IT, consumer durables and media shares tumbled while oil & gas and metal shares advanced.

At 13:25 IST, the barometer index, the S&P BSE Sensex declined 1,001.83 points or 1.32% to 75,013.45. The Nifty 50 index tumbled 287.85 points or 1.20% to 23,528.45.

The broader market underperformed the frontline indices. The BSE 150 MidCap Index dropped 1.60% and the BSE 250 SmallCap Index fell 2.05%.

The market breadth was weak. On the BSE, 987 shares rose and 31,04 shares fell. A total of 179 shares were unchanged.

In the commodities market, Brent crude for July 2026 settlement added $2 or 1.92% to $106.21 a barrel.

In the foreign exchange market, the rupee weakened against the US dollar. The partially convertible rupee was hovering at 95.7200 against the dollar, compared with its previous close of 95.2800 in the last trading session, reflecting continued pressure on the domestic currency.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, surged 3.34% to 19.17.

Gainers & Losers:

Oil & Natural Gas Corporation (ONGC) (up 5.16%), Hindalco Industries (up 1.76%), NTPC (up 0.84%), Tata Steel (up 0.39%) and Bharti Airtel (up 0.17%) were the major Nifty50 gainers.

HCL Technologies (down 3.93%), Tata Consultancy Services (TCS) (down 3.84%), Tech Mahindra (down 3.55%), Shriram Finance (down 3.40%) and Infosys (down 3.31%) were the major Nifty50 losers.

Economy:

A public sector bank research report for May 2026 projected India's GDP growth at 6.6% for FY27, compared with an estimated 7.5% growth in FY26, while highlighting the economy's resilience amid global uncertainties and regional conflicts.

The report said credit growth is expected to remain strong in the first half of FY27 and domestic consumption will continue supporting economic activity. It noted that robust rabi output has improved near-term food supply prospects but warned that volatile crude oil prices, commodity fluctuations, and possible El Ni'o conditions could increase inflation risks.

The report also called for measures to address balance of payments pressures arising from rupee depreciation and rising crude prices, including calibrated use of Indian diaspora bonds. It further stressed the need for India to accelerate AI-driven productivity, competitiveness, and integration into global value chains through supportive policy measures.

Stocks in Spotlight:

IT stocks plunged on Tuesday after OpenAI announced the launch of the OpenAI Deployment Company, a new enterprise-focused AI business backed by more than $4 billion in initial investment. According to OpenAI, the new company will embed Forward Deployed Engineers inside client organisations to identify AI opportunities, redesign workflows and deploy AI systems at scale.

HCL Technologies (down 3.93%), Tata Consultancy Services (TCS) (down 3.84%), Tech Mahindra (down 3.55%), Infosys (down 3.31%) LTM (down 4.19%), Persistent Systems (down 3.59%), Coforge (down 3.11%), Wipro (down 2.87%), Mphasis (down 1.64%) and Oracle Financial Services Software (down 0.87%) tumbled.

Satin Creditcare Network surged 6.61% after the company reported a more than seven-fold jump in consolidated net profit to Rs 162.02 crore in Q4 FY26, compared with Rs 21.89 crore posted in Q4 FY25. Total revenue from operations jumped 49.48% YoY to Rs 919.50 crore in the quarter ended 31st March 2026.

JSW Steel fell 0.96% after the company reported combined crude steel production of 21.18 lakh tonnes for April 2026, registering a 1% decline compared with 21.40 lakh tonnes produced in April 2025.

One MobiKwik Systems dropped 7.58% after the company reported a consolidated profit after tax of Rs 4.4 crore in Q4 FY26 against a loss of Rs 56 crore in Q4 FY25, resulting in a positive swing of Rs 60.4 crore. On a sequential basis, PAT improved from Rs 4.1 crore in Q3 FY26. Total income increased 6.3% YoY to Rs 296.0 crore in Q4 FY26 from Rs 278.5 crore in Q4 FY25.

Teamlease Services jumped 3.80% after the company's board is scheduled to meet on Wednesday, 20 May 2026 to consider buyback of equity shares. The company said that the board will also consider standalone and consolidated financial results for the quarter and financial year ended March 31, 2026.

Aurionpro Solutions tumbled 11.47%. The company has reported 22.2% increase in consolidated net profit to Rs 61.51 crore on a 5.7% rise in revenue to Rs 345.57 crore in Q4 FY26 as compared with Q4 FY25.

Global Markets:

European market declined as hopes of a swift resolution to the U.S.-Iran conflict continued to fade.

Asia-Pacific markets traded mixed on Tuesday as investors shrugged off fresh doubts over the fragile U.S.-Iran ceasefire after President Donald Trump warned the truce was on 'massive life support.'

Trump on Monday cast doubt on the survival of the U.S. -Iran ceasefire, saying the fragile truce was effectively 'on life support' after Tehran delivered what he described as an unacceptable response to Washington's proposal for ending the conflict.

The S&P 500 advanced 0.19% to end at 7,412.84, bolstered by key tech stocks even as oil prices rose after Trump rejected Iran's latest proposal to end the war. The Nasdaq Composite climbed 0.10% to 26,274.13. The Dow Jones Industrial Average rose 0.19% to settle at 49,704.47.

Powered by Capital Market - Live News