Indian benchmark indices closed lower after giving up sharp early gains in a volatile trading session. BSE Sensex ended 135 points lower at 75,048.36 (down 0.1%), while NSE Nifty closed 4 points lower at 23,655 (down 0.02%). According to latest reports, Nifty 50 ended down 0.02% at 23,654.70, while Sensex closed 0.18% lower at 75,183.36. The markets witnessed significant volatility with Nifty falling as much as 0.3% to 23,596 after rising as much as 0.9% to 23,859 earlier in the day. Sensex dropped as much as 321 points to 74,996 after touching an intraday high of 75,945 in morning trade. The benchmark indices opened higher but traded negative throughout the session, ultimately closing red as IT and FMCG stocks weighed while traders monitored the situation in West Asia.
Several major companies reported their Q4 FY26 results with mixed performance across sectors. LIC delivered strong results with net profit up 23.2% at ₹23,467 crore versus ₹19,039 crore YoY, while LIC Housing Finance reported a 27% jump in net profit to ₹1,196 crore. As reported by NDTV Profit, Nykaa showed impressive growth with revenue up 28.4% at ₹2,648 crore and net profit surging 286.2% to ₹78.4 crore. Max Healthcare Institute reported consolidated net profit at ₹342 crore in Q4FY26 versus ₹319 crore in the year-ago period, implying a 7% uptick, with revenue from operations up 12% to ₹2,143 crore. ITC reported 5% YoY growth in standalone net profit at ₹5,113 crore compared with ₹4,875 crore in the year-ago quarter, with the company's board recommending a final dividend of ₹8 per share. IRB Infrastructure reported net profit of ₹2.96 billion in Q4FY26 compared with ₹2.15 billion in the corresponding quarter of FY25, with total income declining 11% year-on-year to ₹19.77 billion. JSW Cement posted a net profit of ₹3.71 billion in Q4FY26, registering a multifold increase of 985% year-on-year from ₹0.95 billion, with revenue rising 10.8% to ₹18.95 billion. Apollo Hospitals reported consolidated revenue of ₹66.06 billion in Q4FY26, up 18.1% year-on-year, while consolidated profit after tax increased 35.6% to ₹5.29 billion.
Foreign portfolio investors were net sellers, while domestic institutions provided support to the markets. Foreign portfolio investors net sold shares worth ₹1,891 crore on Thursday, while domestic institutional investors were net buyers at ₹2,492 crore, according to The Economic Times. This divergent flow pattern reflects contrasting sentiment between foreign and domestic investors, with domestic institutions stepping in to absorb foreign selling pressure. The GIFT Nifty was trading at 23,624 with 41 points lower at the time of writing, indicating continued selling pressure in the derivatives market.
Sectoral indices showed mixed performance with banking and IT sectors witnessing selling pressure, while realty and oil & gas sectors witnessed buying. Trent, ITC, and Tata Steel were the top gainers today, while Bajaj Finance, Infosys, and HUL were among the top losers. The BSE 150 Midcap index is trading 0.1% higher and the BSE 250 SmallCap index is trading 0.1% higher, indicating some resilience in mid and small-cap segments despite broader market weakness. Market breadth remained negative with selective buying in specific sectors offsetting the overall market decline.
The rupee strengthened to ₹96.1 against the US dollar from previous levels, providing some relief to the currency market. Gold prices for the latest contract on MCX are trading 0.3% lower at ₹1,59,458 per 10 grams, while silver prices were trading 0.9% lower at ₹2,71,550 per kg. Looking ahead, market participants will closely watch today's earnings results and corporate developments. Nifty May futures are down 0.14% to 23,635.00 at a premium of 19.7 points. The market outlook remains cautious with focus on sustained recovery above resistance levels and maintaining support at key technical levels.
