Nifty underperforms global AI-driven rally, closes below 24,200
SBI fell nearly 7%, leading to weakness in financial counters
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.
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
Top Stories in India
State Bank of India shares fell up to 7% after Q4 earnings despite a 5.6% YoY rise in profit to ₹19,684 crore. Treasury income dropped sharply due to rising bond yields and RBI forex curbs, weighing on overall profitability. Dive deeper
Akasa Air has set up a dedicated entity in GIFT City for aircraft financing and leasing, joining Indian airlines’ push to build in-house leasing capabilities and reduce dependence on foreign lessors as India strengthens its aviation finance ecosystem. Dive deeper
Airtel Africa has delayed the IPO of its mobile money business, Airtel Money, to the second half of 2026 due to geopolitical volatility linked to the Iran conflict, though the London listing could still raise $1.5–2 billion and value the business at around $10 billion. Dive deeper
Titan reported a strong Q4FY26 with net profit rising 35.4% YoY to ₹1,179 crore, while sales surged 48.3% to ₹20,607 crore, marking one of its best-ever quarterly performances. For FY26, profit jumped 52% to ₹5,073 crore despite a sharp rise in expenses. Dive deeper
Biocon reported Q4FY26 net profit of ₹198.6 crore, down sharply YoY due to exceptional items and higher costs, while revenue from operations rose over 2% to ₹4,517 crore, driven by strong growth in its biosimilars business and improved operational performance. Dive deeper
IOC, BPCL, and HPCL have reportedly incurred combined losses of around ₹30,000 crore since mid-March after keeping fuel and LPG prices unchanged despite a sharp rise in crude and input costs amid the West Asia crisis. Dive deeper
Kalyan Jewellers reported Q4FY26 net profit of ₹410 crore, more than doubling YoY, while revenue surged 66% driven by strong wedding and festive demand across India and the Middle East; the company also announced a dividend for shareholders. Dive deeper
BSE shares hit a fresh 52-week high after the exchange reported a strong Q4FY26 performance, with consolidated net profit jumping 61% YoY to ₹797 crore and revenue surging 85%, driven by robust trading volumes and derivatives growth. Dive deeper
Hyundai Motor India reported Q4FY26 standalone net profit of ₹1,221 crore, down 23% YoY, though revenue rose 5% supported by strong SUV demand and export growth; the company also announced a dividend of ₹21 per share. Dive deeper
Bank of Baroda reported an 11.2% YoY rise in Q4FY26 consolidated profit to ₹5,616 crore, while net interest income grew 9% to ₹12,494 crore, reflecting steady lending and income growth. Dive deeper
Top Stories Globally
Brent crude remained highly volatile around the $100-per-barrel mark as markets weighed hopes of a potential US–Iran peace deal against ongoing supply risks and tensions in the Strait of Hormuz. Dive deeper
A US trade court struck down Donald Trump’s proposed 10% global tariff on trading partners, including India, ruling against its use under a 1974 trade law. The decision could lower US import duties back to MFN levels and strengthen India’s position in ongoing India–US free trade negotiations. Dive deeper
The UN Food and Agriculture Organization’s global Food Price Index rose to around 129 points in April 2026, the highest in nearly two years, driven by sharp increases in meat, dairy, and vegetable oil prices amid supply disruptions and geopolitical tensions. Dive deeper
Japan’s Nikkei retreated from record highs as SoftBank Group shares declined sharply after investors booked profits in AI-linked technology stocks, while broader Asian markets remained cautious ahead of key global economic data and central bank signals. Dive deeper
US nonfarm payrolls are expected to rise by around 62,000 jobs in April 2026, slowing sharply from March’s 178,000 increase, while the unemployment rate is projected to remain steady at 4.3%, signaling a cooling but still resilient labour market. Dive deeper
Germany’s exports rose 0.5% month-on-month in March 2026 despite geopolitical tensions, supported by stronger shipments within the EU, though exports to the US fell sharply and the trade surplus narrowed as imports surged amid higher energy costs. 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.
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.
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!
















I personally prefer the format where the comments by a few exes are in text rather than images. And when there are 3 comments