Nifty skyrockets to 24,000 as market cheers US-Iran ceasefire
The headline index is up by 1800 points from April 2nd lows
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 indicators that help us read intraday market structure and identify short-term trends. As Nassim Taleb highlights through the Ludic Fallacy, we often fall into the trap of assuming the future will mirror the structured patterns of the past. Indicators are merely “market footprints”—they describe where the market has been, but they cannot eliminate the uncertainty of where it is going next.
This episode breaks down five key indicators, ranging from standard TWAP to custom-built Weighted Market Breadth, to help you find more reliable ways to identify intraday trends and potential turning points.
Market Overview
Nifty opened with a massive 732-point gap-up at 23,855, following the ceasefire announcement between the US and Iran, as crude oil prices crashed over 15% to below $95 per barrel, signalling easing geopolitical tensions. After the sharp opening, Nifty gradually edged higher, tracking RBI policy and reclaiming the 23,900 mark and moving toward the 23,950–24,000 zone by 11 AM, with dips being bought into and momentum remaining positive.
After an intraday cooldown to the 23,900 levels, the index largely consolidated in the second half near the highs, oscillating in a narrow range between 23,950 and 24,000. Despite minor pullbacks, the overall tone remained firm, with no significant selling pressure emerging.
Nifty eventually closed higher by 3.8% at 23,997.35, marking one of the best sessions of the year driven by a sharp gap-up, steady follow-through buying, and consolidation near the highs, reflecting improved sentiment amid easing geopolitical risks.
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 one of the best bullish sessions of the year today. Of the 3,370 stocks that traded on the NSE, 2,960 advanced, 341 declined, and 69 remained unchanged.
Sectoral Performance:
Nifty Realty was the top gainer, rising 6.75%, while Nifty IT was a relative underperformer, up just 0.52%. All 12 sectors closed in green, with 0 sectors 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 13th April:
The maximum Call Open Interest (OI) is observed at 24,500, followed by 24,000, indicating potential resistance at the 24,100 -24,200 levels.
The maximum Put Open Interest (OI) is observed at 24,000, followed by 23,900 & 23,800, suggesting support at 22,800-22,700.
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 RBI kept the repo rate unchanged at 5.25% and maintained a neutral stance, citing inflation risks and global uncertainties. Dive deeper
The RBI projected GDP growth for FY27 at 6.9%, lower than the 7.6% expected for FY26, indicating a moderation in economic momentum. It also raised its inflation forecast for FY27 to 4.6% from 4.2%, signalling persistent price pressures. Dive deeper
The rupee strengthened 50 paise to 92.56 per dollar after a two-week US-Iran ceasefire announcement boosted risk sentiment. Dive deeper
India’s 10-year bond yield fell to around 6.9%, hitting a two-week low after the RBI kept rates unchanged and signaled policy stability. Dive deeper
LIC shares surged about 7% after the company announced a board meeting on April 13 to consider a potential bonus share issue, which would be its first ever. Dive deeper
Adani Group stocks rallied up to 13% after Gautam Adani moved a US court to dismiss the SEC civil case, lifting investor sentiment across group companies. Dive deeper
The government has expanded bulk commercial LPG allocation to more industrial sectors, allowing up to 70% of pre-March consumption. Dive deeper
India has ordered major airports to cut landing and parking charges by 25% for domestic flights for three months to support airlines. Dive deeper
Titan Company shares rose up to 5.7% to a record high after reporting strong Q4 performance. Domestic sales jumped 42%, while its core jewellery segment grew 46% YoY, driven by higher gold prices and increased buyer volumes. Dive deeper
BMW reported its highest-ever Q1 sales in India at 4,567 units, up 17% YoY from 3,914 units, reflecting strong demand in the premium auto segment. Dive deeper
What’s happening globally
WTI crude plunged over 15% to below $95 per barrel after a temporary US-Iran ceasefire and plans to reopen the Strait of Hormuz eased supply concerns. Dive deeper
Gold rose nearly 2% to around $4,790 per ounce, hitting its highest level since March 19 as a US-Iran ceasefire eased inflation concerns. Dive deeper
UK 10-year gilt yields fell to around 4.65% as a US-Iran ceasefire drove a sharp drop in oil prices. Dive deeper
Silver surged over 5% to around $76.7 per ounce, hitting its highest level since mid-March after the US-Iran ceasefire eased inflation concerns. Dive deeper
The US 10-year Treasury yield fell to around 4.25%, a near three-week low, after a US-Iran ceasefire eased inflation concerns. 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.
Reserve Bank Governor Sanjay Malhotra, on Interest rate trajectory and transmission:
“Structurally, long-term, macroeconomic fundamentals, because of various measures which the government has taken, which the RBI has taken, which various institutions have taken, remain very strong and continue to drive growth on the one hand and at the same time keep price pressures contained”.
“So, it’s quite possible that even in the short to medium term, we will continue to have low rates,”
Banks have passed on about 90 basis points reduction on the lending side against 125 basis points moderation in the repo rate.
“Similarly, on the deposit side, it’s more than 100. So, there has been a satisfactory transmission.” - Link
Anubhuti Sahay, Head of India Economics Research, Standard Chartered Bank, on the RBI Policy:
“The RBI’s projections appear more optimistic than market expectations.”
“At the same time, there is clear caution around inflation and FX volatility.”
“The stance reflects a balanced approach, supporting growth while monitoring external risks.” - 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!