Stock Market Highlights: BSE Sensex ends flat in volatile session; Nifty50 above 23,400 on mixed global cues

1. M&M: Current Price 3,112 | Price Change -64.20 (-) | -2.03% (-)
2. Power Grid: Current Price 301.50 | Price Change -4.81 (-) | -1.57% (-)
3. Infosys: Current Price 1,123 | Price Change -17.21 (-) | -1.51% (-)
4. Tech Mahindra: Current Price 1,375 | Price Change -17.91 (-) | -1.29% (-)
5. TCS: Current Price 2,273 | Price Change -27.50 (-) | -1.20% (-)
6. Kwality Wall's: Current Price 27.71 | Price Change -0.33 (-) | -1.15% (-)
7. Sun Pharma: Current Price 1,825 | Price Change -20.91 (-) | -1.14% (-)
8. Bajaj Finserv: Current Price 1,729 | Price Change -15.90 (-) | -0.92% (-)
9. Eternal: Current Price 237.82 | Price Change -2.16 (-) | -0.91% (-)
10. Bajaj Finance: Current Price 896.15 | Price Change -8.06 (-) | -0.90% (-)

“On 13th May 2026, the BSE Sensex witnessed a mildly positive session and closed at 74,608, up by 50 points, as selective buying emerged after recent corrective weakness. The index traded with cautious undertone during the session but managed to hold gains towards the close, indicating support-based buying at lower levels.

Metals, Energy, Cons Durbl, Oil& Gas and Defence heavyweight counters provided support to the benchmark, while mixed participation across broader sectors kept momentum measured. Midcap and smallcap stocks showed selective strength, reflecting stock-specific accumulation despite recent volatility in frontline indices.

From a technical perspective, the Sensex formed a small bullish candle on the daily chart, suggesting temporary stabilization after recent selling pressure. However, the index continues to trade within a broader weak structure and remains below key short-term resistance levels, indicating that upside momentum is still not fully confirmed.

Momentum indicators are showing early signs of recovery from oversold zones, while price action suggests that the market is attempting to form a near-term base around recent lows. Immediate support is placed near 73,700 – 73,900. On the upside, resistance is positioned near 75,300 – 75,500, and a decisive move above this zone may trigger further recovery.

Overall, the market structure suggests a cautious recovery bias with stock-specific action likely to dominate in the near term. Sustained strength above immediate resistance levels will be crucial to revive stronger bullish momentum, while failure to hold support zones may invite renewed selling pressure,” says Aakash Shah, Research Analyst, Choice Equity Broking Private Limited.

1. Asian Paints: Current Price 2,618 | Price Change 112.00 (+) | 4.48% (+)
2. Tata Steel: Current Price 219.62 | Price Change 7.63 (+) | 3.60% (+)
3. Adani Ports SEZ: Current Price 1,738 | Price Change 49.60 (+) | 2.94% (+)
4. BEL: Current Price 428.25 | Price Change 11.80 (+) | 2.83% (+)
5. Bharti Airtel: Current Price 1,789 | Price Change 32.40 (+) | 1.85% (+)
6. L&T: Current Price 3,916 | Price Change 59.30 (+) | 1.54% (+)
7. InterGlobe: Current Price 4,256 | Price Change 54.10 (+) | 1.29% (+)
8. ITC: Current Price 304.45 | Price Change 3.75 (+) | 1.25% (+)
9. Titan Company: Current Price 4,091 | Price Change 35.40 (+) | 0.88% (+)
10. Trent: Current Price 4,085 | Price Change 33.90 (+) | 0.84% (+)

"Domestic benchmark indices closed flat with a cautious undertone, while broader markets outperformed on dip buying and short covering in mid- and small-cap stocks. A sharp increase in import tariffs on precious metals was sentimentally positive for INR. Metal stocks outperformed due to a supply squeeze. Inflation inched higher domestically but remained below expectations, offering some near-term comfort. However, prolonged Middle East tensions and elevated commodity prices could restrict the RBI’s policy flexibility if inflationary pressures persist.

