The key domestic indices ended with marginal losses on Friday, snapping a two-session winning streak, as the rupee hit a fresh record low against the U.S. dollar, oil prices extended gains, and weakness in global markets weighed on investor sentiment. The Nifty ended below the 23,650 mark. Metal, PSU bank, and realty stocks declined, while media, IT, and FMCG shares advanced.

As per provisional closing data, the barometer index, the S&P BSE Sensex declined 160.73 points or 0.21% to 75,237.99. The Nifty 50 index lost 46.10 points or 0.19% to 23,643.50. Over the past two trading sessions, the Sensex advanced 1.13%, while the Nifty 50 gained 1.33%.

The broader market underperformed the frontline indices. The BSE 150 MidCap Index fell 0.48% and the BSE 250 SmallCap Index shed 0.37%.

The market breadth was negative. On the BSE, 1,705 shares rose and 2,472 shares fell. A total of 168 shares were unchanged.

In the commodities market, Brent crude for July 2026 settlement rose $3.29 or 3.11% to $109.01 a barrel.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee hovered at 95.8700 compared with its previous close of 95.6400. During the session, the rupee hit a fresh record low of 96.14 against the U.S. dollar, pressured by a sharp rise in global crude oil prices amid escalating tensions between the U.S. and Iran.

IMD monsoon forecast 2026:

The southwest monsoon is expected to make its onset over Kerala on 26 May 2026, the India Meteorological Department (IMD) said on Friday. The monsoon typically reaches Kerala around 1 June before advancing northwards across the country, marking the beginning of the June'September monsoon season. Last year, the monsoon arrived over Kerala on 24 May. The IMD added that the onset this year could vary by up to four days on either side of the forecast date.

Economy:

India's trade deficit widened to $28.38 billion in April from $20.67 billion in March, as both imports and exports increased sequentially. Merchandise exports stood at $43.56 billion in April compared with $38.92 billion in the previous month, while imports rose to $71.94 billion from $59.59 billion.

However, on a year-on-year basis, merchandise exports grew by over 13% in April, marking one of the strongest monthly performances in the past 10 years, according to the commerce ministry.

Fuel Hike

Petrol and diesel prices were increased across India on Friday with immediate effect as oil marketing companies raised rates by up to Rs 3 per liter due to continued fluctuations in global crude oil prices.

In Delhi, petrol prices went up by Rs 3 to Rs 97.77 per litre, while diesel now costs Rs 90.67 per litre.

Among the metro cities, Kolkata saw the highest increase in petrol prices, rising by Rs 3.29 to Rs 108.74 per liter. In Mumbai, petrol prices increased by Rs 3.14 to Rs 106.68 per litre, while Chennai recorded a hike of Rs 2.83, taking the rate to Rs 103.67 per litre.

Diesel prices also rose across major cities. In Kolkata, diesel now costs Rs 95.13 per liter after a Rs 3.11 hike. Mumbai saw diesel prices increase by Rs 3.11 to Rs 93.14 per liter, while Chennai recorded a Rs 2.86 rise, taking diesel prices to Rs 95.25 per liter.

LNG prices were also raised by Rs 2 per kg. The hike comes amid a sharp rise in wholesale fuel inflation in April, driven by higher prices of crude oil, natural gas, petrol, diesel, and LPG.

Buzzing Index:

The Nifty Metal index declined 1.93% to 13,300.60. The index jumped 5.22% in the past two trading sessions.

Hindustan Copper (down 5.97%), Hindustan Zinc (down 4.7%), Welspun Corp (down 4.28%), Steel Authority of India (down 3.36%), Hindalco Industries (down 3.24%), National Aluminium Company (down 3.09%), Vedanta (down 2.32%), Tata Steel (down 1.94%), NMDC (down 1.93%) and Jindal Steel (down 1.66%) fell.

Stocks in Spotlight:

United Spirits jumped 3.77% after the company's standalone net profit jumped 26.61% to Rs 571 crore on a 3.39% rise in revenue from operations (excluding excise duty) to Rs 3,046 crore in Q4 FY26 over FY25.

Pearl Global Industries surged 10.18% after the company's consolidated profit after tax stood at Rs 81 crore in Q4 FY26, up 24.61% from Rs 65 crore in Q4 FY25. Revenue from operations increased 6.92% YoY to Rs 1,314 crore in Q4 FY26 from Rs 1,229 crore in the corresponding quarter last year.

Sheela Foam surged 11.37% after the company reported a more than six-fold jump in consolidated net profit to Rs 91.28 crore in Q4 FY26, compared with Rs 13.08 crore posted in Q4 FY25. Revenue from operations jumped 23.59% YoY to Rs 1,050.06 crore on account of higher volume growth in both mattress and foam segments.

