Stock Market Highlights: BSE Sensex ends in green after 1,000 point intra-day crash; Nifty50 closes at 23,650 as IT stocks rally comes to rescue

"The markets opened on a gap-down note and remained volatile throughout the trading session. However, a strong rebound from the lower levels helped the index recover and close above the 23,600 mark. The immediate hurdle for the Nifty is placed near its 50-DMA at 23,770, while key support is seen around 23,300 levels. The momentum indicators and oscillators have turned bearish, and the MACD has also generated a sell crossover, indicating that short-term weakness may continue. Meanwhile, India VIX surged 4% to settle at 19.50, which remains a key concern for the bulls. A sustained decline below the 18 mark would be crucial for bullish momentum to regain strength. Overall, we expect the Nifty to trade in a broader range of 23,300–23,800 levels in the near term,” says Nilesh Jain, VP- Head of Technical and Derivative research at Centrum Finverse Ltd.

"The index witnessed a sharp recovery during the day after forming a harmonic pattern on the lower timeframe charts. Following the strong intraday rebound, the index is now facing resistance near the 61.8% Fibonacci retracement level of the previous decline, which is placed around 23,650.

A decisive move above 23,650 could trigger a short-term rally towards 24,000 and higher levels. On the downside, immediate support is placed near 23,400. Stock-specific buying interest continues to remain visible, indicating selective strength in the broader market.

However, sustained elevation in India VIX above 18.50 is likely to keep optimism in check and may continue to induce volatility in the near term,” says Rupak De, Senior Technical Analyst at LKP Securities.

1. Tata Steel: Current Price 209.71 | Price Change -7.13 (-) | -3.29% (-)
2. Power Grid: Current Price 296.55 | Price Change -9.31 (-) | -3.05% (-)
3. SBI: Current Price 939.40 | Price Change -23.81 (-) | -2.48% (-)
4. NTPC: Current Price 388.30 | Price Change -6.95 (-) | -1.76% (-)
5. Trent: Current Price 4,032 | Price Change -69.00 (-) | -1.69% (-)
6. Maruti Suzuki: Current Price 13,016 | Price Change -205.00 (-) | -1.56% (-)
7. M&M: Current Price 3,084 | Price Change -39.41 (-) | -1.27% (-)
8. InterGlobe: Current Price 4,276 | Price Change -39.20 (-) | -0.91% (-)
9. HUL: Current Price 2,254 | Price Change -18.00 (-) | -0.80% (-)
10. Axis Bank: Current Price 1,238 | Price Change -6.90 (-) | -0.56% (-)

Nifty opened with a gap-down and drifted lower to an intraday low of 23,317 before strong buying interest at lower levels triggered a sharp intraday recovery. The index managed to recoup its initial losses and ended the session at 23,650, up a modest 0.03%.

On the daily chart, the index has formed a bullish candle with a noticeable lower wick, indicating buying interest emerging at lower levels. Despite today’s pullback, Nifty continues to trade below its 20-day EMA. Moreover, the DI- remains above the DI+, suggesting that sellers continue to maintain an upper hand over the bulls.

On the macro front, the USDINR touched a fresh high today, while crude oil prices witnessed a marginal uptick. Simultaneously, the India VIX surged nearly 4.5%, reflecting rising market nervousness. Adding to the pressure, rising bond yields in the US and Japan are weighing on sentiment amid concerns that global capital could gradually shift from emerging markets towards developed economies offering relatively safer returns.

On the sectoral front, Nifty IT ended the day as the top sectoral gainer followed by Nifty Pharma. On the other hand, Nifty Media and Nifty PSU Bank were the top two sectors to end the day in red. With regards to stocks, TECHM & INFY ended up as top two gainers while TATASTEEL and POWERGRID ended with losses.

The Midcap Index witnessed a strong rebound from its earlier swing low zone of 59,560–59,460 and formed a thin-bodied bullish candle with a noticeable lower wick, reflecting strong buying interest from lower levels. With today’s close, the index has reclaimed its 20-day EMA, which is a positive sign in the near term. The Small cap Index also witnessed buying interest from intraday lows; however, it significantly underperformed the benchmark indices and ended the session nearly 1.26% lower.

