considering a merger between IRCON International and RVNL to create a larger railway infrastructure PSU. Following the news, IRCON shares surged nearly 10% and RVNL gained over 2%. Dive deeper
Shares of liquor companies such as United Spirits, United Breweries, and Radico Khaitan rose up after the Karnataka government announced a revamp of liquor taxes in the state budget. Dive deeper
Shares of Asian Paints and Berger Paints declined as rising crude prices amid the Iran conflict increased input cost concerns for the sector. Dive deeper
TCS is in advanced talks with global technology firms to build more AI data centres in India, CEO K Krithivasan said. Dive deeper
Banking and financial stocks emerged as the top sectoral laggards, dragging the Bank Nifty down about 2% amid broad-based selling across the sector. Sentiment remained weak as rising crude oil prices, escalating geopolitical tensions, and continued foreign fund outflows weighed on investor confidence. Dive deeper
Adani Total Gas said it has not raised prices of CNG and piped natural gas supplied to households despite supply disruptions triggered by the escalating West Asia crisis. However, the company has imposed supply curbs on some large industrial consumers. Dive deeper
What’s happening globally
Qatar’s energy minister warned that crude oil could surge to $150 per barrel if the Middle East conflict escalates and disrupts Gulf energy supplies. Dive deeper
Brent crude rose above $89 per barrel, heading for its biggest weekly gain since 2022 as the Middle East conflict disrupted energy flows. Dive deeper
Anthropic said it will challenge the Pentagon in court after the US Defense Department labeled the AI firm a “supply-chain risk,” effectively blocking it from military contracts. Dive deeper
Gold traded around $5,110 per ounce but remained on track for its first weekly decline in five weeks as a stronger dollar and higher Treasury yields weighed on prices. Dive deeper
Silver rose above $84 per ounce, tracking gains in the broader precious metals market.However, it remains down over 10% for the week as a stronger dollar and rising inflation concerns amid the Middle East conflict weighed on prices. Dive deeper
The FAO Food Price Index rose 0.9% to 125.3 in February, marking a four-month high and the first increase after five months of declines. Dive deeper
The US economy is expected to have added about 59,000 jobs in February, a sharp slowdown from January’s 130,000 increase, partly due to healthcare worker strikes. Dive deeper
UK house prices rose 1.3% year-on-year in February, the fastest growth in four months, with the average home price reaching £301,151. Dive deeper
Japan’s foreign exchange reserves rose by $15.95 billion to $1.41 trillion in February, the highest level since December 2021. The Finance Ministry also confirmed no FX market interventions between October and December 2025. 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.
Jim Rogers, Chairman of Rogers Holdings, on geopolitical conflicts and AI:
We have seen many geopolitical conflicts over the years that have impacted market sentiment. I don’t think this situation is fundamentally different. Markets often react strongly to such developments, but eventually they adjust and move on.
Throughout history, we have seen many transformative technologies—electricity, railroads, automobiles, and others. AI is another such development and will certainly change the world. If you know which AI companies will succeed, then you should invest—but you must truly understand the technology and the people behind it before investing. I personally don’t know which companies will come out on top as of now, though I’m certain some will. - Link
Brendan Nelson, President, Boeing Global, on the airline industry:
“A lot of planes are stranded and the airlines are taking a financial hit.”
“Many leading airlines have announced schedule changes, suspensions and cancellations because of the Iran war.”
“The conflict has disrupted flights and operations across the region.” - 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!