Nifty jumps past 25,200 as broad-based rally gathers pace
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 explore the three main streams of market analysis: Technical, Fundamental, and Alternative data. No matter whether you trade systematically or with discretion, the decisions you make depend on the information you use. Each of these approaches gives you a different lens on the market — and when combined, they can help you form a more complete view of a stock, index, or commodity.
Market Overview
Nifty opened flat at 25,074 and inched higher through the morning session, crossing 25,150 by midday. The index remained steady in a narrow range through early afternoon, largely consolidating between 25,150 and 25,200.
In the second half, buying momentum picked up, with Nifty advancing sharply in the final hour. The index touched an intraday high of 25,261 before closing at 25,239.10, marking a strong finish and ending well above the 25,200 mark.
While market sentiment remains cautious overall, with concerns over 50% tariffs, persistent foreign investor outflows, and muted earnings weighing on confidence, some encouraging triggers, such as easing U.S.-India trade tensions, have helped markets recover from their lows over the last two weeks.
Broader Market Performance:
Broader markets had a strong bullish session today. Of the 3,152 stocks traded on the NSE, 2,001 advanced, 1,057 declined, and 94 remained unchanged.
Sectoral Performance
The top-gaining sector was Nifty Auto, rising 1.44%, while the top-losing sector was Nifty FMCG, slipping 0.27%. Out of the 12 tracked sectors, 11 ended in the green and only 1 closed in the red, indicating broad-based strength across the market.
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 23rd September:
The maximum Call Open Interest (OI) is observed at 25,200, followed by 25,500, suggesting strong resistance at 25,300 - 25,400 levels.
The maximum Put Open Interest (OI) is observed at 25,200, followed closely by 25,000, suggesting strong support at 25,100 to 25,000 levels.
Note: OI is subject to multiple interpretations, but generally, an increase in Call OI indicates resistance in a falling market, and an increase in Put OI indicates support in a rising market.
Source: Sensibull
Tijori is an investment research platform, and they have 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 and the US will resume trade talks in New Delhi today, with US trade representative Brendan Lynch and India’s chief negotiator Rajesh Agarwal attending. The meeting comes after Washington doubled tariffs on Indian exports to 50% over its continued Russian oil purchases. Dive deeper
The Indian rupee stayed weaker than 88 per USD in September, hovering at record lows near 88.4 amid limited forex inflows and a dovish RBI. Dive deeper
LIC has increased its stake in Tech Mahindra to 10.84% from about 8.8%, even as the IT stock has declined 10% so far this year. Dive deeper
India’s Commerce Ministry will publish a list of 100 high-import goods, including chemicals and plastics, to promote domestic manufacturing and cut reliance on foreign supplies. Commerce Secretary Sunil Barthwal said the list will be released by the end of the month or in October. Dive deeper
India’s passenger vehicle sales fell 9% year-on-year to 280,839 units in August 2025, reversing growth seen in July, according to SIAM. The decline was attributed to recalibrated dispatches by manufacturers, while GST cuts are expected to boost demand ahead of the festive season. Dive deeper
Tata Motors shares fell for the second straight session after Jaguar Land Rover extended its production halt amid a cyber incident probe. JLR has not provided details of the data affected or a timeline for full recovery. Dive deeper
Zydus Lifesciences’ subsidiary ZyVet Animal Health has launched the first USFDA-approved generic drug for canine urinary incontinence in the US. The phenylpropanolamine hydrochloride tablets mark their entry into the animal generics market, aimed at providing affordable veterinary care. Dive deeper
Ola Electric has filed a ₹400 crore claim under the government’s Production-Linked Incentive scheme, backed by eligible sales of about ₹3,000 crore in FY25. This is its second consecutive year qualifying for incentives, reinforcing its position in India’s EV manufacturing ecosystem. Dive deeper
NCC has secured a ₹2,090.5 crore contract from Bihar’s Water Resources Department for constructing the Barner Reservoir Scheme in Jamui district. The project includes reservoir, dam, and irrigation works with a 30-month execution period and a 60-month defect liability period. Dive deeper
RBI has issued revised guidelines for payment aggregators, mandating a board-approved dispute resolution policy with defined refund timelines, stronger data security, and fraud prevention systems. Non-bank PAs must maintain a minimum net worth of ₹15 crore, rising to ₹25 crore in three years, and are barred from marketplace business or setting transaction limits. Dive deeper
