The key equity benchmarks ended with sharp losses on Friday, extending declines for the third consecutive session, as cautious investor sentiment and profit booking weighed on the market. Escalating geopolitical tensions in the Middle East, particularly uncertainty surrounding developments involving Iran, kept investors risk-averse. Elevated crude oil prices also pressured sentiment, as higher energy costs could stoke inflationary pressures in India. Weakness in select heavyweight stocks and increased market volatility further dragged the benchmark indices lower.

The Nifty settled below the 23,550 mark. Barring the IT index, all other sectoral indices ended in the red on the NSE.

As per provisional closing data, the barometer index, the S&P BSE Sensex, tanked 1,092.06 points or 1.44% to 74,775.74. The Nifty 50 index slipped 359.40 points or 1.50% to 23,547.75. In the three trading sessions, the Sensex and Nifty decreased 2.23% and 2.01%, respectively.

In the broader market, the BSE 150 MidCap Index fell 1.25% and the BSE 250 SmallCap Index declined 0.61%.

The market breadth was negative. On the BSE, 1,670 shares rose and 2,598 shares fell. A total of 213 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 8.02% to 16.19.

In the commodities market, Brent crude for July 2026 settlement tanked $1.66 or 1.77% to $92.05 a barrel.

IMD Forecast:

The forecast by the India Meteorological Department that India may receive about 90% of the long-period average rainfall this monsoon suggests a slightly below-normal season, but not a severe shortfall. This level of rainfall is likely to have a moderate impact on the economy, particularly in agriculture, where rain-fed crop output could be affected in some regions. Any uneven distribution of rainfall may lead to localized stress on farm production, which in turn could push up prices of food items such as vegetables, pulses, and cereals. Rural demand may also see some moderation if farm incomes are impacted. However, since the deviation from normal is not very large, the overall effect on GDP growth is expected to remain limited, with the economy continuing to be supported by stable services and industrial activity.

Buzzing Index:

The Nifty Metal index fell 2.02% to 13,440.95. The index advanced 2.10% in the previous six consecutive trading session.

Jindal Stainless (down 5.14%), NMDC (down 4.65%), Tata Steel (down 3.11%), Lloyds Metals & Energy (down 3.05%) and Hindustan Copper (down 3%), Hindustan Zinc (down 2.45%), JSW Steel (down 2.39%), Hindalco Industries (down 2%), National Aluminium Company (down 1.99%) and APL Apollo Tubes (down 1.96%) declined.

Stocks in Spotlight:

Asian Paints rose 0.17%. The company reported 69.3% increase in consolidated net profit to Rs 1,172.1 crore on a 10.8% rise in net sales to Rs 9,228.5 crore in Q4 FY26 as compared with Q4 FY25.

Alkem Laboratories added 1.43%. The company reported 25.11% drop in consolidated net profit to Rs 251.11 crore despite 14.62% jump in revenue from operations to Rs 3603.32 crore in Q4 March 2026 over Q4 March 2025.

PC Jeweller surged 3.04% after the company reported 58.06% jump in standalone net profit to Rs 150.33 crore on 32.66% increase in revenue from operations to Rs 927.34 crore in Q4 FY26 over Q4 FY25.

Ashapura Minechem soared 13.34% after the company's consolidated net profit jumped 31.49% to Rs 110.73 crore on a 104.97% surge in revenue from operations to Rs 1968.63 crore in Q4 FY26 over Q3 FY26.

Banco Products (India) rallied 4.33% after the company's consolidated net profit jumped 71.77% to Rs 147.43 crore in Q4 FY26, compared with Rs 85.83 crore in Q3 FY26. Revenue from operations jumped 39.56% QoQ to Rs 1,091.10 crore in Q4 FY26.

Kesoram Industries dropped 4.95% after the company reported a 99.46% decline in consolidated net profit to Rs 31.07 crore in the quarter ended 31 March 2026, compared with Rs 5,765.62 crore recorded in Q4 FY25. Revenue from operations slipped 1% year-on-year to Rs 66.62 crore in Q4 FY26.

Amines & Plasticizers fell 4.27%. The company reported 19.8% increase in consolidated net profit to Rs 15.35 crore despite a 6.4% fall in revenue to Rs 155.14 crore in Q4 FY26 as compared with Q4 FY25.

Lemon Tree Hotels fell 4.22%. The company reported an 8.09% rise in consolidated net profit to Rs 91.49 crore in Q4 FY26, compared with Rs 84.64 crore posted in the corresponding quarter last year. Revenue from operations increased 10% year-on-year to Rs 416.40 crore during the quarter ended 31 March 2026.

Global Markets:

The US Dow Jones index futures are currently up by 104 points, signaling a positive opening for US stocks today.

European stocks edged higher on Friday as investors assess prospects for a potential extension of the ongoing fragile ceasefire between the U.S. and Iran.

Asia markets ended higher as investors weighed fresh military activity involving Iran against signs that Washington and Tehran were moving closer to a temporary agreement to halt their three-month conflict.

Iran's armed forces reportedly fired missiles at unspecified targets late Thursday, according to media reports.

The latest military activity in southern Iran came just hours after the Pentagon said Tehran had fired a ballistic missile toward Kuwait and deployed attack drones in and around the Strait of Hormuz.

Earlier on Thursday, a White House official confirmed a media report saying the U.S. and Iran had mostly agreed on the terms of a deal aimed at temporarily halting the three-month conflict.

Overnight on Wall Street, the S&P 500 and Nasdaq Composite closed at records on Thursday as tech resumed its leadership, and traders weighed a reported agreement between U.S. and Iranian negotiators to extend the ceasefire.

The broader index gained 0.58% to 7,563.63, while the Nasdaq Composite rose 0.91% to 26,917.47. Both indexes also hit intraday all-time highs. The Dow Jones Industrial Average was higher by 0.05% at 50,668.97.

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