Nifty tops 23,100, brushing aside global uncertainty ...for now
All eyes tomorrow on US-Iran negotiations deadline and RBI Policy
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 gap down of 130 points at 22,839, following weak global cues and a rise in oil prices. After testing 22,720-750 in the opening ticks, the index quickly recovered from the early dip, moving higher toward the 22,950 zone by 10:30 AM as buying emerged at lower levels.
After a brief cool-down till 22,850, Nifty gradually climbed back to 22,950 and consolidated between 22,900 and 950 till 1:30 PM. After that, the buying interest strengthened further, pushing Nifty higher toward the 23,100–23,050 zone. Despite a few minor pullbacks, the index maintained its upward bias, making higher highs.
In the final hour, the rally picked up pace, with Nifty extending gains sharply and testing the 23,130–23,150 zone. The index eventually closed near the day’s highs at 23,123.65, marking a strong recovery session driven by steady buying through the day after a weak start.
Looking ahead, markets are likely to remain sensitive to global geopolitical developments, risk appetite, RBI’s monetary policy, and key domestic cues.
Broader Market Performance:
The broader market had a bullish session today. Of the 3,314 stocks that traded on the NSE, 2,082 advanced, 1,149 declined, and 83 remained unchanged.
Sectoral Performance:
Nifty IT was the top gainer, rising 2.50%, while Nifty PSU Bank was the top loser, down 0.71%. Overall, 10 sectors closed in green, and 2 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 13th April:
The maximum Call Open Interest (OI) is observed at 23,500, followed by 23,000, indicating potential resistance at the 23,300 -23,400 levels.
The maximum Put Open Interest (OI) is observed at 23,000, followed by 22,900 & 22,800, suggesting support at 22,900-22,800.
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 edged higher to just above 93 per dollar, supported by the unwinding of arbitrage positions ahead of an RBI deadline. Dive deeper
Foreign portfolio investors sharply cut exposure to financials in March, with $6.5 billion in outflows, the highest for the sector since 2012, per NSDL. Financial services accounted for 51.6% of total FPI selling, with overall equity outflows at $12.6 billion during the month. Dive deeper
Jubilant FoodWorks shares fell over 10% to their lowest since March 2024 after weak Q4 performance raised concerns about growth and margins. Same-store sales growth slowed sharply to just 0.2%, down from 5% in the previous quarter, signalling demand softness. Dive deeper
Kalyan Jewellers reported a 64% year-on-year revenue growth in Q4 FY26, driven by strong performance in its India business. Dive deeper
Tata Steel reported record annual crude steel output in India for FY26, driven by capacity ramp-up and strong domestic demand. Dive deeper
The government has doubled the allocation of 5 kg free trade LPG cylinders to states to support migrant labourers amid the ongoing energy crisis. Dive deeper
PC Jeweller shares rose after the company reported around 32% year-on-year revenue growth in Q4, supported by strong business performance. Dive deeper
BPTP has awarded a ₹488 crore construction contract to NCC Ltd for its residential project in Gurugram. The deal reflects continued investment in real estate development and execution of large-scale housing projects in the region. Dive deeper
What’s happening globally
Brent crude eased toward $109 per barrel after earlier gains as markets awaited a US deadline for Iran on reopening the Strait of Hormuz. Dive deeper
Gold edged up to around $4,680 per ounce, recovering slightly as investors adopted a cautious stance amid ongoing Iran tensions. Dive deeper
The US Logistics Manager’s Index rose to 65.7 in March, its highest since May 2022, indicating strong expansion in the freight sector. Dive deeper
China’s foreign exchange reserves fell by $85.7 billion to $3.34 trillion in March, marking the sharpest drop in a decade. Dive deeper
The Japanese yen weakened toward 160 per dollar, nearing levels that previously triggered intervention, as a strong dollar and rising oil prices added pressure. Dive deeper
Anthropic has partnered with Google and Broadcom to secure large-scale AI chip capacity, including access to TPU-based compute infrastructure. Dive deeper
Samsung reported an eight-fold jump in quarterly profit, beating estimates as strong demand for AI memory chips boosted volumes and margins. 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.
Tanvee Gupta Jain, Chief India Economist, UBS, on RBI’s approach in the current environment:
“The RBI is likely to prioritise managing INR volatility over liquidity in the current environment.”
“Global uncertainties and elevated crude oil prices are key risks influencing the central bank’s approach.”
“The focus will be on stabilising the currency amid external pressures rather than easing liquidity conditions.” - Link
Sumit Jain, Analyst, CLSA, on the war’s impact on the IT sector:
“The Iran war is a bigger threat to the IT sector than AI at this stage.”
“So far, there is no evidence of AI-led deflation in contracts.”
“A few companies have flagged delays in decision-making due to AI adoption and the Middle East crisis.” - 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 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!