Nifty comes off morning highs to end the week near 23,100
Rupee at record lows against Dollar
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 an idea that is absolutely central to intraday trading: market structure statistics. We explore how skilled traders develop an intuitive feel for numbers and how you can use data as a framework to dramatically shorten your learning curve and avoid poor trading decisions. Because this episode is heavily data-driven, grab a notebook to follow along.
Market Overview
Nifty opened with a gap-up of 108 points at 23,110. The index saw a volatile start, briefly pushing higher toward the 23,250–23,300 zone in the early minutes before witnessing a sharp pullback toward the 23,200 within the first hour.
During the late-morning session, buying interest picked up again, helping the index recover and move higher. Nifty climbed steadily and tested the 23,300–23,330 zone around 11:30 AM, marking the day’s high. However, the momentum failed to sustain, and the index began to slip sharply towards 23,130-23,150.
In the second half, after another bounce towards the 23,250-270 zone, weakness intensified with Nifty trending lower and forming lower highs. The index dropped toward the day’s lows near 23,070–23,080 zone around 2:45 PM as selling pressure picked up
A late recovery helped the index bounce back toward the 23,130–23,150 range, eventually settling at 23,114.5, ending the session with modest gains after a volatile day marked by sharp swings.
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 a positive session today. Of the 3,325 stocks that traded on the NSE, 1,884 advanced, 1,337 declined, and 104 remained unchanged.
Sectoral Performance:
Sectoral performance was largely positive today, with Nifty IT leading the gains, up 2.17%, while Nifty Realty was the top loser, declining 0.93%. Overall, 9 sectors closed in the green, and 3 ended in the 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 24th March:
The maximum Call Open Interest (OI) is observed at 23,300, followed by 23,500, indicating potential resistance at the 23,400 -23,500 levels.
The maximum Put Open Interest (OI) is observed at 23,000, followed by 22,800, suggesting support at 22,900-22,800.
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 60 paise to a record low of 93.49 per dollar, pressured by rising crude prices, a stronger dollar, and continued FII outflows. Dive deeper
India’s 10-year bond yield rose to around 6.77%, a five-week high, as persistent oil price volatility raised concerns over inflation and tighter policy. Dive deeper
India’s eight core sector growth slowed to 2.3% YoY in February from 4% in January, dragged by declines in crude oil (-5.2%) and natural gas output. While cement output grew 9.3%, it eased from the previous month, indicating some moderation in construction activity. Dive deeper
Tata Power is set to restart its 4 GW Mundra plant after securing a new power purchase agreement, enabling coal costs to be passed through. Dive deeper
Indian asset managers sold government bonds at a record pace as a sharp rise in oil prices triggered concerns over inflation and tighter monetary conditions. Dive deeper
SBI shares rose after its subsidiary SBI Funds Management filed draft IPO papers with SEBI, marking progress toward listing India’s largest asset manager. Dive deeper
Nestlé India is expanding Munch chocolate production at its Sanand facility by adding a new line, increasing capacity by about 8,300 tonnes annually. Dive deeper
Eternal shares were in focus after Zomato raised its platform fee by ₹2.4 per order, boosting investor sentiment. Dive deeper
Vodafone Idea shares rose around 4.6% after data showed a narrowing of subscriber losses in January, indicating some stabilization in its user base. Dive deeper
India could face an import bill impact of ₹30,000–50,000 crore if elevated crude prices persist amid the Iran conflict. Dive deeper
What’s happening globally
WTI crude hovered around $96 per barrel as markets tracked Middle East tensions and supply developments. A planned release of global oil reserves helped cap prices, even as geopolitical risks kept volatility elevated. Dive deeper
Gold remained below $4,700 per ounce, heading for a sharp weekly decline as rising energy prices and inflation concerns reduced expectations of rate cuts. Dive deeper
Coal prices rose above $140 per ton, hitting their highest since October 2024 as disruptions in oil and gas markets increased reliance on coal for power generation. Dive deeper
The US 10-year Treasury yield rose to around 4.3%, its highest since August 2025, as markets assessed inflation risks from the Iran conflict. Dive deeper
UK industrial orders remained weak in March, though the decline eased slightly with the order book balance improving to -27. Dive deeper
The Euro Area posted a €1.9 billion trade deficit in January, missing expectations for a surplus as exports and imports both declined. Dive deeper
China’s FDI inflows fell 5.7% year-on-year to CNY 161.45 billion in January–February, reflecting broader investment weakness. Dive deeper
The Japanese yen strengthened to around 158 per dollar, supported by expectations of tighter Bank of Japan policy amid rising inflation risks. Dive deeper
OpenAI will acquire Python toolmaker Astral to strengthen its position in the AI coding tools market amid rising competition from Anthropic. 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.
Anindya Banerjee, Head of Commodity & Currency Research, Kotak Securities, on INR:
“As long as crude oil prices remain elevated, the rupee could continue to face depreciation pressures.”
“USDINR has surged, driven by the sharp rise in crude oil prices and a broader shortage of dollar liquidity.”
“The key variable to monitor now is the status of the Strait of Hormuz… prolonged disruptions could push USDINR further upward.” - Link
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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!