Top Gainers and Losers on May 26: Adani Total Gas, Tejas Networks, Paytm, Ather Energy, Vedanta Among Leaders

Indian Stocks Resume Losing Streak Amid US-Iran Tensions

On Tuesday, May 26, Indian stocks continued their downward trend as US strikes on Iran dampened hopes of a swift peace deal, leading to a risk-off sentiment across markets. This decline came after a significant intraday jump in the headline indices just three weeks ago, driven by optimism over the reopening of the Strait of Hormuz.

The Nifty 50 closed 0.5% lower, slipping below the 24,000 mark to settle at 23,916. The Sensex also dropped 0.60% to 76,047. However, the broader market remained in an uptrend, outperforming the benchmark indices. The Nifty Midcap 100 and Nifty Smallcap 100 rose 0.54% and 0.35%, respectively.

US-Iran Tensions Escalate

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US forces struck missile launch sites in Iran and targeted boats allegedly attempting to place mines, casting a shadow over the prospects of resuming oil flows through the Strait of Hormuz. The status of peace talks between the US and Iran remains uncertain, with markets influenced by geopolitical developments and comments from US President Donald Trump.

On Monday, Trump reiterated on social media that talks were "proceeding nicely," but warned of fresh attacks if negotiations failed. The repeated swings between escalation fears and de-escalation hopes have kept crude oil prices highly volatile.

Crude Oil Prices Rebound

Despite the uncertainty, crude oil prices rebounded in trade. Benchmark US crude oil rose $3.7 to the day's high of $93.6 per barrel. Brent crude, the international benchmark, was up $3.6 at $97 per barrel after falling nearly 10% on Monday.

Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline

Currency Market

The Indian rupee, which had recovered modestly from recent lows, hovered near 95.4 per dollar.

Market Gainers

Adani Group stocks led the market gainers, with Adani Total Gas rallying 8.3% to ₹713.6 apiece. Other Adani Group stocks, including Adani Power, Adani Enterprises, Adani Energy Solutions, and Adani Green Energy, also closed with gains between 3.7% and 5%.

Afcons Infrastructure shares jumped 6.8% to ₹324 apiece, while Cemindia Projects shares surged 8% to ₹949 apiece. Select Tata Group stocks, including Tejas Networks, Tata Technologies, Tata Communications, Tata Motors, Tata Capital, and Tata Investment Corporation, rallied in the range of 2.4% to 6%.

Market Losers

Weaker-than-expected Q4 results triggered a sharp sell-off in select mid-cap counters. Techno Electric & Engineering crashed 12.5% to ₹1,201 after its Q4 results. Container Corporation of India fell 7% to end at a one-month low of ₹475.90 apiece. Poly Medicure, CarTrade Tech, and Pine Labs closed with losses ranging between 5% and 7%.

RVNL shares dropped 4.5% to ₹139 apiece due to weaker-than-expected Q4 performance. Other stocks, including Jubilant Ingrevia, Aditya Birla Fashion and Retail, Elecon Engineering, Sai Life Sciences, EID Parry, and Kaynes Technology, tumbled over 3%.