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 macro forces that shape markets over long periods — interest rates, institutional flows, currency, and commodities — to the structural and regulatory shifts like taxation changes, leverage rules, and derivatives evolution, and finally to what you can observe directly in price, volatility, and market breadth, most market changes fit into one of three broad pillars.
This episode breaks down all three lenses of market regimes and explains why identifying them in real time is far harder than in hindsight — and why that distinction matters deeply for how we trade.
Markets Today
Nifty opened with a gap down of 93 points at 23,723, extending the weakness seen over the last three sessions. The index came under immediate selling pressure, slipping sharply toward the 23,620–23,650 zone within the first hour.
After the early decline, Nifty remained subdued through the late morning session, trading in a narrow 23,580–23,620 range with only brief recovery attempts.
Selling pressure intensified further in the second half, dragging the index steadily lower. Nifty slipped below the 23,500 mark after 1:30 PM and extended losses toward the day’s low near the 23,350–23,360 zone in the final hour before eventually closing near the lows at 23,379.55.
The session was marked by broad-based weakness and relentless selling pressure throughout the day.
Nifty crashed 436 points, or 1.83%, to 23,379.55. Sensex fell 1.92%, while Bank Nifty dropped 1.63%. Market breadth collapsed to just 38 advances against 462 declines — the weakest reading in the current correction cycle. VIX rose 3.94% to 19.28 as market nervousness intensified.
Sectoral Indices Performance
All twelve sectors closed red. Metal held up best, down just 0.35%. PSU Bank fell 1.1%, Energy 1.25%, Pharma 1.36%. The carnage hit growth names hard: Media dropped 2.77%, IT crumbled 3.73%, Realty collapsed 4.11%. No sector escaped.
Winners & Losers
The midcap index cratered 2.52%, underperforming Nifty for the second straight session. The breadth wipeout tells the story: just 38 stocks finished green out of 500. Indiscriminate selling across the board.
Momentum Screener
Global Markets
Commodities
Crude surged 3.17% to ₹9,673, reversing last week’s collapse. Gold flat at ₹1,53,524, silver down 0.84%. The oil spike adds inflation concerns as India’s CPI data lands tomorrow. Dollar-rupee climbed 0.41% to 95.72, reflecting FII outflows.
Bond Yields & Currency
India 10Y yield at 7.05%. US 10Y at 4.42%. The rupee weakening past 95.70 is the clearest signal of sustained capital flight. Bond markets stable, but currency pressure building.
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 19th May:
The maximum Call Open Interest (OI) is observed at 23,500, followed by 23,800, indicating potential resistance at the 23,600 -23,700 levels.
The maximum Put Open Interest (OI) is observed at 23,000, followed by 23,500, suggesting support at 23,200-23,100.
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
India’s retail inflation edged up slightly to 3.48% in April from 3.4% in March, driven by higher food inflation, which rose to 4.2%. However, sharp deflation in items like potatoes, onions, and motor vehicles helped keep overall inflation relatively contained. Dive deeper
The Indian rupee fell to a fresh record low of 95.74/$ as fading hopes of a US–Iran peace deal triggered a sharp rise in oil prices and weakened investor sentiment. The currency has now declined nearly 5% since the Iran conflict began, making it Asia’s worst-performing major currency in 2026 so far. Dive deeper
Oil India shares surged over 7% after the government reduced crude oil royalty rates, boosting the profitability outlook for upstream companies and improving investor sentiment in the energy sector. Dive deeper
The Nifty IT index fell to a 3-year low as weak earnings outlook, slowing global tech spending, and demand concerns weighed on major IT stocks, signalling continued pressure on the sector. Dive deeper
Berger Paints reported Q4FY26 net profit growth of 28% YoY, with revenue crossing ₹2,800 crore, driven by strong decorative demand and pricing gains. Dive deeper
Tata Power reported a 4.5% YoY decline in Q4FY26 net profit to ₹996 crore, while revenue fell 13% to ₹14,900 crore. The weakness was largely due to a sharp drop in hydro and thermal segment earnings following shutdowns at key Gujarat plants. Dive deeper
Dixon Technologies reported a 36% YoY decline in Q4FY26 net profit to ₹256 crore, even as revenue from operations rose 2% to ₹10,511 crore. The earnings weakness came despite stable topline growth. Dive deeper
Dr. Reddy's Laboratories reported an 86% YoY decline in Q4 profit to ₹221 crore, impacted by impairment charges related to a discontinued cancer therapy program. Revenue fell 11.5% to ₹7,546 crore amid pricing pressure in the US market and weaker demand for generic cancer drug lenalidomide. Dive deeper
Top Stories Globally
Oil prices rose for a third straight session, with Brent crude climbing nearly 4% to around $108/bbl, as hopes for reopening the Strait of Hormuz faded. Donald Trump said the Iran ceasefire was “on life support.” Dive deeper
US inflation accelerated to 3.8% in April 2026, its highest level since May 2023, driven largely by the oil shock linked to the Iran conflict. Energy prices surged 17.9%, led by sharp increases in gasoline and fuel oil, while shelter and food inflation also remained elevated. Dive deeper
Japan’s 10-year government bond yield climbed to around 2.55%, its highest since 1997, as markets priced in a possible near-term rate hike by the Bank of Japan. Policymakers signalled rising inflation concerns, with higher oil prices increasing pressure for tighter monetary policy. Dive deeper
Euro zone bond yields surged as hopes of a Middle East peace deal faded, pushing investors to reassess risk and inflation outlook, with rising oil prices adding to concerns over prolonged high interest rates in the region. Dive deeper
General Motors plans to cut around 500–600 salaried IT employees as part of a restructuring aimed at reducing costs and hiring talent in newer technology areas. The company said the move is intended to better position its IT operations for future needs. Dive deeper
Samsung Electronics’ labour union in South Korea threatened to walk out of pay negotiations if no mediation proposal emerged from government-led talks. The dispute centres around performance bonuses, with the union demanding a larger share of operating profit and removal of caps on bonus payouts. 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.
Uday Kotak, Founder and Director of Kotak Mahindra Bank, on the significant “shock” that the Global economy can face:
“We haven’t seen the impact of the war in two months, but now it’s coming, and it’s coming big …You are not far away from the shock unless the Iran war stops tomorrow morning. We need to get ready for tough times rather than waiting for the shock to hit us.”
“We should prepare for paranoia before the event.” - Link
Petroleum Minister Hardeep Singh Puri on the current situation amidst the crisis:
India has 60 days of crude oil reserves, LNG supply, and 45 days of LPG stock. LPG production has been ramped up from 35,000-36,000 tonnes/day to 54,000 tonnes/day.
"You said how the last 75 days have been. Never any dearth of excitement. It's been a challenge, but I think the message that needs to go across is that we've converted that challenge into an opportunity. No other country in the world, and I say this with a degree of confidence, no other country in the world, which is so heavily into energy. And there's some popular misconception that we're only energy importers. Hey, please, we're also the third largest refiner in the world. We're also the fourth largest exporter in the world..." - Link
Corporate Actions & Events
Corporate Actions
Earnings Calendar
Published by Zerodha. Not investment advice. Data from NSE, BSE, MCX.
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