Nifty kicks off the new series with strength, reclaims 26,200; Broader markets stage solid rebound
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 video series, we explore how to run a proper trading backtest end-to-end — starting with forming a clear hypothesis and turning it into a precise, testable rule set, then generating Pine Script code (using Claude AI) and running the backtest on TradingView. From there, we break down how to export and analyse the full trade log in depth, while also covering the nuances that matter in real-world testing, including continuous futures, back-adjusted data, instrument limitations, and where TradingView works well — and where it doesn’t — in a trader’s workflow.
Market Overview
Nifty opened with a gap-down of 42 points at 25,843, but the first tick turned out to be the day’s low as the index immediately staged a strong rebound. Within the first hour, Nifty surged past 26,000 and maintained a steady upward trajectory through the morning. By 10:30 AM, the index cleared the key resistance zone near 26,060, and by 10:45 AM, it comfortably crossed 26,100, continuing to grind higher on strong intraday momentum.
In the second half, Nifty remained firm above 26,150 and gradually inched toward the day’s high near 26,200. A final burst of buying in the last hour pushed the index to an intraday peak of around 26,215 before it settled at 26,205.30, up 1.24% and now less than 80 points away from fresh record highs.
Looking ahead, markets are expected to remain sensitive to progress on the India–U.S. trade deal and broader global cues.
Broader Market Performance:
The broader markets had a strong bullish session after many days today. Of the 3,191 stocks traded on the NSE, 2,291 advanced, 807 declined, and 93 remained unchanged.
Sectoral Performance:
Nifty Metal emerged as the top gainer with a 2.06% rise, while no sector closed in the red. All 12 sectoral indices ended in the green, marking a broad-based rally across the board.
Here’s the trend of FII-DII activity from the last 5 days:
Change in OI for the day
The following is the change in OI for Nifty contracts expiring on 2nd December:
The maximum Call Open Interest (OI) is observed at 26,500, followed by 26,200, indicating potential resistance at the 26,300 -26,400 levels.
The maximum Put Open Interest (OI) is observed at 26,000, followed by 26,100, suggesting support at the 26,100 to 26,000 levels.
Note: OI is subject to multiple interpretations, but generally, an increase in Call OI indicates resistance in a falling market, and an increase in Put OI indicates support in a rising market.
Source: Sensibull
Tijori is an investment research platform, and they have constructed niche indices for various themes and sub-sectors. They help you understand the market performance of narrow slices of the market. You can also track the Promoter buying and other interesting stuff, like Capex activity by the companies in the Tijori App’s idea dashboard
What’s happening in India
The Union Cabinet has approved a ₹7,280-crore scheme to promote domestic manufacturing of sintered rare earth permanent magnets, aiming to build 6,000 MTPA of integrated capacity and reduce reliance on imports. Dive deeper
Tata Motors Passenger Vehicles has reintroduced the Sierra SUV, pricing it below ₹15 lakh to tap into demand in the mid-range SUV segment. Dive deeper
Canara Bank and ICICI Bank are expected to raise a combined ₹7,500 crore via bond issuances this week, part of their efforts to bolster capital for lending needs. Dive deeper
NDL Ventures said its board has approved the merger of Hinduja Leyland Finance into NDL Ventures. The consolidation aims to combine operations and streamline the business under one entity. Dive deeper
Zydus Lifesciences received USFDA approval for its Verapamil Hydrochloride ER tablets, which are used to treat hypertension, angina, and certain heart rhythm disorders. Dive deeper
HCLTech signed a strategic collaboration agreement with Amazon Web Services to expand joint cloud solutions and accelerate digital transformation for clients. Dive deeper
A SEBI-appointed panel is considering changes to the definition of “promoter” for companies preparing to go public. The move aims to bring regulations in line with India’s evolving ownership structures and reduce ambiguities for new-age firms. Dive deeper
Adani Enterprises’ ₹24,930-crore rights issue opens today at a discounted price, with eligible shareholders able to subscribe based on the announced entitlement ratio. Dive deeper
EV maker 3ev has raised ₹120 crore in Series A funding led by Mahanagar Gas, marking the latter’s first investment in electric mobility. Dive deeper
