Banking and Oil & gas shares declined while IT, media and FMCG shares advanced.

At 13:25 IST, the barometer index, the S&P BSE Sensex declined 532.72 points or 0.68% to 77,311.80. The Nifty 50 index fell 149.35 points or 0.62% to 24,177.60.

In the broader market, the BSE 150 MidCap Index shed 0.09% and the BSE 250 SmallCap Index rose 0.38%.

The market breadth was strong. On the BSE, 2,033 shares rose and 2,047 shares fell. A total of 203 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rallied 3.27% to 17.17.

In the commodities market, Brent crude for June 2026 settlement added 0.96 cents or 0.96% to $101.02 a barrel.

In the foreign exchange market, the rupee declined against the dollar. The partially convertible rupee was hovering at 94.5800 compared with its close of 94.2200 during the previous trading session.

Gainers & Losers:

Apollo Hospital Enterprise (up 2.51%), Tata Consumer Products (up 2.27%), Asian paints (up 2.21%) and Adani Ports and Special Economic Zone (APSEZ) (up 1.45%) were the major Nifty50 gainers.

HDFC Bank (down 2.14%), Coal India (down 2.11%), Bajaj Finance (down 1.96%) and Ultratech Cement (down 1.90%) were the major Nifty50 losers.

Stock in Spotlight:

Thermax surged 12.51% 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.

Thyrocare Technologies rallied 5.82% 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.

Lupin declined 3.89%. 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.

Mahanagar Gas fell 1.13% after the company's standalone net profit tanked 45.55% to Rs 131.92 crore in Q4 FY26 as against Rs 242.30 crore posted in Q4 FY25. Revenue from operations (excluding excise duty) surged by 4.51% YoY to Rs 2,051.22 crore for the quarter ended 31 March 2026.

Pidilite Industries gained 2.93% 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.

Sonata Software soared 11.25% 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 9.56% 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 declined 0.25% 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.

Britannia Industries declined 5.04%. 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.

Global Markets:

European market declined after U.S. President Donald Trump threatened 'much higher' tariffs against the European union (EU).

Asia-Pacific markets traded lower Friday, as concerns grew over renewed hostilities between Iran and the U.S. amid a fragile ceasefire.

The U.S. and Iran traded fire in the Strait of Hormuz, with each side claiming the other initiated the attack.

Despite the escalation, President Donald Trump has reportedly insisted that the ceasefire remains in effect, saying the strikes are 'just a love tap'.

Trump later claimed in a social media post that the U.S. completely destroyed' the Iranians involved in the exchange, which he said included small boats and drones that 'dropped ever so beautifully down to the Ocean, very much like a butterfly dropping to its grave!' He reportedly reiterated that Iran will face further attacks if they do not agree to a nuclear deal.

Overnight on Wall Street, the S&P 500 fell on Thursday after hitting a new all-time intraday high as oil prices came back from sizable losses, with traders eyeing more developments between the U.S. and Iran.

The broad market index fell 0.38% to close at 7,337.11, dragged lower by losses in Amazon as well as semiconductor stocks such as Broadcom and Micron Technology.

The Nasdaq Composite slid 0.13% and ended at 25,806.20. The tech-heavy index had also scored a fresh all-time high during the session. The Dow Jones Industrial Average shed 313.62 points, or 0.63%, settling at 49,596.97.

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