Persistent oil rally keeps Nifty under pressure near 24,000
Broader markets continue to display relative strength
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 dive deep into one of the most misunderstood concepts in markets - volatility. You’ve heard it said: “markets are crashing” or “my portfolio is falling apart.”
But what you’re really reacting to is volatility, and most traders never stop to truly understand it. We go beyond the gut feeling and into the data, how volatility is measured, how it behaves across different market regimes, and why it nearly doubles when markets fall.
Markets Today
Nifty opened with a 43-point gap down at 24,050, tracking lacklustre global cues and surging crude prices amid further disorientation in the peace talks. The index saw early strength, rising toward the 24,150–24,170 zone within the first hour.
However, the momentum faded quickly, and Nifty reversed sharply late in the morning session. Selling pressure intensified around noon, dragging the index lower toward the 24,000 mark and briefly slipping below it.
In the second half, the index remained under pressure, trading with a negative bias and making lower highs. Nifty hovered in the 23,980–24,040 range for most of the afternoon, with intermittent recovery attempts failing to sustain.
Selling picked up again in the final hour, pushing the index toward the day’s low near the 23,960–23,970 zone. A sharp late rebound helped trim losses, with Nifty bouncing back above the 24,000 mark before closing the day at 23,995.70.
The session was marked by an early uptick, a sharp midday reversal, and continued weakness through the second half, before a last-minute recovery limited the damage.
Nifty dropped 0.4% to 23,995.7, giving back yesterday’s gains and slipping below the psychological 24,000 mark. Bank Nifty collapsed 1.5% to 55,400.35, dragging the index down even as midcaps rose 0.32%. Breadth was weak at 212 advances against 287 declines. VIX eased 1.8% to 18.05.
Sectoral Indices Performance
Energy ripped 1.22%, the only real bright spot, while Metal scraped 0.51% and Infra added 0.44%. Banking was the problem child: PSU Bank tanked 2.15%, Bank Nifty down 1.54%, and Auto fell 1.01%. Only 3 of 12 sectors closed green.
Winners & Losers
Midcaps outperformed large caps, up 0.32%, showing pockets of resilience while the index struggled. Breadth was negative but less brutal than the 24th’s washout, a sign some stocks are stabilizing even as heavyweights wobble.
Momentum Screener
Global Markets
Commodities
Crude surged 3.79% to ₹9,451, a sharp reversal that will pinch margins for OMCs and consumer-facing sectors. Gold fell 1.05% to ₹1,50,123, silver dropped 1.99% to ₹2,37,000, both metals cooling off after recent rallies.
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 5th May:
The maximum Call Open Interest (OI) is observed at 24,500, followed by 24,000 & 24,200, indicating potential resistance at the 24,200 -24,300 levels.
The maximum Put Open Interest (OI) is observed at 24,000, followed by 23,500, 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 rupee slipped to around 94.47 per dollar, pressured by rising oil prices and weakness in other Asian currencies, though dollar selling by state-run banks helped limit further losses. Dive deeper
India–New Zealand signed an FTA giving India duty-free access across all tariff lines, boosting exports in sectors like textiles and food. Dive deeper
Eternal (Zomato parent) reported Q4FY26 net profit of ₹174 crore, up 346% YoY, while revenue surged 196% to ₹17,292 crore, driven by strong growth across food delivery and Blinkit. Dive deeper
Maruti Suzuki reported Q4FY26 standalone net profit of ₹3,591 crore, down 7% YoY, despite a 28% jump in revenue to ₹52,449 crore, as higher raw material costs pressured margins. Dive deeper
AU Small Finance Bank has applied for a universal banking licence after RBI relaxed key rules, including the requirement to set up a holding company, easing its transition beyond small finance operations. Dive deeper.
ONGC has approved a joint venture with MRPL and OPaL for integrated petrochemicals marketing, with a 50:25:25 stake split, aiming to optimise pricing, logistics, and boost speciality product sales while enabling third-party business. Dive deeper.
Tata Steel shares rose about 1% to a record high, mainly after a favourable court ruling that scrapped government demand notices worth roughly ₹4,300 crore. Dive deeper
Nippon Life India AMC shares jumped about 3.5% after reporting a strong Q4, with net profit rising 29% year-on-year to ₹385 crore, driven by higher assets under management and improved operating performance. Dive deeper
City Union Bank shares rose about 6% before closing at 1.5% after reporting a strong Q4, with net profit increasing 25% year-on-year to ₹360 crore, supported by healthy loan growth and stable asset quality, which boosted investor confidence. Dive deeper
REC Limited reported a weak Q4FY26, with net profit falling 22% YoY to ₹3,375 crore and revenue declining 5% to ₹14,564 crore. Sequentially, both profit and revenue also dipped, reflecting softer performance in the quarter. Dive deeper
Coal India Limited shares rose over 4% after Q4FY26 results showed net profit up 11.15% YoY to ₹10,839 crore and revenue growing 5.8% to ₹46,490 crore. EBITDA rose 6.2%, though margins remained flat at 27%, with the board recommending a ₹5.25 dividend per share. Dive deeper
Top Stories Globally
Brent crude oil is trading around $106 per barrel, with prices up 50% YoY and expected to remain near $106 this quarter amid tight supply and geopolitical tensions. Dive deeper.
Microsoft and OpenAI have revised their partnership, ending Microsoft’s exclusive right to sell OpenAI models. This allows OpenAI to work with other cloud players like Amazon, while Microsoft will no longer pay revenue share on products it resells, marking a shift in their commercial arrangement. Dive deeper
Gold fell toward $4,600 as easing diplomatic tensions reduced safe-haven demand, while high energy-driven inflation kept expectations of higher interest rates intact, weighing on the metal. Dive deeper
Japan’s benchmark interest rate remains at 0.75%, the highest level since 1995, as the Bank of Japan maintains a cautious stance while monitoring inflation and economic risks. Dive deeper
Japan’s Nikkei slipped from record highs as the Bank of Japan held rates with a hawkish stance, while bond markets turned volatile and the yen strengthened amid expectations of future rate hikes. Dive deeper
France’s unemployed population rose by 17.7K to ~3.11 million in February 2026, marking the first increase since October, signalling some softening in the labour market. Dive deeper.
Eurozone inflation expectations surged, with 1-year expectations jumping to 4.0% in March, driven by rising energy prices amid the Iran conflict. 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.
Dinesh Kumar Khara, Former Chairman, State Bank of India, on ECL norms:
“The banking system is well prepared for the transition to ECL norms.”
“The impact, while real, is entirely manageable.”
“The April 2027 timeline is practical and achievable given current readiness.” - Link
V. Vaidyanathan, MD & CEO, IDFC First Bank, on deposit rates and microfinance book:
“We do not intend to raise deposit rates in the near term after meaningful cuts across all buckets.”
“Stress in the microfinance book is now under control.”
“We have put in place guardrails, especially limiting the number of concurrent loans per borrower.” - Link
Srikanth Velamakanni, Chairperson, Nasscom & CEO, Fractal on AI & Indian IT industry:
“AI will accelerate India’s tech industry, not act as a threat.”
“The sector will continue hiring, even as roles and skills evolve with AI adoption.”
“India is well-positioned to meet the growing global demand for technology talent.” - Link
Corporate Actions & Events
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!