Nifty crosses 24,200 on renewed hopes of US-Iran peace talks
Crude falls over 10% in 2 days; Broader markets continue to outperform
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 move from the “what” to the “how.” Once you understand market structure, the most critical decision is execution—how to select the right strikes and define entries and exits that are repeatable. We explore why trading 1-strike In-The-Money (ITM) options based on Synthetic Futures is often the most robust rule of thumb for both buyers and sellers.
We also break down the three distinct time segments of the trading day—S1, S2, and S3—and the specific setups that emerge in each. Whether it’s a morning breakout or an afternoon mean reversion, the goal is to align your setup with the current market regime. As we discuss in the video, the primary signal must always come from the Spot chart, even when you are trading options.
Market Overview
Nifty opened with a big 321-point gap down at 24,164, on renewed hopes of US–Iran truce talks, which led to a sharp fall of over 10% in crude oil prices. After opening minutes, Buying interest picked up through the first hour, helping Nifty move steadily higher towards the 24,250–24,280 range by 10:30 AM. After one more dip towards the 24,180-200 zone till 11:30 AM, Nifty largely remained range-bound, oscillating between 24,200 and 24,250 for the rest of the day till 2:30 PM as both buyers and sellers lacked strong conviction.
Some mild profit booking in the final hour dragged the index slightly lower, though it managed to hold above the 24,200 mark. Nifty eventually closed at 24,231.30, marking a largely choppy, range-bound day after a big gap-up open.
Looking ahead, markets are likely to remain sensitive to global geopolitical developments, risk appetite, and key domestic cues.
Broader Market Performance:
The broader market had a super bullish session today. Of the 3,361 stocks that traded on the NSE, 2,839 advanced, 438 declined, and 84 remained unchanged.
Sectoral Performance:
Nifty Consumer Durables was the top gainer, rising 2.91%, while there were no losing sectors in this session. All 12 sectors closed in green, with 0 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 21st April:
The maximum Call Open Interest (OI) is observed at 24,200, followed by 24,500, indicating potential resistance at the 24,400 -24,500 levels.
The maximum Put Open Interest (OI) is observed at 24,200, followed by 24,000 & 23,800, suggesting support at 23,900-23,800.
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
India’s merchandise trade deficit narrowed to $20.76 billion in March from $27.1 billion in February and $21.69 billion a year ago, as both imports and exports slowed amid Middle East tensions. Imports fell 6% YoY to $59.9 billion, while exports declined 7.5% to $38.92 billion, which the commerce secretary said was the highest monthly export figure of the current fiscal year. Dive deeper
WPI inflation rose sharply to 3.88% in March from 2.13% in February, the highest in 41 months, led by higher prices of crude petroleum, natural gas, metals, and food items. Fuel and power prices rose 4.13% month-on-month, with mineral oil prices up 8.77%. Dive deeper
HDB Financial Services reported a strong Q4FY26 performance, with net profit rising 41% YoY to ₹751 crore. The board also approved ₹32,825 crore fundraising via debt and declared a final dividend of ₹2 per share. Dive deeper
GE Aerospace and Hindustan Aeronautics Ltd. reached a technical agreement to jointly manufacture F414 jet engines in India, marking a first-of-its-kind arrangement for both sides. The deal includes the transfer of manufacturing know-how and moves the long-pending project closer to a final contract. Dive deeper
Shares of the small finance bank fell over 3% after the RBI returned its application to convert into a universal bank. The move has raised concerns over the lender’s long-term growth roadmap and expansion plans. Dive deeper
Wipro will acquire select customer contracts and the related workforce of Alpha Net Group for $70.8 million to strengthen its AI-powered and consulting-led application services business. The deal, which includes deferred earnout-linked payments, is expected to close by June 30, 2026.. Dive deeper
India’s gem and jewellery exports rose marginally by 0.93% to ₹2.45 lakh crore in FY26, though they declined 3.32% YoY in dollar terms to $27.72 billion, reflecting currency impact and global demand pressures. According to Gem & Jewellery Export Promotion Council, the performance came despite geopolitical challenges, signalling a structural shift in the sector. Dive deeper
RailTel Corporation of India shares rose sharply after securing tunnel communication contracts worth ₹564.55 crore from Rail Vikas Nigam. The orders involve deploying integrated communication systems across multiple tunnels and are scheduled for completion by April 2028. Dive deeper
What’s happening globally
WTI crude rebounded toward $93/bbl after a sharp 10% drop over the past two days, with volatility expected to remain high. Markets are closely tracking Middle East developments and the potential resumption of flows through the Strait of Hormuz. Dive deeper
Gold eased from one-month highs, with spot prices falling 0.7% to $4,806/oz as investors tracked developments in US–Iran talks. The decline came even as oil prices remained firm due to ongoing supply concerns from the Strait of Hormuz disruption. Dive deeper
Amazon will acquire Globalstar for $11.57 billion to strengthen its Project Kuiper satellite network, intensifying competition with SpaceX’s Starlink. Dive deeper
Microsoft raised Surface laptop prices by up to $500 due to rising memory costs, with all models now priced above $1,000. Samsung also hiked prices, while Apple faces supply constraints. Dive deeper
Anthropic appointed Vas Narasimhan to its board, marking its first healthcare executive and signalling deeper integration between AI and life sciences. Dive deeper
Eurozone industrial production rose 0.4% MoM in Feb 2026, beating expectations and recovering from prior declines, led by gains in consumer and capital goods despite a drop in energy output. Dive deeper
Steel rebar futures climbed above CNY 3,080/tonne on improved demand and production, supported by optimism around a potential Middle East ceasefire boosting future demand. Dive deeper
Copper futures rose toward $6.1/lb, hitting over two-month highs as improving sentiment around US–Iran diplomacy helped reverse earlier losses. 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.
Girish Wagh, MD and CEO of Tata Motors Commercial Vehicles, on wage hikes in Haryana & UP:
The hikes for workers in Haryana and Uttar Pradesh are not "as big a challenge" as incorporating the new labour codes.
"The larger piece, which is in the play right now, is the new labour code. We have been working to prepare towards this new labour code for almost last three years." - 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.
We’re now on WhatsApp!
We’ve started a WhatsApp channel for The Daily Brief where we’ll share interesting soundbites from concalls, articles, and everything else we come across throughout the day. You’ll also get notified the moment a new video or article drops, so you can read or watch it right away. Here’s the link.
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!