Domestic benchmark indices erased most of their intraday losses to close on a subdued note, supported by buying interest in IT and pharma counters, although weakness in banking, auto and metal shares capped the recovery. The Nifty 50 edged up 6.45 points, or 0.03%, to settle at 23,649.95, while the BSE Sensex slipped 77.05 points, or 0.10%, to end at 75,315.04. Meanwhile, the volatility gauge India VIX ended at 19.63, up by 4.47% from the last closing.
Here's how analysts read the market pulse:
Rupak De, Senior Technical Analyst at LKP Securities said the index witnessed a sharp recovery during the day after forming a harmonic pattern on the lower timeframe charts. It is now facing resistance near the 61.8% Fibonacci retracement level of the previous decline, which is placed around 23,650. "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. Stock-specific buying interest continues to remain visible, indicating selective strength in the broader market. However, sustained elevation in India VIX above 18.50 is likely to keep optimism in check and may continue to induce volatility in the near term" De said.
US markets
U.S. stock indexes extended losses on Monday, with the Nasdaq leading declines as semiconductor shares came under pressure, while surging Treasury yields and oil prices revived concerns that inflation and borrowing costs could remain elevated.
The 10-year Treasury yield, the benchmark for global borrowing costs, was at 4.630%, having climbed to its highest level since February 2025 earlier in the session.
Oil prices also moved higher, with Brent crude up 1.4%. Prices had briefly turned lower earlier in a volatile session after a report said the U.S. had proposed a temporary waiver on Iranian oil sanctions. Iranian officials did not immediately comment.
European markets
European stocks fell 0.4%. Major markets in Frankfurt and London both edged up, while those in Paris fell 0.9%.
Tech View
Decoding the charts, Nilesh Jain, Vice President - Head of Technical & Derivative Research at Centrum Finverse said the immediate hurdle for the Nifty is placed near its 50-DMA at 23,770, while key support is seen around 23,300 levels. "The momentum indicators and oscillators have turned bearish, and the MACD has also generated a sell crossover, indicating that short-term weakness may continue. Meanwhile, India VIX surged 4% to settle at 19.50, which remains a key concern for the bulls. A sustained decline below the 18 mark would be crucial for bullish momentum to regain strength. Overall, we expect the Nifty to trade in a broader range of 23,300–23,800 levels in the near term," Jain added.
Most active stocks in terms of turnover
GE Shipping (Rs 219 crore), Solar Industries (Rs 176 crore), Reliance Industries (RIL, Rs 161 crore), Bharti Airtel (Rs 130 crore), MTAR Technologies (Rs 126 crore), Cohance (Rs 125 crore) and AB Capital (L&T, Rs 121 crore) were among the most active stocks on BSE in value terms. Higher activity in a counter in value terms can help identify the counters with highest trading turnovers in the day.
Most active stocks in volume terms
Vodafone Idea (Traded shares: 7.30 crore), JP Power (Traded shares: 1.13 crore), YES Bank (Traded shares: 1 crore), SpiceJet (Traded shares: 50.40 lakh), Ola Electric (Traded shares: 41.80 lakh), Suzlon Energy (Traded shares: 40.07 lakh) and Reliance Power (IGL, Traded shares: 39.24 lakh) and were among the most actively traded stocks in volume terms on BSE.
Stocks showing buying interest
Tech Mahindra, Suven Life Sciences, Fineotex Chemical, Gland Pharma, Raymond, Jindal Drilling And Industries and Transworld Shipping Lines were among the stocks that witnessed strong buying interest from market participants.
52-week highs
Today, 97 stocks hit their 52 week highs while 70 stocks slipped to their 52-week lows. Among the ones which hit their 52 week highs included Aanchal Ispat, Carborundum Universal, Focus Business Solution, Ipca Laboratories, Laurus Labs, Solar Industries India and Sun Pharmaceuticals.
Stocks seeing selling pressure
Among the large cap names were Tata Steel, Power Grid Corporation and NTPC. Other stocks which witnessed significant selling pressure were Cochin Shipyard, Delhivery, Jain Resource Recycling, Amber Enterprises, Ausom Enterprise, Fusion Finance and KEC International.
Sentiment meter favours bears
While Sensex settled with minor gains lifted by Bharti Airtel, Infosys and ICICI Bank, dragging the broader markets with breadth staying negative. Out of the 4,492 stocks that traded on the BSE on May 18, Monday, 1,199 stocks witnessed advances, 3,117 saw declines while 176 stocks remained unchanged.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
