The Indian stock market benchmark indices, Sensex and Nifty 50, opened lower on Wednesday, tracking weak cues from global markets amid escalating Iran-US tensions and fears of rising inflation and elevated bond yields. According to Business Standard, GIFT Nifty May 2026 futures were trading 99.00 points lower, suggesting a red opening for the benchmark index today. At 9:16 AM, Nifty 50 was trading at 23,421.65, down 196 points or 0.83%, while BSE Sensex was at 74,589.42, down 611 points or 0.81%. As reported by The Hindu BusinessLine, Gift Nifty was trading around 23,450 level, a discount of nearly 150 points from the Nifty futures' previous close, indicating a gap-down start for the Indian benchmark index.
On Tuesday, the Indian stock market ended lower with the benchmark Nifty 50 closing below 23,650 level. As reported by Livemint, the Sensex dropped 114.19 points, or 0.15%, to close at 75,200.85, while the Nifty 50 settled 31.95 points, or 0.14%, lower at 23,618.00. The domestic equity benchmarks ended slightly lower as a sharp fall in the rupee and cautious global sentiment wiped out early gains on Dalal Street. The rupee weakened to a fresh record low of 96.60 against the US dollar, prompting investors to book profits. The benchmarks opened on a positive note but lost steam as mixed global cues and rising US bond yields weighed on sentiment. Concerns over possible foreign fund outflows also resurfaced as higher US yields reduced the appeal of emerging markets like India.
Foreign portfolio investors (FPIs) sold shares worth ₹2,457.49 crore on May 19, 2026, while domestic institutional investors (DIIs) were net buyers to the tune of ₹3,801.68 crore in the Indian equity market, according to provisional data. As reported by Business Standard, the FIIs have sold shares worth ₹24,299.62 crore so far in May (till 19 May 2026). This follows their cash sales of ₹70,135.46 crore in April, ₹122,540.41 crore in March and ₹6,640.78 crore in February. The continued foreign selling pressure reflects ongoing concerns about global economic conditions and domestic market sentiment, with broader Asian markets opening under pressure after renewed Middle East concerns.
According to Shrikant Chouhan, Head Equity Research at Kotak Securities, Sensex formed an Inverted Hammer candle on the daily chart, suggesting indecisiveness after the recent rebound move. As reported by Livemint, he expects the short-term market texture to remain non-directional with range-bound activity likely to continue. On the higher side, 75,800 or the 50-day SMA would act as a crucial resistance zone, while 75,000 would be the key support area for day traders. Above 75,800, Sensex could move towards 76,000-76,200, while falling below 75,000 would increase chances of hitting 74,500-74,300 levels.
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, noted that Nifty 50 formed a small bearish candle with a long upper shadow on the daily chart, signaling selling pressure at higher levels. As reported by Livemint, Nifty 50 is placed within a broader high low range of around 23,800-23,200 levels in the last 4-5 sessions. Immediate support is placed at 23,350 levels, with the 23,800-23,850 zone continuing to act as major resistance and 23,350-23,400 range providing strong support. The daily RSI at 44.70 indicates weakening momentum and limited bullish strength. According to SAMCO Securities analyst Dhupesh Dhameja, aggressive call writing near 23,800–24,000 continues to cap immediate upside momentum, while meaningful put writing near 23,500–23,300 is creating a strong demand zone on declines. Nifty has key support at 23,200-23,000 levels being the confluence of the lower band of the 8th April bullish gap area and the 61.8% retracement of the previous pullback (22,182-24,601).