However, the market breadth remained weak as the advance-decline ratio remained was heavily tilted in favor of bears at day’s close. A total of 380 stocks out of the Nifty 500 universe ended in the red, says Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities.

Stock market today: After crashing in opening trade on Monday, Nifty50 and BSE Sensex recovered all their intra-day losses to close in green. Nifty50 ended the day at 23,649.95, up 6 points or 0.027%. BSE Sensex closed at 75,315.04, up 77 points or 0.10%.

1. Tech Mahindra: Current Price 1,430 | Price Change 59.50 (+) | 4.35% (+)
2. Infosys: Current Price 1,143 | Price Change 23.50 (+) | 2.11% (+)
3. Bharti Airtel: Current Price 1,938 | Price Change 32.70 (+) | 1.72% (+)
4. Sun Pharma: Current Price 1,906 | Price Change 27.60 (+) | 1.47% (+)
5. Bajaj Finserv: Current Price 1,753 | Price Change 25.00 (+) | 1.45% (+)
6. HCL Tech: Current Price 1,147 | Price Change 14.00 (+) | 1.24% (+)
7. Kotak Bank: Current Price 391.80 | Price Change 4.75 (+) | 1.23% (+)
8. Bajaj Finance: Current Price 921.10 | Price Change 10.70 (+) | 1.17% (+)
9. TCS: Current Price 2,283 | Price Change 19.20 (+) | 0.85% (+)
10. BEL: Current Price 426.60 | Price Change 2.96 (+) | 0.70% (+)

"The prolonged stalemate between the US and Iran continues to cast a shadow over near-term sentiment, yet the equity market managed to recover intraday losses and closed on a flat note, supported by value buying in IT and banking stocks. The ongoing earnings season has provided a constructive narrative, though caution persists as higher bond yields, elevated crude oil prices, and a weakening rupee reinforce inflationary concerns. Investors appear to be adopting a staggered allocation strategy rather than waiting for complete clarity, particularly in export-oriented sectors. A meaningful breakthrough in diplomatic negotiations with Iran—especially regarding uranium stockpiles and sanctions—remains critical for reducing volatility and enabling a decisive upward move in the market,” says Vinod Nair, Head of Research, Geojit Investments Limited.

"Rupee traded sharply weaker near 96.35, down around 58 paise, as continued rise in crude oil prices and persistent foreign fund outflows kept heavy pressure on the currency. India’s high dependence on imported crude is worsening sentiment, with Brent crude staying elevated amid ongoing uncertainty around the US–Iran conflict and Strait of Hormuz concerns.

The broader trend for the rupee remains weak, with markets closely watching India’s strategic efforts to secure lower-cost oil and gas supplies to ease pressure on the import bill and forex reserves. Continued FII selling and global risk aversion are also adding to volatility in the currency market.

Technically, rupee support is now seen near 96.55, while immediate resistance is placed around 96.00–96.10,” says Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.

Shares of ICICI Prudential Life Insurance witnessed a sharp decline on Monday after reports suggested that promoter Prudential plc may bring down its stake in the company to below 10 per cent following its proposed acquisition of a controlling interest in Bharti Life Insurance.

The stock tumbled nearly 9 per cent during intraday trade, touching its weakest level in over two years before trimming some of the losses later in the session. It was eventually trading around 3 per cent lower than its previous closing price.

The selloff followed a clarification issued by ICICI Bank, which stated that it would continue to remain the majority shareholder in ICICI Prudential Life Insurance despite Prudential plc’s planned deal involving Bharti Life Insurance.

At present, Prudential plc holds nearly 21.91 per cent stake in ICICI Prudential Life, while ICICI Bank owns about 51 per cent of the insurer.

Recently, the UK-based insurer entered into an agreement to purchase a 75 per cent controlling stake in Bharti Life Insurance from Bharti Life Ventures and investment funds managed by 360 ONE Asset Management.