Globally, sticky US inflation continues to strengthen the higher-for-longer rate narrative, supporting the US dollar and weighing on risk assets. At the same time, AI-driven themes are witnessing strong global inflows due to better earnings visibility and long-term structural growth potential. Markets will now closely monitor the US–China summit for further clarity on trade and geopolitical developments,” says Vinod Nair, Head of Research, Geojit Investments Limited.

Shares of gold-focused lenders such as Manappuram Finance, Muthoot Finance and IIFL Finance surged as much as 11% on Wednesday after gold prices spiked sharply following the government’s decision to raise import duty on the precious metal to 15%.

The increase in import duty was introduced as part of efforts to contain the rupee’s sharp depreciation and curb non-essential imports amid heightened geopolitical uncertainty stemming from the ongoing Iran-US conflict, which has continued to keep crude oil prices above the $100-a-barrel level.

In the domestic commodities market, MCX Gold Futures contracts for June delivery climbed by Rs 11,055, or over 7%, to Rs 1,64,497 per 10 grams on Wednesday. Gold futures scheduled for August and October expiry also recorded gains of more than 6% each.

Morgan Stanley has turned notably more optimistic on Indian equities, saying the country may be moving out of a six-quarter corporate earnings slowdown and entering a stronger phase of growth. In its latest strategy report, the brokerage described the recent weakness as a “mid-cycle” pause and projected further upside for the market over the coming year.

Strategist Ridham Desai has projected the BSE Sensex to reach 89,000 by June 2027, indicating a potential gain of roughly 15% from current levels. The brokerage has attached a 50% probability to this base-case scenario.

The target is based on the assumption that the index will trade at a trailing price-to-earnings valuation of 23.5 times, slightly above its long-term 25-year average of 22 times. According to the firm, this premium reflects stronger conviction in India’s medium-term growth outlook, relatively lower market volatility, a higher long-run growth trajectory and a more stable policy framework.

Under its central scenario, the brokerage expects India to continue benefiting from improved macroeconomic stability, rising private-sector investment and a favourable gap between real economic growth and real interest rates. The outlook also assumes healthy domestic demand, stable global growth conditions and a moderation in oil prices from current levels.

The report further factors in a supportive monetary policy environment, an absence of excessive equity issuance and sustained participation from retail investors that continues to outpace supply in the market. Morgan Stanley also expects Sensex earnings to grow at a compounded annual rate of 16% through FY29.

In its bullish scenario, to which it assigns a 25% probability, the brokerage believes the Sensex could even scale the 100,000 mark.

Sumit Singhania, Research Head, Bajaj Broking says that the Government of India increased import tariffs on gold, silver, and other precious metals from 6% to 15%. The measure is aimed at curbing precious metal imports and reducing pressure on the country’s foreign exchange reserves. India continues to remain the world’s second-largest consumer of gold after China, with demand primarily driven by jewellery industry. The move follows Prime Minister Narendra Modi’s appeal to citizens to avoid gold purchases amid rising economic stress linked to the ongoing Middle East conflict. Higher duties are expected to reduce precious metal imports, support the rupee, and help narrow the trade deficit.

Negative Impact: Jewellery companies such as Titan Company, Kalyan Jewellers, and Sky Gold & Diamonds may face pressure as higher tariffs increase domestic gold prices and could weaken consumer demand, particularly for discretionary purchases like coins, medallions, jewellery etc.

Positive Impact: Gold financing firms including Muthoot Finance and Manappuram Finance are likely to benefit from higher collateral values of gold loans. Meanwhile, precious metal futures on the Multi Commodity Exchange of India surged around 6% following the announcement.

Stock market today: In a volatile trading session, Nifty50 and BSE Sensex rose in mid-day trade on Wednesday. While Nifty50 was near 23,500, BSE Sensex rose over 300 points. At 12:22 PM, Nifty50 was trading at 23,492.55, up 113 points or 0.48%. BSE Sensex was at 74,893.92, up 333 points or 0.45%.

