Sensex slips 252 pts, Nifty below 24,050 amid currency weakness and expiry volatility

The key equity benchmarks closed with measured losses on Tuesday, as a sharp slide in the rupee to a record low against the US dollar rattled sentiment, while the weekly expiry of Nifty derivatives injected fresh volatility into the market. Escalating US-Iran tensions further bruised investor confidence, wiping out recent optimism sparked by state election results and echoing weakness across global markets. Ongoing quarterly earnings announcements kept traders on edge, prompting a cautious stance. The Nifty slipped below the 24,050 mark, weighed down by private banks and consumer durables stocks, while FMCG, auto and pharma shares defied the broader weakness and ended in the green.

The S&P BSE Sensex declined 251.61 points or 0.33% to 77,017.79. The Nifty 50 index lost 86.50 points or 0.36% to 24,032.80.

ICICI Bank (down 1.53%), Bharti Airtel (down 1.08%) and HDFC Bank (down 0.69%) were major index drags today.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index rose 0.15% and the BSE 250 SmallCap Index added 0.20%.

The market breadth was negative. On the BSE, 1,998 shares rose and 2,181 shares fell. A total of 183 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, dropped 2.14% to 17.91.

Numbers to Track:

In the foreign exchange market, the rupee slipped against the dollar, underscoring persistent pressure on the domestic currency. The partially convertible rupee hovered at 95.2325 versus its previous close of 95.2300. It plunged to a record low of 95.4400 during the session.

The yield on India's 10-year benchmark federal paper fell 0.19% to 7.010 compared with the previous session close of 7.023.

MCX Gold futures for 5 June 2026 settlement jumped 0.12% to Rs 149,524.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.02% to 98.45.

The United States 10-year bond yield lost 0.54% to 4.425.

In the commodities market, Brent crude for July 2026 settlement dropped $1.60 or 1.40% to $112.84 a barrel.

Global Markets:

US Dow Jones futures jumped 122 points, signalling a firm and optimistic start for Wall Street.

Most European indices advanced on Tuesday as investors navigated fresh developments surrounding the Iran conflict, with sentiment turning cautiously constructive.

Asian indices closed on a mixed note, as risk appetite remained fragile amid escalating tensions in the Strait of Hormuz. Trading volumes stayed muted with key markets in Japan, China and South Korea shut.

Investor sentiment deteriorated sharply after Iran launched retaliatory strikes in response to a U.S. operation aimed at reopening the Strait of Hormuz, amplifying geopolitical anxiety.

The latest flare-up threatened to derail an already fragile ceasefire between the U.S. and Iran, although parallel signals from Iranian officials suggested that diplomatic talks were still inching forward.

Overnight on Wall Street, equities retreated as rising oil prices and intensifying Middle East tensions rattled investors and reignited concerns over regional instability.

The Dow Jones Industrial Average tumbled 557.37 points, or 1.13%, to close at 48,941.90. The S&P 500 slipped 0.41% to 7,200.75, while the Nasdaq Composite edged down 0.19% to settle at 25,067.80.

Stocks in Spotlight:

Mahindra & Mahindra (M&M) rallied 3.41% after its standalone net profit jumped 53.34% to Rs 3,737.27 crore in Q4 FY26 as against Rs 2,437.14 crore reported in Q4 FY25. Total income increased by 25.29% year on year to Rs 40,244.81 crore in the quarter ended 31 March 2026.

Voltamp Transformers tumbled 20% after the company reported a weak set of numbers for the March quarter of financial year 2026. The company's net profit halved to Rs 48 crore in Q4, plunging from Rs 97 crore during the year-ago period. The company's revenue from operations came in at Rs 617.22 crore, a drop of 1% from Rs 624.8 crore posted in the corresponding quarter of the previous financial year. For the quarter under review, the company clocked an EBITDA margin at 13.17%, sharply lower from 18.63% in the same period last year.

HFCL rallied 2.02% after the company announced that it has secured purchase orders worth approximately Rs 84.23 crore for the supply of optical fiber cables.

