Markets continue to struggle at higher levels
Nifty manages to end the rangebound week above 23,700
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.
Markets Today
Nifty opened with a small 16-point gap up at 23,671 despite strong overnight gains in global markets, as crude oil prices continued to cool on reports of further progress in geopolitical talks. The index saw a strong start, testing the 23,800 zone in the opening hour.
After multiple rangebound moves between 23,750 and 23,800 throughout the first half, Nifty gradually moved higher, climbing toward the 23,835 zone around 1 PM, marking the day’s high.
However, the momentum faded in the second half as profit-booking emerged. The index gradually drifted lower, slipping below the 23,750 mark and testing the 23,700–23,720 zone in the final hour, and eventually closed the day at 23,719.30.
The session was marked by a firm first half supported by positive global cues, followed by a gradual second-half decline as the index once again failed to sustain higher levels despite supportive external factors.
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 23,800, indicating potential resistance at the 23,800 -23,900 levels.
The maximum Put Open Interest (OI) is observed at 23,500, followed by 23,700, suggesting support at 23,600-23,500.
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
Top Stories in India
Rupee strengthened for a second straight session, closing at 95.73/$, supported by softer crude oil prices, positive domestic equities, and easing US Treasury yields. Comments from Marco Rubio suggesting progress in diplomacy around the Iran situation also improved market sentiment. DIve deeper
RBI approved a record surplus transfer of ₹2.87 trillion to the central government for FY26, up nearly 7% from the previous year. The higher payout was supported by a sharp rise in the RBI’s income and expansion of its balance sheet. Dive deeper
RBI said India’s forex reserves fell by $8.09 billion to $688.89 billion in the week ended May 15. The decline comes after reserves had previously touched a record high of $728.49 billion before the Middle East conflict triggered pressure on the rupee and prompted RBI intervention through dollar sales. Dive deeper
Eicher Motors reported a 12% YoY rise in Q4 net profit to ₹1,520 crore, driven by strong performance from Royal Enfield. Revenue increased 16% to ₹6,080 crore, while operating margins improved to 24.9%. Dive deeper
Colgate-Palmolive India reported a largely flat Q4FY26 profit of ₹353 crore as margin pressure offset revenue growth. Revenue from operations rose 7.3% YoY to ₹1,595 crore, while EBITDA margins contracted sharply to 31.9% from 35.1%. The company also announced a second interim dividend of ₹24 per share. Dive deeper
Oil India announced a fresh natural gas discovery in Rajasthan’s Dandewala field, amid growing concerns over global energy supply disruptions linked to the West Asia conflict. The company said the well recorded an average gas inflow of 25,000 standard cubic metres per day, indicating encouraging production potential. Dive deeper
India’s electricity demand hit another record high, with daytime peak demand touching 270.82 GW amid an intense heatwave across several regions. The Union Power Ministry urged citizens to use electricity judiciously as demand has climbed steadily for four consecutive days. Dive deeper
Sun Pharmaceutical Industries reported a 26.2% YoY rise in Q4FY26 net profit to ₹2,714 crore, while sales increased 13.6% to ₹14,559 crore. The company’s global innovative medicines business generated $354 million in sales, accounting for over 22% of total revenue. Dive deeper
Top Stories Globally
WTI crude futures traded around $96/bbl, trimming earlier gains as optimism resurfaced over a potential US-Iran diplomatic breakthrough. Marco Rubio said there had been “slight progress” in talks with Iran, while Tehran is reviewing the latest US proposal delivered through Pakistan. Dive deeper
Japan’s core inflation slowed to a four-year low of 1.4% in April, helped by government subsidies on fuel and education costs. However, analysts expect inflationary pressures to pick up again in the coming months as higher energy prices linked to the Middle East conflict begin feeding into the economy. Dive deeper
European steel production fell 2.6% YoY in April, reflecting continued weakness across the EU and UK markets, according to Morgan Stanley. Globally, steel production declined 2%, with China’s output down 3%, while growth remained concentrated in countries such as India, Turkey, and the United States. Dive deeper
United Kingdom retail sales volumes fell 1.3% month-on-month in April 2026, a sharper decline than expected and the biggest drop since May 2025. The weakness was largely driven by a steep fall in fuel sales as higher prices discouraged travel and refuelling. Dive deeper
Turkey’s financial markets came under pressure amid rising political uncertainty, with the benchmark Borsa Istanbul index plunging over 6% and triggering a market-wide circuit breaker. The Turkish lira also weakened to around 45.74 against the US dollar, while government bonds declined. Dive deeper
Management Chatter
In this section, we highlight interesting comments from the management of major companies and policymakers in the Indian and Global Economies.
Kumar Rajagopalan, Executive Director and CEO, Retailers Association of India (RAI), on steady demand across categories and regions:
“Retail in India has witnessed a modest 7 per cent growth in April ‘26. Decent but not exciting. Global cost pressures are real, and they are showing up in how businesses are operating across categories. India has navigated these pressures better than many others. Consumers still want to spend — that intent is there, and that matters. But retailers are being careful, and rightly so.” - Link
Arvind Panagariya, Chairman of the 16th Finance Commission and former vice-chairman of NITI Aayog, is suggesting RBI on the rupee slide:
“Do not let the psychology of Rs 100 per dollar determine your policy response. 100 is just a number, like 99 and 101,”
Whether the oil shortage is short-lived or long-lived, the right response at this moment is to let the rupee depreciate. If the shortage is short-lived, that is, for three months to a year, the rupee will substantially recover once the oil import bill shrinks.
“Trying to defend the rupee will continue to bleed the reserves until they are exhausted.” - Link
Corporate Actions & Events
Corporate Actions
Earnings Calendar
Published by Zerodha. Not investment advice. Data from NSE, BSE, MCX.
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i am giving a suggestion to add a coloum of market glossary .... in which some markets terms and concept explained in brief ....