Sensex drops 516 points, Nifty slips below 24,200 as US-Iran tensions rattle markets

The key equity benchmarks slipped on Friday, extending losses for a second straight session, as intensifying geopolitical tensions surrounding the US-Iran conflict rattled investor sentiment. Escalating hostilities drove Brent crude prices above the $100-per-barrel mark, stoking fears of rising inflation and a spike in India's import bill. The rupee also slid against the dollar, hovering near the 94-per-dollar level versus the previous close, further denting market confidence.

Investors stayed on edge amid elevated volatility and closely monitored Q4 earnings announcements for stock-specific cues and near-term market direction. The Nifty closed below the 24,200 mark, dragged lower by heavy selling in banking and financial stocks. However, IT and consumer durable shares attracted buying interest and outperformed the broader market.

The S&P BSE Sensex dropped 516.33 points or 0.66% to 77,328.19. The Nifty 50 index lost 150.50 points or 0.62% to 24,176.15. In two consecutive trading sessions, the Sensex dropped 0.80% while the Nifty fell 0.63%.

State Bank of India (down 6.62%), HDFC Bank (down 1.84%) and ICICI Bank (down 1.01%) were major drags today.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index shed 0.05% and the BSE 250 SmallCap Index rose 0.15%.

The market breadth was negative. On the BSE, 2,068 shares rose and 2,148 shares fell. A total of 206 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, added 1.32% to 16.84.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.59% to 6.974 compared with previous session close of 6.933.

In the foreign exchange market, the rupee lowered against the dollar. The partially convertible rupee was hovering at 94.4450 compared with its close of 94.2200 during the previous trading session.

MCX Gold futures for 5 June 2026 settlement jumped 0.33% to Rs 152,757.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.38% to 97.91.

The United States 10-year bond yield lost 0.57% to 4.368.

In the commodities market, Brent crude for July 2026 settlement gained 0.57 cents or 0.57% to $100.63 a barrel.

Global Markets:

US Dow Jones futures rose 162 points, signalling a positive opening for Wall Street later in the day.

European indices declined on Friday after US President Donald Trump threatened 'much higher' tariffs on the European Union.

Most Asian indices ended lower after a fresh exchange of fire between the United States and Iran rattled investor sentiment, pushing investors away from risk assets and lifting oil prices sharply.

The US and Iran exchanged fire in the Strait of Hormuz, with both sides accusing the other of initiating the attack.

Despite the escalation, Trump reportedly maintained that the ceasefire remained intact, describing the strikes as just a love tap.

In a later social media post, Trump claimed the US had completely destroyed Iranian assets involved in the exchange, including small boats and drones. He also warned that Iran could face further attacks if it failed to agree to a nuclear deal.

Overnight on Wall Street, the S&P 500 closed lower on Thursday after touching a fresh intraday record high, as investors tracked developments in the US-Iran conflict and movements in oil prices.

The S&P 500 fell 0.38% to close at 7,337.11, weighed down by losses in Amazon and semiconductor stocks such as Broadcom and Micron Technology.

The Nasdaq Composite slipped 0.13% to end at 25,806.20 after also hitting a record intraday high during the session. The Dow Jones Industrial Average dropped 313.62 points, or 0.63%, to settle at 49,596.97.

New Listing:

Shares of Onemi Technology Solutions (Kissht) were at Rs 208.40 at on the BSE, a 21.87% premium over the issue price of Rs 171.

The stock debuted at Rs 191, marking a premium of 11.7% to the issue price. The stock hit a high of Rs 227.35 and a low of Rs 190.35. On the BSE, over 34.73 lakh shares of the company were traded in the counter.

Stocks in Spotlight:

State Bank of India fell 6.62% after the lender reported muted sequential profitability and weaker margins in Q4 FY26 despite improvement in asset quality. Net profit stood at Rs 19,684 crore in Q4 FY26, up 5.58% from Rs 18,643 crore in Q4 FY25 but down 6.39% from Rs 21,028 crore in Q3 FY26. Net interest income rose 4.13% YoY to Rs 44,380 crore in Q4 FY26 from Rs 42,618 crore in Q4 FY25. However, NII declined 1.35% sequentially from Rs 44,987 crore in Q3 FY26. Net interest margin for the domestic business contracted 21 bps YoY to 2.93% in Q4 FY26 from 3.14% in Q4 FY25. On a sequential basis, domestic NIM declined 18 bps from 3.11%.

Titan Company rallied 4.76% after the company's consolidated net profit jumped 35.36% to Rs 1,179 crore on 48.28% rise in revenue from sale of products/services to Rs 20,607 crore in Q4 FY26 over Q4 FY25. Earnings Before Interest & Tax (EBIT) stood at Rs 1,875 crore in Q4 FY26, up 28% compared with Rs 1,470 crore in Q4 FY25. EBIT margin contracted to 9.2% in Q4 FY26 compared with 10.6% in Q4 FY25.

