Sensex Today | Nifty 50 | Stock Market Highlights: Indices claw back from 1% slide as IT stocks lift close

Indian equities reversed a sharp early selloff on Monday, 18 May, with the Sensex recovering over 1,100 points from the day’s low to close at 75,315, and the Nifty 50 ending flat near 23,650, helped by buying in IT and select largecaps despite a record-low rupee and Brent crude above $110.

Market Overview

Index	18 May Close	Move & % Change	Comments
Sensex	75,315.04	+77 pts (+0.10%)	Rebounded over 1,100 pts from intraday low near 74,180.
Nifty 50	23,649.95	+6 pts (+0.03%)	Recovered more than 330 pts from low of 23,317.
Nifty Bank	approx. 53,250	-450 pts (-0.8%)	Slid intraday to 52,783 before partial recovery.
BSE Midcap (150)	n.a.	-0.43%	Underperformed; stayed in the red.
BSE Smallcap (250)	n.a.	-1.71%	Deeper cut; broader selling pressure.
India VIX	19.5–19.8	approx. +4–5%	Volatility stayed elevated near 19.5–19.8.

Note: figures are approximate; final exchange data not available at time of publication.

• Nifty 50 briefly slipped below 23,350 in early trade before staging an afternoon rebound.
• Intraday crash erased up to ₹7–9 lakh crore of BSE market capitalisation at the lows.
• Overall BSE market cap settled near ₹458 lakh crore, down about ₹3 lakh crore versus Friday.
• Breadth stayed weak: about 2,382 NSE stocks declined, 941 advanced, 92 were unchanged.
• Foreign investors were net buyers on Friday, adding ₹1,329 crore, per provisional NSE data.

Key Movers

Top Gainers (Sensex)

Top Gainers	Sector	Notable Factor
Tech Mahindra	IT	Rose around 4–5%; part of broad IT rebound.
Infosys	IT	Gained about 2–2.5%; supported Nifty IT strength.
Bharti Airtel	Telecom	Advanced nearly 1.5–2%; among key index supports.
Sun Pharma	Pharma	Added roughly 1.5%; pharma index edged higher.
Bajaj Finserv	Financials	Climbed about 1.5%; buying in select NBFCs.

Top Losers (Sensex)

Top Losers	Sector	Notable Factor
Tata Steel	Metals	Fell about 3.3%; among worst index performers.
Power Grid	Utilities	Declined around 3%; dragged broader indices.
SBI	PSU Bank	Dropped about 2.5%; part of banking weakness.
NTPC	Utilities	Lost around 1.8%; pressure in power names.
Trent	Retail	Fell nearly 1.7%; profit-taking at higher levels.

• Bank-heavyweights like PNB, Canara Bank, Yes Bank, Union Bank slipped up to 3%.
• AU Small Finance Bank, Bank of Baroda, Axis Bank, IDFC First Bank fell over 1%.
• HDFC Bank and Federal Bank recovered from lows to end up to 1% higher.

Sectoral Action

Sector/Index	Direction (approx.)	Key Drivers
Nifty IT	up 2.4%	Rupee weakness, export earnings aided second straight session of gains.
Nifty Pharma	up 0.5%	Defensive buying; several pharma stocks hit 52-week highs.
Nifty Media	down 2.2%	Broad risk-off; sector led laggards.
Nifty PSU Bank	down 1.9%	Rupee slide, bond yield spike hurt sentiment in state-run banks.
Nifty Consumer Durables	down 1.8%	Profit booking amid broader volatility.
Nifty Auto	down 1.7%	Pressure from macro worries and higher yields.
Bank Nifty	down 0.3%	Failed to hold gains; stayed below key moving averages.

Note: figures are approximate; final exchange data not available at time of publication.

• Nearly 100 BSE stocks, including Sun Pharma, Ipca Labs, Gland Pharma, Laurus Labs, Solar Industries, hit 52-week highs.
• Around 80 names, including Punjab National Bank, ICICI Prudential Life, SBI Cards, United Breweries, touched 52-week lows.

