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 how API usage in trading is evolving from a flexible system to a more structured and regulated framework.

As we approach April 2026, traders need to rethink how they build, deploy, and manage their automated strategies. API trading has long enabled a shift from manual execution to rule-based systems, but with new requirements like static IPs, order tagging, and compliance layers, the way traders interact with broker systems is changing significantly.

Instead of reacting to scattered updates, this episode breaks down the regulations in a clear and practical way. We cover where these rules come from, what exactly changes from April 1st, 2026, and how different setups like solo traders, family accounts, and third-party tools are impacted.

Check out In The Money

Market Overview

Nifty opened with a sharp 568-point gap-up at 22,899, following positive global cues. However, the index failed to sustain the early momentum and slipped from the opening highs, drifting toward the 22,800 zone.

The weakness continued through the morning session, with Nifty gradually moving lower and testing the 22,750 range around late morning. A brief recovery attempt around 1 PM pushed the index back toward the 22,850–22,900 zone, but the upside remained capped.

In the second half, selling pressure intensified, especially post 1:15 PM, dragging Nifty sharply lower toward the 22,650–22,670 zone. The index remained under pressure through the final hour, though a mild recovery towards 22,750 helped it bounce slightly from intraday lows. Nifty eventually closed at 22,679.4, marking a session where a strong gap-up faded into steady selling, with markets giving up most of their early gains amid persistent intraday weakness.

Looking ahead, markets are likely to remain sensitive to global geopolitical developments, risk appetite, the Rupee’s weakness, and key domestic cues.

Broader Market Performance:

The broader market had an extremely strong bullish session today. Of the 3,322 stocks that traded on the NSE, 2,936 advanced, 283 declined, and 103 remained unchanged.

Sectoral Performance:

Nifty PSU Bank was the top gainer, rising 3.70%, while Nifty Pharma was the only laggard, down 0.99%. Overall, 11 sectors closed in green and 1 sector 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 7th April:

The maximum Call Open Interest (OI) is observed at 23,000, followed by 23,200, indicating potential resistance at the 23,100 -23,200 levels.
The maximum Put Open Interest (OI) is observed at 22,500, followed by 22,700, suggesting support at 22,500-22,400.

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

Commercial LPG cylinder prices were increased by ₹195.5 to ₹2,078.5 in Delhi, a rise of over 10%. ATF prices for international and chartered flights have more than doubled, while the government capped the increase for domestic flights at 25%. OMCs are currently facing under-recoveries of about ₹380 per cylinder. Dive deeper

GST collections crossed ₹2 lakh crore in March, up ~9% YoY from ₹1.83 lakh crore. Domestic GST growth remained modest at 6%, while import-driven collections saw a stronger 18% rise, indicating external demand contribution. Dive deeper

Maruti Suzuki India reported total sales of 2,25,251 units in March, up 16.72% YoY from 1,92,984 units. Domestic passenger vehicle sales came in at 1,66,219 units, growing 10.27% YoY from 1,50,743 units in March 2025, indicating steady demand in the local market. Dive deeper

Mangalore Refinery and Petrochemicals Ltd increased LPG production by over 10 lakh kg per day. The move follows the US-Israel-Iran conflict and the closure of the Strait of Hormuz, which disrupted cargo flows and tightened supply. Dive deeper

The government has clarified that GAAR will not apply to exits from investments made before April 1, 2017, removing a long-standing overhang for foreign investors. This provides relief to private equity, venture capital, and sovereign funds holding legacy investments in India. Dive deeper

Defence stocks rallied sharply, with the Nifty India Defence index gaining nearly 6% amid strong sector tailwinds after Donald Trump hinted at exiting NATO, along with domestic support as Rajnath Singh cleared defence deals worth ₹2.38 lakh crore, boosting sentiment. Dive deeper

The government has mandated 40% recycled content in F&B packaging from April 1, 2026, rising to 60% by 2028-29. Stocks like Ganesha Ecosphere and Uflex were in focus on expected demand tailwinds. Dive deeper

Shares of IndiGo were in focus after appointing industry veteran Willie Walsh as CEO. This comes shortly after the exit of former CEO Pieter Elbers. Dive deeper

NSE has collaborated with Indian Gas Exchange Limited to launch exchange-traded derivatives on natural gas, a first for any Indian exchange. The contracts will be priced against GIXI (Gas IndeX of India), IGX’s benchmark tracking actual domestic gas trades across six regional delivery hubs. Dive deeper

What’s happening globally

Brent crude fell 2% to $102/bbl as hopes of de-escalation in the Middle East weighed on prices. Donald Trump signalled a possible US withdrawal from Iran and hinted at a deal, though uncertainty persists with troop movements and no formal talks yet; markets now await his address for further cues. Dive deeper

Nvidia has invested $2 billion in Marvell Technology, bringing Marvell into its AI ecosystem. The partnership will enable custom AI infrastructure development, with Marvell stock jumping 12% and Nvidia up 1.5% premarket. Dive deeper

Oracle has reportedly laid off around 30,000 employees globally, with ~12,000 affected in India. Another round of job cuts is expected within a month, indicating continued restructuring. Dive deeper

The S&P Global Eurozone Manufacturing PMI rose to 51.6 in March 2026 from 50.8 in February, marking its strongest expansion since June 2022. The uptick was driven by supply disruptions from the Middle East conflict, with output hitting a seven-month high and new orders remaining strong, though growth stayed modest. Dive deeper

South Korea’s exports surged 48.3% year-on-year in March 2026 to a new record high of USD 86.13 billion, surpassing USD 80 billion for the first time, mainly boosted by semiconductors. 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.

U.S. President Donald Trump is considering exiting NATO:

“Oh yes, I would say [it’s] beyond reconsideration (pulling out of NATO). I was never swayed by NATO. I always knew they were a paper tiger, and Putin knows that too, by the way.” - 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.

So, we’re now on Reddit!

We love engaging with the perspectives of readers like you. So we asked ourselves - why not make a proper free-for-all forum where people can engage with us and each other? And what’s a better, nerdier place to do that than Reddit?

So, do join us on the subreddit, chat all things markets and finance, tell us what you like about our content, and where we can improve! Here’s the link — alternatively, you can search r/marketsbyzerodha on Reddit.

See you there!

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!

Aftermarket Report by Zerodha

Positive global cues lift Nifty near 22,700