Vodafone Idea shares have surged sharply in recent weeks, climbing 30% over the past month and gaining more than 50% in the last four months, prompting analysts to weigh in on the stock’s future trajectory and what investors should consider next.

Several developments have supported the rally in the telecom operator’s stock price. Earlier in May, the Department of Telecommunications (DoT) cut the company’s adjusted gross revenue (AGR) liabilities by 27%, bringing the outstanding dues down to Rs 64,046 crore as of December 31. The move strengthened positive sentiment around the stock and triggered bullish commentary from market experts.

The momentum received another boost after billionaire industrialist Kumar Mangalam Birla returned as non-executive chairman of the company nearly five years after stepping down from the position during a period of severe financial strain at the telecom firm.

The biggest jump, however, came on Monday, when the stock climbed more than 8% to touch a four-month high of Rs 12.43 per share. The rally followed a Bloomberg report stating that UK-based Vodafone Plc, which holds a 19% stake in Vodafone Idea, was exploring the possibility of transferring part of its shareholding to the company itself for treasury holding purposes.

On Tuesday, the stock slipped around 1% after Vodafone Idea clarified that it had not received any official communication from the Vodafone Group regarding such a proposal. Even so, the stock remains up more than 11% over the past week.

"Near-term market direction will depend mainly on crude, currency and capital flows. If crude stabilises and the rupee finds support, markets can also stabilise. However, if crude rises further along with rupee weakness, RBI’s policy flexibility reduces and volatility may persist.

For investors, this is not a time to panic, but to stay nimble. Corrections often create opportunities in businesses with intact medium-term earnings cycles, especially those benefiting from manufacturing, exports, supply-chain diversification and import substitution. A weaker rupee hurts near-term inflation, but an orderly depreciation can also improve export competitiveness over time.

The approach should be simple: avoid leverage, avoid reacting to daily volatility, reassess businesses exposed to crude and currency, and use corrections selectively. As the saying goes, never let a crisis go waste,” says Rakesh Vyas, CIO & Portfolio Manager at Quest Investment Managers.

Market sentiments remain fragile as negotiations to end the war in Iran yield little progress and Strait of Hormuz remaining effectively closed. The uncertainty continues to put pressure on commodity prices, with Brent crude trading above USD 100 pb (USD 106.50 pb at the time of writing). The impact of higher crude oil prices seems to have begun passing through to CPI prints. The latest US CPI reading clocked 3.8% in April. It was not only higher than what the market expected but also the highest reading since May 2023. Safe haven demand along with the higher CPI print benefited US dollar index that continued to trade above 98 level. At the time of writing, US dollar index was trading at 98.33.

On the domestic front, USD/INR remained under pressure on account of higher crude oil prices, FII outflows and worsening risk sentiments. With no imminent signs of de-escalation in the West Asia conflict, we expect the depreciation pressure on USD/INR to continue. The RBI is likely to intervene in the market to limit extreme volatility. In the near-term, we expect the pair to trade in the range of 95-96. In another development, the Government of India raised import tariffs on gold and silver to 15% from 6%, a move aimed at controlling India’s trade deficit, says HDFC Bank.

The 23750-23540-23400 view having fully played out, we are prepared to look for recovery swings. That said, strength is less expected today unless above 23680, while inability to float above 23400 also could signal that weakness persists. The 23750-23540-23400 view having fully played out, we are prepared to look for recovery swings. That said, strength is less expected today unless above 23680, while inability to float above 23400 also could signal that weakness persists, says Anand James, Chief Market Strategist, Geojit Investments Limited.

Stock market today: Nifty50 and BSE Sensex quickly gave up their opening gains on Wednesday to trade in red. At 9:57 AM, Nifty50 was trading at 23,366.85, down 13 points or 0.054%. BSE Sensex was at 74,484.19, down 75 points or 0.10%.

Persistent weakness in domestic equities has reduced India’s share in global market capitalisation to below 3%, according to Bloomberg data, marking the first time it has slipped under that level since mid-2022. Indian benchmark indices have fallen nearly 13% so far in 2026 due to continuous selling by foreign portfolio investors (FPIs), impacting the country’s global market weight, which had climbed above 4.6% in 2024.

