Pages

logo

logo

Wednesday, May 13, 2026

13/05/26, Gold import duty hike: Shares of jewellery companies and bullion prices were on investors' radar on Wednesday, May 13, as the government has increased import tariffs on gold and silver to 15% from 6% to curb overseas purchases of the precious metals and ease pressure on the country's foreign exchange reserves.

 

The hike in import duty comes into effect from May 13.

Among jewellery stocks, Titan Company shares were trading flat with a negative bias at ₹4,053.80 apiece on the NSE, while Kalyan Jewellers India slipped up to 5.87% to ₹340.55. Senco Gold was trading 0.56% lower at ₹310.70, and Thangamayil Jewellery was trading nearly 3% lower at ₹3,562.20.

The higher duties could dampen demand in the world's second-largest consumer of precious metals, though they may help narrow India's trade deficit and support the rupee, one of Asia's worst-performing currencies.

However, according to media reports, industry officials warned that higher import taxes could revive smuggling, which had eased after India reduced tariffs in mid-2024.

The government has imposed a 10% basic customs duty along with a 5% Agriculture Infrastructure and Development Cess (AIDC) on gold and silver imports, taking the effective import tax to 15% from 6%.

"As expected, the government has raised duties to curb the current account deficit. However, this could affect demand, as gold and silver prices were already elevated," said Surendra Mehta, National Secretary at the India Bullion and Jewellers Association.

Prime Minister Narendra Modi on Sunday urged citizens to avoid gold purchases for a year to help protect foreign exchange reserves. India meets nearly all of its gold consumption through imports.

Impact explained

The government's decision to raise the effective import duty on gold and silver to 15% from 6% is expected to push domestic bullion prices higher and weigh on sentiment for jewellery stocks in the near term.

India imports most of its gold requirement, and a higher import tax directly increases the landed cost of the precious metal. As a result, domestic gold prices could rise further even if international bullion prices remain stable.

The move may also lead to higher domestic premiums and softer jewellery demand, especially as gold prices are already trading at elevated levels. Demand for gold coins and ETFs could also moderate over time if prices continue to rise sharply.

Higher domestic premiums mean gold in India may trade at a bigger markup compared to international prices.

Impact on jewellery stocks

Shares of listed jewellery companies could remain under pressure as higher gold prices may hurt discretionary spending and reduce consumer purchases.

Stocks likely to remain in focus include:

  • Titan Company
  • Kalyan Jewellers
  • Senco Gold
  • PC Jeweller

Jewellery stocks had already witnessed selling pressure earlier this week after Prime Minister Narendra Modi urged citizens to avoid non-essential gold purchases for a year to help conserve foreign exchange reserves.

Organised players may fare better

Analysts note that while the near-term outlook appears negative, large organised jewellers could eventually gain market share from smaller unorganised players.

Branded retailers are generally better placed to manage inventory costs and hedge against price volatility. In addition, consumers tend to prefer trusted and established brands during periods of sharp price swings.

Higher gold prices also increase the absolute value of transactions, which could support revenue growth for organised jewellery chains despite slower volume growth.

As a result, the near-term sentiment for jewellery stocks may remain weak; however, medium-term trends could favour larger organised players such as Titan Company and Kalyan Jewellers.

Which segments could benefit?

Gold financing companies and NBFCs, according to analysts, may see higher collateral values as gold prices rise.

Key details

India's gold imports surged more than 24% to an all-time high of $71.98 billion in 2025-26. In volume terms, however, the shipments dipped 4.76% to 721.03 tonnes in 2025-26.

The prices of gold have risen from $76,617.48/KG in FY25 to $99,825.38/KG in FY26.

In the national capital, the price of gold increased by ₹1,500, or nearly 1%, to ₹1,56,800 per 10 grams on Tuesday from Monday's closing level of ₹1,55,300 per 10 grams. Silver prices also advanced by ₹12,000, or 4.53%, to ₹2,77,000 per kg.

In the international market, spot gold slipped $42.33, or 1%, to $4,692.64 per ounce while silver fell 3.04% to $83.49 per ounce.

Gold import duty: How the rules have changed

The government in the 2024-25 budget had cut customs duty on gold to 6% to boost the domestic gems and jewellery industry, curb illegal smuggling, and bring down local prices.

India had, in 2022, raised gold import tax to 15% to check CAD (capital account deficit) amid a falling rupee due to the Russia-Ukraine war that began in February 2022.

India is the world's second-biggest gold consumer after China. The imports are largely driven by the jewellery industry.

What CEA said

Chief Economic Advisor V Anantha Nageswaran, on Tuesday, said that the ongoing West Asia crisis is a "live balance of payments stress test", with direct consequences for inflation, the current account, and the exchange rate.

