Nifty fails to hold above 23,400, closes flat after sharp reversal
Broader markets underperform
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, Sandeep shares the eight books that actually changed how he looks at markets - not books that give you setups and entry points, but books that give us a way of seeing.
Most trading books promise a map. But a strategy is a response — to a specific market, a specific moment, a specific psychology. What transfers instead is a lens. Over years of reading, He arrived at eight books across three themes that genuinely shaped how he thinks about markets, risk, and the craft of getting better.
Markets Today
Nifty opened flat at 23,234 despite weak global cues, including volatile US markets and escalating tensions in the Middle East, indicating relative resilience in early trade. The index moved higher in the opening hour, climbing toward the 23,370–23,380 zone.
Buying interest remained strong through late morning trade despite a few dips in between, with Nifty gradually extending gains and testing the 23,420–23,425 zone around 1 PM, marking the day’s high.
However, the momentum faded after 1:30 PM as the index drifted lower and slipped below 23,350 by around 2 PM. Selling pressure intensified further in the final hour, dragging Nifty sharply lower toward the 23,200 mark and eventually closing at 23,214.95, near the day’s low. The session was marked by a strong first half followed by a sharp late sell-off that erased all intraday gains.
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 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 16th June:
The maximum Call Open Interest (OI) is observed at 23,500, followed by 23,400, indicating potential resistance at the 23,400 -23,500 levels.
The maximum Put Open Interest (OI) is observed at 23,200, followed by 23,000, suggesting support at 23,000-22,900.
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
Top Stories in India
Meta Platforms has partnered with Reliance Industries to develop its first AI-powered data centre in India, a 168-megawatt facility in Jamnagar. Meta will lease the centre and bear the full energy and water costs, while the two companies’ existing joint venture will use the infrastructure to build AI platforms and tools for Indian enterprises. Dive deeper
Indian government bond yields have fallen sharply over the past four days, with the benchmark 10-year yield declining about 11 basis points to 6.91% from 7.02% on June 3. The rally was driven by stronger foreign portfolio inflows following the government’s tax exemptions on interest income and capital gains from investments in government securities. Dive deeper
Zoho has launched Nathu La, its indigenously designed server, as part of its push to build a complete enterprise technology stack and strengthen technological self-reliance in data hardware. The company claims the server delivers comparable performance with 12–18% lower power consumption and 20–30% lower total cost of ownership. Dive deeper
Gold ETFs recorded net outflows of ₹725 crore in May, ending a 13-month streak of positive inflows and marking the first monthly withdrawal since April 2025. The outflows were attributed to government appeals against excessive gold purchases and several asset management companies temporarily restricting fresh investments, although Gold ETFs have still attracted over ₹70,000 crore since May 2025. Dive deeper
Ashwini Vaishnaw announced Cabinet approval for three infrastructure projects with a total investment of ₹4,703 crore. The projects include the extension of Ahmedabad Metro Phase 2A to the airport, along with the construction of a Central Government office complex and a residential complex in Amaravati. Dive deeper
According to data from the AMFI, actively managed equity mutual funds saw net inflows of ₹22,908 crore in May, the lowest monthly inflow of 2026. The figure represents a sharp 40.4% decline from April’s ₹38,440 crore, indicating some moderation in investor participation after several months of strong inflows. Dive deeper
Top Stories Globally
Crude oil rose 2% to around $90 per barrel as markets reacted to reports of Iranian attacks on Gulf nations and comments from US President Donald Trump indicating that military action against Iran remained a possibility, adding a geopolitical risk premium to oil prices. Dive deeper
U.S. consumer inflation accelerated to 4.2% in May, the highest level in three years, driven by higher gasoline and energy prices amid the Middle East conflict. The stronger-than-expected inflation reading has reinforced expectations that the Federal Reserve may keep interest rates elevated for longer, with CPI rising 0.5% month-on-month after a 0.6% increase in April. Dive deeper
Gold prices extended their decline toward $4,150 per ounce, hitting their lowest levels since late 2025, as hotter U.S. inflation data reinforced expectations that the Federal Reserve will keep interest rates higher for longer. Dive deeper
Anthropic is broadly releasing Fable 5, a version of its Mythos AI model equipped with safeguards that block certain cybersecurity and biology-related tasks. For such queries, its Claude assistant will instead route responses through the Opus 4.8 model, while Anthropic is also launching Mythos 5, a version of the model with fewer restrictions. Dive deeper
Cognizant has generated around $200 million in incremental sales opportunities using an internal AI-driven system called “context engineering,” which analyzes employee emails, meetings, chats, and other interactions. 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.
Baba Kalyani, Chairman of Bharat Forge, on entering the semiconductor business and defence sector opportunities:
Bharat Forge is working on a new semiconductor project and is collaborating with several companies to manufacture parts for lithography machines, a critical component of chipmaking equipment.
“We have seen the biggest reform in the defence sector. Defence used to be at the component level earlier, and now it’s a platform for us; we are expecting a big surge in the Indian defence sector over the next 5 years.” - Link
N Chandrasekaran, Chairman of Tata Consumer Products Ltd (TCPL) on the company’s growth and margins:
"I think the way to look at the Tata Consumer products is we are building this business over a medium to long term, and this company was only a beverage company and predominantly focused on tea and a little bit on coffee and very small on water. Now, this has gained the status of truly a food products and beverages and FMCG company, and we are adding to the portfolio,"
"There are a lot of questions on EBITDA margins, how we will maintain them, what the trajectory will be, and why our margins are lower than some of the competition. The way to look at it is that margins have been improving sequentially."
"In a tough year, when there are supply chain issues and commodity price increases, especially in categories where we have significant exposure like tea, it does impact margins," - Link
Corporate Actions & Events
Corporate Actions
Published by Zerodha. Not investment advice. Data from NSE, BSE, and MCX.
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