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.

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Market Overview

Nifty opened 145 points lower at 21,974.75, tracking weakness in the US markets overnight. After spending around five minutes at these levels, the index recovered 70 points to test 22,040. From there, Nifty traded in a narrow 60-point range between 22,040 and 22,100 for the rest of the session. With no breakout above 22,100, the index eventually closed flat at 22,082.65, down 0.19%. Notably, this marks Nifty’s first-ever streak of 10 consecutive sessions in the red.

Market sentiment remains cautious amid persistent FII outflows and tariff concerns. Whether the index can find stability at these lower levels or extend its five-month downtrend remains to be seen.

Broader Market Performance:

Although the headline indices ended in the red, the broader market showed positive breadth. Out of 2,955 stocks traded on the NSE today, 1,658 advanced, 1,215 declined, and 82 remained unchanged.

Sectoral Performance:

Nifty Media emerged as the top-performing sector, gaining 2.37% for the day, while Nifty Auto was the biggest laggard, declining by 1.31%. Overall, the market breadth among sectoral indices was positive, with 8 sectors closing in the green and 4 sectors ending in the red, reflecting a mixed but slightly optimistic tone despite the overall market weakness.

Note: The above numbers for Commodity futures were taken around 4 pm. NSE has not yet published FII-DII data for the day.

Change in OI for the day

The following is the change in OI for Nifty contracts expiring on 6th March:

• The maximum Call Open Interest (OI) is observed at 22,500, followed by 22,600, indicating strong resistance at these levels. First strong resistance levels shall most likely be at 22,400, followed by 22,500.

• The maximum Put Open Interest (OI) is at 22,000, followed by 21,900, suggesting potential support at 22,000, with additional support at 21,800.

Note: OI is subject to multiple interpretations, but generally, an increase in the call OI indicates resistance in a falling market, and an increase in the put OI indicates support in a rising market.

Source: Sensibull

Tijori is an investment research platform, and they have 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

SEBI's total income rose 48% to ₹2,075 crore in FY24, driven by higher fees and subscriptions. Fee income surged to ₹1,851.5 crore, up from ₹1,213.22 crore in the previous year. The regulator's expenditure also grew, reaching ₹1,006 crore, with a closing balance of ₹5,573 crore in its general fund. Dive deeper

RIL shares fell nearly 1% after the Delhi High Court reversed an arbitration award in its favour, leading to a $2.81 billion demand from the government. Despite the ruling, Reliance plans to challenge the verdict, asserting that the demand is unsustainable. Dive deeper

Shares of Samvardhana Motherson and Sona BLW fell up to 3% after Trump confirmed a 25% tariff on imports from Mexico and Canada, reigniting trade war concerns. Both companies, with significant exports, were impacted by the announcement. Dive deeper

Wells Fargo sold ITC shares worth Rs 106 crore, influencing the stock's focus. The financial services company sold 26.55 lakh shares at an average price of Rs 401.60 each. Dive deeper

IEX reported a 9% YoY increase in electricity trading volume for February 2025, driven by growth in the DAM and RTM segments. Despite a price drop in DAM, the IEX Green Market saw strong growth, with a 36% upside potential for the stock. Dive deeper

SBI will exit Jio Payments Bank Limited (JPBL) by selling its stake to Jio Financial Services for Rs 104 crore, making JPBL a wholly owned subsidiary. The move follows conflict-of-interest concerns, including SBI's YONO platform involvement and connections with Reliance Industries. The deal is pending RBI approval. Dive deeper

Amazon Web Services (AWS) will invest $8.2 billion in Maharashtra over the next few years to expand cloud services. The investment is expected to drive significant job growth and support local cloud data storage efforts. India’s cloud services market is projected to grow from $8.3 billion in 2023 to $24.2 billion by 2028. Dive deeper

Sebi extended the deadline for Alternative Investment Funds (AIFs) to report differential rights issues to March 31, 2025, following industry requests. The initial deadline was February 28, 2025. This extension provides more time for AIFs to comply with guidelines on investor rights introduced in 2022. Dive deeper

Tata Group plans to list Tata Capital in India’s largest IPO of 2024, targeting an $11 billion valuation and aiming to raise $2 billion. The offering comes amid a booming IPO market despite recent stock declines. Tata Capital is a non-bank financial institution with over 900 branches across India. Dive deeper

The Enforcement Directorate issued a Rs 611 crore notice to Paytm's parent, One97 Communications, for violations of the Foreign Exchange Management Act. The investigation found issues with foreign investments and FDI reporting. Paytm is working to resolve the matter. Dive deeper

