Crude cools, markets breathe easier

Nifty holds above 23,400

Sep 21, 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.

We’re trying out a new format for the Aftermarket Report, with much more comprehensive coverage of the data that shapes the trading day. Beyond the headline indices, we’re now looking at market breadth, new highs and lows, sector and thematic performance, delivery data, F&O positioning, global markets, commodities, flows, and more.

The idea is to bring different datasets together in one place and help traders and investors get a clearer picture of what’s actually happening beneath the surface of the market.

This is still a work in progress, so we’d really love your feedback. Tell us what you found useful, what you didn’t, what felt unnecessary, and what else you’d like us to add. Your feedback will help us shape the Aftermarket Report from here.

Markets Today

Nifty opened flat with a small 15-point cut at 23,330, holding on to relatively higher levels as a cooldown in crude oil prices provided some relief after the recent bearish trend. The index saw some volatility immediately after the open, initially recovering towards 23,400 before slipping back towards 23,360 around 10:30 AM.

However, the weakness was gradually bought into, with the index recovering towards 23,400 by 11:30 AM and then making a sharper move till 23,430 around noon.

Nifty consolidated around the 23,410–23,425 zone through the early part of the second half before briefly slipping towards 23,400 after 1 PM. Buying then picked up sharply, pushing the index above 23,450 and to an intraday high near 23,465 around 2 PM.

The index held most of these gains for the next hour but gradually lost momentum towards the close, slipping back below 23,450 and then towards 23,430. A further decline during the closing session dragged Nifty to 23,414.30, still around 84 points above its opening level after a volatile but largely positive session.

Market Breadth

Participation was mixed, with 1,049 advancers against 1,243 decliners, while only 33.3% of Nifty 500 stocks remained above their 50-day average. New 52-week highs, however, outnumbered lows 13 to 9.

52 Week Highs & Lows

Sectoral Indices Performance

Pharma (+1.16%) led while Metals (-0.61%) lagged, with 11 of 15 sectors gaining. Pharma and Healthcare remain structurally strong, while Private Banks are showing improving relative strength over the shorter horizon.

Winners & Losers

Jaiprakash Power jumped 7.22% on 18× normal volume, while Tega Industries and Patanjali Foods also saw sharp high-volume moves.

Delivery Data

Lalithaa Jewellery recorded the biggest delivery spike, while Inox Wind saw the largest jump in implied volatility.

Global Markets

Commodities

Institutional Flows & Participant Positioning

Thematic Indices

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

F&O Corner

Nifty options price a roughly 124-point move either way into Tuesday’s expiry, with the PCR rising from 1.06 to 1.20 as put OI grew faster than call OI. Major positions sit around 23,400 Puts and 23,500 Calls, while FIIs remain heavily short in index futures with just 12.4% of positions long.

Management Chatter

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

T V Narendran, CEO and MD of Tata Steel on India, Climate change & geopolitical impact on businesses:

“The world is changing and that change is creating an opportunity for India, but whether we are able to capture that opportunity will depend on how capable and competitive we become...There has probably never been a time when the world has been more interested in India as a market,”
“Climate events can be very difficult to anticipate. Geopolitical developments can change the assumptions on which businesses have been planned for years. Technology is moving at a pace that can make some of the skills and business models we take for granted look very different in a short period of time,” - Link

Corporate Actions & Events

Corporate Actions

Published by Zerodha. Not investment advice. Data from NSE, BSE, and MCX.

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