Indian Equities Suffer Heavy Losses as Nifty Falls Below 23,550 and Sensex Dips 1,092 Points
Indian Benchmark Indices End Lower Amid Volatile Trading Session
Indian benchmark indices, including the BSE Sensex and NSE Nifty, closed lower on May 29, 2026, amidst broad-based selling pressure across sectors, except for the IT sector.
The market opened on a flat note and traded in a rangebound manner for most of the session. However, sharp profit booking in the final hour of trade dragged the NIFTY 50 to day's low at 23,484.75. The Sensex and Nifty closed at 74,775.74, down 1,092.06 points or 1.44 percent, and 23,547.75, down 359.40 points or 1.50 percent, respectively.
| Index | Change | Percentage Change |
|---|---|---|
| NIFTY 50 | -359.40 | -1.50% |
| BSE Sensex | -1,092.06 | -1.44% |
Broader markets also remained under pressure, with the Nifty Midcap index declining 1.3 percent and the smallcap index falling 0.85 percent.
For the week, both the BSE Sensex and NSE Nifty shed 0.8 percent each, while for the month of May 2026, both the indices fell 2.7 percent and 1.8 percent, respectively.
The Indian rupee ended higher by 69 paise at 95 per dollar on Friday against Wednesday's close of 95.69.
Among sectoral indices, all sectors except IT ended in the red. The auto, metal, energy, and oil & gas indices were the top laggards, each falling around 2 percent.
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| Sector | Change |
|---|---|
| Auto | -2.0% |
| Metal | -2.0% |
| Energy | -2.0% |
| Oil & Gas | -2.0% |
Top losers on the Nifty included Eicher Motors, InterGlobe Aviation, Power Grid Corporation of India, Oil and Natural Gas Corporation, and Bajaj Auto.
On the gaining side, Tech Mahindra, HCL Technologies, Infosys, Wipro, and Larsen & Toubro ended higher.
More than 180 stocks touched their 52-week high on the BSE, including Elgi Equipments, Wockhardt, Triveni Turbine, Siemens Energy, Ather Energy, Adani Total Gas, Zydus Life, JSW Energy, Vodafone Idea, Granules India, Kirloskar Oil, Adani Green, Polycab, Laurus Labs, Cummins, Adani Power, Hindalco, Adani Energy, among others.
In stock-specific action, Wipro shares gained 1.3 percent after the company announced a partnership with ServiceNow. Physicswallah shares shed 4.7 percent despite the company reporting a narrower Q4 consolidated loss of Rs 74.9 crore.
Bata India shares slipped 3 percent following weak quarterly earnings, while PC Jeweller shares surged 3 percent on the back of strong Q4 results. GMR Airports shares jumped 4 percent after the company returned to profitability in the March quarter.
Wockhardt shares climbed 14.5 percent after the company received CDSCO approval for the import and marketing of antibiotic Zaynich (Zidebactam/Cefepime) in India.
Indoco Remedies shares advanced 3 percent after receiving EU GMP certification for its Baddi facility. Multi Commodity Exchange of India shares fell 7 percent after UBS downgraded the stock to 'neutral'.
On the downside, Delta Corp shares crashed 16 percent after the Supreme Court of India upheld retrospective GST on online gaming.
Rupak De, Senior Technical Analyst at LKP Securities, expects the correction to extend further in the near to short term, with the NIFTY 50 potentially drifting towards the 23,250 mark and lower levels.
Ajit Mishra, SVP, Research, Religare Broking, recommends maintaining a cautious stance and keeping positions light until greater clarity emerges on both global and domestic fronts.
Investor Takeaway
Investors should be cautious and consider diversifying their portfolios as market volatility increases.
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