The domestic equity benchmarks traded with major gains in the afternoon trade as investor sentiment remained cautious amid fading hopes of a swift resolution to the ongoing USIran conflict, which has reignited a surge in oil prices. Market volatility intensified due to the monthly Nifty 50 derivatives expiry today. The Nifty slipped below the 24,050 mark. Meanwhile, PSU bank stocks corrected after advancing in the past trading session.
At 13:30 ST, the barometer index, the S&P BSE Sensex dropped 310.37 points or 0.41% to 77,003.81. The Nifty 50 index fell 72 points or 0.29% to 24,017.55.
In the broader market, the BSE 150 MidCap Index shed 0.02% and the BSE 250 SmallCap Index added 0.18%.
The market breadth was negative. On the BSE, 2,123 shares rose and 1,966 shares fell. A total of 193 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 2.36% to 17.94.
In the commodities market, Brent crude for June 2026 settlement jumped $2.86 or 2.64% to $111.09 a barrel.
Gainers & Losers:
Oil & Natural Gas Corporation (up 4.28%), Coal India (up 3.10%), Dr. Reddy's Laboratories (up 2.29%) and Adani Enterprises (up 2.19%) were the major Nifty50 gainers.
ETERNAL (down 3.14%), HCL Technologies (down 2.44%), Bharat Electronics Axis Bank (down 2.37%), InterGlobe Aviation (down 2.14%) and Shriram Finance (down 2.10%) were the major Nifty50 losers.
Stocks in Spotlight:
Coal India added 2.98% after the company reported a 12.9% jump in consolidated net profit to Rs 10,839.18 crore on 5.75% rise in revenue from operations to Rs 46,490.03 crore in Q4 FY26 over Q4 FY25.
City Union Bank jumped 2.10% after the banks standalone net profit jumped 24.9% to Rs 359.56 crore on 20.3% increase in total income to Rs 2146.09 crore in Q4 FY26over Q4 FY25.
Adani Total Gas rallied 1.94% after the company reported 4.3% rise in standalone net profit to Rs 155.84 crore on 15.9% increase in revenue from operations (exlcuding excise duty) to Rs 1,548.58 crore in Q4 FY26 over Q4 FY25.
Piramal Finance surged 8.82% after the companys consolidated net profit surged 389.8% to Rs 501.77 crore on 53.7% jump in revenue from operations to Rs 4801.09 crore in Q4 FY26 over Q4 FY25.
Global Markets:
European shares edged lower on Tuesday as investors await Washingtons response to Iranian peace proposals and react to earnings reports from several regional companies.
Asian markets traded mixed as investors weighed developments in U.S.-Iran negotiations.
U.S. President Donald Trump and his national security team on Monday discussed Irans reported offer to reopen the Strait of Hormuz, contingent on the U.S. lifting its blockade and ending the conflict, according to White House press secretary Karoline Leavitt.
It remains unclear whether Trump, who has said sanctions relief would come only once a deal is 100% complete, is willing to consider the proposal as a pathway to de-escalation in the two-month-long conflict.
Overnight in the U.S., the S&P 500 and the Nasdaq Composite rose to new record highs, but gains were limited as stalled Iran peace talks and a fresh escalation in the Strait of Hormuz pushed oil prices higher.
The broad market index added 0.12% and closed at a record level of 7,173.91. The Nasdaq Composite gained 0.20% and notched a closing record of 24,887.10. Both indexes also reached new all-time highs in the session. The Dow Jones Industrial Average fell 62.92 points, or 0.13%, to settle at 49,167.79.