Nifty closes flat as large caps continue to lag despite lower oil prices
Broader markets continue to dominate
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.
Markets Today
Nifty opened with a 68-point gap up at 24,399, tracking stable global cues. The index saw a volatile start, oscillating between the 24,330–24,400 zone within the first hour.
Selling pressure intensified through the late morning session, dragging Nifty toward the 24,285–24,290 range by around 11:30–11:45 AM, where it marked the day’s low.
However, the index staged a sharp recovery post noon, rebounding strongly from lower levels. Momentum accelerated around 12:30 PM, triggering a sharp spike toward the 24,450–24,480 zone, marking the day’s high.
The rally failed to sustain, with Nifty slipping back toward the 24,350 zone and trading largely range-bound between 24,350 and 24,380 through the afternoon. In the final hour, the index briefly dipped toward 24,300 before recovering slightly to close at 24,326.65.
The session was marked by sharp intraday swings, a strong midday rebound, and lack of follow-through at higher levels.
Nifty ended nearly flat at 24,326, down just 4 points, while Bank Nifty edged up 0.12% to 56,047. Sensex slipped 0.15%, but market breadth remained strong with 331 advances against 168 declines. VIX was largely unchanged, easing 0.36% to 16.62, indicating limited panic despite late selling pressure. Midcaps continued to outperform sharply, while largecaps remained largely subdued.
Sectoral Indices Performance
Auto ripped 1.93%, leading the charge. Energy added 0.82%, and Realty gained 0.63% after yesterday’s bank-led rally cooled off. IT dropped 0.77%, FMCG fell 0.76%, and PSU Banks shed 0.49%. Nine of twelve sectors stayed green, but the losers were the defensives.
Winners & Losers
Midcaps stole the show, surging 1.67% to 14,551, while large-caps went nowhere. That’s the widest divergence in weeks, breadth strength wasn’t just in large names, it was concentrated lower down. Advances outnumbered declines two-to-one in the Nifty 500.
Momentum Screener
Global Markets
Commodities
Crude crashed another 3.08% to ₹8,739, now down 12% in three sessions. Gold inched up 0.48%, silver jumped 2.91% to ₹2,60,630. Lower crude is a structural tailwind for India’s deficit and inflation, but market participants are no longer reacting to it with much conviction.
Bond Yields & Currency
India 10Y yield at 6.925%. US 10Y at 4.36%, unchanged. The rupee strengthened 0.19% to 94.30 as the dollar lost ground. Bond markets are calm, and the currency move suggests the oil crash is beginning to filter through.
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 24,400 & 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 & 24,300, suggesting support at 24,200-24,100.
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
The Indian rupee rebounded sharply on Thursday, strengthening to 94.25/$ after crude oil prices fell sharply, easing pressure on Asian currencies. Dollar sales in the non-deliverable forward market and stop-loss covering on bearish rupee positions further supported the recovery. Dive deeper
MRF Limited reported a 37% YoY rise in Q4 standalone profit to ₹680 crore, while revenue grew 14% to ₹7,908 crore. The company also recommended a final dividend of ₹229 per share. Dive deeper
Paytm reported a turnaround in Q4FY26 with a consolidated profit of ₹183 crore, compared to a ₹545 crore loss a year ago. Revenue rose 18.4% YoY to ₹2,264 crore, driven by strength in payments, merchant lending, and consumer business profitability. Dive deeper
Bajaj Auto announced its largest-ever buyback worth ₹5,633 crore at ₹12,000 per share, a 16% premium to the previous closing price. Dive deeper
Fairfax India Holdings will raise its stake in IIFL Capital Services to 51% through a ₹2,000 crore investment via preferential allotment. Dive deeper
Royal Enfield will invest around ₹2,200 crore to set up a new manufacturing facility in Andhra Pradesh, adding nearly 9 lakh units of annual production capacity. Dive deeper
Bharat Forge reported Q4FY26 net profit of ₹233 crore, down 17.5% YoY, despite revenue rising 17.5% to ₹4,528 crore, while the company also announced a final dividend of Rs 6.50 amid softer margins and mixed demand conditions across segments. Dive deeper
Coal India shares were in focus after reports said the government may sell a 3–4% stake via an offer-for-sale (OFS), potentially raising about ₹10,000 crore as part of its divestment plans. Dive deeper
Escorts Kubota Limited reported a marginal rise in Q4FY26 net profit to ₹320.5 crore, while revenue jumped 21% YoY to ₹2,968 crore. Growth was driven by strong tractor sales volumes, which increased 21.1%, alongside steady construction equipment demand. Dive deeper
Top Stories Globally
Brent crude slipped below the $100-per-barrel mark as oil prices reversed recent gains amid heightened volatility and growing optimism around a potential US–Iran peace deal that could ease supply disruptions and reopen the Strait of Hormuz. Dive deeper
Apple Inc. announced an initial ₹100 crore investment in India to expand renewable energy capacity across its supply chain. In partnership with CleanMax, the project aims to develop over 150 MW of clean energy capacity, enough to power around 150,000 households annually. Dive deeper
US employers announced 83,387 job cuts in April 2026, the highest in three months, with the technology sector leading layoffs as companies increasingly cited AI spending and restructuring as key reasons for workforce reductions. Dive deeper
France’s trade deficit widened sharply to €5.8 billion in February 2026 from €2 billion in the previous month, as imports surged and exports weakened, reflecting pressure from higher energy costs and softer demand from Asia and the EU. Dive deeper
McDonald’s Corporation reported better-than-expected Q1 results, with adjusted EPS at $2.83 and revenue rising 9% YoY to $6.52 billion. Strong global comparable sales growth and franchised margins lifted shares 3.5% in premarket trading. 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.
Corporate Actions & Events
Corporate Actions
Earnings Calendar
Published by Zerodha. Not investment advice. Data from NSE, BSE, MCX.
That’s it from us for today. We’d love to hear your feedback in the comments, and feel free to share this with your friends to spread the word!




















management chatter is same from last few days
management chatter is same in last few editions. earlier it used to get updated daily. please look into this.