Peace talk progress & softer oil prices power Nifty above 24,000
Midcap Select once is back near fresh highs
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 sit down with Nick Radge, a veteran trader and systematic strategist with nearly 40 years of market experience. From starting as a clerk in 1985 to working at global desks like HSBC and Macquarie, Nick later founded The Chartist and now manages the All Weather Fund.
We trace his evolution from hand-drawn charts in the 1980s to running nine global momentum and trend-following strategies today, exploring why factor momentum dominates his approach and how he builds portfolios to survive volatile markets.
Markets Today
Nifty opened with a big gap up of 221 points at 23,940, tracking a sharp 5% decline in crude oil prices after both the US and Iran signalled progress in peace talks.
After the initial swings, Nifty moved into a narrow range through the late morning session, hovering largely between 23,950 and 23,980 with a slight positive bias. The index briefly dipped toward the 23,940 zone around 12:30 PM before recovering steadily.
In the second half, buying momentum strengthened gradually. Nifty reclaimed the 24,000 mark after 2:30 PM and extended gains sharply in the final hour, climbing toward the 24,040–24,050 zone and eventually closing near the day’s high at 24,031.70.
The session was marked by a strong gap-up opening, a prolonged consolidation phase, and a sharp late rally driven by easing crude prices and improving global 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 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 26th May:
The maximum Call Open Interest (OI) is observed at 24,500, followed by 24,000, indicating potential resistance at the 24,200 -24,300 levels.
The maximum Put Open Interest (OI) is observed at 24,000, followed by 23,900, suggesting support at 23,900-23,800.
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 strengthened for a third consecutive session, appreciating 35 paise to close at 95.25/$ amid optimism around a potential US-Iran peace deal and easing pressure from oil prices. Comments from the Governor, who said the RBI would do “whatever is required” to ensure orderly forex market conditions, also supported sentiment. Dive deeper
Petrol and diesel prices were raised again by ₹2.61–2.71/litre, marking the fourth hike in under two weeks as state-run fuel retailers continued passing on higher global crude oil prices to consumers. Cumulative fuel price increases have now approached ₹7.5/litre since revisions resumed on May 15, raising concerns around inflation and transportation costs. Dive deeper
Suzlon Energy reported a 5.7% YoY fall in Q4 net profit to ₹1,114 crore, despite strong growth in revenue and operating earnings driven by higher wind turbine deliveries. Revenue rose nearly 45% to ₹5,468 crore, while EBITDA margins narrowed to 17.6%. Dive deeper
HCLTech and Pegasystems have expanded their partnership to help enterprises modernize legacy systems using AI-driven tools. The collaboration combines HCLTech AI Force with Pega Blueprint to automate the discovery, documentation, and transformation of older enterprise applications into cloud-native, AI-powered systems. Dive deeper
Anupam Rasayan India has agreed to acquire up to a 43.3% stake in Bliss GVS Pharma for about ₹1,369.5 crore. The company will also launch a mandatory open offer to acquire an additional 26% stake from public shareholders at ₹299 per share. Dive deeper
NBCC reported a 37.2% YoY jump in Q4FY26 net profit to ₹241 crore. However, revenue declined 1.8% to ₹4,560 crore, while EBITDA and margins remained largely flat during the quarter. Dive deeper
India’s defence sector remained in focus after Rajnath Singh said the private sector should eventually contribute at least 50% of the country’s defence manufacturing capacity, up from around 30% currently, as the government accelerates efforts to boost domestic military production. Dive deeper
Sterlite Technologies extended its sharp rally in 2026 after announcing a multi-year product award worth over $1 billion to supply optical connectivity products for AI data centre build-outs through one of its subsidiaries. Dive deeper
Top Stories Globally
Oil prices plunged more than 5.5% to two-week lows as optimism increased over a possible US-Iran peace deal, easing concerns around prolonged supply disruptions. Brent crude fell below $95/bbl while WTI dropped near $91/bbl, despite unresolved disagreements over restrictions in the Strait of Hormuz. Dive deeper
Gold prices rose sharply, with spot gold climbing 1.2% to around $4,562/oz, as hopes for a potential US-Iran peace deal pushed oil prices lower and improved sentiment toward safe-haven assets. However, gains remained capped by expectations that central banks may keep interest rates higher for longer to counter lingering energy-driven inflation pressures. Dive deeper
Huawei Technologies said it aims to produce industry-leading semiconductors using a new technology within five years, highlighting China’s push to overcome US sanctions and strengthen its domestic chip capabilities. The company claimed its advanced chips could achieve transistor density equivalent to 1.4-nanometre processes by 2031. Dive deeper
Chinese coking coal prices climbed to their highest level in nearly two weeks after tighter safety inspections at coal mines, following a fatal mining accident, raised concerns about potential supply disruptions in key production regions. Dive deeper
Delivery Hero shares climbed to an 18-month high after the company disclosed receiving an indicative offer from Uber, with reports suggesting Uber could potentially raise its bid. 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.
Sanjay Malhotra, Governor of RBI, on the Rupee and Balance of Payment situation:
“With the recent depreciation, it would be reasonable to think that the rupee is not overvalued. If anything, one could argue that the rupee has become undervalued.”
“It’s not an undue concern, yet it requires some attention in the form of concerted efforts by the government, RBI, and all institutions concerned.” - Link
Finance Minister Nirmala Sitharaman, on the impact of the West Asian crisis:
“We should please understand the context of these three Fs: Fuel, fertiliser, and foreign exchange. To just put it in context, all these three payments will have to be in foreign exchange. There is no rupee trading there.”
“For businesses and common people, it can mean higher fuel costs, delayed cargo, costlier shipping, shortage of inputs, pressure on working capital, and uncertainty in export orders.”
“India cannot afford fear-mongering. We need to give confidence to the people with our words and with our actions.” - Link
Corporate Actions & Events
Corporate Actions
Earnings Calendar
Published by Zerodha. Not investment advice. Data from NSE, BSE, and MCX.
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