Volatility persists, but last-hour buying helps Nifty close near 25,300
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 strong 187-point gap-up at 25,344, tracking positive global cues after U.S. President Trump rolled back the fresh 10% tariffs on Europe and signalled progress toward a potential trade deal with India. The index saw sharp volatility in the opening hour, initially extending gains toward the 25,420–25,430 zone before a sell-off dragged it lower to the 25,230–25,240 range by 11 AM.
The first half ended on a weak note, with Nifty testing deeper intraday lows near the 25,180–25,200 area, reflecting a swift unwinding of early optimism.
In the second half, the index remained volatile and largely range-bound, oscillating between 25,180 and 25,270 for most of the afternoon. A strong recovery emerged in the final hour, lifting Nifty back above the 25,300 mark. The index eventually closed at 25,289.90, ending well off the day’s lows but also below its opening highs, marking a volatile session characterized by a strong gap-up, a sharp mid-day correction, and a late rebound.
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 strong session today. Of the 3,267 stocks that traded on the NSE, 2,344 advanced, 849 declined, and 74 remained unchanged.
Sectoral Performance:
Nifty Media was the top gainer for the day, rising 2.39%, followed closely by Nifty PSU Bank at 2.34%. On the flip side, Nifty Consumer Durables was the worst performer, closing 0.87% lower. Out of the 12 sectoral indices, 10 ended in the green, while only 2 sectors closed in the 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 27th January:
The maximum Call Open Interest (OI) is observed at 25,500, followed by 25,800 & 25,200, indicating potential resistance at the 25,400 -25,500 levels.
The maximum Put Open Interest (OI) is observed at 25,000, followed by 25,200, suggesting support at 25,200-25,100.
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 snapped a six-day losing streak as improved risk sentiment followed a pullback in US tariff threats linked to Greenland. Gains were limited by continued dollar demand and trade-related pressures on exports. Dive deeper
India recorded net FDI outflows of $446 million in November 2025, marking the fourth consecutive month of negative flows, according to data from the Reserve Bank of India. The RBI said higher repatriations and disinvestments by foreign companies were the key reasons for outflows exceeding inflows. Dive deeper
InterGlobe Aviation reported a steep 76% year-on-year fall in Q3 FY26 net profit to ₹550 crore, hit by one-time costs from new labour codes and flight disruptions. Revenue rose 6% to ₹23,472 crore. Dive deeper
Reliance Industries is set to resume purchases of sanctions-compliant Russian crude in February and March after a brief pause. The oil will be processed at its India-focused refinery, with future purchases beyond March remaining uncertain. Dive deeper
Tata Group plans to invest about $11 billion to develop an AI-focused Innovation City in Maharashtra. The project aims to build a large technology and data infrastructure hub near Mumbai. Dive deeper
Zee Entertainment’s Q3 consolidated profit fell about 5% year-on-year to ₹155 crore, even as revenue grew around 15%. The results reflected top-line expansion alongside margin pressures. Dive deeper
Adani Energy Solutions’ Q3 net profit declined 2% year-on-year to ₹552 crore, while revenue grew about 15%. The results showed top-line expansion alongside slight earnings pressure. Dive deeper
Radico Khaitan’s Q3 profit surged 62% year-on-year, supported by strong demand for premium liquor. Revenue also saw healthy growth during the quarter. Dive deeper
What’s happening globally
Brent crude slipped to around $65 a barrel as oversupply concerns and rising US inventories weighed on prices. Easing geopolitical risks offset limited support from supply disruptions in Kazakhstan and Venezuela. Dive deeper
Gold hovered near record highs around $4,830 an ounce as investors weighed easing US-Europe tensions against lingering geopolitical uncertainty. Dive deeper
European equities rose after President Trump said he would suspend planned tariffs on several European countries following progress on a Greenland framework agreement. Gains were led by luxury and auto stocks, while defence shares lagged. Dive deeper
European natural gas prices fell as easing US-EU trade tensions reduced geopolitical risk premiums. Despite the pullback, supply conditions remained tight due to strong demand and lower storage levels. Dive deeper
Japan’s Nikkei ended a five-day losing streak as Japanese government bonds extended gains, supporting market sentiment. Investors reacted positively to bond market strength amid broader risk appetite. Dive deeper
China’s 10-year bond yield edged higher as new issuance of ultra-long-term government bonds increased supply. The funds are aimed at supporting equipment upgrades, while youth unemployment showed a modest improvement. Dive deeper
Microsoft has been awarded a $170 million cloud services contract by the US Department of Defense to support the Air Force’s Cloud One program. The contract will run through 2028 and covers Azure cloud services across multiple US facilities. 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.
CS Setty, Chairman of SBI, on AI adoption and the current domestic macro environment:
“For the last three to four versions of Davos, we have been talking about AI. A lot of proof of concepts have happened, but we have not seen adoption at scale in the BFSI space. My focus is to understand how we bring AI adoption at scale in an organisation as large as SBI, with a 530-million customer base.”
“Discretionary spending has shown a significant uptick, particularly in autos and white goods. Urban consumption is yet to show a broad-based recovery. The GST rationalisation could help boost consumption among lower-middle-income households.” - Link
Dipali Goenka, CEO of Welspun Living on American market and the new world order:
"There's no definition to anything. Whether you talk about supply-chain disruptions or collaborative nations. It has become chaos everywhere, I think this will be the new world order going forward."
"For us, America is the biggest consumer and biggest customer. Earlier, its share was 70% and now it's around 55–60%."
"When I talk about America, we are not going to lose our customers. These are relationships that go over two decades. We are going to ring fence our partnerships and work with our customers." - Link
Vikas Gupta, Chairman, Uttar Pradesh RERA, on the surge in realty investment in Uttar Pradesh:
“Realty investment in Uttar Pradesh has surged 53% to ₹69,000 crore this year.”
“The growth is driven by strong demand, improved infrastructure, and policy support in the state.”
“Uttar Pradesh is emerging as a preferred destination for real estate investments in northern India.” - 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!
Very wholesome
Very useful imformation