Punjab National Bank shed 0.83%. The company has reported 14.4% rise in net profit to Rs 5,225 crore despite a 1.1% fall in total income to Rs 36,319 crore in Q4 FY26 as compared with Q4 FY25.

Wockhardt surged 7.84% after the company reported a sharp turnaround in quarterly earnings, aided by strong growth in key geographies. On a consolidated basis, the company reported a net profit of Rs 164 crore in Q4 FY26, reversing a loss of Rs 45 crore in the year-ago period. PAT surged 168.85% QoQ from Rs 61 crore in Q3 FY26. Revenue from operations rose 29.87% YoY to Rs 965 crore in Q4 FY26, while increasing 8.67% QoQ from Rs 888 crore.

Tata Technologies gained 5.37% after the company's consolidated net profit surged over thirty times to Rs 204.17 crore in Q4 FY26, compared with Rs 6.64 crore in Q3 FY26. Revenue from operations jumped 15.12% QoQ to Rs 1,572.22 crore in Q4 FY26.

Quess Corp jumped 5.67% after the company reported a consolidated net profit of Rs 64.35 crore in Q4 FY26 compared with a net loss of Rs 95.45 crore in Q4 FY25. Revenue from operations increased 6.46% YoY to Rs 3,892.45 crore in Q4 FY26.

Tata Chemicals shed 1.04%. The company's consolidated net loss widened to Rs 2,132 crore in Q4 FY26 comapred with net loss of Rs 74 crore in Q4 FY25. Revenue from operations slipped 2.02% YoY to Rs 3,438 crore, driven by lower realization (mainly due to lower exports from US), offset by higher volumes in India.

Computer Age Management Services (CAMS) surged 9.05% after the company's consolidated net profit surged 10.88% to Rs 126.43 crore on 11% increase in revenue from operations to Rs 395.22 crore in Q4 FY26 over Q4 FY25.

Aarti Industries dropped 4.87%. The company reported a 3% jump in consolidated net profit to Rs 137 crore despite 2.81% fall in revenue from operations to Rs 2422 crore in Q4 FY26 over Q3 FY26.

Shanthi Gears slipped 4.23% after reporting a 27.56% decline in net profit to Rs 16.27 crore on an 11.82% fall in revenue from operations to Rs 135.10 crore in Q4 FY26 over Q4 FY25.

Raymond fell 3.73% after the company's consolidated net profit declined 91.32% to Rs 11.93 crore despite an 8.15% rise in revenue from operations to Rs 602.91 crore in Q4 FY26 over Q4 FY25.

Organic Recycling Systems added 1.24% after the company announced a strategic collaboration to expand its sustainability services portfolio. The company has entered into a partnership with General Carbon Advisory Services to strengthen its offerings in carbon management and compliance, with a focus on Carbon Border Adjustment Mechanism (CBAM) advisory. The collaboration aims to support organisations in areas such as emissions reporting, carbon accounting and sustainability compliance.

SNL Bearings advanced 2.64%. The company reported an 8.21% year-on-year (YoY) decline in standalone net profit to Rs 2.57 crore for Q4 FY26, compared with Rs 2.80 crore in the corresponding quarter last year. However, revenue from operations rose 10.20% YoY to Rs 15.22 crore during the quarter.

Desco Infratech hit an upper circuit of 5% after its consolidated net profit rallied 75.34% to Rs 10.17 crore in Q4 FY26 as compared with Rs 5.80 crore in Q4 FY25. Revenue from operations surged 108.01% to Rs 76.57 crore in Q4 FY26 versus Rs 36.81 crore in Q4 FY25.

IPO Update:

The initial public offering (IPO) of Onemi Technology Solutions was subscribed 9.47 times as of 16:54 IST on Tuesday, 5 May 2026, according to stock exchange data. The issue received bids for 37,66,17,432 shares against 3,97,62,250 shares on offer.

The IPO opened for subscription on 30 April 2026 and is set to close on 5 May 2026. The price band of the IPO is fixed between Rs 162 and 171 per share.

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