Stock Market Live Updates Today: BSE Sensex and Nifty50 are expected to open on a positive note as GIFT Nifty indicates a strong start for the session on Monday. Analysts caution that unless indices decisively break above the key resistance zone of 23,800–23,900, the broader trend may remain corrective, with potential retests of support levels between 23,200 and 23,000.
Oil Prices Plunge Over 5%
Crude oil prices fell more than 5% on Monday, reaching two-week lows, as optimism grew over a possible resolution to the US-Iran conflict. Brent crude futures dropped by $4.71 (4.55%) to $98.83 per barrel, while US West Texas Intermediate crude fell $4.57 (4.73%) to $92.03 per barrel. Both benchmarks touched their weakest levels since May 7.
The decline follows US President Donald Trump's statement that Washington and Iran had “largely negotiated” a memorandum of understanding that could eventually reopen the Strait of Hormuz, a critical waterway for global oil shipments. However, Trump later downplayed the likelihood of an immediate agreement, saying he instructed representatives not to rush negotiations.
Asian Markets Rally
Asian stocks edged higher on Monday, with Japan's Nikkei index surging over 2.5% by 0030 GMT. Markets in Sydney posted modest gains, while exchanges in Hong Kong and Seoul remained closed for public holidays. US stock futures also moved higher, while the dollar weakened.
Nifty Outlook: Key Levels to Watch
Nifty formed a bullish candlestick pattern last week, but the index remains within a consolidation range. Analysts at Bajaj Broking note that failure to move above the breakdown area of 23,800–23,900 could keep the bias corrective, leading to a test of support at 23,200–23,000. A decisive move above this zone could signal a pause in the downtrend and open upside towards 24,200 and 24,600 levels.
Bank Nifty Technical View
Bank Nifty has formed a bullish pattern on the weekly chart, with buying demand near the key support area of 52,400–52,700. The index is likely to consolidate in the range of 52,700–54,700. A move above 54,700 could lead to further upside towards 56,000. Key support is placed at 52,700–52,400, coinciding with the lower band of the April 8 gap area and the 61.8% retracement of the previous pullback.
FPI Selling Continues
Foreign portfolio investors (FPIs) have been net sellers in May, with total outflows of Rs 30,374 crore up to May 23. This brings the total FPI selling in 2026 to Rs 2,22,343 crore, surpassing the full-year 2025 figure of Rs 1,66,283 crore. According to V K Vijayakumar of Geojit Investments, the key reasons for sustained selling include poor earnings growth in India, better prospects in other markets, high US bond yields, and continuous rupee depreciation. He notes that FPIs have been buying in small- and mid-caps where growth prospects are better, indicating that earnings are the primary driver.
Market Data
On Friday, foreign institutional investors sold shares worth Rs 4,440 crore, while domestic institutional investors bought shares worth Rs 6,003 crore. Major US stock indices closed higher on Friday, and Treasury yields eased as investors assessed the potential for a near-term agreement to end the US-Iran conflict.
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.
