The key equity benchmarks traded with modest cuts in early afternoon trade as escalating US-Iran tensions near the Strait of Hormuz dampened global risk sentiment and triggered caution across Asian markets. Persistent foreign fund outflows, elevated crude oil prices, and rising geopolitical uncertainty further weighed on investor confidence, overshadowing optimism about a medium-term recovery in domestic equities. The Nifty slipped below the 24,200 level amid broad-based selling pressure. Metal shares declined after advancing for four consecutive trading sessions. At 11:30 IST, the barometer index, the S&P BSE Sensex, lost 532.62 points or 0.68% to 77,311.90. The Nifty 50 index fell 141.80 points or 0.58% to 24,184.85.
The broader market outperformed the frontline indices. The BSE 150 MidCap Index shed 0.08% and the BSE 250 SmallCap Index added 0.36%.
The market breadth was strong. On the BSE, 2,535 shares rose and 1,342 shares fell. A total of 227 shares were unchanged.
Derivatives:
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 2.93% to 17.11. The Nifty 26 May 2026 futures were trading at 24,238.70, at a premium of 53.85 points as compared with the spot at 24,184.85.
The Nifty option chain for the 26 May 2026 expiry showed a maximum call OI of 61.6 lakh contracts at the 25,000 strike price. A maximum put OI of 44.4 lakh contracts was seen at the 24,000 strike price.
Buzzing Index:
The Nifty Metal index declined 0.41% to 13,111.90. The index jumped 2.57% in the four consecutive trading sessions.
NMDC (down 1.18%), Hindalco Industries (down 1.11%), Vedanta (down 0.77%), National Aluminium Company (down 0.72%), Jindal Steel (down 0.72%), APL Apollo Tubes (down 0.59%), Jindal Stainless (down 0.48%), JSW Steel (down 0.39%), Steel Authority of India (down 0.25%) and Tata Steel (down 0.14%) fell.
Stocks in Spotlight:
NOCIL tumbled 3.91% 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.
Thyrocare Technologies rallied 8.42% after the company's consolidated net profit surged 117.14% to Rs 47.12 crore on a 19.66% rise in revenue from operations to Rs 223.95 crore in Q4 FY26 over Q4 FY25.
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