Indian equity benchmarks opened higher on Tuesday, supported by positive global cues and improving investor sentiment after easing geopolitical concerns in West Asia. At 9:18 AM, the Nifty 50 was trading 87 points, or 0.37% higher at 23,726.6, while the Sensex gained 320.09 points, or 0.43% to trade at 75,651.53. The rally was led by information technology stocks, with strong buying seen across frontline counters. Among the Top Gainers on the Nifty 50 were Infosys, Tata Consultancy Services, and Tech Mahindra, as investors accumulated technology stocks following positive global trends. Broader markets also traded in positive territory, with the Nifty MidCap index rising 0.41% and the Nifty SmallCap index advancing 0.45%, indicating broader participation in the market rally.
The Nifty IT index surged nearly 4%, emerging as the top-performing sector in early trade. The Nifty Chemical and Nifty FMCG indices also outperformed the broader market. However, banking and financial counters lagged, with the Nifty Private Bank, Nifty Bank, and Nifty Financial Services indices emerging as key underperformers. Among major technology stocks, Microsoft gained 0.38% and Amazon rose 0.27%, while NVIDIA fell 1.33%, Apple dropped 0.80%, and Tesla declined 2.90%. The Philadelphia Semiconductor Index also dropped 4% amid weakness in chip stocks after recent AI-driven gains.
Bharat Petroleum Corporation reported a marginal 0.7% decline in net profit to ₹3,191.5 crore compared to ₹3,214 crore last year, according to reports from ET Now. Despite the slight profit dip, the company's revenue rose 6.7% year-on-year to ₹1,18,649.4 crore. Meanwhile, Mankind Pharma delivered robust quarterly performance with strong earnings growth, while Orkla India posted impressive profit growth of 108.4% to ₹73.4 crore from ₹35.2 crore. ASK Automotive recorded robust earnings growth with profit rising 24.2% to ₹71.5 crore from ₹57.6 crore, and revenue jumping 35% year-on-year to ₹1,147.1 crore.
Several companies announced significant business developments that are expected to drive market sentiment. Bharat Forge announced defence facility expansion plans, while JSW Energy disclosed a stake acquisition deal. Dalmia Bharat revealed its renewable energy push initiatives, and Transformers and Rectifiers secured new order wins. Omaxe announced fundraising for projects, and Mahindra & Mahindra unveiled its sustainable financing initiative. Indian Hotels Company also announced hospitality expansion plans, as reported by ET Now. For Tuesday's session, Steel Authority of India and Kaynes Technology India remain under the F&O ban list. Foreign Institutional Investors (FIIs) remained net buyers, purchasing equities worth ₹2,813.69 crore on May 18, while Domestic Institutional Investors (DIIs) sold shares worth ₹2,682.12 crore during the session.
Petrol and diesel prices were increased by 90 paise per litre on Tuesday, marking the second hike within a week. In New Delhi, petrol prices rose to ₹98.64 per litre from ₹97.77 earlier, while diesel prices increased to ₹91.58 per litre from ₹90.67 per litre. The latest fuel price hike is likely to keep inflation concerns in focus and may impact sectors sensitive to input and transportation costs. On the global front, U.S. President Donald Trump stated that a planned military strike had been called off following requests from other Middle Eastern nations. Trump further said that a deal acceptable to both the U.S. and countries in West Asia would be reached, adding that the agreement would ensure there are no nuclear weapons involved. The easing of geopolitical tensions helped calm global markets and weighed on crude oil prices.
