Sensex, Nifty close muted as IT, FMCG stocks drag; broader market shines

Key equity benchmarks closed marginally lower on Thursday after a volatile session marked by weekly Sensex derivatives expiry and profit booking at elevated levels. The benchmarks swung between gains and losses amid mixed global signals, although broader indices outperformed on rising optimism over a potential U.S.-Iran peace agreement and easing geopolitical tensions. Softer crude prices, with Brent slipping below the $100-per-barrel mark, along with a firmer rupee against the dollar, helped cushion downside pressure and supported overall sentiment. Investors also tracked a fresh wave of Q4 earnings announcements for directional cues. The Nifty ended below the 24,350 level, weighed down by weakness in IT, FMCG and consumer durables shares, while auto and private banking stocks bucked the trend.

The S&P BSE Sensex declined 114 points or 0.15% to 77,844.52. The Nifty 50 index shed 4.30 points or 0.02% to 24,326.65.

Hindustan Unilever (down 1.95%), TCS (down 1.38%) and ITC (down 0.95%) were major drags.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index jumped 0.99% and the BSE 250 SmallCap Index surged 1.07%. Meanwhile, the Nifty Midcap 150 hit a record high of 22,808.45 today.

The market breadth was strong. On the BSE, 2,735 shares rose and 1,521 shares fell. A total of 174 shares were unchanged.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.03% to 6.928 compared with previous session close of 6.926.

In the foreign exchange market, the rupee higher against the dollar. The partially convertible rupee was hovering at 94.2400 compared with its close of 94.4925 during the previous trading session.

MCX Gold futures for 5 June 2026 settlement jumped 0.50% to Rs 152,896.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.19% to 97.84.

The United States 10-year bond yield lost 0.57% to 4.330.

In the commodities market, Brent crude for July 2026 settlement dropped $2.12 or 2.09% to $99.15 a barrel amid optimism that the U.S. and Iran were close to reaching an agreement to end the conflict.

Global Markets:

European market declined on Thursday, reversing modest early gains, as investors weighed reports that the U.S. and Iran were working to revive negotiations aimed at ending the ongoing conflict.

Washington and Tehran are reportedly working through mediators on a one-page framework to restart talks on a long-term peace agreement. According to media reports, discussions are expected to begin next week in Pakistan, followed by a month-long process focused on resolving disputes over Iran's nuclear programme and sanctions relief. However, key disagreements persist over issues such as uranium enrichment and inspections.

President Donald Trump suggested that the joint U.S.-Israel military operation against Iran, launched in late February, could end if Tehran agrees to give what has been agreed to.

Asian market advanced, led by Japanese equities, which reopened at record highs amid growing optimism over a potential U.S.-Iran peace deal that lifted sentiment across global risk assets.

The broader regional rally came after Trump warned that Iran would face bombing 'at a much higher level' if it failed to agree to a peace deal.

The remarks followed reports indicating that Washington and Tehran were nearing an agreement to end the war.

In a social media post, Trump reportedly said the U.S. military offensive, dubbed Operation Epic Fury, 'will be at an end' if Iran 'agrees to give what has been agreed to, which is, perhaps, a big assumption.'

He also said that, under such a deal, the U.S. naval blockade of Iranian ports in the Gulf of Oman would be lifted, allowing the Strait of Hormuz to remain 'open to all, including Iran.'

Overnight in the U.S., stocks rallied on hopes of easing tensions in the Middle East.

The S&P 500 climbed 1.46% to close at 7,365.12, while the Nasdaq Composite surged 2.02% to 25,838.94. Both indices touched fresh record highs. The Dow Jones Industrial Average rose 612.34 points, or 1.24%, to finish at 49,910.59.

Media reports, citing U.S. officials, said the White House believes it is close to finalising a one-page, 14-point memorandum of understanding aimed at ending the war and creating a framework for broader nuclear negotiations.

Stocks in Spotlight:

Larsen & Toubro added 0.35%. The company said that the Buildings & Factories (B&F) business vertical of the company has won multiple 'large' orders from a valued real-estate client. These orders are for real-estate projects across three Indian states.

