The Indian stock market benchmark indices opened lower on Wednesday, 13 May 2026, amid mixed global cues following renewed US-Iran tensions and concerns over government austerity measures. According to ANI, the BSE Sensex opened at 75,637.76 points, down 377.52 points or 0.50%, while the NSE Nifty 50 slipped 93.25 points or 0.39% to start the session at 23,722.60 points. This negative opening sentiment comes after the market extended its sell-off for the fourth consecutive trading session on Tuesday, with most Indian stock market indices starting negatively during early trade. The cautious opening mirrors broader Asian market trends amid multiple headwinds, with GIFT NIFTY futures at GIFT City in Ahmedabad advancing 11 points to 23,435 amid subdued cues from Asian markets.
On Tuesday, the Indian stock market witnessed significant declines with the Sensex crashing 1,566 points to close at 74,559 and the Nifty 50 tumbling 436 points to 23,379.55, as reported by The Economic Times. The NIFTY 50 index touched an intraday low of 23,348 on the back of a broad-based selloff, marking the fourth consecutive day of losses. The sharp decline has further weakened the near-term market structure for both indices, with sustained selling pressure dominating market direction. Notably, the Bank Nifty was down by around 0.37% to trade at 54,237.10 during early trade on Tuesday. The Indian equity benchmarks nosedived and fell for a fourth straight session as investors' sentiment soured after crude oil prices jumped and the rupee hit a record low of 95.63 against the US dollar.
Among sectoral indices, Nifty IT emerged as the top loser, falling 1.67% to 28,838.85 points, while Nifty Financial Services and Nifty Private Bank indices also traded lower by 0.46% each. According to ANI, Nifty PSU Bank and Nifty Consumer Durables indices declined 0.38% and 0.18% respectively, while Nifty FMCG and Nifty Healthcare registered marginal losses. On the positive side, Nifty Oil & Gas advanced 0.61% as government cuts royalty charges on domestic production of oil and gas, Nifty Metal rose 0.58% to 13,001.35 points, and Nifty Realty also traded in positive territory, up 0.23%. The top gainers included ONGC, Hindalco, Tata Consumer, Bajaj Auto, and SBI, while the top losers were mostly IT stocks including Infosys, TCS, Tech Mahindra, HCL Tech, and Wipro.
According to VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, the prime minister's austerity appeal has significantly impacted consumption-dependent sectors. As reported by ANI, "The austerity call by the prime minister impacted the stock prices of sectors which are expected to be negatively affected by reduced consumption. Stocks of sectors like jewellery, travel and hotels bore the brunt of selling yesterday." However, he noted that sectors insulated from austerity measures are likely to remain resilient, with pharmaceuticals gaining from inelastic demand and rupee depreciation, and FMCG being least impacted. Vijayakumar highlighted opportunities in capital goods, citing clear signs of recovery in capital formation with 67% spurt in private capex in September last year.
According to Bajaj Broking, Nifty was likely to open below the lower band of the last three weeks' range of 23,800-24,400, with holding above 23,800 on a closing basis signaling extension of the last three weeks' consolidation. The brokerage noted that immediate resistance is placed at Monday's gap-down area of 24,127-23,997, while Bank Nifty was trading near the lower end of its three-week range of 54,000-56,500. For technical support, immediate support for Sensex is now placed in the 73,800 – 74,000 zone, which is likely to act as a crucial demand area, with resistance seen around 75,000 – 75,200. The NIFTY 50 index gave a clear breakdown on the daily charts by closing below 23,800, with the index now aiming to fill the gap of 8 April, where it opened over 700 points higher, suggesting potential support near 23,123 in the near term.
In the commodities market, Brent crude prices rose 0.69% to USD 104.93 per barrel, while crude oil traded at USD 98.88, up 0.82%, as reported by ANI. However, Brent crude futures lost 82 cents, or 0.76%, to trade at $106.95 a barrel on Wednesday, while West Texas Intermediate futures fell 66 cents, or 0.65%, to $101.52, as reported by The Economic Times. The rising crude prices have added to market concerns, particularly impacting sectors like travel and hotels. Gold prices, meanwhile, slipped 0.20% to USD 4,726.27, reflecting the mixed commodity trends affecting market sentiment. The Indian National Rupee (INR) has been under constant pressure due to geopolitical uncertainty and volatile energy prices, opening at a record low of 95.50 per US dollar, down by 0.2% from the previous close.
