Another weak opening, Another strong recovery for markets

Nifty stuck in a narrow closing range between 23,650-700 for 5 days now

May 20, 2026

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, from Friedrich Hayek’s 1945 insight that prices aggregate dispersed knowledge, to Kenneth Arrow’s state-contingent securities, and Eugene Fama’s Efficient Market Hypothesis — the intellectual foundations of prediction markets run surprisingly deep.

We trace how these ideas were brought to life, from a bar conversation in Iowa City that became the Iowa Electronic Markets to the billion-dollar platforms Kalshi and Polymarket, navigating regulatory battles with the CFTC in the US today.

This episode also examines what all of this means for India — a country where prediction markets don’t yet exist, but where Indian events are already being actively traded on platforms thousands of miles away, and where global funds may be using these prices as live intelligence on our own political and economic outcomes.

Check out In The Money

Markets Today

Nifty opened with a sharp gap down of 161 points at 23,457, tracking shaky global markets amid a sharp rise in bond yields and firm crude oil prices above $100 per barrel. The index saw heavy volatility in the opening hour, briefly slipping toward the 23,400-420 zone before recovering steadily toward the 23,550 mark.

After the early swings, Nifty gradually moved higher, reclaiming the 23,600 mark by around noon and largely holding those levels despite intermittent pullbacks.

In the second half, momentum remained positive as the index continued to inch higher. Nifty climbed toward the 23,650–23,680 zone after 2 PM and stayed near the day’s highs before a brief dip around 3 PM dragged the index toward the 23,640 mark, but buyers quickly stepped in, helping Nifty close the day firmly at 23,659.

The session was marked by a sharp recovery from a weak opening, with steady buying through the day helping the index shrug off negative global cues and elevated crude prices.

Sectoral Indices Performance

Winners & Losers

Commodities

FII / DII Flows

Here’s the trend of FII-DII activity from the last 5 days:

Thematic Indices

Tijori’s niche indices, where today’s move sorts pockets of the market beyond standard sector baskets. You can also track the Promoter buying and other interesting stuff, like Capex activity by the companies in the Tijori App’s idea dashboard

Change in OI for the day

The following is the change in OI for Nifty contracts expiring on 26th May:

The maximum Call Open Interest (OI) is observed at 24,000, followed by 23,700, indicating potential resistance at the 23,800 -23,900 levels.
The maximum Put Open Interest (OI) is observed at 23,500, followed by 23,400, suggesting support at 23,500-23,400.

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

Management Chatter

In this section, we highlight interesting comments from the management of major companies and policymakers in the Indian and Global Economies.

Sanjay Khanna, Chairman and MD, BPCL, on Petrol and Diesel under-recoveries:

“Diesel… some days it is ₹25, some days ₹30 or ₹32. Petrol is still around ₹10-14 per litre, though it changes every day.”
“Earlier, freight rates from the Persian Gulf to India were around $2-3. Today it is almost $10. Insurance costs have gone up. Saudi OSP premiums are around $18.”
“If everything comes back to normal and crude reaches around the $85 level, then we can say we reach break-even.”
“Generally, we keep around 25-27 days of crude inventory, but due to the situation, we are keeping slightly higher inventory, around 27-30 days.” - Link

Mohit Singla, Chairman of Trade Promotion Council of India (TPCI), on increasing food & beverages exports to the UAE:

UAE is among the world’s most food import-dependent countries, importing almost 85 to 90 per cent of its needs and relying heavily on imported food products to meet consumer demand.
“India is widely regarded as one of the UAE’s most dependable food suppliers with almost 10 per cent market share. With the strengthening of India-UAE trade ties and growing investments in food processing, logistics, and quality systems, India is well-positioned to further expand its share in the UAE’s food and beverage import market while reinforcing its reputation as a reliable and compliant supplier.” - Link