Indian equity benchmark indices ended marginally higher on Wednesday, May 13, 2026, managing to halt a four-session losing streak despite persistent concerns surrounding elevated crude oil prices and ongoing geopolitical tensions in the Middle East. Gains in private banking and metal stocks provided crucial support to the domestic market, while weakness in IT stocks continued to weigh on sentiment.

The benchmark Nifty 50 opened on a cautious note and witnessed sharp intraday swings throughout the session. Early selling pressure dragged the index to an intraday low of 23,262.55, but strong buying in metals and select heavyweights triggered a sharp rebound. The index later touched a high of 23,582.95 before profit booking at higher levels erased most of the day’s gains.

The Nifty 50 eventually settled above the 23,400 mark at 23,412.60, gaining 33.05 points or 0.14 per cent. The Sensex also ended in positive territory, rising 49.73 points or 0.07 per cent to close at 74,608.98. The India VIX index remained largely stable, indicating that volatility expectations stayed elevated but controlled.

A major overhang on the market continued to be crude oil prices. Although Brent crude eased 1.4 per cent to USD 106.32 per barrel, prices remained firmly above the psychologically important USD 100 mark. Concerns over global oil supply disruptions have persisted ever since U.S. and Israeli strikes on Iran and Tehran’s effective closure of the Strait of Hormuz escalated geopolitical tensions.

The Indian rupee weakened further against the U.S. dollar and settled at 95.75, pressured by sustained dollar demand in the interbank market, including repayments linked to overseas borrowings.

Sectorally, the market remained mixed, with only four out of the 11 major sectoral indices closing in the green. However, broader markets displayed notable resilience. The Nifty Midcap index outperformed with a gain of 0.77 per cent, while the Nifty Smallcap 100 index advanced 0.31 per cent.

The standout performer of the day was the Nifty Metal index, which surged 3.18 per cent to hit an all-time high. The index also registered its strongest intraday rally in the last one year, driven by strong momentum in metal counters amid improving global commodity sentiment.

On the flip side, the Nifty IT index remained under pressure, falling 1.13 per cent. The index extended its losing streak to a third consecutive session and touched a fresh three-year low as investors continued reducing exposure to export-oriented technology stocks amid global uncertainty.

Among stock-specific movers, jewellery stocks remained weak. Shares of Titan Company, Kalyan Jewellers and Thangamayil Jewellers declined between 0.5 per cent and 2 per cent amid profit booking.

Telecom major Vodafone Idea surged 7.9 per cent to hit its 52-week high after announcing that its board would meet this week to consider fundraising proposals.

Meanwhile, MTAR Technologies rallied 8.24 per cent after the company raised its FY27 guidance and reported a sharp 223 per cent year-on-year jump in fourth-quarter net profit.

The biggest contributors to the Nifty’s gains were Bharti Airtel, which added 21.62 points, Larsen & Toubro contributing 15.14 points, and Tata Steel adding 13.57 points.

On the downside, Infosys dragged the index lower by 13.12 points, followed by Mahindra & Mahindra with a decline of 12.46 points and Reliance Industries weighing on the index by 7.63 points.

Market Breadth & Internals

Market breadth on the NSE remained firmly positive, signalling healthy participation beneath the headline indices.

• Advances: 1,962
• Declines: 1,303
• Unchanged: 113

A total of 58 stocks touched their 52-week highs during the session, while 53 stocks slipped to their 52-week lows.

The market also witnessed aggressive stock-specific momentum:

• Upper Circuits: 69
• Lower Circuits: 108

Today’s Top Volume Gainers (NSE)

Some of the most actively watched counters by volume included:

• Vodafone Idea
• Tata Steel
• Bharti Airtel
• Infosys
• Reliance Industries

The above is purely for educational and informational purposes and should not be construed as investment advice.

What This Means for Investors

• The market appears to be attempting a short-term stabilisation after four consecutive sessions of selling pressure.
• Metal stocks are emerging as strong momentum leaders, benefiting from improving global commodity trends.
• Elevated crude oil prices remain a serious risk for inflation, the rupee, and broader market sentiment going forward.
• Weakness in IT continues to signal caution in globally sensitive sectors, especially amid geopolitical uncertainty and currency volatility.

Despite geopolitical tensions and rising energy concerns, the resilience shown by broader markets and select sectors indicates that investors are still selectively accumulating quality stocks rather than exiting the market aggressively. However, volatility is likely to remain elevated in the near term.

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