Indian equity benchmarks erased early gains and ended lower on Friday, May 15, as the SENSEX dropped 160.73 points or 0.21% to close at 75,237.99 and NIFTY50 index lost 46.10 points or 0.19% to settle at 23,643.50. According to provisional closing data from Business Standard, the market snapped a two-day winning streak, with the SENSEX having advanced 1.13% over the past two trading sessions and the NIFTY50 gaining 1.33% during this period. The market decline was primarily driven by a weakening rupee and rising crude oil prices that shook investor sentiment. As per Zee News, market sentiment turned cautious during the final hours of trade after the domestic currency touched a fresh low against the US dollar, adding to concerns over rising import costs and inflationary pressures.
The Indian rupee weakened for a third consecutive trading session and for the first time it dropped below the 96-mark against the benchmark US dollar, as reported by myfundamental_share_market. During the session, the rupee hit a fresh record low of 96.14 against the U.S. dollar, pressured by a sharp rise in global crude oil prices amid escalating tensions between the U.S. and Iran. The currency faced significant pressure due to higher demand for dollars in the global market, caused by US President Trump's latest signal that the conflict in West Asia will continue. According to Zee News, the Indian rupee also plunged to a fresh record low of 96.14 before settling at 95.97, as the trade deficit widened beyond market expectations and a sudden short squeeze after breaching of 96. Technically, spot USDINR has support at 95.45, with resistance levels seen at 96.20 and 96.85, an analyst stated.
Crude oil prices in international markets spiked above $109 per barrel, adding to market concerns about inflationary pressures. According to Zee News, Brent crude's May futures contract climbed 2.9% to $108.8 per barrel on the Intercontinental Exchange, raising concerns about higher fuel costs and their potential impact on inflation and corporate margins. The surge in global crude oil prices further weighed on investor sentiment, especially in energy-sensitive sectors. As per Business Standard, Brent crude for July 2026 settlement rose $3.29 or 3.11% to $109.01 a barrel, contributing significantly to the negative sentiment across equity markets.
Sectoral performance remained largely weak with Nifty Metal, Nifty Realty and Nifty Oil and Gas indices emerging as the worst-hit segments during the session, as reported by Zee News. Among the top laggards on the Nifty index were Hindalco Industries, Eternal and UltraTech Cement. However, buying interest in technology and media stocks helped the Nifty IT and Nifty Media indices close in positive territory. Nine of 15 major sector gauges compiled by the National Stock Exchange (NSE) ended lower, with the NIFTY Metal index leading declines at 1.9%, followed by PSU Bank, Bank, Financial Services and Oil & Gas indices that dropped between 0.5% and 1.7%. Broader markets also faced selling pressure as BSE 150 MidCap Index fell 0.48% and BSE 250 SmallCap Index shed 0.37%. On the positive side, IT, FMCG and pharma stocks witnessed buying interest amid the challenging market conditions.
The overall market sentiment remained negative with 2,472 shares falling and 1,705 shares rising on the BSE, as reported by Business Standard. According to Zee News, the Nifty MidCap index ended 0.45% lower and the Nifty SmallCap index fell 0.61%. Commenting on Nifty technical outlook, experts said that a sustained breakout above this zone will be required to strengthen bullish momentum and improve broader market sentiment further toward the 23,900–24,000 range. On the downside, the 23,500-23,400 zone continues to act as an important immediate support level, and a decisive break below this region could drag the index toward the 23,300–23,200 support area, an analyst stated. Despite the broader market decline, some sectors showed resilience with IT, FMCG and pharma stocks witnessing buying interest amid the challenging market conditions.