BoP (balance of payment) is the difference between inflows into and outflows of foreign exchange from the country in a particular period of time.

The Indian rupee hit a record low of 95.63 against the US dollar on Tuesday.

Report by Upstox with inputs from PTI

Disclaimer: This article is purely for informational purposes and should not be considered investment advice. Please consult with a financial advisor before making any investment decisions.

13/05/26, SBI vs HDFC Bank

 

HDFC Bank vs SBI: After several months of underperformance driven by global uncertainty and domestic headwinds, banking stocks are once again coming back into focus, with renewed investor interest building across the sector.

The Nifty Bank Index, which tracks India's leading and most liquid banking stocks, has declined over 4 per cent over the past month, extending its weak performance across the 3-month, 6-month and 12-month periods.

Timeframe% Change
1 Week-1.8%
1 Month-4.2%
3 Months-11.83%
6 Months-8.1%
1 Year-3.3%
5 Years65.03%

Because of their large weight in the index, any rebound in major lenders like HDFC Bank and State Bank of India could significantly lift the broader banking sector. After their most recent quarterly updates, both stocks have regained attention, with investors closely watching for early signs of a recovery across the sector.

State Bank of India (SBI) VS HDFC Bank

Below is a comparative snapshot of State Bank of India (SBI), the country's largest public-sector lender, and HDFC Bank, India's leading private-sector bank, across key operational, financial, and market-related parameters:

Brokerage View

HDFC Share Price Target 2026

Jefferies maintains a BUY on HDFC Bank with a Rs 1,050 target price, implying 39 per cent upside.

The brokerage highlights that the profit is in line with estimates despite softer topline, offset by efficiencies, lower credit costs, and treasury gains. Deposit growth remains key. Credit quality is stable; expects 15 per cent PBT CAGR (ex-treasury). Bank remains a top pick.

SBI Share Price Target 2026

Emkay maintains BUY on State Bank of India with a target price of around Rs 1,225, implying around 26 per cent upside.

Emkay notes that growth remains strong, though margins disappoint due to low-yield corporate mix and repo cuts. Asset quality is improving.

On the outlook side, FY27 credit growth is guided at 13-15 per cent, NIM around 3 per cent. FY27E earnings cut 6 per cent, RoA around 1 per cent, RoE around 15 per cent. Risks include slowdown and treasury losses.

Stock NameBrokerageStock RecommendationShare Price TargetUpside%
HDFC BankJefferiesBUYRs 1,050~39%
State Bank of India (SBI)EmkayBUYRs 1,225~26%

Q4 Results

MetricSBI Q4 ResultsHDFC Bank Q4 Results
Net Profit (Q4 FY26)19,684 crore (+6% YoY)20,350.76 crore (+8.04% YoY consolidated)
Net Profit (Standalone YoY)18,643 crore19,221.05 crore
Total Income1,40,412 crore89,809 crore
Profit before tax26,076crore102,141
Gross NPA1.49%1.15%
Dividend Payout19%31%
DividendRs 17.35 per shareRs 13 per share

Both State Bank of India and HDFC Bank delivered steady profit growth in Q4 FY26, with HDFC Bank showing slightly stronger earnings growth and better asset quality (lower GNPA). SBI has a higher total income and scale, while HDFC leads in profitability efficiency and higher dividend payout.

Banking stocks share price

HDFC Bank Share Price

The stock of India's largest private bank slipped over 1 per cent in the previous session to settle at Rs 755. The company's market capitalisation currently stands at Rs 11,62,362.96 crore.

SBI Share Price

The stock of India's biggest banking stock settled 0.3 per cent, or Rs 2.5 higher, at Rs 976.10 on May 12. The bank has a market capitalisation of Rs 9,01,000.58 crore.

Stock Price CAGR Comparison

PeriodState Bank of IndiaHDFC Bank
10 Years18%10%
5 Years22%2%
3 Years19%-3%
1 Year22%-22%

CAGR (Compound Annual Growth Rate) is the smoothed annual return rate of an investment over a period, assuming profits are reinvested.

State Bank of India shows consistently strong long-term growth, while HDFC Bank has underperformed recently, especially over 3-5 years, despite historical strength. SBI currently demonstrates superior momentum.

Bottom Line

The State Bank of India demonstrates stronger long-term momentum and scale, while HDFC Bank remains efficient with better asset quality. Overall sentiment is improving, supported by stable earnings and attractive upside potential.

Report by EconomicTimes

(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. We suggest its readers/investors to consult their financial advisors before making any money-related decisions.)

13/05/26, The Financial Express report on Today's Market


After a sharp sell-off in the previous session, Indian markets are likely to start Wednesday on a muted note. Early signals from GIFT Nifty indicate a flat to muted opening, with the index trading 0.16% lower at 23,386 in early trade.

