The Indian stock markets remained range-bound for the fourth straight session on Wednesday, May 20, as a deadlock in US-Iran peace talks kept oil prices elevated, while currency weakness continued to weigh on investor confidence.
The Nifty 50 ended the session with a marginal gain of 0.17% at 23,659, while the BSE Sensex closed at 75,825, up 0.11% from the previous close.
The broader market, however, closed mixed, with the Nifty Midcap 100 and Nifty Smallcap indices closing higher by 0.49% and 0.04%, respectively.
The Indian rupee slipped to another record low, weakening to 96.96 against the US dollar and extending its streak of historic lows in recent sessions, as a stronger greenback and elevated crude oil prices continued to pressure sentiment.
While Brent crude traded slightly lower for the second straight session, oil prices still held above the $110-a-barrel mark. This continued to stoke inflation concerns, weighing on government bonds globally.
US President Donald Trump said the conflict with Iran could end “very quickly,” while also warning that Washington could resume strikes in the coming days if negotiations fail.
In response, Iran’s paramilitary Revolutionary Guard reportedly issued a strongly worded statement on Wednesday, threatening to extend the Middle East conflict “beyond the region” if the US and Israel resume attacks against Tehran.
Capital goods, OMC and auto stocks lead gains
Capital goods stocks witnessed strong buying interest, with most counters ending the session with solid gains, led by Siemens Energy India, which surged 9.4% to ₹3,459 apiece.
It was followed by GE Vernova T&D India, Hitachi Energy India, Data Patterns, Elgi Equipments, ABB India, CG Power and Industrial Solutions, and Siemens, all of which closed higher with gains of over 4%.
Honeywell Automation India, Timken India, and Apar Industries also ended the session with gains ranging between 2.5% and 2.8%.
Tata Communications witnessed renewed buying interest, with the stock surging 8% to ₹1,755 apiece, marking its highest level since mid-January.
PCBL Chemical was another top performer among Nifty 500 stocks, gaining 7% to ₹292 apiece. Among metals, Hindalco Industries moved up 3.5% after its wholly owned subsidiary Novelis reported its fourth quarter results.
Meanwhile, all three oil marketing companies — Hindustan Petroleum Corporation Limited, Bharat Petroleum Corporation, and Indian Oil Corporation — concluded the session higher by up to 3.35%.
Select auto stocks also finished with healthy gains, led by Tube Investments of India, which climbed 2.7%. Other gainers included Bajaj Auto, TVS Motor Company, Bharat Forge, and Ashok Leyland, all of which ended the session with gains between 1.5% and 2.5%.
PI Industries, Zee Entertainment and Kaynes Technology among top drags
PI Industries emerged as the top laggard, falling 7% to ₹2,901 apiece following its March quarter results, in which the company reported a 39% decline in net profit to ₹200 crore.
Similarly, C.E. Info Systems and Zee Entertainment Enterprises declined 6% and 5.4%, respectively, after their Q4 numbers failed to impress the Street.
Other stocks such as Afcons Infrastructure, Shipping Corporation of India, The Ramco Cements, and Great Eastern Shipping Company also dropped more than 3% during the session.
Extending losses for the fifth straight session, Kaynes Technology India declined another 3% to ₹3,001 apiece. Meanwhile, PTC Industries shares also remained under pressure for the third consecutive day, slipping another 3% to ₹15,796. Hindustan Copper ended the session 2.6% lower at ₹554.60 apiece.
Disclaimer: We advise investors to check with certified experts before making any investment decisions.
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