PFC and NABARD scrapped planned bond issuances worth a combined ₹10,000 crore after auction yields came in higher than expected. Both institutions opted to defer fundraising as market conditions turned less favourable. Dive deeper
SEBI plans to simplify the process for issuing duplicate share certificates by reducing paperwork and streamlining verification requirements. The move aims to make it easier for investors to replace lost or damaged documents. Dive deeper
What’s happening globally
WTI crude hovered near $58 per barrel, its lowest in five weeks, as progress in Ukraine peace talks raised the possibility of sanctions on Russian oil being lifted. Dive deeper
Gold climbed to about $4,150 per ounce, nearing a two-week high as softer U.S. retail sales and steady producer prices strengthened expectations of a December Fed rate cut. Dive deeper
US retail sales rose 0.2% in September, the smallest gain in four months and below expectations. Miscellaneous retailers and gasoline stations led the increases, while declines were seen in categories like sporting goods, clothing and online sales. Dive deeper
Hyundai Motor is recalling 143,472 vehicles in the US due to a software issue that may prevent the rearview camera image from displaying, the NHTSA said. Dive deeper
Tesla said it continues to value China-based suppliers and does not exclude any based on country of origin, responding after reports claimed it was asking U.S. suppliers to avoid China-made components. Dive deeper
The FAA is investigating Amazon after one of its MK30 delivery drones struck an overhead internet cable in Waco, Texas, on Nov. 18, causing a controlled landing with no injuries or major outages. Dive deeper
Foxconn said it has received regulatory approval for an additional $569 million investment in Wisconsin. Dive deeper
Australia’s inflation rose to 3.8% in October, driven by surging electricity costs and broader price increases, keeping it above the RBA’s target. The trimmed mean CPI also climbed to 3.3%, exceeding expectations as the country transitions to monthly CPI reporting. Dive deeper
Management chatter
In this section, we highlight interesting comments made by the management of major companies and policymakers from the Indian and Global Economies.
Saurabh Mukherjea, Founder, Marcellus Investment Managers, on labour laws, and India’s structural job risks
“New labour laws will not boost earnings; employers are seeing up to a 12% rise in payroll costs with minimal operational relief.”
“The real long-term risk is rapid automation and AI, with labour requirements collapsing across sectors and the middle-class job engine under threat.” - Link
K. Ram Mohan Naidu, Civil Aviation Minister of India on the growth outlook for India’s MRO sector:
“India’s aircraft MRO market is projected to be worth $4 billion by 2031, providing unprecedented opportunities.”
“Carrying out aircraft MRO activities within the country will help save up to $15 billion in foreign exchange in the coming years.”
“The Safran MRO facility in Hyderabad, operational in 2026, will significantly boost India’s indigenous aviation capabilities as the country moves toward becoming a global aviation hub.” - Link
Abneesh Roy on the Indian paint sector’s outlook for H2 FY26
“Demand revival and lower inflation are expected to drive a strong second half for the paint sector.”
He notes that the entry of a major new player is disrupting the market — increasing competition and potentially reshaping market share dynamics.
These factors together suggest heightened market activity and potentially improved consumer offerings in the coming months. - Link
🧑🏻💻Have you checked out The Chatter?
Every week, we listen to the big Indian earnings calls—Reliance, HDFC Bank, and even smaller logistics firms—and copy the full transcripts. We then remove the fluff and keep only the sentences that could move a share price: a surprise price hike, a cut-back on factory spending, a warning about weak monsoon sales, or a hint from management on RBI liquidity. We add a quick, one-line explainer and a timestamp so you can trace the quote back to the call. The whole thing lands in your inbox as one sharp page of facts you can read in three minutes—no 40-page decks, no jargon, just the hard stuff that matters for your trades and your macro view.
Go check out The Chatter here.
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Calendars
In the coming days, we have the following significant events and corporate actions:
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!