On May 5, the SENSEX dropped by 590.04 points or 0.76% to settle at 76,679.36, while the NIFTY50 closed lower by 169.50 points or 0.72% at 23,947.55. According to latest market reports, the SENSEX tumbled as much as 0.98% to an intraday low of 76,515.03, while the NIFTY50 touched the session's low of 23,882.05. The NIFTY Smallcap 100 ended at 16,551.20, marking a 149.85 points or 0.90% jump on the day. The BSE 150 MidCap Index slipped 0.24% and the BSE 250 SmallCap Index declined 0.16%, with market breadth negative as 1,706 shares rose and 2,141 shares fell on the BSE.
The 50-share NIFTY index was dragged down by selling in the shares of ICICI Bank, which closed 1.57% lower. As reported by market data, it was followed by Jio Financial Services (-1.48%), Coal India (-1.48%), Tech Mahindra (-1.39%) and Axis Bank (-1.36%), which were among the top losers of the day. The selling pressure was primarily concentrated in banking and financial services stocks during the trading session.
Mahindra & Mahindra emerged as the top gainer, surging 3.68%, as it reported a 53% year-on-year jump in its standalone net profit at ₹3,737 crore for the quarter ended March 31, 2026, compared to ₹2,437 crore in the same quarter of the financial year 2025-26. According to market reports, UltraTech Cement (1.54%), Hindalco Industries (1.37%), Bajaj Finserv (1.16%) and HDFC Life Insurance Company (1.13%) trailed behind M&M in the gainers list.
The market decline was attributed to multiple factors including the rupee weakening to a record low of 95.40 against the US dollar, which dampened investor sentiment. Weekly expiry added to market volatility, while escalating Iran-US tensions further eroded confidence, erasing recent optimism after state election results. The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, added 1.48% to 18.57, reflecting heightened uncertainty in the market.
The Nifty Oil & Gas index declined 1.13% to 11,600.75, reversing gains from the previous trading session. This decline was part of broader market weakness as oil & gas stocks also declined after advancing in the past session, contributing to the overall negative sentiment in the market.
