War-led sell-off grips markets; late recovery trims losses
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 SEBI framework around Research Analysts (RAs) and Investment Advisers (RIAs), clarify what is legal and what is not, and explain why unlicensed “tip calls” on social media, WhatsApp, or Telegram are a major red flag.
But legality is only the starting point. Even when advice comes from a SEBI-registered professional, blindly copying calls can still be risky. We discuss slippage, liquidity constraints, fee structures, cost realities, position sizing, capital allocation, and the gap between reported returns and real-world outcomes. If you’ve ever received a “sure-shot” trading call, this episode gives you a practical checklist to evaluate it — and shows how to use research without outsourcing your judgment.
Market Overview
Nifty opened with a massive 520-point gap-down at 24,659, reacting to escalating tensions and the outbreak of war in the Middle East. The index, then jumped to 24,800 in the opening ticks and saw brief attempts to stabilise in the opening minutes around the 24,850–24,930 zone before gradually slipping lower through the morning session. By late morning, Nifty drifted toward the 24,750–24,800 range as risk-off sentiment dominated.
In the second half, weakness deepened further, with the index sliding steadily and hitting intraday lows near the 24,600–24,610 zone around 2 PM. However, a sharp recovery unfolded after 2 PM, driven by short covering and bargain buying, lifting Nifty back toward the 24,850–24,900 levels. The index eventually closed at 24,865.7, well off the day’s lows but still sharply lower, marking a highly volatile session dominated by global risk aversion and late-stage recovery.
Looking ahead, markets are likely to remain sensitive to global geopolitical news and risk appetite, news flow around AI-led disruptions, and key domestic cues.
Broader Market Performance:
The broader market had an extremely weak, bearish session today. Of the 3,296 stocks that traded on the NSE, 651 advanced, 2,578 declined, and 67 remained unchanged.
Sectoral Performance:
Nifty Metal was the top gainer, up 0.24%, while Nifty Auto was the top loser, down 2.20%. Overall, 2 sectors closed in green and 10 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 10th March:
The maximum Call Open Interest (OI) is observed at 25,500, followed by 25,300, indicating potential resistance at the 25,100 -25,200 levels.
The maximum Put Open Interest (OI) is observed at 24,500, followed by 25,000, suggesting support at 24,700-24,600.
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 plunged 42 paise to 91.50 against the dollar as US–Israel strikes on Iran triggered global risk aversion, a spike in crude prices, and heavy foreign outflows. Weak domestic equities further pressured the currency. Dive deeper
India and Canada signed agreements on critical minerals and nuclear cooperation, including a $1.9 billion uranium supply deal with Cameco to support India’s expanding nuclear capacity. Dive deeper
Shares of rice exporters declined as escalating tensions involving Iran, one of India’s key basmati buyers raised concerns over export demand disruptions. Dive deeper
Factory output growth slowed to 4.8% in January from 7.8% in December, led by softer manufacturing and mining activity. Electricity output improved, but weaker momentum in key industrial segments dragged overall IIP lower. Dive deeper
Manufacturing activity rose to a four-month high of 56.9 in February from 55.4, supported by strong domestic demand. However, new export order growth eased during the month. Dive deeper
India’s gross GST collections stood at ₹1.83 lakh crore in February, up 8.1%, with FY26 collections reaching ₹20.27 lakh crore so far. Net GST revenue for the month came in at ₹1.61 lakh crore after refunds. Dive deeper
Ashok Leyland reported a 24% YoY rise in February sales to 22,157 units, driven by steady demand in the commercial vehicle segment.Dive deeper
Bajaj Auto posted a 27% increase in total sales at 4.48 lakh units in February, reflecting strong two-wheeler and export demand.Dive deeper
Hero MotoCorp’s dispatches jumped 44% YoY to 5.58 lakh units in February, signalling robust recovery in two-wheeler demand. Dive deeper
Maruti Suzuki reported a 7.3% rise in total sales to 2.14 lakh units, with domestic passenger vehicle sales largely flat year-on-year. Dive deeper
Fino Payments Bank fell sharply after its MD & CEO Rishi Gupta was arrested under GST law, raising governance concerns. Dive deeper
Mahindra & Mahindra Ltd will exit its Japan agri-machinery venture MMAM as part of portfolio rationalisation, with operations set to wind down by H1 FY27. Dive deeper
What’s happening globally
Oil prices spiked sharply to a 7 month high, with WTI up 8.6% to $72.79 and Brent rising 9% to $79.41, as Middle East strikes heightened fears of energy supply disruptions. Dive deeper
Silver rose as much as 2.8% to $96.4 per ounce amid safe-haven buying following escalating conflict and concerns over Strait of Hormuz closures. Dive deeper
The dollar index climbed above 98 to a five-week high as investors sought safety in the greenback. Dive deeper
Gold advanced over 2% toward $5,400 per ounce, hitting a one-month high on strong safe-haven demand amid intensifying geopolitical tensions. Dive deeper
Travel shares tumbled as escalating Middle East conflict disrupted global flights, shut major hubs like Dubai and Doha, and pushed oil prices higher. Analysts warned of prolonged aviation disruptions. Dive deeper
Israel’s TA-125 index surged nearly 6% to a record high as investors viewed the strikes on Iran as potentially weakening a long-term security threat, despite rising geopolitical tensions. Dive deeper
European gas futures jumped over 22% to above €39/MWh amid fears of LNG supply disruptions through the Strait of Hormuz. Dive deeper
Germany’s retail sales fell 0.9% MoM in January, missing expectations, led by a drop in non-food purchases. Online sales rose 2.5%, highlighting resilience in e-commerce. 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.
Tuhin Kanta Pandey, Chairman of SEBI on weekly options:
I think on the derivative markets, particular, concern was only around index options, short dated options on expiry day, weekly options. The rest of the market, I think is not of that concern. In that market, of course, we had put it out, the full study reports saying the extent of losses, and that created a lot of awareness around why, a whole set of people were actually coming to this market and not being successful in making profits because, these are a very complex market.
Also, the way it was being sold out by the so-called finfluencers, as in that market, to really make big money overnight. I think that particular education has been belied and, I would say, miseducation. So that is also another action, against such influencers who without a registered investment advisor license are trying to give advice and propagating through various social media forums, is another area of interest to us in terms of enforcement. We have taken some measures both in October 2024 and May 2025, a series of six measures in May 2025, the last of it kicked in December. We would like to see the impact of these measures and, and also look at the situation from the data point of view, again and then if we find that there is, intervention necessity, we will then explore pathways in consultation with industry, how to do it right. - 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?
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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!