The equity benchmark indices BSE Sensex and NSE Nifty erased opening gains and ended largely flat on Thursday, May 21, with weakness in financials and IT stocks weighing on sentiment. According to Business Standard, the Sensex declined 135.03 points or 0.18% to close at 75,183.36, while the Nifty 50 index fell 4.30 points or 0.02% to 23,654.70. Despite the weak close in benchmark indices, market breadth remained positive, with the BSE 150 MidCap Index rising 0.18% and the BSE 250 SmallCap Index jumping 0.70%, outperforming frontline indices. As per ET Now, Dilip Parmar, Research Analyst at HDFC Securities, noted that the Indian rupee snapped a nine-day losing streak to emerge as Asia's top-performing currency, following a retracement in crude oil prices amid tentative signs of easing geopolitical friction.
From the Sensex basket, Grasim Industries Ltd, InterGlobe Aviation Ltd, Apollo Hospitals Enterprise Ltd, Bajaj Auto Ltd, Trent Ltd and Bharat Electronics Ltd were the major gainers, while Bajaj Finance Ltd, Hindustan Unilever Ltd, Tech Mahindra Ltd, Infosys Ltd, Bajaj Finserv Ltd and Tata Consumer Products Ltd were the biggest laggards. Among sectoral movers, oil marketing companies gained after Brent crude prices fell below $105 per barrel, with Indian Oil Corporation, HPCL and BPCL rising up to 2%. As reported by CNBC TV18, Grasim Industries extended gains and emerged as the top Nifty gainer following its March quarter results. According to Business Standard, IRB Infrastructure Developers climbed nearly 9% after the company said it is targeting over 20% toll revenue growth in FY27. The Nifty Realty index jumped 1.05% to 775.10, climbing 3.08% in the three consecutive trading sessions, with Anant Raj (up 4.18%), Phoenix Mills (up 2.85%), Oberoi Realty (up 1.5%), Sobha (up 1.34%) and Godrej Properties (up 1.08%) leading the gains.
Apollo Hospitals rallied 2.65% after reporting March quarter earnings above estimates, with consolidated net profit jumping 35.9% year-on-year to ₹529.3 crore, compared with ₹389.6 crore in the corresponding quarter last year. Revenue from operations rose 18.1% YoY to ₹6,605.5 crore against ₹5,592.2 crore in the year-ago period. JSW Cement rallied 6.04% following strong March quarter results, with consolidated net profit surging more than ten-fold to ₹371.33 crore in Q4 FY26 from ₹34.22 crore posted in Q4 FY25. Revenue from operations jumped 10.86% YoY to ₹1,894.99 crore. Honeywell Automation India surged 14.87% after reporting a 14.15% increase in standalone net profit to ₹159.7 crore in Q4 FY26, compared with ₹139.9 crore in Q4 FY25. Revenue from operations jumped 5.93% year-on-year to ₹1,180.7 crore.
The Nifty IT index ended lower for the second consecutive session, with Coforge falling nearly 4% from the day's highs. As reported by CNBC TV18, Jubilant FoodWorks dropped 7.81% after its quarterly results, while Jefferies cut its target price on the stock to ₹600 per share from ₹850 per share. According to ET Now, Jefferies cut its target price on the stock to ₹600 per share from ₹850 per share. Jubilant FoodWorks reported Q4 FY26 performance with consolidated revenue from operations rising 19.3% YoY to ₹2,499.5 crore from ₹2,095 crore, while profit after tax surged 67.1% YoY to ₹82.4 crore from ₹49.3 crore in the year-ago quarter. PAT from continuing operations increased 67.3% to ₹93.6 crore.
Market volatility was driven by expiry day volatility, rising bond yields, and foreign institutional investor selling, as reported by The Economic Times. Despite some intraday recovery, markets ended in negative territory. India VIX, which measures market volatility, declined over 3% to 17.82 by the end of the session. The BSE 150 MidCap Index rose 0.18% and the BSE 250 SmallCap Index jumped 0.70%, outperforming frontline indices. On the BSE, 2,412 shares rose and 1,764 shares fell with 203 shares unchanged. Smallcaps outperformed benchmarks, with the Nifty Smallcap 100 index closing 0.6% higher while the Nifty Midcap 100 index declined 0.04%. Looking ahead, investors will monitor geopolitical developments, crude oil prices, and upcoming RBI monetary policy review for further market direction. GIFT Nifty Futures were 134.50 points, or 0.57% up at 23,803, hinting at a positive start for the domestic market on Thursday.
