At 14:30 IST, the barometer index, the S&P BSE Sensex, tanked 902.72 points or 1.17% to 76,425.47. The Nifty 50 index fell 250.90 points or 1.04% to 23,925.25.

In the broader market, the BSE 150 MidCap Index slipped 0.70% and the BSE 250 SmallCap Index declined 0.62%.

The market breadth was weak. On the BSE, 1,504 shares rose and 2,768 shares fell. A total of 201 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, surged 8.07% to 18.20.

PM Modi Urges Austerity Amid Energy Crisis:

Amid elevated crude oil prices and the ongoing U.S.-Iran conflict, Prime Minister Narendra Modi urged citizens to adopt austerity measures, including reducing petrol and diesel consumption, avoiding non-essential gold purchases and foreign travel, and promoting the use of locally manufactured products. He also advocated greater use of public transport, EVs, work-from-home practices, and domestic tourism to conserve foreign exchange reserves and strengthen India's economic resilience.

The Prime Minister also called for reduced edible oil consumption and lower dependence on chemical fertilizers, while encouraging natural farming and wider adoption of solar-powered irrigation systems. Stressing the importance of the 'Vocal for Local' initiative, Modi said increasing the use of indigenous products was essential to reduce import dependence and safeguard national interests amid global economic disruptions.

Buzzing Index:

The Nifty Media index declined 1.82% to 1,446. The index jumped 1.69% over the past four consecutive trading sessions.

PVR Inox (down 3.63%), Zee Entertainment Enterprises (down 3.41%), Saregama India (down 1.97%), Network 18 Media & Investments (down 1.95%), Hathway Cable & Datacom (down 1.9%), Prime Focus (down 1.69%), and Sun TV Network (down 0.84%) jumped.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.66% to 7.030 compared with the previous session close of 6.984.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 95.2200 compared with its close of 93.5100 during the previous trading session.

MCX Gold futures for 5 June 2026 settlement shed 0.21% to Rs 152,214.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.06% to 97.96.

The United States 10-year bond yield rose 0.46% to 4.384.

In the commodities market, Brent crude for July 2026 settlement fell $2.50 or 2.47% to $103.79 a barrel.

Stocks in Spotlight:

Medi Assist Healthcare Services added 2.81% after the company reported a consolidated net profit of Rs 53.44 crore in Q4 FY26, which is higher by 148.7% as compared with the PAT of Rs 21.49 crore in Q4 FY25. Net sales for the period under review rose by 28.1% YoY to Rs 241.99 crore.

Balkrishna Industries declined 3.68% after the company's standalone net profit fell 18.5% to Rs 295.09 crore despite a 7.08% increase in revenue from operations to Rs 2,941.15 crore in Q4 FY26 over Q4 FY25.

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