Indian equity benchmarks extended losses in late morning deals, amid fresh tensions in the Strait of Hormuz region. The rupee falling to all-time low against US dollar in early trade also added to the weak trend in equities. Traders took a note of the data released by the Central Board of Direct Taxes (CBDT) showed that government's net direct tax collections (including corporate and non-corporate tax) for the fiscal year 2025-26 (FY26) increased by 5.12% to over Rs 23.40 lakh crore as compared to Rs 22.26 lakh crore collected in FY25. However, this figure fell short of the revised budget target set for the fiscal year that ended March 2026. Sector-wise, Auto stocks remained in watch as Federation of Automobile Dealers Associations (FADA) said total automobile retail sales in India grew by 12.94 per cent with a record 26,11,317 units in April as compared to 23,12,221 units in the same month last year, making a bright start to the new fiscal. On the global front, Asian markets were trading mixed amid spike in crude oil prices that has again raised global inflation concerns.
The BSE Sensex is currently trading at 76672.28, down by 597.12 points or 0.77% after trading in a range of 76628.79 and 77140.97. There were 5 stocks advancing against 25 stocks declining on the index.
The top gaining sectoral indices on the BSE were Telecom up by 0.94%, IT up by 0.25% and TECK up by 0.17%, while Realty down by 1.43%, Oil & Gas down by 1.33%, Energy down by 1.22%, Bankex down by 0.94% and Consumer Discretionary down by 0.86% were the top losing indices on BSE.
The top gainers on the Sensex were Kotak Mahindra Bank up by 0.79%, Infosys up by 0.50%, TCS up by 0.45%, Titan Company up by 0.28% and Ultratech Cement up by 0.13%. On the flip side, ICICI Bank down by 1.59%, Larsen & Toubro down by 1.54%, Eternal down by 1.51%, HDFC Bank down by 1.43% and Trent down by 1.40% were the top losers.
Meanwhile, Economic Advisory Council to the Prime Minister (EAC-PM) Chairman S Mahendra Dev has said that India should identify and track key economic vulnerabilities - especially in sectors like energy, food, fertilizers, metals, and critical minerals - and take proactive measures to manage supply disruptions and price fluctuations to mitigate the impact of future West Asia-like crisis.
Dev said ongoing turmoil in West Asia highlights the need for a forward-looking approach to risk management. According to him, it is necessary to substantially reinforce physical safeguards, including an expansion of strategic petroleum reserves and the creation of stockpiles for essential commodities, going beyond the conventional reliance on foreign exchange reserves and foodgrain stocks.
Since the beginning of the war in West Asia on February 28, crude oil prices soared up to $126 per barrel, from about $73 before the war. He said reducing excessive dependence on imports is critical. He stated this can be accomplished by diversifying supply sources and trade routes, alongside more strategic and effective utilisation of free trade agreements. He noted that over the medium term, the most sustainable solution lies in addressing structural dependence on fossil fuels.
The CNX Nifty is currently trading at 23925.95, down by 193.35 points or 0.80% after trading in a range of 23914.35 and 24072.10. There were 8 stocks advancing against 42 stocks declining on the index.
The top gainers on Nifty were HDFC Life Insurance up by 0.93%, Kotak Mahindra Bank up by 0.81%, Infosys up by 0.50%, TCS up by 0.37% and Titan Company up by 0.28%. On the flip side, JIO Financial Services down by 2.03%, ONGC down by 1.72%, Coal India down by 1.68%, HDFC Bank down by 1.61% and ICICI Bank down by 1.56% were the top losers.
Asian markets were trading mixed; Taiwan Weighted added 107.92 points or 0.27% to 40,813.06 and Jakarta Composite gained 57.91 points or 0.82% to 7,029.86. On the flip side, Hang Seng declined 362.88 points or 1.39% to 25,733.00 and Straits Times fell 28.39 points or 0.58% to 4,895.92.
