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.
What data points and transformations do you want to see?
We’re trying out a new format for the Aftermarket Report, with much more comprehensive coverage of the data that shapes the trading day.
Beyond the headline indices, we’re now tracking market breadth, new highs and lows, sector and thematic performance, delivery data, F&O positioning, global markets, commodities, flows, and more. We’re also looking at ways to transform this raw data into insights that are actually useful for traders and investors.
The idea is simple: bring different datasets together in one place to give you a clearer picture of what’s happening beneath the surface of the market.
This is still a work in progress, and we’d love your feedback. What data points are we missing? What transformations, ratios, comparisons, or indicators would you find useful? Also tell us what worked, what didn’t, and what felt unnecessary.
Your feedback will help shape the Aftermarket Report from here.
Markets Today
Nifty opened with a 40-point gap up at 23,454, tracking strong gains in global markets led by AI stocks, while a cooldown in crude oil prices provided further support. The index remained above 23,450 before briefly climbing towards 23,465-23,470 in the opening hour, but the momentum faded quickly.
Selling intensified after 10 AM, dragging Nifty sharply lower to around 23,380 by 10:45 AM. A brief recovery towards 23,400 followed, but it failed to sustain, with the index gradually slipping towards 23,350 by noon.
Weakness continued into the second half, with Nifty falling below 23,325 around 1 PM before briefly recovering. Another round of selling pushed the index to an intraday low near 23,285 around 2 PM. A sharp recovery followed, taking Nifty back towards 23,400 on reports of discussions happening on opening the Strait of Hormuz, but the bounce again lost steam in the final hour. The index steadily gave up most of the recovery and eventually closed near the day’s lower levels at 23,329, around 125 points below its opening level.
Fear & Greed Index
The Fear & Greed Index slipped to 35, remaining in the fear zone. Weak foreign positioning, defensive stocks outperforming high-beta names, and bonds beating equities are the main factors pulling sentiment lower.
Market Breadth
Breadth remained mixed with 1,048 advancers versus 1,236 decliners, while only 33.3% of Nifty 500 stocks were above their 50-day average. New 52-week lows also outnumbered highs 14 to 10.
52 Week Highs & Lows
Sectoral Indices Performance
Media (+1.21%) led while IT (-0.86%) lagged, with only 4 of 15 sectors gaining. Pharma and Healthcare remain strong across both 20- and 60-session horizons, while Private Banks continue to improve over the shorter horizon.
Winners & Losers
Gabriel India jumped 14.04% on 30× usual volume, while Meesho and Jain Resource Recycling also saw sharp high-volume moves.
Delivery Data
Himadri Speciality recorded the biggest delivery spike.
Global Markets
Commodities
Yield Curve
Institutional Flows & Participant Positioning
FIIs became even more bearish in index futures with just 10.5% of positions long.
Thematic Indices
Tijori’s niche indices, where today’s move sorts pockets of the market beyond standard sector baskets. You can also track promoter buying and other interesting stuff, like Capex activity by the companies in the Tijori App’s idea dashboard
F&O Corner
Nifty options price a roughly 253-point move either way into September 29 expiry. Call writing dominated, pushing PCR down from 1.20 to 0.91.
Top Stories in India
Bernstein said FIIs may return to India for trading opportunities but have little reason to make longer-term investments, citing high valuations, currency returns, earnings revisions and limited investable opportunities. It also argued that many large-cap companies are underinvesting in emerging areas such as EVs, semiconductors and solar, making high valuations harder to justify. Dive deeper
PhonePe has received in-principle approval from the UAE central bank for two licences covering retail payment services, card schemes and stored-value facilities. The Walmart-backed fintech still requires final regulatory approval before starting commercial operations in the UAE. Dive deeper
Gold sales during Ganesh Chaturthi fell around 15% YoY in volume terms as record-high prices pushed consumers toward smaller, lightweight purchases. Jewellers also saw greater use of old-gold exchanges as buyers looked to reduce the cost of new jewellery. Dive deeper
Samsung India Electronics’ FY26 profit fell 36% to ₹7,228 crore, even as revenue from operations rose 1.2% to ₹1.12 lakh crore. Dive deeper
Sunil Singhania-promoted Abakkus Asset Manager has filed its DRHP with SEBI for an IPO. The issue will be entirely an offer-for-sale of 1.5 crore shares by promoter Abakkus Expert Professional, with no fresh issue component. Dive deeper
JSW Group has entered the electric commercial vehicle market with its Ampstar brand, with plans to build a portfolio of electric trucks and buses over the next 3–4 years. JSW Greentech has invested ₹2,500 crore in a Maharashtra plant with an initial capacity of 15,000 vehicles annually, expandable to 25,000 units. Dive deeper
Top Stories Globally
Crude oil fell below $91 per barrel to a more than two-week low, extending losses for a fifth session, on reports that Iran could reopen the Strait of Hormuz if the US lifts its blockade of Iranian ports. The proposal raised hopes of easing supply disruptions through the key waterway. Dive deeper
Paramount Skydance has cleared a major legal hurdle for its $110 billion acquisition of Warner Bros. Discovery after settling with a California-led group of US states and a Hollywood writers union. The settlement paves the way for one of the largest media mergers in history, combining major film, TV, streaming and news assets. Dive deeper
Alibaba shares rose 5% after the company said it is developing an AI model up to four times larger than its current flagship model and unveiled what it called China’s most powerful next-generation AI chip. The push comes as Chinese tech firms accelerate efforts to build domestic alternatives to Nvidia amid tighter US export restrictions. Dive deeper
Nickel rose to around $16,400 per tonne as an El Niño-driven water shortage threatened to disrupt production at Indonesia’s Morowali Industrial Park, potentially affecting around 100,000 tonnes of output. However, weak Chinese downstream demand continued to limit gains. Dive deeper
Management Chatter
In this section, we highlight interesting comments from management at major companies and from policymakers in the Indian and Global Economies.
JPMorgan Chase CEO Jamie Dimon on potential US tariffs & the impact on India and global oil markets:
“I think hopefully America will sit down and understand all those issues and, you know, not end up punishing India and the world oil markets while doing what we need to do to combat Russia.” - Link
The week ahead & Corporate Actions
Corporate Actions
Published by Zerodha. Not investment advice. Data from NSE, BSE, and MCX.
In our latest episode of In The Money by Zerodha, we look at Simons’ early life, his time at MIT and Harvard, his work as a codebreaker, and how he eventually got interested in trading.
We then follow the shift from instinct-driven trading to quantitative and systematic strategies, and look at the people, data, and technology that helped build Renaissance.
We also look at how Medallion traded, why the fund became increasingly secretive, and why it eventually stopped taking outside money. Along the way, we explore some of the ideas behind quantitative trading and the people who helped shape Simons’ approach.
This is the first episode of Market Legends, a new series where we look at some of the traders, investors, and fund managers who shaped the world of markets, how they thought, how they built their edge, and what we can learn from their stories.
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!
Zerodha, this is a great summary of the markets performance for the day. Will we see this getting published everyday? Are you also planning to release this in a video format?
Also, during earnings session and extra-ordinary events, would recommend you to add relevant sections to this. Overall this is a comprehensive update.
One more request - while I understand the need to have different handles/newsletters that you publish is there a place where I can see all your content in one place across all different sub brand names and all format types (videos, blogs, audio). It will be so much easier for a reader to pick and choose and create a daily/weekly/monthly schedule. Look forward for an answer.
Lastly, I have onyl recently started reading your blogs in depth - they are very helpful and informative. Thanks!