Even with the broader market under pressure, Indian benchmark indices continue to trade at relatively elevated valuations. Their price-to-earnings (P/E) ratio remains around 20.6, higher than several global peers. Key European markets are trading at P/E multiples ranging between 15 and 19, while emerging market indices in countries such as Brazil, China, Indonesia, Malaysia, Mexico and Thailand are valued between 16 and 18 times earnings. In contrast, US benchmarks including the Dow Jones, Nasdaq and S&P 500 command richer valuations of 22 to 38 times earnings, supported by strong gains in technology stocks amid rising investments linked to artificial intelligence.

Despite the ongoing correction in equities, India has managed to retain its position as the world’s fifth-largest market by capitalisation. However, Taiwan and South Korea are rapidly narrowing the gap, aided by strong rallies in semiconductor-related stocks. As of May 12, India’s market capitalisation stood at $4.9 trillion, slightly ahead of Taiwan at $4.8 trillion and South Korea at $4.7 trillion. A year earlier, Taiwan’s market size was roughly half of India’s, while South Korea’s was nearly one-third.

"The market has been discounting an early resolution to the West Asia crisis and decline in the price of crude. Now, this appears difficult. Consequently, India’s macros are taking a hit. As the CEA said, this has become a “live Balance of Payments stress test.” Rupee has touched a new low of 95.63 to the dollar. The downside risk to India’s growth and upside risk to inflation has increased. This has negative implications for markets. With the AI trade still intact, FIIs are likely to continue on the sell-mode. The derivatives data indicate this. Investors should opt for safety now. Better to remain in cash till there is clarity on the crude price. Pharmaceuticals seam to be the safe sector now. Long-term investors can slowly accumulate large banking stocks on declines, says VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.

Stock market today: Nifty50 and BSE Sensex opened in green on Wednesday as global crude oil prices retreated from recent highs. While Nifty5- went above 23,450, BSE Sensex rose over 250 points. At 9:16 AM, Nifty50 was trading at 23,462.95, up 83 points or 0.36%. BSE Sensex was at 74,794.25, up 235 points or 0.32%.

Asian markets showed a mixed trend in early trading on Wednesday as cooling optimism around artificial intelligence and technology shares slowed the momentum behind Wall Street’s recent record-breaking rally.

Japan’s Nikkei 225 was marginally higher, rising less than 0.1% to 62,774.94. South Korea’s Kospi advanced 0.9% to 7,708.05, recovering part of the sharp losses seen earlier in the week. The index had dropped 2.3% from a record high after comments from a senior government official raised concerns that excess profits earned by AI companies could be redistributed among citizens.

Australia’s S&P/ASX 200 declined 0.3% to 8,645.80. Hong Kong’s Hang Seng index slipped 0.4% to 26,246.29, while China’s Shanghai Composite remained largely flat, easing less than 0.1% to 4,213.86.

Tim Waterer, chief market analyst at KCM Trade, said strong corporate earnings and continued enthusiasm around artificial intelligence have so far helped cushion markets against broader risks, but conditions are becoming increasingly challenging.

He noted that persistently high oil prices and the lack of any major diplomatic progress between the United States and Iran are making it harder for bullish market sentiment to hold firm.

In the energy market, benchmark US crude fell 58 cents to $101.60 a barrel, while Brent crude dropped 66 cents to $107.11 per barrel.

Even after the decline, oil prices remain significantly above levels seen before the Iran conflict intensified. Brent crude had been trading near $70 per barrel prior to the outbreak of the war. The ongoing conflict has effectively disrupted tanker movement through the Strait of Hormuz, limiting the flow of crude shipments.

Index formed a third consecutive bearish candlestick pattern with a lower high and a lower low signaling extension of the decline and continuation of the downtrend. Bank Nifty on Tuesday’s session breached the lower band of the last 3 weeks consolidation range 54,200-56,500 and closed sharply below the 54,000 levels.