SEBI’s revised listing rules, reducing the minimum IPO size for large firms to 2.5% are expected to benefit Jio Platforms’ planned 2026 IPO. The change allows Reliance to sell fewer shares initially and gives more time to meet public shareholding norms, easing valuation concerns. Dive deeper
Larsen & Toubro has secured a large order worth ₹2,500-5,000 crore from NHSRCL to build 156 km of high-speed track for the Mumbai-Ahmedabad bullet train project. Dive deeper
Ola, Uber, and Rapido have received provisional licences to operate bike taxi services in Mumbai under the Maharashtra Bike Taxi Rules 2025. The State Transport Authority set a minimum fare of ₹15 for 1.5 km and ₹10.27 per km thereafter, with companies required to apply for permanent licences within a month. Dive deeper
India plans to allow 100% FDI in health and life insurance, up from 74%. Most restrictions on governance and foreign control will be eased, except for top roles needing Indian residents. This move aims to boost global investment, competition, and insurance penetration. Dive deeper
What’s happening globally
Brent crude oil fell to $67.1 per barrel as supply concerns from Ukrainian strikes on Russian facilities were offset by demand worries. The EU is considering sanctions on Indian and Chinese firms tied to Russian oil, while markets await a Fed rate cut decision this week. Dive deeper
Gold prices hit a record near $3,690 per ounce as strong US retail and import data contrasted with labor market weakness, keeping expectations of a Fed rate cut this week intact. Dive deeper
US import prices rose 0.3% in August 2025, the sharpest increase since January, against expectations of a decline. Non-fuel imports climbed 0.4%, while fuel import prices fell 0.8%; year-on-year, overall import prices were unchanged, according to the Bureau of Labor Statistics. Dive deeper
US retail sales rose 0.6% in August 2025, matching July’s revised gain and beating expectations of 0.2%. Core retail sales, used to calculate GDP, increased 0.7%, according to the US Census Bureau. Dive deeper
Euro Area industrial production rose 0.3% in July 2025, led by rebounds in capital and consumer goods, while energy output fell 2.9%. Year-on-year, production grew 1.8%, up from 0.7% in June, according to Eurostat. Dive deeper
China’s 10-year government bond yield rose to 1.88%, the highest since April, on optimism over Sino-US trade talks and Tencent’s planned offshore yuan bond sale. Dive deeper
BYD lost $45 billion in market value as its shares fell over 30% from recent highs, amid concerns about its discount-driven strategy and a sharp drop in profit. The company cut its 2025 delivery target to 4.6 million vehicles from 5.5 million, while rivals like Geely and Leapmotor gained ground. Dive deeper
Google announced a £5 billion ($6.8 billion) investment in Britain, including a new data centre near London to support AI-driven services. The company also signed a deal with Shell to aid grid stability, with UK operations expected to run at 95% carbon-free energy in 2026. Dive deeper
Management chatter
In this section, we pick out interesting comments made by the management of major companies and policymakers of the Indian and Global Economy.
Govt pushes e-commerce to run ‘GST Bachat Utsav’ campaign
"E-commerce firms like Amazon, Flipkart, Reliance Retail, Meesho, Zomato, Blinkit, Paytm, and Uber asked to roll out 100-day campaign from Sept 22."
"Platforms must show ‘GST discounts’ on invoices so buyers directly see tax cut benefits; sellers to be educated to pass savings on."
"Companies to file fortnightly reports on GST benefits passed, with campaign aligning with festive sales to boost demand and awareness of GST 2.0 reforms." - Link
Kunal Shah, Founder & CEO, CRED, on IPO and growth
"Should a company think about IPO in the right time? The answer is absolutely yes. But at this point of time, I would say we are too young to be thinking about it."
"When we are looking at the capital, the goal has been consistently on two dimensions: how do we increase our concentration and market share on users who are creditworthy? And the second theme is how do we create more and more products?"
"When you play with financial services, you are dealing with the business of trust. Trust means you have to be respected, compliant, and do all the things that are right for the consumers. We would love to probably be the most trusted brand when it comes to financial services." - Link
US Treasury Secretary Scott Bessent on TikTok talks
"China had a long list of asks during talks this week in Madrid. The negotiations were fulsome and conducted with great respect."
"President Trump made it clear he would let TikTok, which counts 170 million U.S. users, go dark without a deal to switch to U.S.-controlled ownership."
"A final deal is anticipated when President Trump speaks with Chinese leader Xi Jinping on Friday, with commercial terms still to be ironed out." - Link
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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!