Barometers trade near flatline; Nifty trades below 23,650 mark

The headline equity benchmarks traded near the flatline with marginal losses in afternoon trade amid weak global cues. However, investor sentiment improved on value buying at lower levels. Meanwhile, the rupee weakened further, while Brent crude prices surged above the $110-per-barrel mark.

The Nifty traded below the 23,650 mark. Consumer durables, media and PSU bank shares declined, while IT, pharma and private bank shares edged higher.

At 13:30 IST, the barometer index, the S&P BSE Sensex declined 35.29 points or 0.05% to 75,202.70. The Nifty 50 index shed 23.30 points or 0.10% to 23,618.35.

The broader market underperformed the frontliner indices. The BSE 150 MidCap Index slipped 0.77% and the BSE 250 SmallCap Index dropped 2.01%.

The market breadth was negative. On the BSE, 1,705 shares rose and 2,471 shares fell. A total of 185 shares were unchanged.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 96.2950 compared with its previous close of 95.8100. It also touched an all-time intraday low of 96.3350 today.

In the commodities market, Brent crude for July 2026 settlement rose 90 cents or 0.82% to $110.16 a barrel.

Economy:

India's forex reserves rose by USD 6.295 billion to USD 696.988 billion during the week ended May 8, the Reserve Bank said on Friday. The overall reserves had dropped by USD 7.794 billion to USD 690.693 billion in the previous reporting week. The forex kitty had hit an all-time high of USD 728.494 billion during the week ended February 27 this year, before the onset of the West Asia crisis. For the week ended May 8, foreign currency assets, a major component of the reserves, increased by USD 562 million to USD 552.387 billion. Value of gold reserves soared by USD 5.637 billion to USD 120.853 billion during the week, the RBI said. The Special Drawing Rights (SDRs) also rose by USD 84 million to USD 18.873 billion.

Gainers & Losers:

Tech Mahindra (up 4.13%), Bharti Airtel (up 2.16%), Infosys (up 1.77%), JSW Steel (up 1.20%) and Sun Pharmaceutical Industries (up 1.12%) were the major Nifty50 gainers.

Power Grid Corporation of India (down 3.65%), Tata Steel (down 3.56%), Trent (down 2.62%), State Bank of India (down 2.23%) and Adani Enterprises (down 2.10%) were the major Nifty50 losers.

Stocks in Spotlight:

Atul Auto slipped 3.52%. The company reported a 106.85% year-on-year jump in consolidated net profit to Rs 14.79 crore for the fourth quarter ended 31 March 2026, compared with Rs 7.15 crore posted in the corresponding quarter last year. Total revenue from operations grew by 14.02% year-on-year (YoY) to Rs 240.58 crore in the quarter ended 31 March 2026.

Azad Engineering slumped 7.66%. The company reported a 42.42% year-on-year rise in consolidated net profit to Rs 35.99 crore for the fourth quarter ended 31 March 2026, compared with Rs 25.27 crore posted in the corresponding quarter last year. Revenue from operations rose 27.26% YoY to Rs 161.54 crore in the quarter ended 31 March 2026.

Gland Pharma surged 12.47% after the pharma company has reported 96.62% increase in consolidated net profit to Rs 366.7 crore on a 22.31% rise in net sales to Rs 1,742.80 crore in Q4 FY26 over Q4 FY25.

NCC slipped 5.22% after the company reported an 18.8% drop in consolidated net profit to Rs 206.02 crore in Q4 FY26, compared to Rs 253.82 crore recorded in Q4 FY25.

Global Markets:

Most European and Asian markets traded lower on Monday as investors weighed renewed geopolitical tensions after U.S. President Donald Trump warned Iran to get moving, FAST,' raising fears of further escalation in the Middle East and potential disruptions to global oil supplies.

In a post on Truth Social, Trump on Sunday said 'the Clock is Ticking' for Iran and warned there 'won't be anything left' if action was not taken soon, adding that 'TIME IS OF THE ESSENCE!' He did not elaborate on the steps he wanted Iran to take or the consequences that could follow.

Tensions between Washington and Tehran have remained elevated despite a fragile ceasefire reached in early April. The U.S. has continued its blockade of Iranian ports, while Iran has kept the Strait of Hormuz shut since the conflict began.

Last week on Wall Street, the major indices closed lower on Friday, weighed down by losses in technology stocks and a rise in U.S. Treasury yields after a summit between President Donald Trump and Chinese President Xi Jinping ended without major policy breakthroughs, leaving traders worried.

The S&P 500 shed 1.24% to end at 7,408.50, while the Nasdaq Composite slipped 1.54% to 26,225.14. The Dow Jones Industrial Average was down 537.29 points, or 1.07%, and closed at 49,526.17.

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