The Indian stock markets closed higher on May 22, with the SENSEX rising 231.99 points or 0.31% to close at 75,415.35, while the NIFTY50 edged higher by 64.60 points or 0.27% to end at 23,719.30. According to market reports, the market opened flat with a positive bias but later surged amid strong buying in banking heavyweights such as ICICI Bank, HDFC Bank and Axis Bank, although elevated crude oil prices and inflation concerns capped the upside. The BSE 150 Midcap index edged up 0.11%, while the BSE 250 Smallcap index slipped 0.26%, indicating that broader markets underperformed the benchmarks. The Bank Nifty index climbed 1.15%, while the Financial Services index rose 1.17%, with the Private Bank index gaining 1.49% and the PSU Bank index advancing 0.22%.
The NIFTY50 pack was led by Trent, which closed 3.18% higher, followed by Axis Bank at 2.69%, ICICI Bank at 1.96%, and Asian Paints at 1.62%. Among Sensex stocks, Trent, Axis Bank, ICICI Bank and Asian Paints emerged as the top gainers. On the losing side were Sun Pharma, ITC and Power Grid Corporation of India. The banking and financial shares led the rally on the NSE, with the Private Bank index gaining 1.49% and the PSU Bank index advancing 0.22%. However, healthcare and media stocks witnessed selling pressure, with Nifty Healthcare declining 1.52%, Media falling 1.47%, and Pharma dropping 1.27%.
In the midcap segment, Astral led gains at 4.39%, followed by Info Edge at 4.13%, Dixon Technologies at 4.10%, Max Financial Services at 3.63%, and Tata Communications at 3.20%. According to market reports, Info Edge advanced after it posted a 22.10% year-on-year surge in its consolidated net profit to ₹565.79 crore in Q4 FY26, compared to ₹463.38 crore in the year-ago period. In the smallcap segment, JSW Cement topped gains at 7.33%, followed by Deepak Fertilizers And Petrochemicals Corporation at 6.45%, Firstsource Solutions at 6.43%, Kaynes Technology India at 4.75%, and Meesho at 2.91%. However, Narayana Hrudayalaya fell by 4.28%, followed by Pine Labs at -4.27%, Welcorp at -4.27%, Whirlpool of India at -3.70%, and Great Eastern Shipping Company at -3.63%.
Despite the positive market performance, Brent crude surged more than 2% to trade above $105 a barrel amid uncertainty surrounding a possible US-Iran peace agreement. As per market sources, both countries are yet to resolve major differences, which provided a mixed backdrop for equity markets. However, the Indian rupee appreciated sharply by 63 paise to close at 95.73 against the dollar, which supported the overall market sentiment. According to Vinod Nair of Geojit Investments, domestic markets traded with a mildly positive bias, supported by buying at lower levels and moderately positive global cues amid hopes of easing tensions in the Middle East. The AI investment theme remained the key driver globally, while domestically, financial stocks led the gains, along with selective buying in auto and consumption shares.
