Nifty closes near 23,000 as market breadth continues to get better
Optimism grows around ceasefire talks and decent quarterly updates
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 the indicators that help us read intraday market structure and identify short-term trends. As Nassim Taleb highlights through the Ludic Fallacy, we often fall into the trap of assuming the future will mirror the structured patterns of the past. Indicators are merely "market footprints"—they describe where the market has been, but they cannot eliminate the uncertainty of where it is going next.
This episode breaks down five key indicators, ranging from standard TWAP to custom-built Weighted Market Breadth, to help you find more reliable ways to identify intraday trends and potential turning points.
Market Overview
Nifty opened with a gap up of 67 points at 22,780. However, the index saw some initial volatility and slipped toward the 22,560–22,580 zone within the first hour as early selling pressure emerged.
After the weak start, Nifty remained in a range between 22,550 and 22,650 till 11:30 AM and gradually stabilised and began to recover through the late morning session, reclaiming the 22,700–22,750 zone by noon. The momentum picked up sharply post 12:30 PM, with the index breaking out of its earlier range and moving decisively higher toward the 22,850 zone.
In the second half, buying strengthened further, with Nifty making a series of higher highs and crossing the 22,900 mark. The rally extended into the final hour, pushing the index close to the 23,000 zone. Although there was a slight pullback from the day’s highs, Nifty managed to hold on to most of its gains.
The index eventually closed at 22,968.25, marking a strong session driven by first-half weakness, sharp post-noon breakout, sustained buying in the second half, and a steady uptrend into the close.
Looking ahead, markets are likely to remain sensitive to global geopolitical developments, risk appetite, RBI’s monetary policy, and key domestic cues.
Broader Market Performance:
The broader market had a very strong bullish session today. Of the 3,346 stocks that traded on the NSE, 2,511 advanced, 746 declined, and 89 remained unchanged.
Sectoral Performance:
Nifty Consumer Durables was the top gainer, rising 2.60%, while Nifty Media was the top loser, down 0.22%. Overall, 11 sectors closed in green and 1 sector 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 23,200, followed by 23,000, indicating potential resistance at the 23,100 -23,200 levels.
The maximum Put Open Interest (OI) is observed at 22,500, followed by 22,600 & 22,700, suggesting support at 22,700-22,600.
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
HDFC Bank Ltd. reported steady Q4 growth, with advances rising 17% YoY to ₹25 lakh crore, driven by retail and SME lending, while corporate growth remained calibrated. Deposits grew to ₹23.5 lakh crore, but slower CASA accretion led to a slightly lower ratio and kept the credit-deposit ratio elevated at 106–108%, indicating tight liquidity conditions. Dive deeper
Amul became the first Indian FMCG company to cross ₹1 lakh crore turnover in FY26, posting 11% YoY growth, marking a major milestone for the consumer sector. Dive deeper
NMDC shares rose after increasing iron ore prices, Baila Lump by ₹500 to ₹5,300/tonne and Baila Fines to ₹4,500/tonne, boosting revenue outlook. Dive deeper
Aurobindo Pharma approved a ₹800 crore buyback of up to 54.23 lakh shares at ₹1,475 each, offering 10% premium to its current market price. Dive deeper
JSW MG Motor India reported 66% YoY growth in EV sales to 62,591 units in FY26, with March sales up 19%, led by strong demand for the MG Windsor. Dive deeper
Wipro Limited signed an 8-year strategic deal with Olam Group worth over $1 billion, including $800 million committed spend. Dive deeper
Nykaa reported its strongest growth in three years, with Q4 revenue rising in the high-20% range, driven by fashion recovery and steady beauty demand. Dive deeper
Trent Limited shares surged 8% after strong Q4 updates, with revenue up 20% YoY to ₹4,937 crore and FY26 revenue growing 18% to ₹19,701 crore, supported by store expansion. Dive deeper
What’s happening globally
Brent crude slipped 0.6% to $108.39/bbl while WTI fell 1.2% to $110.21, as markets weighed US–Iran talks and uncertainty over supply disruptions. Choppy trade reflects caution despite ongoing shipping risks. Dive deeper
Gold stayed below $4,700/oz after a sharp fall, as investors assessed potential Middle East ceasefire developments. Dive deeper
Saudi Aramco raised Arab Light crude premiums for Asia to a record $19.50 over benchmarks, driven by tight supply and Strait of Hormuz disruptions. Dive deeper
Facebook parent Meta is reportedly laying off 200 employees in Silicon Valley as it accelerates AI adoption and restructuring efforts. Dive deeper
OPEC+ agreed to raise output by 206,000 bpd for May, though actual supply gains may be limited due to war-driven disruptions and reduced exports via the Strait of Hormuz. Dive deeper
Bank of Japan warned that rising oil prices and supply shocks could hurt growth, signalling caution even as inflation risks rise, complicating rate hike decisions. Dive deeper
Israel restored gas exports to Egypt to ~1.1 bcfd after restarting production at the Leviathan and Tamar fields, easing some regional supply concerns. Dive deeper
Copper futures rose toward $5.6/lb, recovering from prior losses as optimism over a potential ceasefire improved market sentiment. 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.
Finance Minister Nirmala Sitharaman, ahead of the RBI policy on interest rate and the global economy:
"RBI to cut interest rate and has room to offer targeted support to affected sectors."
“The world economy is witnessing volatility, uncertainty, complexity and ambiguity.”
"Middle East conflict evolved into a systemic tremor threatening vital arteries of global energy” - Link
Jamie Dimon, CEO of JPMorgan Chase, on the impact of the war in Iran:
“Now, because of the war in Iran, we additionally face the potential for significant ongoing oil and commodity price shocks, along with the reshaping of global supply chains, which may lead to stickier inflation and ultimately higher interest rates than markets currently expect.”
The US economy continued to be resilient, with consumers still earning and spending, though with some recent weakening, and businesses are still healthy.
But the economy had been fuelled by large amounts of government deficit spending and past stimulus, while increased expenditure on infrastructure remained a growing need. - 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!