Strong start fizzles out as Nifty ends flat once again
Under-performing global peers
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 Friedrich Hayek’s 1945 insight that prices aggregate dispersed knowledge, to Kenneth Arrow’s state-contingent securities, and Eugene Fama’s Efficient Market Hypothesis — the intellectual foundations of prediction markets run surprisingly deep.
We trace how these ideas were brought to life, from a bar conversation in Iowa City that became the Iowa Electronic Markets to the billion-dollar platforms Kalshi and Polymarket, navigating regulatory battles with the CFTC in the US today.
This episode also examines what all of this means for India — a country where prediction markets don’t yet exist, but where Indian events are already being actively traded on platforms thousands of miles away, and where global funds may be using these prices as live intelligence on our own political and economic outcomes.
Markets Today
Nifty opened with a sharp gap up of 171 points at 23,830, tracking positive global cues after crude oil prices fell by more than 5% on signs of progress in US–Iran talks. However, the early optimism faded quickly as the index slipped from opening highs and gradually drifted lower toward the 23,750–23,800 zone in the opening hour. Selling pressure intensified toward noon, dragging Nifty sharply lower toward the 23,600–23,620 range by around 1 PM, marking the day’s low.
In the second half, the index remained volatile with intermittent recovery attempts. Nifty briefly rebounded toward the 23,700 mark around 2:30 PM, but the move failed to sustain as the index continued to trade with a weak bias through most of the afternoon and eventually closed flat at 23,654.70.
The session was marked by a strong opening followed by persistent profit-booking and choppy trade through the second half, resulting in a weak close despite supportive global cues.
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 24,000, followed by 23,800 & 23,700, indicating potential resistance at the 23,800 -23,900 levels.
The maximum Put Open Interest (OI) is observed at 23,500, followed by 23,700, suggesting support at 23,500-23,400.
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 rebounded 49 paise from its record closing low to settle at 96.37/$, supported by easing crude oil prices and likely intervention by the central bank. Improved geopolitical sentiment also helped reduce pressure on the currency. Dive deeper
ITC reported a 5% YoY rise in Q4 consolidated net profit to ₹5,113 crore, while EBITDA increased 7.2% to ₹6,426 crore. However, revenue from operations declined 7% YoY to ₹16,050 crore during the quarter. Dive deeper
India’s peak power demand touched a record 265.44 GW on Wednesday as an ongoing heat wave boosted usage of air-conditioners and cooling devices. Demand has been hitting fresh highs each day this week, rising from 257.37 GW on Monday to 260.45 GW on Tuesday before setting a new record. Dive deeper
FSN E-Commerce Ventures (Nykaa) reported a sharp 286% YoY jump in Q4FY26 consolidated net profit to ₹78 crore. Revenue from operations rose 28% to ₹2,648 crore, driven by continued growth across beauty and fashion segments. Dive deeper
WeWork India Management shares jumped 19% after the company reported a 79.5% YoY rise in Q4FY26 net profit to ₹65.5 crore. Revenue increased 29% to ₹696 crore, while EBITDA rose over 30% to ₹450 crore. Dive deeper
Emami reported an 11.7% YoY decline in Q4FY26 net profit to ₹143 crore. Revenue fell 3.9% to ₹925 crore, while EBITDA margins contracted by 260 basis points to 20.2%, reflecting weaker operational performance. Dive deeper
Adani Power said it will acquire a 24% stake in Jaiprakash Power Ventures and other thermal assets from Jaiprakash Associates for about ₹4,193.59 crore. Dive deeper
Honasa Consumer reported a 178% YoY jump in Q4FY26 consolidated net profit to ₹69.4 crore, while revenue from operations rose over 23% to ₹657 crore. For the full year, the company’s profit increased 176% to ₹200 crore. Dive deeper
Top Stories Globally
WTI crude futures rebounded around 2% to trade above $100/bbl as uncertainty around US-Iran negotiations continued to keep markets on edge. Reports that Iran’s Supreme Leader rejected sending the country’s near-weapons-grade uranium abroad hardened Tehran’s stance and raised doubts over a near-term agreement or full reopening of the Strait of Hormuz. Dive deeper
NVIDIA reported another record quarter, with revenue surging 85% YoY to $81.6 billion and net profit more than tripling to $58.3 billion, underscoring continued strength in the AI boom. Despite the strong results, shares slipped in after-hours trading as investors weighed rising competition and increasingly high expectations for the chipmaker. Dive deeper
South Korea’s stock market surged, with the KOSPI jumping 8.4% in its biggest one-day gain since April, after Samsung Electronics reached a pay agreement with its labour union and avoided a major strike. Samsung shares hit a record high, easing fears of disruption to global semiconductor supply chains. Dive deeper
The dollar index rose above 99.2, nearing April highs, as uncertainty around US-Iran negotiations and continued disruptions in the Strait of Hormuz kept oil prices elevated and revived inflation concerns. Markets increasingly fear that persistent energy-driven inflation could force central banks to keep rates higher for longer. Dive deeper
Novo Nordisk has introduced a higher-dose version of Wegovy, expanding its semaglutide portfolio and offering more treatment options for obesity patients. The company also said it plans to bring the higher dose to India, even as semaglutide faces rising generic competition in markets including India. 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.
Chandrajit Banerjee, Director General, Confederation of Indian Industry (CII), wants a coordinated policy on what it calls the Indian "3Fs" challenge: fuel, fertiliser, and food:
"The 3Fs are not three disparate pressures. Fuel feeds into fertilizer, fertilizer feeds into food, and all three feed into inflation, fiscal stress, and household welfare. That is why we believe it helps to treat this as a single, integrated economic challenge so that it makes navigating external shocks that much easier,"
"If we use this moment wisely, we can be a much more resilient economy. The 3Fs will stand for sustained growth today and better preparedness for the unknown tomorrow." - Link
Commerce and Industry Minister Piyush Goyal on containing the widening of the current account deficit (CAD):
"We are monitoring the situation. All the various arms of the government are working as a team. Several steps are under consideration. The situation globally is quite challenging, but we have the confidence and courage of conviction that we will come out winners even in this challenging time." - 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!