The Indian equity markets showed mixed performance with the S&P BSE Sensex falling over 250 points and the Nifty 50 trading above 23,950 as of latest market updates. According to Business Standard, the broader market outperformed frontline indices with the BSE 150 MidCap Index gaining 0.80% and the BSE 250 SmallCap Index jumping 1.22%. Market breadth remained strong with 2,446 shares rising and 1,211 shares falling on the BSE, while 220 shares remained unchanged. The latest trading session reflects continued volatility following US military strikes on Iran, which has reignited geopolitical tensions and dampened optimism around potential Middle East peace agreements.
According to SBI Securities, the NSE Nifty 50 finds support in the ₹23,800-23,750 zone, with immediate resistance placed in the 24,050-24,100 zone. As per SAMCO Securities, any sustainable move above this resistance could result in Nifty extending its pullback towards 24,250, followed by 24,400 in the short term. The Nifty formed a bearish outside candle on Tuesday after failing to sustain gains near the May 11 gap-down zone, signalling caution for the start of the June derivatives series. The index recovered to touch an intraday high of 24,089.80 before witnessing selling pressure near the lower end of the May 11 gap zone, erasing more than 150 points from the day's high and closing below the previous session's low. The session coincided with monthly derivatives expiry, which added to volatility, with the index declining 0.49% on higher volume, qualifying as a distribution day.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 2.97% to 16.21, indicating reduced market uncertainty. As reported by Business Standard, this decline in volatility expectations suggests investors are becoming more confident about market stability and future price movements. However, the latest market session shows increased volatility as traders react to fresh US military actions in Iran, which has reversed earlier optimism about potential peace deals. Trading volumes rose above the previous five-session average, with the index closing below the previous day's low, while the MACD continued to remain in bullish territory and the 14-period daily RSI cooled from Monday's levels, indicating some loss of momentum.
The Nifty Metal index jumped 0.95% to 13,472.85, extending gains for the fifth consecutive session with a 2.31% increase over five trading sessions. According to Business Standard, Vedanta led the gains with a 3.82% increase, followed by Hindustan Copper at 2.58%, Lloyds Metals & Energy at 2.45%, Welspun Corp at 2.42%, and Steel Authority of India at 1.96%. Other notable performers included National Aluminium Company at 1.59%, Adani Enterprises at 1.18%, Hindustan Zinc at 0.94%, and JSW Steel at 0.5%. The metal sector continues to lead gains despite broader market volatility, signaling continued risk appetite in cyclical themes.
Several companies announced quarterly results with mixed outcomes. As reported by Business Standard, Orchid Pharma rose 2.33% after reporting a 6.68% increase in consolidated net profit to ₹23.78 crore for Q4 FY2026 compared to ₹22.29 crore in the corresponding quarter last year. Venus Pipes & Tubes rallied 3.13% following the announcement of commencement of commercial operations of its fittings facility along with commissioning of additional seamless pipes/tubes capacity. Conversely, Royal Orchid Hotels slipped 4.91% after reporting a 39.57% decline in consolidated net profit to ₹7.94 crore for Q4 FY2026 compared to ₹13.14 crore in the corresponding quarter last year. Pine Labs shares climbed as much as 4.5% to an intraday high of ₹152.80 after reporting a consolidated net profit of ₹59 crore for the March quarter, compared with a net loss of ₹29 crore in the year-ago period.
In the commodities market, Brent crude futures surged more than 4% to trade near $100.12 at around 11:30 am EST, reclaiming the $100-mark as uncertainty in US-Iran talks led to fresh military actions. According to Business Standard, Brent crude for July 2026 settlement had tanked $5.17 or 4.99% to $98.37 a barrel in earlier sessions. The latest developments show Brent crude futures climbing nearly 2% as traders react to the renewed geopolitical tensions. Gold prices declined on Tuesday as fresh US attacks in Iran pushed crude oil prices higher, raising concerns that inflation could remain elevated and force interest rates to stay higher for longer. Spot gold was down 0.9% at $4,529.50 per ounce as of 0545 GMT, while U.S. gold futures for June delivery gained 0.2% to $4,529.60.