Stock market today: Indian equity benchmarks recovered most of their losses in the session today, trading flat in afternoon trade. While Nifty50 was above 23,600, BSE Sensex was down just over 40 points. At 2:20 PM, Nifty50 was trading at 23,615.50, down 28 points or 0.12%. BSE Sensex was at 75,194.47, down 44 points or 0.058%.

The frontline indices began the week on a negative note, however the index has witnessed a rebound from the lows of the prior week.

Coming to Nifty, the zone of 23400-23420 will act as a crucial support for the index while the resistance lies in the zone of 23650-23670.

On the downside, if the index slips below the level of 23400 then the next support is placed in the zone of 23200-23100.

In an event of a surge above 23670, the index can experience an extension of the rally towards 23870.

On the options front, meaningful call writing witnessed across 23600 & 23700 strikes. On the put side, 23500 has a substantial open interest, followed by 23400 strike.

Nifty's Advance Decline Ratio is extremely weaker at 11:39.

Speaking of Sensex levels, support is at 74,400 while resistance is at 75,200.

Shares of Vodafone Idea declined up to 4 per cent on Monday, touching an intraday low of Rs 12.47 on the NSE, even after the telecom company posted a net profit of Rs 51,970 crore for the March quarter of FY26.

The profit was largely attributed to a one-time accounting benefit arising from the reassessment of AGR liabilities and the recognition of the present value of future AGR-related payments. In the same quarter last year, the company had reported a net loss of Rs 7,166 crore.

According to the company’s stock exchange filing, revenue from operations rose 3 per cent year-on-year to Rs 11,332 crore, compared with Rs 11,017 crore recorded in the corresponding quarter of FY25.

EBITDA for the quarter stood at Rs 4,889 crore, registering a 4.9 per cent increase over the previous year.

The company’s average revenue per user (ARPU) climbed to Rs 190 from Rs 175 in the year-ago period, reflecting a growth of 8.3 per cent. Vodafone Idea stated that this remained the highest ARPU level in the telecom industry.

Its combined 4G and 5G subscriber base also expanded during the quarter, increasing to 128.9 million from 126.4 million in Q4FY25.

Separately, the board approved the issuance of fully convertible warrants worth Rs 4,730 crore, equivalent to about USD 500 million, to an Aditya Birla Group promoter entity through a preferential allotment. Each warrant will be convertible into one fully paid equity share.

“Historically, FPIs have been key drivers of short-term market volatility due to their heightened responsiveness to global macroeconomic developments. In contrast, DIIs - including mutual funds, insurance firms, and pension funds, play a stabilizing role by offsetting sharp FPI outflows. This resilience is largely supported by the steady and predictable inflows they receive through retail Systematic Investment Plans (SIPs).

These regular contributions ensure a continuous supply of capital, allowing DIIs to remain well-funded even during periods of market turbulence. Consequently, when foreign investors exit or sell aggressively, DIIs are able to deploy their ample liquidity to cushion the impact and support market stability. Overall, while FPIs influence short-term movements, the broader market trend over the long term is primarily guided by DII flows, which are aligned with sustained, structural growth objectives, says Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities.

The rupee started Monday’s trading session on a weaker footing and dropped to a fresh lifetime low of 96.25 in early trade, pressured by soaring crude oil prices, persistent global uncertainty and continued strength in the US dollar.

According to forex market participants, the combination of elevated oil prices, a firm greenback and ongoing geopolitical tensions has created intense pressure on emerging market currencies, with the Indian rupee increasingly bearing the impact.

In the interbank foreign exchange market, the domestic currency opened at 96.19 against the US dollar before slipping further to 96.25, marking a decline of 44 paise compared with its previous closing level.

On Friday, the rupee had already breached the crucial 96-per-dollar mark during intraday trade before eventually settling at a record closing low of 95.81 against the American currency.