Britannia Industries slipped 5.02%. The company's consolidated net profit increased 21.14% to Rs 678.34 crore on 6.46% jump in total revenue from operations to Rs 4,718.82 crore in Q4 FY26 over Q4 FY25. The company has recommended a final dividend of Rs 90.50 per equity share of face value Re 1 each for the financial year ended 31st March 2026.

Dabur India gained 3.73% after the company reported 15.14% jump in consolidated net profit to Rs 368.60 crore on 7.35% increase in revenue from operations to Rs 3038.02 crore in Q4 FY26 over Q4 FY25. EBITDA (including other income) stood at Rs 636.9 crore, up 12.1% compared with Rs 568 crore recorded in Q4 FY25. Margin improved 90 bps to 21% in Q4 FY26 as against 20.1% in Q4 FY25.

Lupin declined 3.33%. The company reported a sharp rise in earnings for the quarter ended 31 March 2026, driven by higher sales and improved operating leverage across key markets. Consolidated profit after tax stood at Rs 1,468.70 crore in Q4 FY26, up 87.72% from Rs 782.40 crore in Q4 FY25 and higher by 24.42% from Rs 1,180.50 crore in Q3 FY26. Net sales rose 32.9% to Rs 7391.91 crore in Q4 FY26 from Rs 5562.2 crore in Q4 FY25. It increased 4.1% sequentially from Rs 7100.5 crore in Q3 FY26.

Pidilite Industries added 1.72% after the company's standalone net profit jumped 22.8% to Rs 547.39 crore on 15.22% increase in revenue from operations to Rs 3,284.80 crore in Q4 FY26 over Q4 FY25.

Larsen & Toubro slipped 1.22%. The company said that its L&T Energy Hydrocarbon Onshore division has secured a significant EPC order from Bharat Coal Gasification and Chemicals (BCGCL).

Thermax surged 11.92% after the company reported higher earnings for the quarter ended 31 March 2026, supported by robust order inflows and a sharp rise in order backlog. Consolidated profit after tax stood at Rs 244.28 crore in Q4 FY26, up 18.74% from Rs 205.73 crore in Q4 FY25. Revenue from operations increased 12.53% to Rs 3,428.04 crore in Q4 FY26 from Rs 3,046.40 crore in the corresponding quarter last year.

As of 31 March 2026, order balance stood at Rs 13,604 crore compared with Rs 10,693 crore a year earlier, reflecting a 27.22% increase. Order booking during the quarter jumped 111.89% to Rs 4,490 crore from Rs 2,119 crore in the corresponding quarter of the previous fiscal year.

Cera Sanitaryware rallied 5.88%. The company has reported 9.6% fall in net profit to Rs 77.33 crore despite a 11.4% rise in revenue from operations to Rs 643.81 crore in Q4 FY26 as compared with Q4 FY25.

Vikram Solar dropped 4.70%. The company reported a 21.86% jump in consolidated net profit to Rs 110.42 crore on a 21.72% rise in revenue from operations to Rs 1,452.81 crore in Q4 FY26 over Q4 FY24.

Thyrocare Technologies rallied 3.60% after the company's consolidated net profit surged 117.14% to Rs 47.12 crore on 19.66% rise in revenue from operations to Rs 223.95 crore in Q4 FY26 over Q4 FY25.

Sonata Software soared 9.68% after the company reported 25.05% jump in consolidated net profit to Rs 130.50 crore despite a 17.67% decline in revenue from operations to Rs 2536.19 crore in Q4 FY26 over Q3 FY26.

Goa Carbon surged 10.06% after the company reported a standalone net profit of Rs 4.49 crore in Q4 FY26 as compared with a net loss of Rs 6.53 crore in Q4 FY25. However, revenue from operations jumped 51.13% YoY to Rs 202.61 crore in Q4 FY26, compared with Rs 134.06 crore in the corresponding quarter last year.

Gravita India slipped 2.04% after the company's consolidated net profit declined 3.4% to Rs 91.88 crore in Q4 FY26 from Rs 95.13 crore posted in Q4 FY25. Revenue from operations increased 13.1% YoY to Rs 1,172.76 crore during the quarter.

NRB Bearings jumped 5.95% after the company's consolidated net profit after minority interest stood at Rs 41.41 crore in Q4 FY26 as against a loss of Rs 2.08 crore posted in Q4 FY25. Revenue from operations increased 13.0% YoY to Rs 371.98 crore during the quarter.

NOCIL lost 3.44% after the specialty chemical maker's consolidated net profit dropped 18.22% to Rs 17 crore on a 2.74% decrease in net revenue from operations to Rs 330.35 crore in Q4 FY26 over Q4 FY25.

Route Mobile fell 4.06%. The company's consolidated net profit surged 93.2% to Rs 109.32 crore in Q4 FY26 as against Rs 56.58 crore posted in Q4 FY25. However, revenue from operations declined 3.8% YoY to Rs 1,130.90 crore in the quarter ended March 2026.

Shakti Pumps India slumped 7.63% after the company's consolidated net profit declined 65.2% to Rs 38.33 crore in Q4 FY26 as against Rs 110.23 crore posted in Q4 FY25. Revenue from operations jumped 28.9% YoY to Rs 857.77 crore in the quarter ended March 2026.

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