Coal India targets 788 MT production and 765 MT offtake for FY25, with a 1.5% growth forecast for both. The revised target follows a shortage of rakes in large mines, though availability has improved. The company remains committed to complementing government efforts to reduce coal imports. Dive deeper

Coffee Day Enterprises' stock rose 20% after the NCLAT overturned insolvency proceedings against the company. The decision followed a challenge to the earlier order by the National Company Law Tribunal. Dive deeper

What’s happening globally

Brent crude oil futures dropped to $70.8 per barrel as concerns mounted over OPEC+'s planned output increase in April. The market also reacted to potential sanctions relief for Russia and new US tariffs, raising worries about global economic growth and oil demand. Dive deeper

Gold surged to $2,915 per ounce as trade tensions escalated with the US imposing tariffs on Canada, Mexico, and China, prompting retaliatory measures and concerns over global growth. Pessimistic economic data and geopolitical risks, including halted US aid to Ukraine and potential sanctions relief for Russia, further fueled demand for safe-haven assets. Dive deeper

The Canadian dollar dropped to a one-month low before recovering as traders reacted to escalating trade tensions. Prime Minister Trudeau announced tariffs on C$30 billion of US imports, with plans for further escalation if US tariffs remain. The Bank of Canada warned that a prolonged tariff war could significantly impact Canadian output. Dive deeper

The Euro Area's unemployment rate held steady at 6.2% in January 2025, remaining at a record low despite economic slowdowns. Unemployment fell by 42,000 to 10.66 million, with youth unemployment dropping to 14.1%. Germany and the Netherlands reported the lowest rates, while Spain and France had higher levels. Dive deeper

China responded to the US tariff hike by imposing tariffs on US goods, including 15% on chicken, wheat, and cotton, and 10% on soybeans and other products, effective March 10. The move follows Trump's tariffs aimed at curbing substance flows. China also added US entities to an export control list and is expected to introduce stimulus measures amid the escalating trade tensions. Dive deeper

The US Logistics Managers' Index (LMI) rose to 62.8 in February 2025, reflecting strong sector growth. Inventory levels surged, driving up inventory costs and warehousing prices. Meanwhile, warehousing capacity dipped, while transportation capacity grew, although transportation prices and utilization saw declines. Dive deeper

Japan's unemployment rate rose slightly to 2.5% in January 2025, while the number of unemployed reached a six-month high of 1.74 million. Employment rose to a peak of 68.27 million, and the labor force participation rate increased to 63.2%. The jobs-to-applications ratio also rose to a nine-month high of 1.26. Dive deeper

BYD raised $5.6 billion in its largest Hong Kong share sale in four years to fund its global expansion, including production plans in Hungary, Turkey, and Brazil. The sale attracted major investors. Last year, BYD's overseas sales accounted for over 10% of its total sales. Dive deeper

Management chatter

In this section, we pick out interesting comments made by the management of major companies and policymakers of the Indian and Global Economy.

Warren Buffett, Chairman, Berkshire Hathaway on Trump’s Tariffs

• “Tariffs are actually—we’ve had a lot of experience with them—they’re an act of war, to some degree.”

• “Over time they’re attacks on goods… I mean, the tooth fairy doesn’t pay them.”

“You always have to ask that question in economics: And then what? Prices will be higher 10 years from now, 20 years from now, 30 years from now.” - Link

Deepinder Goyal, CEO of Zomato, on quick commerce

"We think the total burn for all companies in quick commerce is around Rs 5,000 crore per quarter, conservatively speaking. More than half of this is by Zepto…compared to this, we’re burning very low numbers. Last quarter, Blinkit burned around Rs 35 crore per month on average." - Link

Zepto co-founder and CEO Aadit Palicha, Co-founder and CEO, Zepto responding to the above quote by Deepinder

“This statement is verifiably untrue and it will be clear when we publicly file our financial statements.”

“I know Deepinder, and I know he has only good intentions; this quote could have been taken out of context or said as an honest mistake,” - Link

Amin Nasser, CEO, Saudi Aramco on AI Integration and Operational Efficiency

“DeepSeek has definitely generated a very interesting algorithm and software. It is helping us to increase efficiency and reduce the amount of resources required to do the same job.”

“DeepSeek’s technology is really making a big difference in the way you can benefit from the current computing system you have and maximise its value.”

“We are investing heavily into AI and have deals with all of the big high-tech companies.” - Link

Calendars

In the coming days, we have the following significant events and corporate actions:

That’s it from us. Do let us know your feedback in the comments and share it with your friends to spread the word.

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