Massive reversal in the second half propels a green close
Markets stage a strong 2% + intraday recovery to end the week on a fairly strong note.
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 how API usage in trading is evolving from a flexible system to a more structured and regulated framework.
As we approach April 2026, traders need to rethink how they build, deploy, and manage their automated strategies. API trading has long enabled a shift from manual execution to rule-based systems, but with new requirements like static IPs, order tagging, and compliance layers, the way traders interact with broker systems is changing significantly.
Instead of reacting to scattered updates, this episode breaks down the regulations in a clear and practical way. We cover where these rules come from, what exactly changes from April 1st, 2026, and how different setups like solo traders, family accounts, and third-party tools are impacted.
Market Overview
Nifty opened with a sharp 296-point gap-down at 22,383, following weak global cues and a spike in oil prices after Trump’s speech indicated no immediate end to the war. The index immediately fell further, slipping toward the 22,200–22,250 zone within the first hour as selling persisted, making lows around the 22,180 mark.
Through the late morning session, Nifty traded largely sideways, gradually recovering toward the 22,250–22,300 range by 12:30 PM, after which the buying interest started picking up, helping the index break above the 22,350 mark by 1 PM.
In the second half, momentum strengthened significantly. Nifty moved sharply higher around 1:20-1:30 PM, crossing 22,500 and extending gains toward the 22,630–22,670 zone. After a small dip to 22,570, the rally intensified in the final hour, with the index surging to test the 22,750 range.
Despite a slight pullback from the highs, Nifty held on to most of its gains and eventually closed at 22,713.10, marking a strong recovery session after a weak start, driven by steady buying through the second half and a sharp late surge.
Looking ahead, markets are likely to remain sensitive to global geopolitical developments, risk appetite, the Rupee’s weakness, and key domestic cues.
Broader Market Performance:
The broader market staged a strong comeback in the second half today. Of the 3,311 stocks that traded on the NSE, 2,020 advanced, 1,216 declined, and 75 remained unchanged.
Sectoral Performance:
Nifty IT was the top gainer, rising 2.60%, while Nifty Consumer Durables was the top loser, down 0.93%. Overall, 6 sectors closed in green, and 6 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 7th April:
The maximum Call Open Interest (OI) is observed at 23,000, followed by 23,200, indicating potential resistance at the 23,000 -23,100 levels.
The maximum Put Open Interest (OI) is observed at 22,500, followed by 22,200 & 22,300, suggesting support at 22,400-22,300.
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 Indian rupee surged 1.8% to close at 93.10/$, marking its best single-day gain since September 2013, after the Reserve Bank of India tightened measures against speculative bets. The currency rebounded sharply from a record low of 95.21 to an intraday high of 92.83. Dive deeper
India’s 10-year G-Sec yield rose to 7.1%, the highest since May 2024, tracking the surge in crude prices. Inflation concerns have intensified, raising expectations of potential rate hikes by the Reserve Bank of India. Dive deeper
Astra Microwave Products Ltd’s JV Astra Rafael Comsys secured a ₹250 crore order from Hindustan Aeronautics Ltd to supply Software Defined Radios within 18 months. The JV, partnered with Rafael Advanced Defense Systems Ltd, aligns with the Make in India push. Dive deeper
Vodafone Idea added users in February for the first time in five years (+21,927), while Bharti Airtel led additions with 50.88 lakh users. Reliance Jio added 17.41 lakh, taking India’s total subscriber base to 132.13 crore. Dive deeper
Royal Enfield reported 11% YoY growth in March retail sales to 1.12 lakh units, with domestic sales up 14% while exports fell 8%. FY sales rose 23% to 12.39 lakh units, driven by strong domestic and export growth. Dive deeper
Ola Electric saw strong momentum after cutting the price of its Roadster X+ 9.1 kWh by ₹60,000 to ₹1,29,999, driven by scale efficiencies and in-house battery tech. The company also reported a sharp recovery in March, with daily orders crossing 1,000 and registrations jumping 150% MoM to 10,117 units. Dive deeper
What’s happening globally
Oil prices climbed above $107/bbl as Donald Trump signalled more aggressive strikes on Iran, dampening hopes of a quick end to the Middle East conflict. Dive deeper
US equity futures pulled back by 1-1.5% as escalatory rhetoric by President Trump supported concerns of a prolonged war in Iran and higher risks of a global energy shock. Dive deeper
Gold fell 4% towards $4,600 and silver over 7% towards $70 as the US dollar strengthened after Trump’s address, which indicated no immediate end to the conflict and possible escalation in the coming weeks. Dive deeper
The US administration may impose tariffs of up to 100% on imported branded drugs if pricing agreements are not reached, as per multiple reports. The move follows a probe under Section 232 of the Trade Expansion Act. Dive deeper
Germany’s 10-year Bund yield rose above 3%, nearing its highest since 2011, as Middle East tensions pressured European bond markets. Dive deeper
Australia’s trade surplus widened sharply to AUD 5.69 billion in February, beating expectations, driven by a 4.9% rise in exports and a decline in imports. 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.
Dr Iman Nasseri, managing director for Middle East research at FGE Dubai, on Oil Market:
"About 10 to 20% of the gas is disrupted and will not come back, even if the war situation ends."
The market has already priced in a significant loss of supply and is unlikely to stabilise soon. "We're far from a calm crude market in April and May."
"The infrastructure that brings the crude oil to the market... these are not at the level of creating distress in the market." These disruptions remain manageable and can be offset by spare capacity. - 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.
So, we’re now on Reddit!
We love engaging with the perspectives of readers like you. So we asked ourselves - why not make a proper free-for-all forum where people can engage with us and each other? And what’s a better, nerdier place to do that than Reddit?
So, do join us on the subreddit, chat all things markets and finance, tell us what you like about our content, and where we can improve! Here’s the link — alternatively, you can search r/marketsbyzerodha on Reddit.
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!