Benchmarks pare steep losses as IT stocks rebound, Nifty holds 23,600

Key equity benchmarks staged a sharp intraday recovery on Monday, with the Sensex rebounding nearly 1,130 points from the day's low to close marginally higher, supported by value buying, gains in IT stocks and easing volatility. The Nifty ended near the 23,650 mark despite weakness in broader markets, PSU banks stocks and consumer durables. IT shares advanced as a stronger US dollar improved earnings outlook for exporters, while pharma stocks also supported sentiment after Gland Pharma surged on strong quarterly earnings. The recovery was aided by hopes of easing US-Iran tensions, although concerns over elevated crude oil prices, rising US bond yields and persistent geopolitical risks continued to keep investor sentiment cautious.

The S&P BSE Sensex advanced 77.05 points or 0.10% to 75,315.04. The Nifty 50 index rose 6.45 points or 0.03% to 23,604.55.

Infosys (up 2.15%), Bharti Airtel (up 1.76%) and ICICI Bank (up 0.50%) suported the indices today.

The broader market underperformed the frontline indices. The BSE 150 MidCap Index fell 0.43% and the BSE 250 SmallCap Index declined 1.71%.

The market breadth was weak. On the BSE, 1,264 shares rose and 3,034 shares fell. A total of 205 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 4.47% to 19.63.

Numbers to Track:

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 96.3325 compared with its previous close of 95.8100. The rupee hit a fresh record low of 96.39 against the U.S. dollar today.

The yield on India's 10-year benchmark federal paper rose 0.76% to 7.130 compared with the previous session close of 7.076.

MCX Gold futures for 5 June 2026 settlement jumped 0.08% to Rs 158,666.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.09% to 99.18.

The United States 10-year bond yield rose 0.15% to 4.606.

In the commodities market, Brent crude for July 2026 settlement rose $1.03 or 0.94% to $110.29 a barrel.

Global Markets:

The US Dow Jones Index futures were down 317 points, indicating a weak opening for Wall Street today.

Most European shares advanced as investors awaited the G7 finance ministers' and central bank governors' meeting scheduled in Paris on 18-19 May 2026.

Asian market ended lower after renewed geopolitical tensions rattled sentiment. Investors reacted to comments from US President Donald Trump, who warned Iran to 'get moving, FAST,' raising fears of further escalation in the Middle East and possible disruptions to global oil supplies.

In a post on Truth Social on Sunday, Trump said 'the clock is ticking' for Iran and warned there 'won't be anything left' if action is not taken soon, adding that 'TIME IS OF THE ESSENCE!' However, he did not specify what steps Iran should take or outline any potential consequences.

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

On Wall Street, the major indices ended lower on Friday as technology stocks declined and US Treasury yields climbed following a summit between Trump and Chinese President Xi Jinping that failed to deliver major policy breakthroughs, keeping investors cautious.

The S&P 500 declined 1.24% to close at 7,408.50, while the Nasdaq Composite fell 1.54% to 26,225.14. The Dow Jones Industrial Average dropped 537.29 points, or 1.07%, to settle at 49,526.17.

Stocks in Spotlight:

Gland Pharma surged 15.64% after the 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.

BSE rose 2.96% amid growing expectations that India's oldest stock exchange could be inducted into the Nifty 50 index during the September 2026 reshuffle. According to a media reports, BSE is emerging as a strong contender for inclusion in the benchmark index, while Wipro could face an exit. The potential reshuffle is estimated to trigger passive inflows worth nearly $639 million into BSE-linked trades.

ICICI Prudential Life Insurance declined 3.89% after promoter Prudential plc announced a strategic restructuring of its India operations that could eventually lead to a reduction in its stake in the insurer. Prudential currently holds 21.91% stake in ICICI Prudential Life.

VIP Industries declined 3.96% after the company's consolidated net loss widened to Rs 128.90 crore in Q4 FY26 as against a net loss of Rs 27.36 crore reported in Q4 FY25. Revenue from operations declined 11.7% year on year (YoY) to Rs 436.23 crore in the quarter ended 31 March 2026.

Bharat Wire Ropes dropped 4.07% after the company's standalone net profit slipped 20.09% to Rs 16.46 crore in Q4 FY26 as against 20.60 crore in Q4 FY25. Revenue from operations fell 17.66% to Rs 141.48 crore in the quarter ended 31 March 2026.

Neogen Chemicals rose 0.94% after the company reported resilient operational performance in Q4 FY26 despite elevated input costs, Dahej transition-related expenses and geopolitical supply chain disruptions.

Vodafone Idea fell 0.46%. The company has reported a consolidated net profit of Rs 51,970 crore in Q4 FY26 as against a net loss of Rs 7,167 crore in Q4 FY25. Revenue rose by 3.2% year-on-year (YoY) to Rs 11,303 crore in Q4 FY26. The customer ARPU increased to Rs 190 in Q4 FY26 compared to Rs 175 in Q4 FY25, a YoY increase of 8.3%.

KEC International tumbled 11.14% after the company reported a 28.11% fall in consolidated net profit to Rs 192.79 crore for the quarter ended 31 March 2026, compared with Rs 268.19 crore posted in the corresponding quarter last year.

Cochin Shipyard tanked 5.11% after it has reported an 3.72% decline in consolidated net profit to Rs 276.48 crore on a 15.55% decrease in revenue from operations to Rs 1,484.27 crore in Q4 FY26 over Q4 FY25.

Steel Authority of India fell 1.17%. The company reported a 42.57% year-on-year rise in standalone net profit to Rs 1,679.51 crore for the fourth quarter ended 31 March 2026, compared with Rs 1,177.96 crore in the corresponding quarter last year. Revenue from operations rose 5.10% to Rs 30,813.45 crore in the quarter ended 31 March 2026.

HDFC Asset Management Company declined 3.24% after the company disclosed a cyber-security incident involving certain portions of its IT infrastructure. In an exchange filing, the company said it received a communication from an anonymous source on 16 May 2026 claiming access to parts of its IT systems.

Sakar Healthcare surged 9.98% after Stellar Wealth Partners India Fund I LP acquired shares through a bulk deal on 15 May 2026. According to the bulk deal data on the NSE , Stellar Wealth Partners India Fund I LP purchased 1.95 lakh shares, representing a 0.88% equity stake, at an average price of Rs 664.58 per share. Gautam Baid or Stellar Wealth Partners India Fund I LP did not feature in Sakar Healthcare's shareholding pattern for the quarter ended 31 March 2026.

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