IT led sell-off keeps Nifty under pressure for third session

Higher oil prices also contribute to the overall weakness

Apr 24, 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, we dive deep into one of the most misunderstood concepts in markets - volatility. You've heard it said: "markets are crashing" or "my portfolio is falling apart."

But what you're really reacting to is volatility, and most traders never stop to truly understand it. We go beyond the gut feeling and into the data, how volatility is measured, how it behaves across different market regimes, and why it nearly doubles when markets fall.

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Markets Today

Nifty opened with a gap down of 73 points at 24,100, tracking weak global cues and continued pressure in IT stocks after uninspiring Infosys results and outlook. The index saw immediate selling in early trade, slipping sharply toward the 23,950–23,980 zone within the first hour.

After the initial drop, Nifty stayed under pressure through the late morning session. Minor pullbacks failed to hold, and the index gradually drifted lower toward the 23,900 mark by noon.

In the second half, selling intensified, dragging the index to its day’s low near the 23,820–23,830 zone around 2 PM. A brief recovery followed, with Nifty rebounding toward the 23,900–23,930 range, but the bounce lacked strength.

The index turned choppy in the final hour and failed to hold gains, eventually closing at 23,897.95. The session was marked by early sharp selling, sustained weakness through midday, and only a partial late recovery.

Nifty fell 1.14% to 23,897.95, slipping below both the 21-day and 50-day EMAs. Sensex declined 1.29% to 76,664.21, while Bank Nifty outperformed, falling just 0.38%. Market breadth was weak, with 115 advances against 383 declines, and VIX rose 6% to 19.71, signaling rising nervousness. Key triggers to watch include Reliance’s results and global cues over the weekend.

Sectoral Indices Performance

IT cratered 5.29%, the worst single-day slide in weeks. Media fell 1.87%, Pharma 1.77%. Not one sector closed green. The least damaged were PSU Bank ( 0.15%), Energy ( 0.23%), and Metal ( 0.31%).

Winners & Losers

Midcap lost 0.84%, outperforming large-caps. But that’s cold comfort when less than a quarter of stocks advanced. This was a broad capitulation, not selective rotation.

Momentum Screener

Global Markets

US markets are trading lower today. Asia closed mixed. No major cushion coming from outside.

Commodities

Crude inched up 0.33% today to ₹9,205 per barrel, adding no relief for importers. Gold slipped 0.07%, silver down 0.42%.

Bond Yields & Currency

India 10Y yield at 6.976%, US 10Y at 4.34%. Rupee weakening while FIIs exit is textbook risk-off.

FII / DII Flows

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

Thematic Indices

Tijori’s niche indices, where pockets of the market beyond standard sector baskets are sorted by today’s move. 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 28th April:

The maximum Call Open Interest (OI) is observed at 24,200, followed by 24,000, indicating potential resistance at the 24,200 -24,300 levels.
The maximum Put Open Interest (OI) is observed at 23,500, followed by 24,000, suggesting support at 23,700-23,600.

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

Management Chatter

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

Finance Minister Nirmala Sitharaman on exports and the Indian Economy:

“I reiterate, the domestic consumption and the domestic economic wheels moving well have really stood by us. Even during times when global markets are in a churn, our exports are taking a beating. But our exporters, to their credit, I must say, have done well despite all the tariff and other challenges which the global uncertainties are giving them. They are because of their ingenuity, finding newer markets and performing. Exports are doing all right because they are able to find newer markets and keep their growth sustained.” - Link