CarTrade Tech surged 6.52% after the company reported record quarterly and annual earnings, driven by strong growth across businesses. On a consolidated basis, profit after tax jumped 53.6% YoY and 15.2% QoQ to Rs 70.85 crore in Q4 FY26. Revenue from operations stood at Rs 203.14 crore in Q4 FY26, up 19.8% YoY but down 3.1% QoQ.

Bajaj Auto advanced 2.83% after the company reported 34% jump in consolidated net profit to Rs 2,746.13 crore on 31.76% increase in revenue from operations to Rs 16,005.85 crore in Q4 FY26 over Q4 FY25.

CG Power and Industrial Solutions rallied 3.54% after the company reported a 32% jump in consolidated net profit to Rs 362 crore on a 25.03% rise in revenue from operations to Rs 3,441.76 crore in Q4 FY26 over Q4 FY25.

IIFL Capital Services jumped 5.99% after Fairfax India announced a Rs 2,000 crore investment in the company through a preferential allotment.

Bharat Forge jumped 6.23% after the company reported a consolidated net profit of Rs 233.45 crore in Q4 FY26, down 17.4% from Rs 282.62 crore in Q4 FY25. Revenue from operations jumped 17.53% YoY to Rs 4,528.04 crore in the quarter ended 31 March 2026.

Craftsman Automation surged 10.96% after its consolidated net profit jumped 74.38% to Rs 116.42 crore in Q4 FY26, as against Rs 66.76 crore in Q4 FY25. Revenue from operations rallied 27.27% year on year to Rs 2,226.4 crore in Q4 FY26.

Brigade Enterprises declined 4.62% after the company reported a 41.05% decline in consolidated net profit to Rs 145.49 crore in Q4 FY26 as against Rs 246.82 crore reported in Q4 FY25. Revenue from operations marginally declined 0.19% year-on-year to Rs 1,457.60 crore in the quarter ended 31 March 2026.

Meesho advanced 1.07% after the company's consolidated net loss narrowed to Rs 166.34 crore in Q4 FY26 compared with net loss of Rs 1,393.12 crore in Q4 FY25. Revenue from operations climbed 47.14% YoY to Rs 3,531.21 crore in Q4 FY26.

TD Power Systems jumped 7.23% after the company's board will meet on Thursday, 14 May 2026 to consider sub-division/split of its existing equity shares having a face value of Rs 2 each, fully paid up.

Aptus Value Housing Finance advanced 3.09% after the company's consolidated net profit jumped 26.05% to Rs 260.95 crore on 18.66% increase in revenue from operations to Rs 574.33 crore in Q4 FY26 over Q4 FY25.

BMW Industries rallied 5.11% after the company reported a strong performance for the fourth quarter ended March 2026. The company's consolidated net profit jumped 88.19% year-on-year (YoY) to Rs 33.16 crore in Q4 FY26, compared with Rs 17.62 crore posted in the corresponding quarter of the previous year. Revenue from operations rose 33.32% YoY to Rs 209.50 crore during the quarter, supported by improved business performance.

Kansai Nerolac Paints gained 4.94% after its consolidated net profit jumped 3.51% to Rs 112.27 crore in Q4 FY26, compared with Rs 108.46 crore in Q4 FY25. Revenue from operations rose 7.54% to Rs 1,953.71 crore in Q4 FY26 as against Rs 1,816.65 crore posted in the same quarter last year.

Apcotex Industries hit an upper circuit of 20% after the company's standalone net profit zoomed 107.40% to Rs 34.74 crore in Q4 FY26 as against Rs 16.75 crore in Q4 FY25. Revenue from operations jumped 13.79% year on year to Rs 397.58 crore during the quarter ended 31st March 2026.

R Systems International rose 4.80% after the company reported a 69.5% year-on-year surge in consolidated net profit to Rs 65.41 crore, on a 29.9% rise in revenue from operations to Rs 574.77 crore in Q1 2026 over Q1 2025.

Sula Vineyards rose 1.47% after the company's consolidated net profit tumbled 34% to Rs 8.60 crore on a 7.3% rise in revenue from operations (excluding net excise duty) to Rs 134.91 crore in Q4 FY26 over Q4 FY25.

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