Technical Outlook

Nifty 50

• Immediate support seen in the 23,500–23,450 zone by multiple analysts.
• A sustained move below 23,500 could drag Nifty towards 23,300, then 23,150 in the short term.
• Resistance is clustered around 23,850–23,900, near the 20-day EMA.
• Nifty is also facing resistance near the 61.8% Fibonacci retracement of the recent decline around 23,650.
• A decisive break above 23,650 could open a move towards 24,000 and higher.
• Broader trading band for the near term is pegged at 23,300–23,800 by some strategists.
• “A decisive move above 23,650 could trigger a short-term rally towards 24,000 and higher levels. On the downside, immediate support is placed near 23,400.” – Rupak De, Senior Technical Analyst, LKP Securities.

Bank Nifty

• Index slipped intraday to 52,783, then recovered to around 53,250.
• Analysts flag support near 53,200–53,000, with further downside towards 52,500–52,400 if broken.
• Resistance is seen around 54,200–54,500, coinciding with breakdown and moving average zones.
• Bank Nifty remains below its 20-day moving average, with RSI near 42, indicating a weak undertone.
• “The index continues to trade below its crucial short-term 20-day moving average, which suggests a cautious undertone in the near term.” — Vatsal Bhuva, Technical Analyst, LKP Securities.

Macro & Global Cues

Key Market Statistics

Statistic	Value/Change	Context
USD/INR close	96.33–96.35 (record low)	Fifth straight record low; rupee Asia’s weakest in 2026.
Brent crude	around $111/bbl	Jumped about 2%; Middle East tensions, supply fears.
US 10-year yield	around 4.62%	Near one-year high; weighs on EM risk assets.
India VIX	~19.5–19.8	Elevated volatility; remains above comfort zone of 18.

• Rupee has fallen about 5.5% since the Iran–US conflict escalated on 28 February.
• Higher crude and yields raise concerns on inflation, fiscal stress and imported price pressures.
• Rising global bond yields and a stronger dollar are encouraging foreign outflows from emerging markets.

Global Markets Snapshot

Market/Asset	Movement	Notes
US equities (Dow, S&P 500, Nasdaq)	around -1.1% to -1.5% last session	Pressured by higher yields, crude spike.
Japan Nikkei / Topix	around -1.0% / -0.9%	Hit by higher JGB yields, risk-off mood.
South Korea Kospi	-1.3%	Tech-heavy index tracked US weakness.
Hong Kong Hang Seng	down over 1%	Futures signalled weak open on Monday.
Brent crude	+2.3% to about $111.8	Reacted to drone attack near UAE nuclear plant.
WTI crude	+2.8% to about $108.4	Mirrored Brent gains on supply risks.

Note: figures are approximate; final exchange data not available at time of publication.

• A drone attack near the UAE’s Barakah nuclear power plant and fresh warnings from the US president to Iran kept geopolitical risk elevated.
• US and Japanese bond yields climbed to multi-year highs, reinforcing the appeal of developed-market fixed income.

Flows and Positioning

• Foreign institutional investors remained net buyers on Friday, with ₹1,329 crore of equity purchases, per provisional NSE data.
• Over the last two sessions, FIIs bought ₹2,430 crore, a small offset to earlier heavy selling.
• Despite the intraday rebound, analysts highlight continued caution, with traders advised to avoid high leverage and focus on stock-specific, hedged strategies.

Outlook

• Nifty’s failure so far to reclaim the 23,800–24,000 band keeps the short-term trend corrective.
• Elevated India VIX, a record-low rupee and Brent above $110 suggest volatility may persist.
• IT and pharma are emerging as relative outperformers, aided by currency tailwinds and defensive positioning.
• Banking and PSU names remain under pressure from rising yields and concerns over treasury portfolios.

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