Nifty recoups Friday's losses, closes above 24,100
Momentum on the upside remains muted
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 dig into one of the oldest debates in trading and investing: the difference between luck and skill — and why getting it wrong can cost you far more than money.
We start with a story you won't forget: on the day oil prices went negative for the first time in 138 years, nine traders working from home in Essex made $660 million in a single afternoon. The trade was right. But was that genius — or just circumstance?
To answer that, we walk through five frameworks: Morgan Housel's repeatability test, Michael Mauboussin's luck-skill spectrum, Daniel Kahneman's illusion of skill, Nassim Nicholas Taleb's survivorship bias, and what the SPIVA data reveals about an entire industry built on mistaking beta for alpha.
Markets Today
Nifty opened with a 94-point gap up at 24,107, tracking stable global cues and softer oil prices. After a steady start, the index moved higher through the opening hour, climbing toward the 24,150–24,160 zone by around 11 AM and briefly testing the day’s high near 24,160.
The momentum faded thereafter, with Nifty gradually giving up gains through the late morning session. The index slipped toward the 24,120 level by noon and remained largely range-bound between 24,110 and 24,140 throughout the second half till 3 PM, after which the selling pressure dragged the index steadily lower, with Nifty slipping below 24,100 and eventually closing the session largely near the opening gap-up price at 24,102.90.
The session was marked by a strong opening, prolonged consolidation through most of the day, and sharp profit-booking in the final 30 minutes that erased all intraday gains.
Sectoral Indices Performance
Winners & Losers
Momentum Screener
Commodities
Global Markets
Bond Yields & Currency
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 23rd June:
The maximum Call Open Interest (OI) is observed at 24,200, followed by 24,100, indicating potential resistance at the 24,200 -24,300 levels.
The maximum Put Open Interest (OI) is observed at 24,000, followed by 24,100, 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
Top Stories in India
India’s core sector growth slowed to a seven-month low of 0.5% in May from 1.8% in April, as weakness in energy-related sectors outweighed strength in steel, cement, and electricity output. Dive deeper
Shares of Bharat Dynamics and Bharat Electronics gained after reports that India is in discussions with the UAE for potential exports of defence systems, including the BrahMos missile and Akashteer air defence platform. Dive deeper
India’s monsoon has regained momentum after a two-week pause as per senior IMD officials, advancing into additional parts of Maharashtra, Telangana, Chhattisgarh, and the remaining regions of Karnataka. The revival is expected to support summer crop sowing and provide relief from the ongoing heatwave, improving prospects for the agricultural season. Dive deeper
Voltas crossed 1 million air conditioner sales in FY27 within the first three months of the financial year, achieving the milestone in record time. The company attributed the strong performance to robust summer demand, a refreshed product portfolio, targeted market segmentation, and enhanced consumer engagement initiatives. Dive deeper
Power Mech Projects secured a ₹1,008.9 crore order from JSW Thermal Energy for civil and structural works in the BTG area of a 2x800 MW thermal power project at Salboni, West Bengal. The project is scheduled to be completed within 36 months from the start of execution. Dive deeper
Tata Motors announced orders for more than 3,400 electric commercial vehicles across freight, logistics, and passenger transportation segments. The order win strengthens Tata Motors' position in India’s growing electric commercial vehicle market and highlights rising fleet electrification demand. Dive deeper
GRSE shares were in focus after being granted the prestigious Navratna status by the Department of Public Enterprises. The upgrade gives the defence PSU greater financial and operational autonomy, enhancing its ability to pursue investments and strategic growth opportunities. Dive deeper
Top Stories Globally
Brent crude slipped below $80 per barrel as investors welcomed signs of progress in U.S.-Iran peace negotiations. Mediators Qatar and Pakistan said both sides had agreed to a roadmap aimed at reaching a final agreement within 60 days, easing concerns over supply disruptions and supporting expectations of smoother oil flows through the Strait of Hormuz. Dive deeper
China has unveiled a new policy package to attract foreign investment, including support for qualified foreign-funded companies seeking listings on domestic stock exchanges. The plan also aims to ease foreign participation in capital markets and accelerate reforms to merger and acquisition regulations to facilitate deals between foreign and Chinese firms. Dive deeper
SK Hynix has overtaken Samsung Electronics to become South Korea’s most valuable listed company, driven by surging demand for its AI-focused high-bandwidth memory (HBM) chips. The stock has rallied more than 340% this year, lifting its market value above both Samsung and Micron Technology as the AI boom accelerates. Dive deeper
Lithium carbonate prices in China fell to CNY 157,000 per tonne, their lowest level in ten weeks, amid speculation that a major lithium mine linked to CATL could resume operations. Dive deeper
Japan’s Nikkei 225 surged past the 72,000 mark for the first time, closing at a record 72,353.96 as strong optimism around AI-related investments continued to fuel gains. Progress in U.S.-Iran peace talks further supported risk appetite, helping the index rise 1.55%. Dive deeper
The British pound fell to around $1.32, nearing its lowest level of the year, after the resignation of U.K. Prime Minister Keir Starmer triggered political uncertainty. Markets are now focused on the Labour Party's leadership transition, with a successor expected to be chosen by early September. Dive deeper
China’s 10-year government bond yield fell to around 1.73%, its lowest level in two weeks, as investors assessed the People's Bank of China's decision to keep key lending rates unchanged. The central bank left both the one-year and five-year LPRs steady for a 13th consecutive month, reflecting a cautious balance between supporting growth and maintaining financial stability. 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
Published by Zerodha. Not investment advice. Data from NSE, BSE, and MCX.
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