Indian equity markets traded with modest losses in early afternoon trade on May 5, with Sensex slipping 527.77 points or 0.68% to 76,726.65 and Nifty 50 falling 164.60 points or 0.68% to 23,953.55, as escalating US-Iran conflict in the Middle East weighed on investor sentiment. According to latest reports from Live Mint, the BSE 150 MidCap Index slipped 0.08% and BSE 250 SmallCap Index rose 0.04%, while the market breadth turned negative with 1,703 shares rising and 2,236 shares falling on the BSE. The Nifty traded below the 24,000 level as the NSE's India VIX rose 0.30% to 18.36, indicating increased volatility expectations among investors.
Vote counting for assembly elections in Assam, Tamil Nadu, West Bengal, Kerala, and Puducherry progressed on Monday, with significant developments emerging across key states. As per live coverage, BJP surged past majority thresholds in West Bengal (leads 194 seats) and Assam (nearing 100), while TVK emerged strongly in Tamil Nadu, hitting century-mark projections with actor Vijay's party taking a strong lead. In Kerala, Congress-led UDF crossed halfway with 7 seats, and Puducherry favors NDA according to dynamic EVM round trends. These election results provided crucial support to market sentiment amid ongoing geopolitical uncertainties.
Private bank shares extended losses for the third consecutive trading session, with the Nifty Private Bank index shedding 0.88% to 26,017.15. Major banking stocks declined significantly, with HDFC Bank down 1.79%, ICICI Bank falling 1.72%, IDFC First Bank dropping 1.68%, Axis Bank declining 1.13%, Yes Bank falling 0.8%, IndusInd Bank down 0.72%, Bandhan Bank declining 0.52%, and Federal Bank falling 0.5%. However, RBL Bank gained 1.3% and Kotak Mahindra Bank edged higher by 0.38%. The sector has declined 1.88% over the three consecutive trading sessions, reflecting broader concerns about banking sector performance.
Computer Age Management Services (CAMS) jumped 8.59% after the company's consolidated net profit surged 10.88% to ₹126.43 crore on an 11% increase in revenue from operations to ₹395.22 crore in Q4 FY26 over Q4 FY25. However, Jindal Stainless fell 0.76% despite reporting a 3.61% decline in standalone net profit to ₹891.57 crore despite a 0.38% rise in revenue from operations to ₹10,826.47 crore in Q4 FY26 over Q4 FY25. Tata Chemicals shed 0.35% as the company's consolidated net loss widened to ₹2,132 crore in Q4 FY26 compared with a net loss of ₹74 crore in Q4 FY25, with revenue from operations slipping 2.02% YoY to ₹3,438 crore driven by lower realization and lower exports from the US.
Tensions in the Middle East escalated after the US and Iran exchanged fire in the Strait of Hormuz, raising uncertainty over the durability of the four-week ceasefire. As reported by Stock Market News, Brent crude surged to an intraday high of $115.3 a barrel on Monday after Iran reportedly stepped-up attacks on the UAE and commercial ships in the Persian Gulf, including several in the Strait of Hormuz. WTI crude jumped to $102.35 a barrel, and Brent crude surged 2.3% to $110.65 following the latest developments, with the Strait of Hormuz handling roughly 20% of the world's oil supply. President Trump reportedly announced 'Project Freedom' on Sunday, a military operation to free stranded ships affected by the Strait of Hormuz closure, with US military support including guided-missile destroyers, over 100 land and sea-based aircraft, and 15,000 service members. Gold prices rose to $4,546.80 per ounce on COMEX, up $13.50 or 0.30%, while silver declined to $73.30 per ounce, down $0.22 or 0.30%. Analysts noted that elevated crude prices are reinforcing inflation concerns and could keep interest rates higher for longer, weighing on non-yielding assets like gold and silver.
