Nifty shrugs off sub-25,000 scare, closes above 25,150; market breadth remains weak
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 break down the origins of cryptocurrencies and trace how India’s crypto ecosystem has evolved over the past decade. Starting with the Cypherpunk movement and the birth of Bitcoin, we move through the rise of Indian exchanges, regulatory pushback, taxation frameworks, and recent security incidents to build a clear foundation of what crypto actually is, how it works, and what is legal in India today.
Along the way, we explain how Bitcoin functions without banks, how mining really works, what private keys represent, how Indians access crypto via exchanges, and why custody and security matter far more than most people realise. This is Part 1 of a two-part series on crypto in India.
Market Overview
Nifty opened with a sharp 91-point gap-down at 25,141 and, after initial volatility, came under sustained selling pressure. The index slid steadily in the opening hour toward the 25,100 zone as weak sentiment persisted. Selling intensified through the morning session, dragging Nifty to intraday lows near the 24,920–24,930 zone around 11 AM.
However, after these panic lows, buying interest emerged, triggering a sharp rebound. Nifty quickly climbed back above 25,100 and surged toward the 25,290–25,300 zone by around 1 PM. Selling resurfaced at higher levels, capping further upside, and the index pulled back toward the 25,120–25,130 zone. It then traded in a choppy range for the remainder of the session.
Nifty eventually closed near 25,157.50, ending about 0.3% lower for the day but well off its intraday lows. Overall, it was a volatile, two-sided session marked by a sharp intraday recovery from early weakness, followed by consolidation in the second half.
Looking ahead, markets are likely to remain sensitive to global risk appetite, ongoing Q3 earnings, the upcoming Union Budget, and further developments around India–U.S. trade negotiations.
Broader Market Performance:
The broader market had a weak session today. Of the 3,299 stocks that traded on the NSE, 1,078 advanced, 2,139 declined, and 82 remained unchanged.
Sectoral Performance:
Nifty Metal was the top gainer for the day, closing up 0.57%, while Nifty Consumer Durables was the biggest loser, falling 1.66%. Out of the 12 sectoral indices, only 2 sectors ended in the green, while 10 sectors closed in the red, reflecting broad-based weakness 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 27th January:
The maximum Call Open Interest (OI) is observed at 25,500, followed by 25,300 & 25,200, indicating potential resistance at the 25,300 -25,400 levels.
The maximum Put Open Interest (OI) is observed at 25,000, followed by 25,200, suggesting support at the 25,000 to 24,900 levels.
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 slid to a record low near 91.7 per dollar amid sustained foreign outflows and rising global risk aversion. Trade uncertainty and geopolitical tensions continued to weigh on sentiment, with RBI intervention focused on smoothing volatility. Dive deeper
Indian government bonds rose as traders priced in likely secondary market purchases by the Reserve Bank of India, supporting demand and keeping yields slightly lower. Dive deeper
Eternal said founder and Group CEO Deepinder Goyal will step down, with Albinder Dhindsa set to take over as CEO. The company reported a Q3 FY26 net profit of ₹102 crore, up 72.9% year-on-year, while revenue surged to ₹16,315 crore from ₹5,405 crore a year earlier. Dive deeper
Tata Communications reported a 55% year-on-year rise in Q3 profit to ₹365 crore, with revenue up 7%. The results reflected stronger performance across key business segments. Dive deeper
Dr Reddy’s Laboratories reported a 15% year-on-year decline in consolidated net profit to ₹1,189 crore for Q3 FY26. Revenue, however, rose 4.4% to ₹8,726 crore compared to the year-ago period. Dive deeper
India and the EU are close to concluding a long-pending trade agreement, with negotiations expected to be finalised in the coming days, according to Spain’s foreign minister. Dive deeper
L’Oréal announced plans to invest about $383 million to set up a beauty tech hub in Hyderabad focused on AI-led innovation. The hub will serve as a global base and is expected to create around 2,000 technology jobs by 2030. Dive deeper
Skoda Auto India plans to introduce 10 products, largely upgrades, in 2026 to build on strong sales growth in 2025. The company expanded its market presence and customer reach last year, supporting its growth roadmap. Dive deeper
What’s happening globally
Brent crude fell to around $64 a barrel amid trade-related geopolitical tensions and expectations of higher US inventories. Temporary supply disruptions offered limited support. Dive deeper
Gold rose to a fresh record above $4,870 an ounce as escalating geopolitical tensions boosted safe-haven demand. Concerns over global fiscal stability and caution ahead of US inflation data also supported prices. Dive deeper
Silver edged lower but stayed near record highs as US-Europe tensions and a global bond selloff supported safe-haven demand. Ongoing trade uncertainty and strong retail buying also underpinned prices. Dive deeper
US private sector hiring slowed toward the end of 2025, with weekly job additions easing to an average of 8,000, according to ADP. While employment continued to grow, momentum softened in the final weeks of the year. Dive deeper
European equities were largely flat to lower, extending recent losses as trade war concerns and Greenland-related tensions weighed on sentiment. Investors remained cautious ahead of President Trump’s appearance at the World Economic Forum in Davos. Dive deeper
UK inflation rose to 3.4% in December, slightly above expectations, driven by higher prices for alcohol, tobacco, and transport. Services inflation edged up, while core inflation remained steady at 3.2%. Dive deeper
Japan’s 10-year government bond yield eased after government officials sought to calm markets following a sharp selloff driven by fiscal concerns. Attention remains on a snap election and the Bank of Japan’s upcoming policy decision. Dive deeper
OpenAI announced a community-focused plan to manage energy use and costs for its Stargate AI data centre initiative. The $500 billion project aims to build large-scale AI infrastructure without raising electricity costs for local communities. Dive deeper
Netflix shares declined in European trade after the company’s Q4 results disappointed investors. The reaction reflected concerns around earnings and outlook despite continued subscriber growth. 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.
D.P. Singh, Deputy Managing Director & Joint CEO, SBI Mutual Fund, on Budget 2026 tax expectations:
“I would like long-term capital gains tax to be frozen for a fixed period of three to five years. If any changes are made, they should be implemented with grandfathering — something that was not done last time.”
He argues that a freeze would enhance investor certainty and support long-term capital formation.
He also says offshore investment limits should be increased to at least $30 billion to reflect current market values and help global capital flows. - Link
Dinshaw Irani, Executive Vice President & Head of Equities, Axis Securities, on India’s growth outlook and equity opportunities:
“India’s domestic growth story remains intact despite global uncertainty, and that is the key point to focus on.”
“We are bullish on midcaps and smallcaps, even though they have lagged recently, because earnings upgrades are expected to pick up.”
“Domestic liquidity and retail participation remain strong, which supports sustained market momentum.” - 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, quarterly results, 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!
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