While we view Friday’s vicious turn-lower with caution, 23489, the 62% fibo of the recent upmove, may be expected to slow down the slippages and allow a regrouping of bulls. Such a move should reclaim 23600 on the bounce, to confirm strength. Else, brace for 22800.,” says Anand James, Chief Market Strategist, Geojit Investments Limited.

"The market is set to start the week on a weak note from global cues. Brent crude has spiked to $111 in absence of initiatives to open the Strait of Hormuz. Elevated crude may force another round of price hikes in petrol and diesel, which will have negative implications for inflation. The spike in US 10-year bond yield to 4.62 % is another negative factor for EM equity markets. Rupee may further depreciate aggravating the vicious cycle of rupee depreciation and FPI selling.

Some measures to strengthen the rupee are due and likely soon. In the present context, export-oriented sectors like pharmaceuticals will continue to be resilient. Leading private sector banks, under pressure from FPI selling, are fundamentally strong and attractively valued. Long-term investors can accumulate these stocks on weakness,” says VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.

Indian equity benchmarks extended their fall on Monday, trimming over 1% in early trading. While BSE Sensex was trading at 74,293.61, down 944.38 points or 1.26%. NSE Nift50 was trading at 23,358.10, down 285.40 or 1.21%, around 10:10 am.

“Markets remain on edge as the US-Iran deadlock continues and oil prices rise above $110 pbl. A nuclear power plant in the UAE was struck by drones over the weekend, heightening tensions.

The impact of higher crude and commodity prices have led to rising risk of inflationary pressures in major economies. This has led the market to price in rate hikes by major central banks, including the US Federal Reserve (a rate hike in March 2027 now priced in), putting pressure on global bond yields. The US 10-year yield rose to 4.60% levels, while the 2 year was trading close to 4.10%.

Safe haven trade, rate hike expectations and favorable growth differential could continue to support the US dollar in the near term. At the time of writing, US dollar index was trading at 99.35. We therefore see more near-term pressure on both DM & EM currencies vs. the USD.

In the domestic front, USD/INR remained under pressure on account of higher crude oil prices, continued FII outflows and worsening risk sentiments. With crude oil prices remaining elevated, 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 95.50-96.50,” says HDFC Bank.

“The Nifty corrected 2.5% last week, with Pharma and FMCG emerging as key outperformers. The situation around the SoH remained volatile, keeping Brent in the USD105-110/bbl range. The continuation of the Middle East conflict is beginning to weigh on India’s macrofinancial stability, with sustained CAD pressure and continued selling by FPIs. Pump prices were finally hiked by Rs3/ltr but we expect more as under-recoveries persist at Rs17-18/ltr. We see significant downside risk for Indian equities until the resolution of the Gulf conflict and reopening of SoH. However, we expect normalcy to return in the coming weeks and see any weakness as an entry opportunity, with discretionary and industrials as key overweights,” says Emkay Global Financial Services.

Market analysts believe the ongoing US-Iran tensions, movements in foreign institutional investor (FII) activity and fluctuations in crude oil prices will remain the key factors shaping Dalal Street’s direction this week, while inflation worries are also keeping investors on edge.

Market participants are also expected to keep a close watch on the rupee, which slipped beyond the 96-per-dollar level last week, as currency volatility could further impact overall sentiment.

Ajit Mishra, SVP – Research at Religare Broking Ltd, said investors will remain focused on developments surrounding the continuing US-Iran conflict and its potential impact on crude oil prices, inflation trends and global market risk appetite.

He added that fluctuations in energy prices along with the rupee’s movement are likely to play an important role in determining the market’s near-term trajectory.

The rupee had fallen below the 96 mark against the US dollar on Friday amid rising crude oil prices and mounting inflation concerns.

Ponmudi R, CEO of online trading and wealth-tech platform Enrich Money, said markets are likely to stay extremely volatile and highly sensitive to news flow, with investor confidence continuing to depend heavily on updates related to the US-Iran conflict, diplomatic efforts and developments in global energy markets.

He further noted that traders and investors will remain particularly alert to any situation involving the Strait of Hormuz because of its critical role in global energy supply routes.

