Nifty recovers from sharp first half fall to close above 23,400
IT sector sees a sharp knock of over 5%
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 built a live prediction system using four of today’s most capable AI models — Claude Sonnet, Claude Opus, GPT, and Gemini — and ran it across 31 live trading days on the Nifty 50. Every afternoon at 3:15, just before market close, each model received the same structured brief and made two predictions: direction (up or down) and gap size. The results? Directionally useful, but turning that edge into a tradable strategy is a completely different problem.
This episode walks through the full experiment — how the brief was designed (with AI helping design the exam it would take), what the accuracy numbers actually look like, what a hypothetical trade log reveals when you apply realistic entry and exit conditions, and why one minute of difference can change the picture significantly.
Markets Today
Nifty opened with a gap down of 68 points at 23,416, tracking rising crude oil prices and continued weakness in domestic sentiment. The index remained under pressure through the morning session, slipping steadily from the opening levels and testing the 23,150–23,170 zone around noon, marking the day’s low.
Buying interest emerged around midday, helping Nifty recover sharply from the lows. The index reclaimed the 23,300 mark shortly after 12:30 PM and extended gains through the afternoon.
In the second half, momentum strengthened further, with Nifty moving in a steady uptrend. The index crossed 23,350 after 1:30 PM and climbed toward the 23,440–23,450 zone by around 3 PM, marking the day’s high.
A mild bout of profit-booking in the final 30 minutes trimmed some gains, but Nifty managed to hold above the 23,400 mark and eventually closed at 23,405.60.
The session was marked by a weak first half followed by a strong recovery from intraday lows, with sustained second-half buying helping the index erase most of its early losses despite lingering concerns around oil prices and broader market sentiment.
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 9th June:
The maximum Call Open Interest (OI) is observed at 23,500, followed by 23,800 & 23,700, indicating potential resistance at the 23,700 -23,800 levels.
The maximum Put Open Interest (OI) is observed at 23,300, followed by 23,000, suggesting support at 23,200-23,100.
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 Union Cabinet has approved a one-time ₹10,000 crore Price Stabilisation Fund to protect Indian airlines from sharp fluctuations in aviation turbine fuel (ATF) prices amid the West Asia crisis. Dive deeper
S&P Global reported that India’s Services PMI rose to 59.8 in May from 58.8 in April, indicating strong growth in business activity. The expansion was supported by robust new business inflows, a rebound in export demand, and easing input cost inflation, which helped reduce pressure on selling prices. Dive deeper
India could face additional trade pressure after the Office of the United States Trade Representative proposed 12.5% tariffs on most Indian goods under its Section 301 findings, citing concerns about the enforcement of forced-labour import prohibitions. India stated that discussions on both the Section 301 process and a broader trade framework remain ongoing. Dive deeper
RBI clarified that reports suggesting it had sold gold worth about $12 billion were incorrect. The RBI said its physical gold holdings remained unchanged at 880.52 tonnes as of the week ended April 24, 2026. Dive deeper
Model Economic Township has signed two MoUs with the Haryana government for investments worth ₹8,646 crore in its Reliance MET City project at Jhajjar. The 8,250-acre integrated smart city, developed by the Reliance Industries group, already hosts over 650 companies from 11 countries. Dive deeper
India’s exports of refined petroleum products fell to around 930,000 barrels per day in May, the lowest level since October 2022. The decline was driven by refinery maintenance activities, shifting production priorities, and stronger domestic fuel demand, which reduced the volume available for exports. Dive deeper
The Union Cabinet has approved a vehicle replacement scheme for old trucks and buses in the Delhi-NCR region to curb air pollution and accelerate cleaner mobility. The scheme offers 5% interest subvention on loans for five years, fuel vouchers of up to ₹4,800 per month, and incentives for EV purchases, benefiting around 2.07 lakh vehicle owners across Delhi-NCR, Haryana, Rajasthan, and UP. Dive deeper
Top Stories Globally
WTI crude futures rose above $95/bbl, extending gains for a third straight session as uncertainty over US-Iran peace talks and renewed tensions in the Middle East kept a geopolitical risk premium embedded in oil prices. Markets also reacted to reports of Iranian missile launches and retaliatory US strikes, raising concerns about potential disruptions to regional energy supplies. Dive deeper
Zhang Yiming has overtaken Mukesh Ambani to become Asia’s second-richest person, with a net worth of $92.8 billion. The rise has been driven by a higher valuation for ByteDance, strong growth in TikTok, and the success of its Doubao AI chatbot, which has attracted over 300 million monthly users. Dive deeper
OECD cut its global growth forecast for 2026 to 2.8% from 3.4%, while maintaining its 2027 projection at 3.1%. The OECD cited uncertainty surrounding the Middle East conflict, warning that disruptions to infrastructure, transport routes, and supply chains could weigh on the global economy for an extended period. Dive deeper
The European Commission has proposed the Cloud and AI Development Act and Chips Act 2.0 to strengthen Europe’s domestic cloud, AI, and semiconductor industries. The initiative aims to reduce dependence on US technology firms and double the EU’s share of global semiconductor production to 20% by 2030. 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.
Uday Kotak, founder of Kotak Mahindra Bank, on "wake-up call" for listed companies in India:
"Google, which is cash surplus, just announced an additional capital raise of $80 bn. Google's annual profit is $160 bn, last quarter $62 bn, and market cap $4.5 trillion. That is close to the total profits and market cap of all Indian listed companies put together."
"It's a wake-up call to all companies to invest into the future, whatever the present may be. Now that IPL is done and dusted, time for India to focus on business of business." - Link
Fernando Fernandez, Unilever Global CEO of Unilever on the Indian market:
“We got late into the Chinese party; we will not get late into the Indian party.”
“We now have a portfolio of super premium brands that will travel into India at the right time when the markets develop.” - Link
Corporate Actions & Events
Corporate Actions
Published by Zerodha. Not investment advice. Data from NSE, BSE, and MCX.
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