Apollo Tyres fell 1.82%. The company reported a 241.76% year-on-year surge in consolidated net profit to Rs 630.97 crore in Q4 FY26, compared with Rs 184.62 crore posted in the corresponding quarter last year. Revenue from operations jumped 14.19% YoY to Rs 7,335.67 crore in the quarter ended 31 March 2026.

Kalpataru Projects International rallied 2.65% after the company reported a 92.63% year-on-year (YoY) surge in consolidated net profit to Rs 434.21 crore in Q4 FY26, compared with Rs 225.41 crore in the corresponding quarter last year. Revenue from operations rose 10.06% YoY to Rs 7,777.90 crore in the quarter ended 31 March 2026.

Dilip Buildcon slumped 6.78% after its consolidated net profit tanked 63.67% to Rs 62.05 crore in Q4 FY26, compared with Rs 170.83 crore in Q4 FY25. However, revenue from operations fell 25.71% year on year (YoY) to Rs 2,299.80 crore in Q4 FY26.

Solara Active Pharma Sciences soared 14.32% after the company reported a consolidated net profit to Rs 9.60 crore in Q4 FY26 compared with a net loss of Rs 2.10 crore in Q4 FY25. Revenue from operations jumped 41.86% to Rs 387.29 crore in Q4 FY26.

Indian Hume Pipe Company fell 4.84% after the company's net profit tanked 95.39% to Rs 22.98 crore on a 10.40% decline in revenue from operations to Rs 351.29 crore in Q4 March 2026 over Q4 March 2025.

Allied Blenders and Distillers rose 0.88%. The company reported a 47.90% year-on-year (YoY) decline in consolidated net profit to Rs 40.97 crore in Q4 FY26, compared with Rs 78.64 crore in the same quarter last year. Despite the fall in profit, revenue from operations (excluding excise duty) rose 9.36% YoY to Rs 1,006.89 crore in the quarter ended 31 March 2026.

Allcargo Logistics fell 2.87% after its consolidated net profit tanked 20% to Rs 20 crore in Q4 FY26 compared with Rs 25 crore in Q4 FY25. Total income declined 1.31% year on year (YoY) to Rs 525 crore in the quarter ended 31 March 2026.

Devyani International (DIL) rose 0.04%. The company's consolidated net loss narrowed to Rs 9.8 crore in Q4 FY26 compared with a net loss of Rs 16.8 crore in Q4 FY25. Revenue from operations increased 18.49% year-on-year to Rs 1,436.9 crore in the quarter ended March 2026.

Global Markets:

The US Dow Jones index futures are currently down by 272 points, signaling a negative opening for US stocks today.

European stocks declined on Friday as inflation returns to investors' minds following a week of hotter-than-expected U.S. price data, while U.K. Prime Minister Keir Starmer faces a potential leadership challenge.

Asian markets ended lower as investors continued to track the second day of high-stakes talks between U.S. President Donald Trump and Chinese President Xi Jinping.

Trump arrived in Beijing on Wednesday for the closely watched summit, joined by a delegation of American business leaders, including Tesla CEO Elon Musk and Nvidia chief Jensen Huang.

Iran was a reportedly major topic of discussion during the summit between President Donald Trump and Chinese President Xi Jinping Thursday, with the two sides agreeing that the Strait of Hormuz must remain open, media reports said.

Xi has reportedly warned Trump that Washington and Beijing could face 'clashes and even conflicts' if the sensitive issue of Taiwan independence is mishandled.

Failure to handle the matter properly' could place 'the entire relationship in great jeopardy,' Xi was quoted by the media as saying.

Overnight in the U.S., stocks ended higher on Thursday, with the Dow Jones Industrial Average retaking 50,000 after strong earnings from Cisco Systems and following a key meeting between U.S. and China.

The 30-stock index popped 370.26 points, or 0.75%, to end at 50,063.46. The S&P 500 climbed 0.77% and closed at 7,501.24, while the Nasdaq Composite gained 0.88% to 26,635.22. Those two indexes scored fresh all-time intraday highs and record closes.

Shares of Cisco surged 13% after the software giant posted third-quarter results and guidance that beat market expectations and announced it would be cutting almost 4,000 jobs.

The Dow also got a lift from Nvidia also advanced more than 4% after media reports stated that the U.S. has cleared about 10 Chinese firms to purchase Nvidia's H200 chip, though no deliveries have been made yet.

On Wednesday, the U.S. producer price index (PPI) rose 1.4% in April, marking the sharpest monthly increase since March 2022, following an upwardly revised 0.7% rise in March. On an annual basis, producer prices increased 6%, the highest level since December 2022.

The report arrived a day after the Bureau of Labor Statistics reported that the consumer price index rose 3.8% from a year ago for the month, as surging energy prices compounded inflation by a surprise jump in shelter costs.

Core inflation was more subdued at 2.8% but still well above the Federal Reserve's 2% goal, likely keeping central bankers on hold as the impacts from the Iran war and President Donald Trump's tariffs play out.

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