Stock market crash today: Nifty50 and BSE Sensex crashed in opening trade on Monday as global crude oil prices crossed $110 mark. At 9:16 AM, Nifty50 was trading at 23,396.45, down 247 points or 1.04%. BSE Sensex was at 74,430.35, down 808 points or 1.07%.

“Indian equity markets are expected to open on a negative note, with Gift Nifty trading around 23,539, down by 169 points, indicating weak opening cues for domestic indices.

Nifty ended on a mildly negative note on 15th May 2026, closing at 23,643.50, down 46.10 points or 0.19%, amid profit booking from higher levels. The index opened gap-up at 23,731.40 and touched an intraday high of 23,839.30 before witnessing selling pressure in the latter half of the session. Technically, the formation of a bearish candlestick pattern indicates cautious sentiment and lack of strong bullish conviction at higher levels. The RSI stood at 45.13, reflecting weak momentum, while India VIX edged higher to 18.79, signalling a slight increase in market uncertainty. Derivatives data indicated strong call writing at 23,700–23,800 strikes, while put writing was concentrated at 23,500–23,400 levels. Immediate support is placed around the 23,400–23,500 zone, while resistance is seen near the 23,900–24,000 range.

Bank Nifty ended on a negative note on 15th May 2026, closing near the day’s low at 53,710.35, down 418.60 points or 0.77%, amid sustained selling pressure in banking stocks. The index opened gap-up at 54,207.75 and touched an intraday high of 54,325.45 before witnessing sharp weakness during the second half of the session. Technically, the formation of a bearish candlestick pattern indicates cautious sentiment and continued selling pressure at higher levels. The RSI stood at 41.60, reflecting weakening momentum in the banking index. Immediate support is placed around the 52,800–53,000 zone, while resistance is seen near the 54,000–54,200 range.

Foreign Institutional Investors (FIIs) remained supportive on 15th May 2026 and continued their buying activity with net equity purchases worth ₹1,329.20 crore. However, Domestic Institutional Investors (DIIs) turned net sellers and offloaded equities worth ₹1,958.80 crore, indicating profit booking from domestic participants amid cautious market sentiment,” says Hitesh Tailor, Research Analyst, Choice Equity Broking Private Limited.

Oil prices climbed further on Monday, touching their highest levels in two weeks, as prospects for ending the US-Israel conflict involving Iran appeared increasingly uncertain following an attack on a nuclear facility in the United Arab Emirates and reports that US President Donald Trump may review military responses related to Iran.

Brent crude futures advanced by $1.44, or 1.32%, to $110.70 a barrel by 2337 GMT after earlier hitting their strongest level since May 5.

US West Texas Intermediate crude rose $1.84, or 1.75%, to trade at $107.26 per barrel, after reaching its highest point since May 4 during the session.
Both benchmark contracts had already surged over 7% last week as optimism faded over a possible ceasefire that could have halted ship seizures and attacks near the Strait of Hormuz. Discussions between Trump and Chinese President Xi Jinping last week concluded without any signal that China, the world’s largest oil importer, would step in to help ease the crisis.

Fresh drone strikes targeting the UAE and Saudi Arabia, along with increasingly aggressive statements from both Washington and Tehran, heightened fears that the conflict could intensify further.

Authorities in the UAE said they were investigating the source behind the strike on the Barakah nuclear power plant and asserted that the country reserved the right to respond to what it described as “terrorist attacks.”

Saudi Arabia, which said it intercepted three drones entering from Iraqi airspace, warned that it would take all necessary operational steps to counter any threat to its sovereignty and national security.

“These drone attacks serve as a clear warning that any renewed US or Israeli action against Iran could provoke further proxy strikes on Gulf energy infrastructure and critical assets by Iran or allied regional groups,” said Tony Sycamore, market analyst at IG according to aReuters report.

According to an Axios report, Trump is expected to hold discussions with senior national security officials on Tuesday to evaluate potential military options involving Iran.