Bias continues to remain down below Tuesday’s high of 54,365 and a follow through weakness will open further downside towards 52,700-52,400 levels being the confluence of the lower band of the 8th April gap area and the 61.8% retracement of the previous pullback ( 49,955-57,456).

Wall Street’s record-breaking rally lost momentum on Tuesday as a sharp sell-off in technology shares dragged major indices lower.

The S&P 500 slipped 0.2% after touching an all-time high in the previous session. The Dow Jones Industrial Average managed to rise 56 points, or 0.1%, while the Nasdaq Composite retreated 0.7% from its record peak.

Chipmakers and several companies linked to the artificial intelligence rally witnessed some of the steepest declines. Intel tumbled 6.8%, despite the stock having surged more than threefold so far this year. Micron Technology fell 3.6% after gaining nearly 180% year-to-date, while CoreWeave dropped 6.1%, trimming part of its 60% rise in 2026.

Weakness in AI-related stocks had already surfaced earlier in Asian markets. South Korea’s Kospi index dropped 2.3% from its historic high amid concerns that the government could redistribute excess profits earned by AI firms among citizens.

Meanwhile, rising oil prices also added pressure on Wall Street as fears grew that the conflict involving Iran could continue for longer. Brent crude advanced 3.4% to close at $107.77 per barrel as uncertainty deepened around the fragile ceasefire between the US and Iran.

The ongoing conflict has effectively disrupted movement through the Strait of Hormuz, leaving oil tankers stranded in the Persian Gulf and delaying crude supplies to global buyers.

Nifty View

Going ahead, the 23530–23550 zone is expected to act as a crucial resistance for the index. As long as Nifty sustains below the 23550 mark, the prevailing bearish trend is likely to persist, potentially dragging the index lower towards 23200, with the possibility of further downside extending to the 23050 level, says Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities.

Bank Nifty View

The banking benchmark index, Bank Nifty, also witnessed a sharp correction on Tuesday, declining by 1.63% and marking its third consecutive session of losses. The index is currently trading well below its key moving averages, indicating a weakening trend structure. Notably, the daily RSI has slipped below the 40 mark for the first time since April 02, 2026, highlighting a clear shift in momentum in favour of the bears.

Going forward, the 54100–54200 zone is likely to act as a significant resistance for the index. As long as Bank Nifty remains below the 54200 level, the prevailing downtrend is expected to continue, with the index likely to drift towards 53000 in the near term, followed by a potential decline towards the 52500 level, he adds.

The rupee weakened by 40 paise on Tuesday to finish at a new record closing low of 95.68 against the US dollar, as escalating tensions between the US and Iran triggered caution across global financial markets.

Currency traders said investor sentiment remained under pressure amid concerns that the 10-week-long conflict could further disrupt global supplies. Nervousness intensified after US President Donald Trump dismissed Iran’s latest reply to a US-supported peace proposal as “totally unacceptable.”

Market participants also viewed Prime Minister Narendra Modi’s recent remarks on fuel conservation and reducing imports as an indication that India’s trade deficit and external balance pressures could worsen if crude oil prices stay elevated for an extended period.

In the interbank forex market, the rupee opened at 95.57 against the dollar and later slipped to an all-time intraday low of 95.74.

The domestic currency eventually ended the session at a historic closing low of 95.68 per dollar, marking a decline of 40 paise from the previous close.

Index formed a sizable bearish candlestick pattern with a lower high and a lower low and a bearish gap above its head (23,757-23,800) signaling extension of the corrective decline for the fourth session in a row. Nifty on Tuesday’s session breached the lower band of the last 3 weeks consolidation range 23,800-24,400 and witnessed sharp decline throughout the session to close below the 23,400 levels.

Bias continues to remain down below Tuesday’s breakdown area of 23,800 and a follow through weakness will open further downside towards 23,000-23,200 levels being the confluence of the lower band of the 8th April gap area and the 61.8% retracement of the previous pullback ( 22,182-24,601).