Nifty underperforms global AI-driven rally, closes below 24,200

SBI fell nearly 7%, leading to weakness in financial counters

May 08, 2026

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 shift focus to the two most understated — yet arguably most important — aspects of scalping: position sizing and psychology. No strategy works without the discipline to size correctly and the mental fortitude to execute under pressure.

We walk through a practical framework for fixing your daily risk budget, translating it into capital requirements, and dynamically adjusting position size across S1, S2, and S3 throughout the trading day. We also explain why margin requirements should never be the basis for your risk management — that system was built to protect brokers, not optimise your trading.

In the psychology segment, we cover the concept of tilt — what it is, why it happens, and how to manage it before it spirals into significant losses. As discussed in the video, the ideal mental state for a scalper is emotional neutrality: neither euphoria on wins, nor distress on losses.

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Markets Today

Nifty opened with a 93-point gap down at 24,234, tracking softer global cues. The index remained volatile in the opening hour, slipping toward the 24,150 mark before briefly recovering to the 24,220–24,240 zone.

After the early swings, Nifty gradually drifted lower through the late morning session, trading in the 24,150–24,180 range till around 1 PM.

In the second half, selling pressure intensified briefly, dragging the index toward the day’s low near 24,130–24,140 around 2 PM. However, a sharp recovery followed, with Nifty rebounding toward the 24,220 zone by around 2:45 PM. The rally failed to sustain, and the index turned choppy again in the final 45 minutes, oscillating between 24,170 and 24,190 before closing at 24,176.15.

The session was marked by sharp intraday swings, a late recovery, and a lack of follow-through at higher levels amid geopolitical tensions and stronger AI-driven momentum in global markets.

Nifty fell 0.62% to 24,176, while Bank Nifty led the decline, slipping 1.31% to 55,311. Market breadth remained weak with 211 advances against 289 declines. VIX edged up 1.32% to 16.84, reflecting cautious sentiment.

Sectoral Indices Performance

IT surged 1.21%, the only defensive pocket with real momentum. FMCG and Consumption scraped small gains at 0.19% and 0.17%. Metal dropped 0.87%, Bank fell 1.31%, and PSU Bank cratered 3.06%, led by SBI, the worst in the pack. Only 4 of 12 sectors closed green.

Winners & Losers

Midcap fell 0.41%, slightly better than Nifty but still weak. The selloff was concentrated in financials and cyclicals; breadth showed no conviction with nearly 58% of stocks declining.

Momentum Screener

Global Markets

Commodities

Crude dropped 1.31% to ₹8,946, another relief for importers. Gold climbed 0.37% to ₹1,52,823, and silver jumped 1.3% to ₹2,61,908 as safe-haven demand ticked up.

Bond Yields & Currency

India 10Y yield held at 6.97%, stable despite the rupee slipping 0.25% to 94.57 against the dollar. US 10Y yield stayed flat at 4.41%, giving no new directional cues.

FII / DII Flows

Here’s the trend of FII-DII activity from the last 5 days:

Thematic Indices

Tijori’s niche indices, where pockets of the market beyond standard sector baskets are sorted by today’s move. You can also track the 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 12th May:

The maximum Call Open Interest (OI) is observed at 24,500, followed by 24,200 & 24,400, indicating potential resistance at the 24,400 -24,500 levels.
The maximum Put Open Interest (OI) is observed at 24,000, followed by 24,200, suggesting support at 24,100-24,000.

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

Management Chatter

In this section, we highlight interesting comments from the management of major companies and policymakers in the Indian and Global Economies.

Sriharsha Majety, MD & Group CEO, Swiggy on Q4 results:

“Food delivery has grown at its strongest pace in nearly four years, crossing INR 1,000 Cr in annual adjusted EBITDA and defying scepticism around a sector slowdown, with meaningfully better margins than a year ago. Out of home continues to be a profitable and growing part of the business.”
“In quick commerce, the next phase will be defined by anticipating consumer needs, not merely fulfilling them. Unit economics continue to improve quarter on quarter, and we remain on track for contribution margin breakeven in line with our guidance. The strong balance sheet gives us room to be disciplined and deliberate as we enter FY27.” - Link

Vidit Aatrey, Chairman, MD and CEO of Meesho on value focused purchases during Inflation:

“Typically, if you look at times like these—and there is a fair amount of history from the 1970s until now—value-focused companies actually tend to gain share when inflation goes high because budgets are tighter for people across the board. That potentially is a tailwind. Now, of course, there might be a headwind in terms of the absolute amount that people are spending, and some of these might act in a counter fashion. We will see how this progresses, but a high-inflationary environment for value-focused players is generally a tailwind.” - Link

Corporate Actions & Events

Corporate Actions

Earnings Calendar

Published by Zerodha. Not investment advice. Data from NSE, BSE, MCX.

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