Soaring oil prices bring bears back in action

Nifty closes below 24,200; Broader markets take a breather

Apr 23, 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.

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Markets Today

Nifty opened with a gap down of 176 points at 24,202, extending the previous session’s weakness amid a spike in oil prices. The index saw some early volatility and briefly attempted a recovery toward the 24,300 zone in the first hour. However, selling pressure quickly returned, dragging the index back toward the 24,200–24,220 range. The weakness persisted through the late morning session, with Nifty gradually drifting lower to test the 24,150–24,180 zone by noon.

In the second half, a brief bounce around 1:30 PM pushed the index toward 24,275, but the move lacked follow-through, and sellers regained control.

Selling intensified again in the final hour, pulling Nifty back toward the day’s lows. The index eventually closed at 24,173.05, marking a weak session defined by sustained selling, failed recovery attempts, and a clear risk-off tone.

Nifty fell 205 points to 24,173, while Bank Nifty dropped 1.43% and Sensex declined 1.09%. Market breadth was sharply negative, with 158 advances against 342 declines in the Nifty 500. VIX rose 1.58% to 18.59, extending its move above the 18 mark and reflecting elevated uncertainty.

Sectoral Indices Performance

Pharma ripped 2.36% and stood alone. Media scraped out 0.9%, Energy added 0.25%. Everything else bled. Auto dropped 2.35%, PSU Banks fell 2.19%, and Realty lost 1.83%. Nine of twelve sectors closed red.

Winners & Losers

The midcap index shed 0.65%, slightly better than large caps but still weak. With only 158 stocks advancing out of 500, there was no place to hide today.

Momentum Screener

Global Markets

Commodities

Crude jumped 1.99% to ₹8,897 per barrel, the third spike in four sessions. Gold dipped 0.76%, and silver crashed 3.48%. Rising oil is a slow poison for India’s fiscal math and inflation expectations.

Bond Yields & Currency

India 10Y yield at 6.949%, US 10Y at 4.30%. Rupee weakened 0.35% to 94.10 per dollar as both FIIs and DIIs sold equity, draining liquidity and putting pressure on the currency.

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 28th April:

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 & 24,500, suggesting support at 24,000-23,900.

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.

Preethi R.S., Fund Manager, DSP Mutual Fund, on capital markets role in BFSI and FII outflows:

“Credit growth and capital markets provide a strong foundation for the sector.”
“FII outflows and rupee weakness are contra signals, not warnings.” - Link

Ministry of Petroleum & Natural Gas, Government of India, on price hikes:

“There is no such proposal under consideration by the government.”
“Reports suggesting a price hike of petrol and diesel are incorrect.”
“Consumers have been shielded from global volatility in fuel prices.” - Link