Indian equity benchmark -- Nifty ended lower on Tuesday amid uncertainty over US-Iran peace deal and rising crude oil prices. Index made a negative start following mixed cues from other Asian markets. But soon, index staged recovery and added some gain as traders took support with Commerce and Industry Minister Piyush Goyal’s statement that the free trade agreement with New Zealand is the seventh such pact signed under his tenure in the past three-and-a-half years and two more agreements with the European Union and the US are expected in the coming months. However, in late morning session, index wiped out all gain and re-entered into red terrain. Market witnessed hectic selling in banking stocks after RBI’s Expected Credit Loss (ECL) norms weighted on market sentiments. As per new ECL norms, the banks must estimate and set aside funds for potential loan loss before it actually occurs. These norms could temporarily impact the banks profit margins. Further, some cautiousness came with persistent foreign fund outflow. As per exchange data, foreign institutional investors offloaded equities worth Rs 1,151.48 crore on April 27, 2026. Meanwhile, traders avoided risky bids ahead of monthly F&O expiry. Afterwards, Nifty continued its weak trade till the end of the session. 

Most of the sectorial indices ended in red except Oil & Gas, Chemicals and Metal stocks. The top gainers from the F&O segment were Oil & Natural Gas Corporation, Oil India and Adani Enterprises. On the other hand, the top losers were SBI Cards and Payment Services, Union Bank of India and Zydus Lifesciences. In the index option segment, maximum OI continues to be seen in the 24900 - 25100 calls and 22900 - 23100 puts indicating this is the trading range expectation.

India Volatility Index (VIX), a gauge for market’s short-term expectation of volatility decreased by 1.79% and reached 18.05. The 50 share Nifty down by 97.00 point or 0.40% to settle at 23,995.70.

Nifty May 2026 futures closed at 24081.10 (LTP) on Tuesday, at a premium of 85.40 points over spot closing of 23995.70, while Nifty June 2026 futures ended at 24210.00 (LTP), at a premium of 214.30 points over spot closing. Nifty May futures saw an addition of 41,779 units, taking the total open interest (Contracts) to 2,27,776 units. The near month derivatives contract will expire on May 26, 2026. (Provisional)

From the most active contracts, HDFC Bank May 2026 futures traded at a premium of 3.55 points at 785.90 (LTP) compared with spot closing of 782.35. The numbers of contracts traded were 86,823. (Provisional)

Reliance Industries May 2026 futures traded at a premium of 2.50 points at 1395.50 (LTP) compared with spot closing of 1393.00. The numbers of contracts traded were 75,408. (Provisional)

Eternal May 2026 futures traded at a premium of 2.07 points at 260.35 (LTP) compared with spot closing of 258.28. The numbers of contracts traded were 58,027. (Provisional)

Infosys May 2026 futures traded at a premium of 4.00 points at 1155.00 (LTP) compared with spot closing of 1151.00. The numbers of contracts traded were 38,777. (Provisional)

ICICI Bank May 2026 futures traded at a premium of 8.20 points at 1297.30 (LTP) compared with spot closing of 1289.10. The numbers of contracts traded were 31,917. (Provisional)

Among, Nifty calls, 24000 SP from the May month expiry was the most active call with an addition of 34,226 units open interests. Among Nifty puts, 24000 SP from the May month expiry was the most active put with an addition of 24,239 units open interests. The maximum OI outstanding for Calls was at 25000 SP (87,253 units) and that for Puts was at 23000 SP (80,095 units). The respective Support and Resistance levels of Nifty are: Resistance 24132.65 -- Pivot Point 24044.85 -- Support 23907.90.

The Nifty Put Call Ratio (PCR) finally stood at (1.13) for May month contract. The top five scrips with highest PCR on Petronet LNG (1.80), Polycab India (1.56), One 97 Communications (1.51), Mankind Pharma (1.28), and Shree Cement (1.28).

Among most active underlying Reliance Industries witnessed an addition of 40,917 units of Open Interest in the May month futures, HDFC Bank witnessed an addition of 53,053 units of Open Interest in the May month future, Eternal witnessed an addition of 19,453 units of Open Interest in the May month future, ICICI Bank witnessed an addition of 20,250 units of Open Interest in the May month futures and State Bank of India witnessed an addition of 17,093 units of Open Interest in the May month futures. (Provisional).