Midcap Select becomes first major index to reclaim all-time highs

Nifty surges over 1.2% on reports of US-Iran deal

May 06, 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 shift focus to the two most understated — yet arguably most important — aspects of scalping: position sizing and psychology. No strategy works without the discipline to size correctly and the mental fortitude to execute under pressure.

We walk through a practical framework for fixing your daily risk budget, translating it into capital requirements, and dynamically adjusting position size across S1, S2, and S3 throughout the trading day. We also explain why margin requirements should never be the basis for your risk management — that system was built to protect brokers, not optimise your trading.

In the psychology segment, we cover the concept of tilt — what it is, why it happens, and how to manage it before it spirals into significant losses. As discussed in the video, the ideal mental state for a scalper is emotional neutrality: neither euphoria on wins, nor distress on losses.

Check out In The Money

Markets Today

Nifty opened with a 138-point gap up at 24,171, tracking positive global cues as crude oil prices cooled 3–4% overnight amid easing geopolitical tensions, while global markets remained firm. However, the index failed to sustain the early optimism and gradually drifted lower through the morning session.

After hovering around the 24,100–24,130 zone in the opening hour, Nifty slipped steadily and tested the 24,000–24,020 range by around 1 PM, marking the day’s low.

In the second half, buying interest slowly returned, helping the index recover toward the 24,100 mark. Momentum turned sharply positive post 2 PM as crude oil prices plunged over 7% below $94 on reports suggesting an end to the conflict. The news triggered a strong rally, pushing Nifty toward the 24,330–24,350 zone before closing near the day’s highs at 24,330.95.

The session was defined by a weak first half followed by a powerful late recovery driven by easing geopolitical concerns and cooling oil prices.

Nifty surged 1.24% to 24,330.95, while Bank Nifty led the gains with a 2.63% rally. Midcap Select hit fresh record highs, becoming the first major index to fully recover from the recent correction. Market breadth remained extremely strong, with 408 advances against just 92 declines. VIX dropped 6.87% to 16.68, marking its sharpest cool-off in two weeks.

Sectoral Indices Performance

PSU Banks jumped 2.84%, the strongest sector move in sessions, followed by Bank Nifty and Realty both at 2.63%. Auto added 2.41%. Energy fell 0.45%, FMCG slipped 0.26%, and Infra barely moved at 0.42%. Ten of twelve sectors finished green.

Winners & Losers

Midcaps rocketed 2.6%, outpacing large caps for the second straight day. Advances outnumbered declines 4.4:1 across the 500-stock basket.

Momentum Screener

Global Markets

Commodities

Crude collapsed 9.41% to ₹8,785, the biggest single-day drop in months and a direct tailwind for Indian equities. Gold rose 1.92%, silver surged 4.16% as metals caught a bid globally.

Bond Yields & Currency

India 10Y yield at 6.896%, unchanged. US 10Y at 4.43%. The rupee strengthened 0.74% to 94.68, tracking the crude collapse and renewed FII interest in debt.

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 12th May:

The maximum Call Open Interest (OI) is observed at 24,500, followed by 24,800, indicating potential resistance at the 24,500 -24,600 levels.
The maximum Put Open Interest (OI) is observed at 24,000, followed by 24,200, suggesting support at 24,000-23,900.

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