Closing Bell: Sensex Ends Negative, Nifty 50 Slips Below 23,650 as Rupee Hits Record Low of 96 Against U.S. Dollar

Market Update at 04:00 PM: Indian equity benchmarks ended lower on Friday, May 15, as late-session selling in metal, realty, oil and gas stocks erased most of the day’s gains. Rising crude oil prices, weakness in the rupee and concerns around India’s external sector weighed on investor sentiment.

The Nifty 50 opened over 40 points higher and extended gains during early trade to touch an Intraday high of 23,839.30. However, the benchmark lost nearly 200 points from the day’s high after midday trade amid broad-based selling pressure.

At close, the Nifty 50 settled at 23,643.50, down 46.10 points or 0.19 per cent, snapping its two-day winning streak. The Sensex declined 160.73 points or 0.21 per cent to close at 75,237.99. The India VIX index remained largely steady during the session.

On a weekly basis, the Nifty 50 declined 2.20 per cent, ending a two-week rally.

Oil prices surged amid uncertainty surrounding a Middle East peace agreement and concerns over the reopening of the Strait of Hormuz. Brent crude futures rose 3.47 per cent to USD 109.39 per barrel and were headed for a weekly gain of 7.7 per cent.

The sharp rise in crude prices raised concerns over inflationary pressures and India’s import bill, impacting market sentiment.

The Indian rupee weakened to a record low on Friday as elevated crude oil prices intensified pressure on the country’s external sector.

The rupee fell 0.3 per cent to 96.05 against the U.S. dollar, breaching the 96 mark for the first time. It also crossed its previous all-time low of 95.9575 recorded in the previous session.

Among the 11 key sectoral indices, five ended in positive territory while the broader market remained under pressure. The Nifty Midcap index fell 0.45 per cent, while the Nifty Smallcap 100 index declined 0.61 per cent.

The Nifty Media index emerged as the top sectoral gainer, rising 1.98 per cent and extending its previous gains while witnessing its highest trading volumes in the last 11 months.

On the other hand, the Nifty Metal index was the worst-performing sector, falling 1.93 per cent. The index retreated from its all-time high and formed a bearish engulfing candlestick pattern.

Nifty IT also declined 2 per cent during the session, while Nifty Pharma ended as the top gainer among major sectors.

Among stock-specific movers, oil marketing companies remained under pressure despite a Rs 3 increase in petrol and diesel prices. BPCL declined 2.95 per cent, while HPCL fell 3.58 per cent as the rise in Brent crude prices outweighed the impact of the fuel price hike.

Pricol surged 7.47 per cent after reporting growth in quarterly profit. Great Eastern Shipping Company gained 3.3 per cent following a rise in quarterly earnings.

Tata Motors Passenger Vehicles advanced about 5.25 per cent despite reporting a decline in quarterly profit.

Infosys contributed the most to the Nifty 50 gains, adding 18.31 points to the index. Bharti Airtel supported the benchmark with 14.62 points, while Tata Motors Passenger Vehicles added 8.14 points.

On the downside, Reliance Industries was the biggest drag on the index, shaving off 37.30 points. State Bank of India contributed a negative 15.04 points, while Hindalco Industries dragged the benchmark lower by 11.26 points.

Market breadth remained negative on May 15, indicating broad-based weakness across equities.

Out of 3,366 stocks traded on the NSE, 1,219 advanced, 2,028 declined and 119 remained unchanged.

A total of 83 stocks hit their 52-week highs, while 39 stocks touched their 52-week lows. Additionally, 70 stocks were locked in Upper Circuits, whereas 88 stocks hit Lower Circuits.

Market Update at 2:45 PM: Indian equity benchmark indices gave up most of their intraday gains during afternoon trade on Friday as weakness in metal, realty, oil and gas shares kept market sentiment subdued.

At 2:39 PM on May 15, the Nifty 50 was trading 2.15 points, or 0.01 per cent, higher at 23,691.75. The Sensex was also marginally positive, up 2.94 points, or 0.00 per cent, at 75,401.66 at 2:40 PM.

Among the Top Gainers on the Nifty 50 index were Tata Motors Passenger Vehicles, Adani Enterprises and Coal India, helping benchmark indices stay in positive territory.

In the broader market, the Nifty MidCap index traded flat, while the Nifty SmallCap index declined 0.14 per cent, reflecting cautious sentiment among investors.

Sector-wise, the Nifty Realty, Nifty Metal, Nifty PSU Bank and Nifty Oil and Gas indices were the top laggards during the session. Meanwhile, buying in technology and media shares supported the Nifty IT and Nifty Media indices.

