Nifty slumps nearly 250 points after 3 PM, ends near 23,550
MSCI rebalancing based selling causes sharp sell-off
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, From the moment you tap buy on Kite to the moment the exchange says complete, your order travels through CloudFlare's security layer, AWS's load balancers, dedicated P2P lease lines, physical data centres in Mumbai and Chennai, three layers of internal checks — a mini RMS, the OMS, and the main RMS — and finally to the exchange itself. Seven layers. Hundreds of moving parts. A few milliseconds.
This episode also examines what can go wrong at each stage — from CloudFlare false positives that block legitimate users, to lease line flapping, to the rarest and most disruptive scenario: the OMS or the exchange itself going down.
Markets Today
Nifty opened flat at 23,902, digesting mixed global cues as geopolitical tensions continued to escalate even as reports of progress in diplomatic talks offered some relief. The index traded with a mild negative bias through the morning session, gradually slipping from the 23,940–23,950 zone toward 23,850 by noon.
Selling pressure persisted in the second half, dragging Nifty steadily lower. The index slipped below the 23,800 mark after 1 PM and continued to drift lower, testing the 23,740–23,760 zone by around 2 PM.
A brief recovery attempt around 2:30 PM helped Nifty reclaim some ground and move back toward the 23,790–23,800 zone. However, the bounce proved short-lived as sharp selling emerged in the last 30 minutes, with reports suggesting MSCI rebalancing-based selling, which dragged the index to the day’s low near 23,490–23,500.
A strong recovery in the last few minutes helped trim some of the losses, with Nifty ending the day at 23,547.75.
The session was marked by steady weakness through most of the day, a sharp late sell-off, and a small recovery into the close, reflecting heightened volatility and uncertainty amid conflicting global developments.
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 2nd June:
The maximum Call Open Interest (OI) is observed at 24,000, followed by 23,900, indicating potential resistance at the 23,800 -23,900 levels.
The maximum Put Open Interest (OI) is observed at 23,200, followed by 23,500, suggesting support at 23,400-23,300.
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 posted its strongest single-day gain in nearly two months, rising 0.7% to close at 95/$, supported by lower oil prices and likely intervention by the Reserve Bank of India. Dive deeper
India Meteorological Department reiterated its forecast of a weaker-than-normal monsoon, projecting rainfall at 90% of the Long Period Average during the June–September 2026 season. The agency said most parts of India are likely to receive below-normal rainfall in June. Dive deeper
Wipro shares gained after the company expanded its partnership with ServiceNow to deploy agentic AI workflows across IT, HR, procurement, and cybersecurity functions. The collaboration will integrate Wipro Intelligence with the ServiceNow AI Platform to automate enterprise operations and improve workflow efficiency. Dive deeper
InterGlobe Aviation reported a Q4FY26 net loss of ₹2,537 crore, compared with a profit of ₹3,068 crore a year earlier, as sharp rupee depreciation, labour law changes, and a challenging operating environment weighed on earnings. Total income, however, rose over 3% YoY to ₹23,831 crore. Dive deeper
Delta Corp shares plunged more than 16% after the Supreme Court of India upheld the government's retrospective 28% GST levy on online gaming, betting, and gambling activities, raising concerns over the company’s tax liabilities and future profitability. Dive deeper
Asian Paints reported a strong Q4FY26 performance, with consolidated net profit rising 69.3% YoY to ₹1,172 crore. Net sales grew 10.8% to ₹9,229 crore, and the company recommended a final dividend of ₹23 per share for FY26. Dive deeper
Delhi High Court held that Google cannot allow competing companies to bid on the trademarked keyword “HINDWARE,” potentially reshaping how brands use competitor keyword targeting in online advertising. Dive deeper
Top Stories Globally
WTI crude oil futures fell about 2% to $87.2/bbl, their lowest level in roughly six weeks, as reports suggested the United States and Iran had reached a preliminary agreement to extend a ceasefire and ease shipping restrictions through the Strait of Hormuz. Oil is now on track for a 17% decline in May, though the proposed deal has not yet been formally approved or finalized. Dive deeper
Anthropic has become the most valuable AI company in Silicon Valley after raising $65 billion in a Series H funding round at a $965 billion valuation. The new valuation surpasses that of rival OpenAI and nearly triples Anthropic’s valuation from February, with backing from investors including Amazon, Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital. Dive deeper
Blue Origin suffered a major setback after its New Glenn rocket exploded during a static fire test at Cape Canaveral ahead of a planned launch. The company confirmed the incident, saying all personnel were safe, while founder Jeff Bezos said it was too early to determine the cause and that the company would rebuild and resume operations. Dive deeper
LG Electronics shares surged nearly 24% after the company unveiled new automotive solutions developed with technology from Google. The Android-based platform enables multiple in-vehicle displays to be controlled through a single chip, helping automakers reduce the cost of deploying advanced cabin systems. Dive deeper
Dell Technologies shares surged nearly 40% in premarket trading after strong demand for its AI servers powered by NVIDIA prompted the company to raise its full-year revenue and profit forecasts. The rally was set to add more than $81 billion to Dell’s market value. Dive deeper
Pfizer and China’s Innovent Biologics have signed a global oncology partnership worth up to $10.5 billion. The deal includes a $650 million upfront payment and covers 12 cancer drug programs, combining Innovent’s early-stage assets with Pfizer’s discovery initiatives. 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.
Benedetto Vigna, CEO of Ferrari, has defended the 550,000-euro price of the company's first fully electric vehicle:
“You have to see Luce to understand that it has nothing to do with Chinese EVs or those by other brands.”
"If you see it and try it, you immediately understand it was not copied, and it has nothing to share with other EVs you have seen and are produced by others, in terms of interiors, exterior, and performance." - Link
Peter ter Kulve, CEO of Magnum Ice Cream Company global on transitioning to fully dairy-based ice cream:
“We are not a frozen dessert company anywhere in the world; we are an ice cream company. In India, we changed everything, everything.”
There is no way to ensure good cost, quality, and service when an ice cream is coming out of one place – Nashik – for the entire country. “In Turkey we have one cabinet for every 350 people. Ultimately I will need a million cabinets in India,” - Link
Corporate Actions & Events
Corporate Actions
Earnings Calendar
Published by Zerodha. Not investment advice. Data from NSE, BSE, and MCX.
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