At 12:30 ST, the barometer index, the S&P BSE Sensex, shed 59.63 points or 0.09% to 75,808.17. The Nifty 50 index fell 54.35 points or 0.23% to 23,853.

In the broader market, the BSE 150 MidCap Index fell 0.26% and the BSE 250 SmallCap Index jumped 0.59%.

The market breadth was positive. On the BSE, 1,970 shares rose and 2,094 shares fell. A total of 235 shares were unchanged.

In the commodities market, Brent crude for July 2026 settlement fell $1.18 or 1.27% to $91.52 a barrel.

IMD Forecast:

The forecast by the India Meteorological Department that India may receive about 90% of the long-period average rainfall this monsoon suggests a slightly below-normal season, but not a severe shortfall. This level of rainfall is likely to have a moderate impact on the economy, particularly in agriculture, where rain-fed crop output could be affected in some regions. Any uneven distribution of rainfall may lead to localized stress on farm production, which in turn could push up prices of food items such as vegetables, pulses, and cereals. Rural demand may also see some moderation if farm incomes are impacted. However, since the deviation from normal is not very large, the overall effect on GDP growth is expected to remain limited, with the economy continuing to be supported by stable services and industrial activity.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 0.81% to 15.11. The Nifty 30 June 2026 futures were trading at 23,940.10, at a premium of 87.10 points as compared with the spot at 23,853.

The Nifty option chain for the 26 May 2026 expiry showed a maximum call OI of 81.5 lakh contracts at the 25,000 strike price. Maximum put OI of 57.4 lakh contracts was seen at a 24,000 strike price.

Buzzing Index:

The Nifty Oil & Gas index fell 0.99% to 11,370.65. The index fell 1.33% in three consecutive trading sessions.

Aegis Vopak Terminals (down 2.63%), Oil & Natural Gas Corpn (down 2.1%), GAIL (India) (down 1.43%), Reliance Industries (down 1.01%), Oil India (down 0.97%), Indian Oil Corporation (down 0.56%), Petronet LNG (down 0.54%), Castrol India (down 0.33%), Bharat Petroleum Corporation (down 0.29%) and Hindustan Petroleum Corporation (down 0.19%) declined.

On the other hand, Aegis Logistics (up 4.86%), Chennai Petroleum Corporation (up 1.04%) and Adani Total Gas (up 0.5%) edged higher.

Stocks in Spotlight:

Kesoram Industries dropped 4.95% after the company reported a 99.46% decline in consolidated net profit to Rs 31.07 crore in the quarter ended 31 March 2026, compared with Rs 5,765.62 crore recorded in Q4 FY25.

EFC (I) slipped 3.17%. The company's consolidated net profit jumped 44% to Rs 68.86 crore on a 39% rise in revenue from operations to Rs 292.88 crore in Q4 FY26 over Q4 FY25.

Amines & Plasticizers added 1.02% after the company reported a 19.8% increase in consolidated net profit to Rs 15.35 crore despite a 6.4% fall in revenue to Rs 155.14 crore in Q4 FY26 as compared with Q4 FY25.

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