"Indian equities traded with a cautious and volatile undertone during last week, as the lack of meaningful de‑escalation in geopolitical tensions and their implications for crude prices, inflation, and the rupee continued to dominate market sentiment. Rising global bond yields and sustained dollar strength weighed on risk appetite, leading to intermittent FII outflows and continued currency pressure. Elevated crude prices and a record‑weak rupee intensified concerns around macro stability and policy flexibility, while supportive domestic factors such as resilient Q4 earnings and favourable valuations helped cushion downside risks. Markets also derived intermittent support from expectations of policy measures aimed at curbing imports, stabilising the rupee, and supporting capital flows, along with optimism around global diplomatic engagements. Overall, sentiment remained range‑bound, with recovery attempts constrained by persistent external uncertainties.

Investor focus has now shifted toward rising inflation risks, driven by higher‑than‑expected WPI prints, ongoing fuel price pass‑through, and elevated bond yields, alongside the potential recalibration of monetary policy stances and possible downgrades to Q1FY27 earnings. Expectations of a US rate hike later this year may further accelerate capital outflows from emerging markets. In the near term, markets will closely monitor any follow‑through announcements from the recently concluded US–China summit, which concluded with no major announcements. Concurrently, any constructive progress toward reopening the Strait of Hormuz will be critical in restoring risk appetite and providing a more durable direction to the markets,” says Vinod Nair, Head of Research, Geojit Investments Limited.

Bank Nifty in weekly chart formed a bearish candlestick pattern with a lower high and a lower low signaling corrective bias as it closed below the lower band of the recent consolidation range.

Bias continues to remain down below last week breakdown area of 54,400-54,600 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). On the higher side a move above the breakdown area of 54,400-54,600 will signal resumption of up move and will open further upside towards 56,000-56,500.

Nine out of the country’s 10 most valuable companies witnessed a combined erosion of Rs 3.12 lakh crore in market capitalisation last week, with Reliance Industries suffering the steepest decline.

During the week, the benchmark BSE Sensex dropped 2,090.2 points, or 2.7 per cent, while the NSE Nifty slipped 532.65 points, translating into a decline of 2.2 per cent.

Ajit Mishra, SVP – Research at Religare Broking Ltd, said the markets ended the week in the red after breaking below a three-week consolidation range, as investors remained concerned over ongoing geopolitical tensions in West Asia, continued weakness in the rupee and mounting inflation worries.

He added that crude oil prices climbing beyond the $105 per barrel level further heightened concerns surrounding imported inflation, pressure on government finances and the impact on corporate profitability.

Among the top-10 valued companies, Bharti Airtel was the lone stock to post gains during the week.

Himanshu Srivastava, Principal - Manager Research at Morningstar Investment Research India, said the continued outflows point to lingering concerns over the global economic outlook, persistent geopolitical conflicts in several regions and sharp swings in crude oil prices, all of which have dampened investor appetite for emerging markets such as India.

He noted that the strengthening of the US dollar along with elevated US Treasury yields has also contributed significantly to the selling pressure, as better returns in developed economies have made relatively safer assets more appealing and encouraged investors to take a cautious approach.

Srivastava added that uncertainty surrounding the direction of global inflation and the timing as well as pace of potential interest rate cuts by major central banks continues to shape investment flows and portfolio allocation decisions worldwide.

Nifty in weekly chart formed a bearish candlestick pattern with a lower high and a lower low and a long lower shadow. Nifty during last week slipped below the last three-week almost identical lows around 23,800 and closed below the same highlighting corrective bias.

Going ahead, in the coming week failure to move above the breakdown area of 23,800-24,000, will keep the bias corrective and can lead to testing of the support area of 23,200-23,000. While a move above the breakdown area will signal pause in the downtrend and open pullback towards 24,500-24,600 levels being the high of April 2026.

Volatility is expected to remain high with Key focus on the developments around US–Iran tensions, oil-price trajectories and quarterly corporate earnings. Nifty has key support at 23,200-23,000 being the confluence of the lower band of the 8th April bullish gap area and the 61.8% retracement of the previous pullback (22,182-24,601).