Market Update at 01:11 PM: Indian equity benchmarks traded higher in the afternoon session on Friday, although gains remained capped due to weakness in metal, realty, and oil & gas stocks.

At around 1:02 PM on May 15, the NIFTY was trading 91 points, or 0.38 per cent, higher at 23,780.60. Meanwhile, the BSE SENSEX advanced 278.77 points, or 0.37 per cent, to 75,677.49.

Among the top gainers on the Nifty 50 index were Tata Motors Passenger Vehicles, Adani Enterprises, and Coal India, which supported benchmark indices despite pressure in select sectors.

In the broader market, the Nifty MidCap index gained 0.34 per cent, while the Nifty SmallCap index slipped 0.23 per cent, reflecting mixed sentiment among investors.

Sector-wise, the Nifty Realty, Nifty Metal, and Nifty Oil & Gas indices were the Top Losers during the session. On the other hand, the Nifty IT and Nifty Media indices outperformed and traded with gains.

Oil & gas stocks remained under pressure after the Government of India increased petrol and diesel prices by Rs 3 across the four metro cities, marking the first fuel price hike in four years. Following the announcement, the Nifty Oil & Gas index declined around 1 per cent, weighed down by losses in Hindustan Petroleum Corporation and Mahanagar Gas.

Globally, investors continued to monitor developments from the second day of the high-stakes meeting between U.S. President Donald Trump and Chinese President Xi Jinping. Xi reportedly said Taiwan’s independence could become a major point of contention between the two countries if mishandled by Washington, keeping geopolitical concerns in focus.

Market Update at 09:33 AM: Indian equity benchmark indices traded higher in early deals on Friday, supported by gains in information technology and automobile stocks despite mixed global market cues.

At around 9:19 AM, the NIFTY 50 was up 39.30 points, or 0.17 per cent, at 23,733.35, while the BSE SENSEX gained 126.51 points, or 0.17 per cent, to trade at 75,525.23.

However, broader markets remained under pressure. The Nifty MidCap index slipped 0.20 per cent, while the Nifty SmallCap index declined 0.55 per cent, indicating cautious sentiment among investors outside frontline stocks.

Market sentiment was also influenced by the Government of India’s decision to increase petrol and diesel prices by Rs 3 per litre across four metro cities. The move marks the first fuel price hike in four years and is expected to have an impact on inflation-sensitive sectors.

On the global front, investors closely monitored developments from the second day of the high-level meeting between U.S. President Donald Trump and Chinese President Xi Jinping. During the discussions, Xi reportedly stated that Taiwan’s independence could become a major point of conflict between the two nations if not handled carefully by Washington.

Despite mixed international cues and geopolitical concerns, buying in IT and auto shares helped domestic benchmark indices remain in positive territory during the morning session.

Pre-Market Update at 7:48 AM: The Indian stock market benchmark indices, the BSE Sensex and Nifty 50, are expected to open on a cautious note on Friday, May 15, amid mixed global cues and persistent concerns over crude oil prices and geopolitical tensions.

Gift Nifty hovered near the 23,675 mark, trading at a discount of around 54 points to the previous close of Nifty futures, indicating a weak start for domestic equities. Asian markets traded mixed, while Wall Street ended higher overnight, supported by gains in technology shares.

U.S. President Donald Trump held bilateral talks with Chinese President Xi Jinping during his two-day visit to Beijing. The discussions focused on maintaining the fragile trade truce reached during their October summit, under which the U.S. had paused steep tariffs on Chinese imports while China eased concerns regarding restrictions on rare earth supplies. Investors are closely tracking developments from the meeting, as any shift in U.S.-China trade relations could impact global markets and risk sentiment.

State-run oil marketing companies increased petrol and diesel prices by around Rs 3 per litre after keeping rates unchanged for more than two years. The revision comes amid rising under-recoveries due to elevated global crude oil prices. The fuel price hike is expected to have an impact on inflation-sensitive sectors and overall market sentiment.

Geopolitical tensions in the Middle East intensified after reports emerged that Iranian personnel seized a vessel near the United Arab Emirates and redirected it toward Iranian waters. The White House stated that Trump and Xi agreed on the importance of keeping the Strait of Hormuz shipping route operational. Although the U.S. halted direct attacks on Iran last month, pressure on Tehran continues through restrictions on Iranian ports.

Economic data from the U.S. remained strong, with retail sales rising 0.5 per cent in April following a revised 1.6 per cent increase in March. Economists surveyed by Reuters had expected a 0.5 per cent rise. The data reinforced expectations of resilient consumer demand in the world’s largest economy.

