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The key equity benchmarks remained under heavy selling pressure in afternoon trade after U.S. President Donald Trump rejected Iran's response to a U.S. peace proposal, heightening concerns over a prolonged conflict in the Persian Gulf. Concerns over a prolonged Gulf conflict pushed Brent crude above $100 a barrel, while the rupee slipped close to the 95-per-dollar mark. Domestic sentiment also remained fragile after Prime Minister Narendra Modi urged citizens to conserve fuel and avoid non-essential imports such as gold. The Nifty slipped below 23,950 mark. The auto shares witnessed selling pressure for the second consecutive trading session. At 12:25 IST, the barometer index, the S&P BSE Sensex tumbled 879.15 points or 1.14% to 76,448.11. The Nifty 50 index declined 239 points or 0.99% to 23,937.50. The broader market outperformed the frontline indices. The BSE 150 MidCap Index dropped 0.92% and the BSE 250 SmallCap Index fell 0.66%. The market breadth was strong. On the BSE, 2,666 shares rose and 1,480 shares fell. A total of 220 shares were unchanged. In the commodities market, Brent crude for June 2026 settlement added $3.42 or 3.38% to $104.71 a barrel. In the foreign exchange market, the rupee declined against the dollar. The partially convertible rupee was hovering at 95.1600 compared with its close of 93.5100 during the previous trading session. PM Modi Urges Austerity Amid Energy Crisis: Amid elevated crude oil prices and the ongoing U.S.-Iran conflict, Prime Minister Narendra Modi urged citizens to adopt austerity measures, including reducing petrol and diesel consumption, avoiding non-essential gold purchases and foreign travel, and promoting the use of locally manufactured products. He also advocated greater use of public transport, EVs, work-from-home practices, and domestic tourism to conserve foreign exchange reserves and strengthen India's economic resilience. The Prime Minister also called for reduced edible oil consumption and lower dependence on chemical fertilizers, while encouraging natural farming and wider adoption of solar-powered irrigation systems. Stressing the importance of the 'Vocal for Local' initiative, Modi said increasing the use of indigenous products was essential to reduce import dependence and safeguard national interests amid global economic disruptions. Derivatives: The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 8.40% to 18.26. The Nifty 26 May 2026 futures were trading at 23,975, at a premium of 37.5 points as compared with the spot at 23,937.50 The Nifty option chain for the 26 May 2026 expiry showed a maximum call OI of 56.3 lakh contracts at the 25,000 strike price. A maximum put OI of 38.4 lakh contracts was seen at the 23,000 strike price. Buzzing Index: The Nifty Auto index declined 1.54% to 26,840.65. The index fell 1.83% in the two consecutive trading sessions. Ashok Leyland (down 3.35%), Mahindra & Mahindra (down 2.51%), Bosch (down 2.12%), Exide Industries (down 2.1%), Tata Motors Passenger Vehicles (down 2.07%), Tube Investments of India (down 1.87%), Eicher Motors (down 1.4%), TVS Motor Company (down 1.23%), Hero MotoCorp (down 1.21%) and Maruti Suzuki India (down 1.04%) advanced. Stocks in Spotlight: Kewal Kiran Clothing declined 3.15%. The company has reported 14.2% rise in net profit to Rs 34.5 crore on a 12.4% rise in revenue from operations to Rs 323.8 crore in Q4 FY26 as compared with Q4 FY25. Aarti Surfactants dropped 10.42% after the company's consolidated net profit tumbled 56.89% to Rs 4.19 crore in Q4 FY26 from Rs 9.72 crore in Q4 FY25. Revenue from operations jumped 26.83% YoY to Rs 256.28 crore in the quarter ended 31 March 2026. Powered by Capital Market - Live News
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