The Indian stock market declined on Tuesday, May 5, 2026, with the BSE Sensex closing at 77,017.79, down 251.61 points or 0.33%. The NSE Nifty50 settled at 24,032.80, declining 86.50 points or 0.36%. According to reports from ET Now, the Sensex hit an intraday low of 76,515.03 during the session, while the Nifty50 swung between 24,081.70 and 23,882.05. The market opened in red territory with the Sensex starting at 77,103.72 and Nifty50 opening at 24,052.60. As per latest market data, the GIFT Nifty was trading at 24,103 higher by 58 points at the time of writing, while the BSE 150 Midcap index is trading 0.1% higher and the BSE 250 SmallCap index is trading 0.1% higher.
The market decline was attributed to a combination of global and domestic factors, as reported by ET Now. Elevated crude oil prices emerged as a key driver, with Brent crude climbing to an intraday high of $115.3 per barrel on Monday amid escalating tensions in the Middle East, particularly around the Strait of Hormuz. Although prices eased slightly on Tuesday, Brent continues to hover near $113, keeping markets under pressure. The Indian rupee came under significant pressure, slipping to a fresh record low of around 95.40 against the US dollar, raising import costs and eroding returns for foreign investors. Drone strikes caused a fire at a major oil industry zone in the United Arab Emirates' port city of Fujairah on Monday, with the UAE accusing Iran of carrying out the strike. Bank, realty, oil, and gas stocks weighed amid fears of a deteriorating situation in West Asia, contributing to the negative sentiment throughout the trading session.
According to ET Now, selling pressure was evident across most sectors, with twelve of the 16 major sectoral indices trading in the red. The Nifty Financial Services index declined around 0.57%, as heavyweights such as HDFC Bank and ICICI Bank posted notable losses. Other sectors including IT, pharma, metals and realty also traded lower. From the Sensex firms, ICICI Bank, Eternal, Tech Mahindra, Axis Bank, Bharti Airtel and Larsen & Toubro were among the major laggards, while Mahindra & Mahindra, UltraTech Cement, Bajaj Finserv and Bajaj Finance were top gainers. As per latest market data, sectoral indices were trading mixed with stocks in realty sector and services sector witnessing selling pressure, while stocks in power sector and auto sector witnessed buying. Sectorally, Realty dropped 1.38%, Top 10 Banks (0.79%), Services (0.63%), Consumer Durables (0.62%), Private Banks (0.60%) and Bankex (0.58%) were the major losers. Power, FMCG, Commodities, Healthcare, IT, Telecommunication, Utilities, Auto, Capital Goods, Focused IT and MidSmall Private Banks Quality Tilt were the gainers.
Godrej Properties reported exceptional Q4 FY26 results with a 73% rise in consolidated profit to ₹6.50 billion, compared with ₹3.76 billion in the year-ago period. Revenue from operations increased 63% to ₹34.58 billion from ₹21.22 billion in the corresponding quarter. EBITDA surged to ₹5.23 billion from ₹1.10 billion a year earlier, with the EBITDA margin improving to 15.12% from 5.18% in Q4FY25. The company's board has recommended a dividend of ₹10 per share (200%) for FY26. Mahindra & Mahindra reported strong Q4 FY26 performance with profit after tax of ₹52.60 billion, up from ₹35.42 billion in the same period last year. Consolidated revenue from operations for Q4 stood at ₹548.92 billion, compared to ₹425.86 billion a year ago. For FY26, consolidated PAT rose to ₹186.22 billion from ₹140.73 billion, marking a growth of 32.32%.
Despite the subdued close, technical analysts highlight that the key index showed buying interest at lower levels, indicating the presence of demand near key support zones. Hitesh Tailor from Choice Broking noted that the index opened marginally lower by around 165 points and witnessed initial selling pressure, slipping to an intraday low of 76,515.03. However, buying interest emerged at lower levels, leading to a steady recovery during the latter half, with the index touching an intraday high of 77,151.33 and eventually closing near the day's high. Vipin Dixena from SEBI-registered firm suggests the Sensex on the intraday timeframe continues to exhibit a range-bound structure, oscillating between 77,150 as immediate resistance and 76,400 as key support. As per ET Now, immediate support is placed in the 76,400–76,500 zone, which is likely to act as a demand area on dips, while resistance is seen around 77,500–77,650, where the index may face selling pressure. Foreign Institutional Investors (FIIs) turned buyers on Monday, buying equities worth ₹2,835.62 crore, according to exchange data. The near-term outlook remains neutral with a cautious undertone, as the index is sustaining within a consolidation phase.