Crude oil prices advanced amid concerns over shipping disruptions in the Middle East despite Iran stating that nearly 30 vessels had crossed the Strait of Hormuz safely. Brent crude futures rose 0.57 per cent to USD 106.32 per barrel, while U.S. West Texas Intermediate crude gained 0.53 per cent to USD 101.71 per barrel. Higher crude prices remain a concern for India as they can widen the trade deficit and fuel inflationary pressures.

The U.S. dollar strengthened and was heading for its biggest weekly gain in more than two months. The dollar index touched a two-week high of 98.98 against a basket of major currencies and was set to rise more than 1 per cent for the week.

From a derivatives perspective, the Put-Call Ratio (PCR) stood at 1.22. On the Put side, significant open interest among the nearest out-of-the-money strikes was concentrated at 23,500 followed by 23,400, indicating these levels could act as immediate support zones. On the Call side, major open interest addition was seen at the 24,500 strike during the previous session, suggesting it may emerge as a strong resistance level. Heavy open interest was also visible at 24,000.

Technically, Nifty 50 faces immediate resistance near 23,777. A sustained move above this level could push the index toward the 50-day moving average placed around 23,836. A strong weekly close above the 50-DMA may strengthen bullish momentum and open the possibility of an upside move toward 24,074, where the 20-DMA is positioned. On the downside, immediate support is seen at 23,420 followed by 23,262. Analysts believe the ongoing pullback rally may remain intact as long as the index holds above these levels.

Stock-specific action is expected to continue amid the ongoing Q4FY26 earnings season. Tata Motors reported a 31.7 per cent year-on-year decline in Q4 profit to Rs 5,783 crore, while revenue rose 7.2 per cent to Rs 1,05,447 crore. Apollo Tyres posted a 241.8 per cent jump in quarterly profit to Rs 631 crore with revenue increasing 14.2 per cent year-on-year. LT Foods reported a 15.5 per cent decline in Q4 profit despite strong revenue growth of 30.4 per cent. Dilip Buildcon’s Q4 profit fell 63.7 per cent, while revenue declined 25.7 per cent year-on-year.

JSW Steel reported nearly an 11-fold jump in profit, aided by an exceptional gain of Rs 17,888 crore. HCL Technologies announced a strategic collaboration with Red Hat to develop enterprise-grade artificial intelligence infrastructure solutions. SEPC-Furlong JV secured a letter of award worth Rs 521.46 crore for a four-lane highway project in Uttar Pradesh.

Several major companies are scheduled to announce quarterly earnings on May 15, including Tata Steel, Power Grid Corporation of India, Hindustan Aeronautics Limited, Indian Railway Finance Corporation, Muthoot Finance, Aether Industries, Amber Enterprises India, Alembic Pharmaceuticals, Bajaj Electricals, Gland Pharma, Godfrey Phillips India, Godrej Industries, Hindustan Copper, ITC Hotels, Krishna Institute of Medical Sciences, NCC, NHPC, Premier Energies, Steel Authority of India and Symphony.

SAIL and Kaynes Technologies remain under the futures and options ban list for May 15.

Foreign Institutional Investors (FIIs) were net buyers on May 14, purchasing equities worth Rs 187.46 crore. Domestic Institutional Investors (DIIs) also remained buyers, acquiring shares worth Rs 684.33 crore.

Indian benchmark indices ended higher on Thursday amid encouraging earnings and optimism around U.S.-China trade discussions, although gains were capped by rising crude oil prices and continued weakness in the rupee. The Nifty 50 gained 1.18 per cent to close at 23,689.60, while the BSE Sensex advanced 1.06 per cent to 75,398.72.

U.S. stock markets closed higher on Thursday, driven by a rally in technology stocks and optimism around global trade discussions. The Dow Jones Industrial Average rose 370.26 points, or 0.75 per cent, to 50,063.46. The S&P 500 climbed 56.99 points, or 0.77 per cent, to 7,501.24, while the Nasdaq Composite gained 232.88 points, or 0.88 per cent, to 26,635.22.

Among the major sectors, technology stocks led gains, supported by Nvidia, while several Semiconductor and artificial intelligence-linked companies including Qualcomm, Intel, Sandisk and Micron declined between 3.4 per cent and 6.1 per cent.

Gold prices fell to a more than one-week low and were set for a weekly decline amid concerns over inflation and expectations of prolonged higher interest rates. Spot gold fell 0.6 per cent to USD 4,619.49 per ounce and was down 1.9 per cent for the week. Spot silver prices declined 1.7 per cent to USD 82.08 per ounce.

Disclaimer: The article is for informational purposes only and not investment advice.

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