Sensex, Nifty slip as investors track US-Iran developments

The key equity benchmarks ended slightly lower on Wednesday, extending losses for a second straight session as investors remained cautious amid lingering US-Iran geopolitical tensions and foreign fund outflows. Despite weak sentiment, broader markets outperformed the frontline indices on the back of stock-specific buying. The Nifty briefly neared the 24,000 level in morning trade before profit booking erased gains. Monthly Sensex expiry also added to volatility, though late-session buying helped the market recover from the day's lows. The Nifty eventually settled below the 23,950 mark. Metal and auto shares gained, while private banks and financial stocks came under pressure.

The S&P BSE Sensex, declined 141.90 points or 0.19% to 75,867.80. The Nifty 50 index shed 6.55 points or 0.03% to 23,907.15. In the two consecutive trading sessions, the Sensex and Nifty fell 0.81% and 0.51%, respectively.

ONGC (down 4.94%), HDFC Bank (down 2.54%) and ITC (down 0.48%) put pressure on the Nifty today.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index added 0.83% and the BSE 250 SmallCap Index jumped 0.49%.

The market breadth was positive. On the BSE, 2,275 shares rose and 1,945 shares fell. A total of 182 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slumped 7.12% to 14.98.

The domestic stock market will remain closed on Thursday on account of Bakri Id.

Numbers to Track:

The yield on India's 10-year benchmark federal paper declined 0.09% to 6.990 compared with previous session close of 6.996.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 95.70 compared with its close of 95.7050 during the previous trading session.

MCX Gold futures for 5 June 2026 settlement fell 0.45% to Rs 156,194.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.09% to 99.08.

The United States 10-year bond yield fell 0.62% to 4.464.

In the commodities market, Brent crude for July 2026 settlement fell 3.34 or 3.35% to $96.24 a barrel.

Global Market:

US Dow Jones futures were up 224 points, indicating a positive start for Wall Street later today.

European shares traded higher on Wednesday as investors monitored the latest developments in the Iran conflict alongside easing oil prices. Asian shares ended mixed amid concerns over recent US military action in Iran and the fragile Washington-Tehran ceasefire.

According to media reports, US forces carried out what the Pentagon described as 'self-defense' strikes in southern Iran early Tuesday, targeting missile launch sites and Iranian vessels allegedly attempting to deploy mines. The action underscored the fragile nature of the ongoing truce, even as negotiations between Washington and Tehran reportedly moved closer to a potential agreement.

US President Donald Trump said on Monday that talks with Iran to end the conflict were 'proceeding nicely,' but cautioned that the US could take offensive action if negotiations fail.

Overnight on Wall Street, the S&P 500 and Nasdaq Composite hit fresh intraday record highs, driven by gains in technology stocks as investors weighed geopolitical developments in the Middle East. The S&P 500 rose 0.61% to close at 7,519.12, while the Nasdaq climbed 1.19% to 26,656.18, with both indices ending at record levels. The Dow Jones Industrial Average, however, fell 118.02 points, or 0.23%, to settle at 50,461.68.

Stocks in Spotlight:

Zee Entertainment Enterprises jumped 10.49% after the company announced the launch of its sports broadcasting venture, Unite8 Sports, marking a major push into the sports media segment. The company will introduce four dedicated sports channels in Hindi and English, featuring football, kabaddi, cricket, badminton, wrestling, boxing and combat sports. Zee also said it is in talks with FIFA to secure broadcasting and streaming rights for the FIFA World Cup 2026 in India, a move that could significantly strengthen its sports content portfolio.

Timex Group India surged 13.07% after the watchmaker reported a blockbuster set of Q4 FY26 numbers. The company's standalone net profit zoomed 195.89% YoY and 754.38% QoQ to Rs 27.34 crore in Q4 FY26. Revenue from operations jumped 73.69% YoY and 55.99% QoQ to Rs 235.20 crore in the March 2026 quarter.

Procter & Gamble Health soared 10.53% after the vitamins, minerals and supplements maker reported a strong set of Q4 FY26 earnings. The company's standalone net profit jumped 54.63% YoY and 21.92% QoQ to Rs 94.60 crore in Q4 FY26. Revenue from operations rose 19.12% YoY to Rs 370.45 crore in the March 2026 quarter compared with Rs 310.99 crore in the corresponding quarter last year. However, revenue declined marginally by 0.91% sequentially from Rs 373.86 crore posted in Q3 FY26.

JK Tyre & Industries climbed 4.86% after the tyre maker posted a consolidated net profit of Rs 177.99 crore in Q4 FY26, marking an 80.18% jump from Rs 98.78 crore recorded in the corresponding quarter last year. Revenue from operations rose 12.36% YoY to Rs 4,223.44 crore in the quarter ended 31 March 2026.

Gillette India advanced 4.85% after the company reported a 21.31% jump in standalone net profit to Rs 192.51 crore on a 3.19% rise in revenue from operations to Rs 792 crore in Q4 FY26 over Q4 FY25.

Finolex Industries rallied 7.74% after the company's consolidated net profit jumped 58.74% to Rs 261.25 crore on a 12.12% increase in revenue from operations to Rs 1,313.88 crore in Q4 FY26 over Q4 FY25.

Gandhar Oil Refinery (India) rose 0.22%. The company's consolidated net profit surged 248.59% to Rs 40.68 crore in Q4 FY26 from Rs 11.67 crore in Q4 FY25. Revenue from operations climbed 13.69% YoY to Rs 1093.37 crore in Q4 FY26.

Advait Energy Transitions advanced 0.54%. The company's consolidated net profit surged 55.68% to Rs 17.67 crore in Q4 FY26 compared with Rs 11.35 crore posted in Q4 FY25. Revenue from operations zoomed 18.04% year on year to Rs 228.19 crore in the quarter ended 31 March 2026.

Kilburn Engineering fell 3.61%. The company has reported a 21.80% rise in consolidated net profit to Rs 24.86 crore in the fourth quarter ended 31 March 2026, compared with Rs 20.41 crore posted in the corresponding quarter last year. Revenue from operations surged 49.03% year-on-year to Rs 189.18 crore in Q4 FY26.

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