A weak trade persisted over the Dalal Street during early afternoon session, with both Sensex and Nifty trading below their neutral lines, on the back of heavy selling at Telecom and Metal counters, tracking weak cues from other Asian markets, as Middle East tensions persisted, and upbeat U.S. jobs data stoked inflation and interest rate worries. Sentiments were downbeat, as Reserve Bank of India (RBI) survey showed that urban consumers turned more pessimistic about the economy, jobs and spending in May, while professional forecasters lowered India's growth outlook, pointing to emerging signs of softer demand and weakening sentiment.
On the global front, Asian markets were trading lower, even after Japan's gross domestic product expanded a seasonally adjusted 0.5 percent on quarter in the first quarter of 2026, in line with expectations and steady from the previous three months. On an annualized basis, GDP was up 1.8 percent - missing forecasts for 2.1 percent, which would have been unchanged.
The BSE Sensex is currently trading at 73872.67, down by 370.67 points or 0.50% after trading in a range of 73318.94 and 73875.95. There were 12 stocks advancing against 18 stocks declining on the index.
The top gaining sectoral indices on the BSE were Healthcare up by 0.56%, Utilities up by 0.54%, FMCG up by 0.10% and PSU up by 0.03%, while Telecom down by 1.51%, Metal down by 1.41%, Basic Materials down by 1.13%, Auto down by 1.10% and Realty down by 1.06% were the top losing indices on BSE.
The top gainers on the Sensex were Power Grid up by 2.23%, Tech Mahindra up by 1.74%, Bharat Electronics up by 1.53%, NTPC up by 0.72% and Sun Pharma up by 0.72%. On the flip side, Interglobe Aviation down by 2.20%, Eternal down by 2.11%, Mahindra & Mahindra down by 1.56%, TCS down by 1.55% and Bajaj Finserv down by 1.52% were the top losers.
Meanwhile, at a time when aviation industry is facing high Aviation Turbine Fuel (ATF) prices, the industry body -- International Air Transport Association (IATA) has praised Indian government’s Rs 10,000 crore ATF price stabilisation fund decision. The industry body said that the setting up of stabilisation fund is a very good solution to address the problem of higher jet fuel costs being faced by the domestic airlines. The fund for Oil Marketing Companies (OMCs) would help provide ATF price stabilisation support to scheduled Indian airlines for their domestic and international operations.
Highlighting the unprecedented cost impact of current global jet fuel scenario, Hemant Mistry, Director Energy Transition at IATA has flagged more demand destruction in industry amid rising operational costs, driven by higher jet fuel prices. IndiGo, Air India and Air India Express have temporarily curtailed their networks amid surging jet fuel prices as well as relatively lower demand.
Further, he said that the jet fuel prices are dissociated from the prices of crude. He noted that average price of jet fuel increased from $96 per barrel in November last year to $188 per barrel in April this year and has settled at around $156 per barrel. He cautioned that if the situation continues, there would have to be more flight reductions. IATA represents over 370 airlines, including Air India, IndiGo, Air India Express and SpiceJet. The grouping accounts for around 85% of the global air traffic.
The CNX Nifty is currently trading at 23237.85, down by 128.85 points or 0.55% after trading in a range of 23070.15 and 23245.60. There were 18 stocks advancing against 32 stocks declining on the index.
The top gainers on Nifty were Max Healthcare Inst up by 2.41%, Power Grid up by 2.15%, Tech Mahindra up by 1.66%, Apollo Hospital Ent. up by 1.58% and Nestle up by 1.44%. On the flip side, Wipro down by 6.50%, Interglobe Aviation down by 2.26%, Eternal down by 2.16%, Shriram Finance down by 2.09% and Tata MotorsPassenger down by 1.81% were the top losers.
All Asian markets were trading lower; KOSPI dropped 676.18 points or 9.03% to 7,484.41, Nikkei 225 slipped 2808.12 points or 4.4% to 63,780.00, Jakarta Composite plunged 213.98 points or 3.98% to 5,380.79, Taiwan Weighted lost 1568.16 points or 3.6% to 43,502.78, Straits Times fell 87.85 points or 1.77% to 4,962.11, Shanghai Composite weakened 68.4 points or 1.73% to 3,959.34 and Hang Seng declined 356.95 points or 1.45% to 24,605.00.
