Global headwinds, late selling knocks Nifty below 25,200
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 begin a new series on one of the most fundamental concepts in intraday trading — the Opening Range Breakout (ORB).
We start from first principles by defining what the opening range represents, tracing its evolution into a rule-based framework through traders like Toby Crabel, and then testing a time-based ORB on NIFTY across multiple windows to see how breakout timing affects equity curves, drawdowns, win rates, and long–short behaviour.
Market Overview
Nifty opened with a 36-point gap-down at 25,460 and came under immediate selling pressure, tracking weak global cues. The index slipped sharply in the opening minutes and continued to drift lower through the first hour, testing the 25,300–25,320 zone as early sentiment remained fragile.
Through the late morning session, Nifty attempted a mild stabilisation but failed to see any meaningful recovery, hovering around the 25,300–25,350 range. By noon, the index gradually edged lower toward the 25,270–25,280 zone, reflecting a lack of buying interest.
In the second half, the market remained largely range-bound near 25,300 until a sudden bout of selling at 3 PM dragged Nifty sharply lower toward the 25,140–25,150 zone. The index eventually closed at 25,178.65, near the day’s lows, marking a weak session characterised by steady intraday declines and a sharp late sell-off that sealed a big negative close.
Looking ahead, markets are likely to remain sensitive to global risk appetite, news flow around AI-led disruptions, and key domestic cues.
Broader Market Performance:
The broader market had a weak, bearish session today. Of the 3,236 stocks that traded on the NSE, 1,139 advanced, 1,992 declined, and 105 remained unchanged.
Sectoral Performance:
Nifty Media was the top gainer, up 0.60%, while Nifty Realty was the top loser, down 2.26%. Overall, 3 sectors closed in green, and 9 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 2nd March:
The maximum Call Open Interest (OI) is observed at 25,500, followed by 25,400, indicating potential resistance at the 25,400 -25,500 levels.
The maximum Put Open Interest (OI) is observed at 25,000, followed by 25,200, suggesting support at 25,100-25,000.
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 GDP grew 7.8% in Q3 under the revised base year series, in line with estimates, maintaining its position among the fastest-growing major economies. Dive deeper
Microfinance-focused stocks fell after Bihar passed the MFI Bill 2026, tightening sector regulations. Dive deeper
Tejas Networks shares jumped 26% over two sessions after the company won a 5G Massive MIMO equipment contract, boosting investor confidence in its role in India’s telecom infrastructure buildout. Dive deeper
Vishal Mega Mart shares fell over 7% after block deals involving 14% equity were executed at a floor price of ₹115, a discount to the prevailing market price. Dive deeper
Hindalco shares were in focus as the US government shutdown delayed the closing process of its $125 million Aluchem acquisition, extending uncertainty around the timeline. Dive deeper
NARCL is said to be considering a ₹900 crore bid for Videocon Oil’s stressed assets as part of a resolution strategy for over ₹30,000 crore of debt, potentially unlocking value in the large non-performing portfolio. Dive deeper
Bharat Biotech is reportedly considering a $500 million IPO, signaling plans to tap public markets for growth and expansion. Dive deeper
Coal India said its subsidiaries are holding 115 million tonnes of pithead coal stocks as of February 26, with inventories expected to rise further by fiscal year-end. Dive deeper
India’s fiscal deficit stood at ₹9.8 trillion in April-January, or 63% of the FY26 target, according to government data. Dive deeper
Apple is in talks with ICICI Bank, HDFC Bank, Axis Bank, and global card networks to launch Apple Pay in India this year. The move would mark Apple’s formal entry into India’s fast-expanding digital payments ecosystem. Dive deeper
Capital market stocks slipped after NSE CEO Ashishkumar Chauhan cautioned that higher STT may hurt futures and options volumes. The warning sparked concerns over revenue impact for exchanges and brokerages reliant on F&O activity. Dive deeper
What’s happening globally
Brent crude rose above $71 per barrel and remained on track for a second monthly gain as the US and Iran agreed to continue nuclear talks, keeping geopolitical risks in focus. Dive deeper
Gold hovered near $5,180 per ounce, on track for a seventh straight monthly gain as investors assessed US trade policy developments and ongoing US-Iran negotiations. Dive deeper
US stock futures declined, extending prior losses as weakness in software and semiconductor stocks weighed on sentiment despite upbeat earnings from Nvidia. Dive deeper
European equities rose to fresh record highs, with the EURO STOXX 50 gaining 0.4% and extending monthly advances amid strong corporate earnings. Dive deeper
France’s annual inflation accelerated to 1% in February, exceeding expectations, as energy price declines eased and food and services inflation edged higher. Dive deeper
Germany’s import prices fell 2.3% year-on-year in January, marking the steepest decline since March 2024, driven by a sharp drop in energy costs. Dive deeper
Japanese Government Bond (JGB) yields fell as investors adjusted portfolios and bought back bonds after a recent sell-off, with demand rising to cover short positions and support from solid auctions. Dive deeper
Hong Kong’s exports surged 33.8% year-on-year to a record $520.6 billion in January, marking the fastest growth in five years, driven by strong shipments of electrical and telecom equipment. Dive deeper
Netflix exited the bidding race for Warner Bros. Discovery, paving the way for Paramount Skydance’s $111 billion acquisition. Netflix shares jumped 13% in after-hours trade as investors welcomed the avoidance of a large capital outlay. Dive deeper
Management chatter
In this section, we highlight interesting comments made by the management of major companies and policymakers from the Indian and Global Economies.
Kenneth Andrade, Founder and CIO of Old Bridge Mutual Fund, on IT companies ad Impact of AI-led job rationalisation on the Indian Economy:
"Valuations are cheaper than before - that's positive. But we need to recalibrate what makes money over the next 10 years, IT could re-enter portfolios at the "appropriate time and with the appropriate business."
“In the near term, you won’t see too much of that happening, while automation will alter employment structures over time, economies adapt. Technology investments could spur capex cycles that create fresh employment avenues even as older roles evolve or disappear.”
Profit margins in IT services may face pressure, but it is the transition as part of a longer business cycle rather than an abrupt shock. - Link
Aurodeep Nandi, Economist, Nomura, on the Indian Economy:
“India is in this situation where growth has surprised on the upside. So, the first half of the year growth has approximately been around 8% and inflation has been pretty low. Food inflation has come off quite a lot and also core inflation which is ex food and fuel has been low for now a couple of years.”
“Let us not forget that 2025 has been a year where there has been a lot of policy easing on the regulatory side, from RBI’s perspective, even the budget has basically been pro-growth as opposed to pro-fiscal consolidation. So, the conditions are pretty good for growth.”
“So, yes, pretty much goldilocks continued. - 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!