Nifty ends positively above 25,700 on tariff related newsflow
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 most practical question in derivatives trading: how to size options strategies in the real world.
We extend the backtest-driven framework from futures into structured option strategies like short straddles and strangles, with a clear focus on the Indian F&O environment where cash, margin rules, and lot-size changes directly shape risk.
Market Overview
Nifty opened with a strong 107-point gap-up at 25,678, tracking positive global cues after the U.S. Supreme Court ruled against tariffs. The index extended early gains and climbed toward the 25,760–25,770 zone in the opening hour. However, the initial strength faded gradually, with Nifty slipping lower through the mid-morning session and drifting toward the 25,650–25,660 range by 11 AM.
In the second half, the index remained largely in a narrow range between 25,640 and 25,680 before sliding towards the 25,610 zone around 2 PM. A sharp recovery followed in the final hour, with Nifty rebounding strongly and reclaiming the 25,720 mark. The index eventually closed at 25,713, ending marginally higher after a volatile session marked by an early surge, midday correction, and a late rebound.
Looking ahead, markets are likely to remain sensitive to global risk appetite and key domestic cues.
Broader Market Performance:
The broader market had a mixed session today. Of the 3,277 stocks that traded on the NSE, 1,493 advanced, 1,672 declined, and 112 remained unchanged.
Sectoral Performance:
Nifty PSU Bank was once again the top gainer today, up 1.36%, while Nifty IT was the top loser, down 1.42%. Overall, 8 sectors closed in green, and 4 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 24th February:
The maximum Call Open Interest (OI) is observed at 26,000, followed by 25,800 & 25,700, indicating potential resistance at the 25,800 -25,900 levels.
The maximum Put Open Interest (OI) is observed at 25,500, followed by 25,600 & 25,700, suggesting support at 25,600-25,500.
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 weakened to around 90.7 per dollar amid renewed US trade policy uncertainty and India’s postponement of its Washington trade delegation. Dive deeper
India’s 10-year G-Sec yield eased to around 6.71% as RBI liquidity measures and bond switches helped absorb near-term supply pressures. Dive deeper
SEBI Chairman Tuhin Kanta Pandey has proposed a comprehensive overhaul of portfolio management service (PMS) regulations to enhance transparency and investor protection. Dive deeper
Adani Ports’ subsidiary Adani Gangavaram Port signed an MoU with NMDC and Brazil’s Vale to set up an iron ore blending facility and dedicated SEZ. The project aims to enhance value addition, improve mineral processing, and strengthen India’s east coast export ecosystem. Dive deeper
IDFC First Bank tumbled over 16% after the lender reported a suspected fraud of around ₹590 crore linked to certain Haryana government accounts at its Chandigarh branch. The bank said some branch employees were involved in unauthorised activities, with the final loss subject to reconciliation and potential recoveries. Dive deeper
Godrej Properties announced a joint development agreement for an 18-acre land parcel in Thane with revenue potential of over ₹7,500 crore. The integrated residential project will tap strong demand in a well-connected Mumbai micro-market. Dive deeper
India postponed trade negotiations with the US after chief negotiator Darpan Jain cancelled his Washington visit following a Supreme Court ruling on tariffs. The talks were meant to finalize the legal text of the interim trade agreement. Dive deeper
UPL shares dropped up to 15% after announcing a group restructuring plan. Investors reacted to concerns over leverage, post-reorganisation debt levels, and possible dilution from the split into two listed entities. Dive deeper
Amazon inaugurated its second-largest office in Asia in North Bengaluru, spanning 1.1 million sq ft with capacity for over 7,000 employees. Dive deeper
Lodha Developers plans to invest about ₹1,200 crore in construction during Q4, alongside launching housing projects worth around ₹13,000 crore. Dive deeper
India and France have signed a protocol amending their double taxation treaty, revising rules on capital gains and dividends while removing the MFN clause. Dive deeper
Adani Group has commenced operations at a new terminal in Guwahati, increasing the airport’s annual passenger capacity to 13.1 million. Dive deeper
Ola Electric plans to reduce its physical store network to around 550 outlets by March as part of a broader restructuring amid falling market share and weaker sales. Dive deeper
India and Brazil signed a mining and minerals cooperation pact to strengthen raw material supply and support India’s expanding steel capacity. Dive deeper
What’s happening globally
The U.S. Supreme Court, in a 6–3 ruling, struck down President Trump’s sweeping tariffs imposed under a 1977 national emergency law, holding that he exceeded his presidential authority. In response, Trump announced he would raise the proposed global tariff to 15% from 10%, criticizing the Court’s decision as “anti-American.” Dive deeper
Brent crude futures pulled back below $71 per barrel, retreating slightly from recent six-month highs as markets weighed the prospect of a US–Iran nuclear deal and ongoing negotiations in Geneva. Dive deeper
Gold climbed about 1% to around $5,160 per ounce, reaching a three-week high as heightened uncertainty over US trade policy, including plans for a 15% global tariff. Dive deeper
The European Commission said it will not accept any increase in US tariffs following the Supreme Court’s ruling against previous measures, urging Washington to honor last year’s EU-US trade agreement. Dive deeper
Nvidia plans to re-enter the consumer PC market with AI-focused laptop chips, partnering with companies such as Dell, Lenovo, MediaTek and Intel. Dive deeper
The UAE said it successfully detected and thwarted a series of coordinated, AI-powered cyberattacks targeting critical infrastructure and national digital platforms. Dive deeper
European equities declined, with the Stoxx 600 down 0.3%, as renewed uncertainty over US trade policy weighed on sentiment. Dive deeper
Thailand’s exports surged 24.4% year-on-year in January to a record $31.57 billion, marking the fastest growth since December 2022 and extending a 19-month expansion. 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.
SBI Chairman CS Setty on acquisition financing and on slowing deposit growth:
State Bank of India (SBI) can provide acquisition financing support of up to ₹94,000 crore to India Inc, going by the Reserve Bank of India’s Amendment Directions for Commercial Banks on Credit Facilities - Link
“In India, 99 percent of our balance sheet is built by deposits; in Western countries, only 65–70 percent is contributed by deposits, the rest is market instruments.” India’s securitisation market is too insignificant and needs to improve.
“The mortgage-backed securities and the asset-backed securities market has to evolve, and insurance companies, mutual funds, and pension funds that are staying away from the non-gsec market have to come into the securitisation market.”
The Indian financial sector has begun churning real estate and infra assets through REITs and InvITs; “hopefully we will start churning retail assets also soon.” - Link
FM Nirmala Sitharaman, on the impact of the latest tariff changes on the Indian economy:
“But on the trade particularly, aside from the Indian economy in general, the commerce ministry is reviewing the situation. The delegation will have to take a call on when they are going to go for further negotiations. So it’s a bit too early for me (to comment)”
“Both countries will safeguard their interests, and we will prioritise India’s interests as the situation evolves.” - 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!