Stock Market Live Updates: BSE Sensex and Nifty50 are poised for a muted start on Friday, as global crude oil prices remain elevated. GIFT Nifty is signalling a muted to negative opening for the benchmarks. In partial relief to oil marketing companies, petrol and diesel prices have been hiked by Rs 3 per litre effective today. Market experts believe domestic equities will continue to react closely to developments in the West Asia conflict, fluctuations in crude oil prices, and the direction of foreign investor flows in the coming sessions.
Market Outlook and Key Influences
Crude oil prices moved up on Friday amid persistent concerns over vessel attacks and seizures in the Strait of Hormuz, despite Iran stating that nearly 30 ships had crossed the waterway. Markets were also watching the second day of talks between the US and Chinese presidents in Beijing. The near-term outlook remains cautious, according to Siddhartha Khemka, Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd. Persistent foreign outflows, elevated crude oil prices around USD 105 per barrel, and the Indian rupee slipping to fresh record lows continue to pose key macro risks for the domestic market.
Rupee Hits New Lifetime Low
The rupee slipped to a new lifetime low of 95.96 against the US dollar during Thursday's trading session before recovering slightly to end 2 paise higher at 95.64. The currency managed to withstand pressure from a stronger US dollar and rising inflation concerns linked to elevated energy prices. Currency market participants said the ongoing West Asia conflict and the blockade around the Strait of Hormuz have disrupted India's crude oil imports, significantly raising the country's fuel import costs. Traders noted that the rupee has emerged as Asia's weakest-performing currency so far this year, declining more than 6% against the dollar in 2026.
Sensex and Nifty Performance on Thursday
Indian equity markets extended their upward momentum for a second straight session on Thursday, with the benchmark Sensex surging nearly 790 points in a choppy trading day, supported by bargain buying in telecom, pharmaceutical, and private banking stocks. The 30-share BSE Sensex climbed 789.74 points, or 1.06%, to settle at 75,398.72. After opening on a positive note, the index briefly slipped into the red during late morning trade. However, renewed buying interest in telecom and banking counters helped the market recover sharply, with the Sensex later soaring over 1,000 points intraday to touch a high of 75,681.88. The broader NIFTY 50 also continued its rally for the second consecutive day, gaining 277 points, or 1.18%, to close at 23,689.60.
Top Gainers and Losers
Among the Sensex constituents, Bharti Airtel led the gains with a jump of more than 5% after the telecom major's annual revenue crossed the Rs 2 lakh crore milestone for the first time. Eternal Limited advanced 3.32%, while HDFC Bank rose 2.67%, emerging as key contributors to the benchmark's rally. Other notable gainers included Adani Ports and Special Economic Zone Limited, Sun Pharmaceutical Industries Limited, Bajaj Finance Limited, Mahindra & Mahindra, NTPC Limited, Kotak Mahindra Bank, Titan Company Limited, Trent Limited, UltraTech Cement, ITC Limited, and State Bank of India. On the losing side, technology shares remained under pressure, with Infosys, Tech Mahindra, HCL Technologies, and Tata Consultancy Services ending lower. Other laggards included Hindustan Unilever Limited, Axis Bank, and Maruti Suzuki India Limited.
Technical Outlook for Nifty and Bank Nifty
According to Bajaj Broking, the Nifty formed a sizable bullish candle with a higher high and a higher low, signaling a pullback from the oversold territory after the recent sharp decline. Nifty is currently placed around the Tuesday breakdown area of 23,800. A move above the same will signal an extension of the pullback towards 24,100 levels, while failure to move above will signal an extension of the corrective decline towards 23,400 and 23,100 levels. From a short-term perspective, the index needs to start forming higher highs and higher lows on a sustained basis and move above the recent breakdown area of 23,800 to signal a reversal of the corrective trend. Key support for Nifty is placed at 23,200-23,000 levels, being the confluence of the lower band of the 8th April gap area and the 61.8% retracement of the previous pullback (22,182-24,601). The daily stochastic has rebounded from the oversold territory, supporting the continuation of the pullback in the coming sessions.
For Bank Nifty, the index formed a bullish candlestick pattern with a lower low and a higher high, highlighting intraday volatility and a strong pullback from oversold territory after a recent sharp decline. Bank Nifty is currently placed around the Tuesday breakdown area of 54,400-54,600. A move above the same will signal an extension of the pullback towards 55,000 levels, while failure will signal an extension of the corrective decline towards 53,500 and 53,000 levels. Key support for Bank Nifty is placed at 52,700-52,400 levels.
Market Drivers and Policy Developments
India's wholesale inflation surged to a 42-month high of 8.3% in April, raising fears of persistent inflationary pressures, margin stress, and a potentially delayed rate-cut cycle by the RBI. With the earnings season nearing completion, market focus is gradually shifting back toward global macros, geopolitical developments, and policy-related triggers. This includes the ongoing US-China talks focused on improving trade relations and securing major business deals, along with PM Narendra Modi's five-nation visit for potential announcements related to bilateral defence cooperation and energy security agreements. Additionally, India is considering reducing taxes on bond investments by foreign investors to attract overseas capital inflows and improve participation in domestic debt markets. The proposal is expected to support the rupee, ease liquidity conditions, and enhance the attractiveness of Indian government bonds for global investors. Separately, India has banned exports of raw, white, and refined sugar till 30th Sep 2026 amid concerns over tightening domestic supply and lower-than-expected production, with the move aimed at ensuring adequate domestic availability and stabilising local sugar prices.
Global Market Cues
Asian equities advanced after US benchmarks touched record levels, supported by optimism around AI-related stocks, healthy corporate earnings, and signs of resilience in American consumer demand. Wall Street ended in positive territory on Thursday, led by gains in technology stocks. Investors assessed encouraging economic indicators while closely tracking developments from Beijing, where Donald Trump held key discussions with Xi Jinping. Gold prices dropped to their lowest level in more than a week and were on track for a weekly decline. Investors remained focused on inflation concerns linked to high energy prices and the prospect of interest rates staying elevated for longer, while also monitoring the Trump-Xi meeting.
Disclaimer: Recommendations and views on the stock market, other asset classes, or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India.