Global cues are expected to remain on investors' radar, with market participants tracking developments across West Asia, movement in crude oil prices, and trends in the US dollar. Asian market performance and foreign institutional investor activity are also likely to influence sentiment during the session.

On the domestic front, quarterly earnings announcements from listed companies will continue to drive stock-specific moves, with investors closely monitoring management commentary and business outlooks.

Previous session: Markets end lower

The domestic equity markets ended sharply lower on Tuesday, extending losses for the fourth consecutive session. The Nifty declined 436 points, or 1.83%, to close at 23,379.55, while the Sensex tumbled 1,456 points, or 1.92%, to settle at 74,559.

Key global and domestic cues to watch on May 13, 2026

Asian markets

Asia-Pacific markets opened on a weak note on Wednesday, with most major indices trading lower. Japan's Nikkei 225 declined 0.52%, while the broader Topix index managed to edge up 0.28%. In South Korea, the Kospi fell 2.15% and the small-cap Kosdaq slipped 0.74%. Australia's ASX 200 also traded lower, down 0.56% in early deals.

US Market

Wall Street ended on a lower note during Tuesday's session, with both the S&P 500 and Nasdaq Composite retreating from their record levels. The S&P 500 slipped 0.16%, while the tech-heavy Nasdaq Composite declined 0.71%. In contrast, the Dow Jones Industrial Average managed to stay in positive territory, rising 56.09 points, or 0.11%.

US dollar

The US Dollar Index (DXY), which measures the dollar's value against a basket of six foreign currencies, was trading 0.02% up at 98.32 on Wednesday morning. The index evaluates the strength or weakness of the US dollar in comparison to major currencies. The basket contains currencies such as the British Pound, Euro, Swedish Krona, Japanese Yen, Swiss Franc, etc.

Rupee

The rupee appreciated 0.33% to close at 95.63 to the dollar on May 12.

Crude oil

Crude oil prices traded lower in early deals on Wednesday. West Texas Intermediate (WTI) crude slipped 0.57% to $101.56 per barrel, while Brent crude declined 0.61% to $107.16 per barrel.

Indian government raises import duty on precious metals

The central government has increased the customs duty on gold, silver and several other precious metal imports through a notification issued late Tuesday night. The revised rates came into effect from midnight and cover a wide range of products, including precious metals, jewellery components and certain industrial-use imports.

Following the revision, the total import duty on gold and silver has been raised to 10% from the earlier 6%. Platinum and related products used in jewellery manufacturing, such as hooks, clasps, pins and screw backs, will also now attract a 10% duty.

Gold rate today

In the international market, gold was trading at $4,732 per ounce.

Gold prices in India remain in sharp focus. On the MCX, June 5, 2026, gold futures were trading at Rs 1,53,417 per 10 grams in the latest update.

Silver rate today

Silver (XAG/USD) extended its rally. In the international market, silver was trading at around $88 per ounce.

FII, DII data

Foreign investors remained net sellers in the Indian market on May 12. FIIs/FPIs sold equities worth Rs 1,959 crore during the session.

On the other hand, domestic institutional investors continued to provide support. DIIs purchased shares worth Rs 7,990 crore

Key sectoral gainers in last trading session

In the last trading session, the Metals - Non Ferrous sector managed to stay in the green, rising 1.2%. Meanwhile, the Mining sector remained largely flat with a marginal decline of 0.12%, while REITs & InvITs also slipped slightly by 0.21%.

Best and worst performing business group in last trading session

In the last trading session, several business group stocks remained under pressure, though a few managed to end with gains. The Essar Group rose 4.87%, emerging as the top gainer among the tracked groups, while the Vedanta Group also advanced 2.01%. The Adventz Group saw a marginal rise of 0.47%.

On the losing side, the Shapoorji Pallonji Group declined 4.92%, while the Jaypee Group slipped 5.12%. The Somany Group recorded the sharpest fall among the listed groups, dropping 5.48% in the last trading session.


13/05/26, Stock market today: Benchmark indices - Sensex and Nifty 50 - extended their losing streak to a fourth straight session on Tuesday, May 12, weighed down by mixed global market signals.

 The 30-share Sensex plunged 1,566 points, or 2%, to hit an intraday low of 74,449, while the Nifty 50 also slipped 2% to touch the day's low of 23,348. By the close, the Sensex had settled 1,456 points, or 1.92%, lower at 74,559.24, while the Nifty 50 declined 436 points, or 1.83%, to finish at 23,379.55.

However, the market is likely to snap its losing streak as trends in the Gift Nifty index signalled a flat opening on Wednesday. Gift Nifty was trading near the 23,444 mark, up over 21.50 points from the previous close of Nifty futures.

"After two consecutive heavy selloff sessions, Indian markets are likely to witness a relatively flat start today, with Gift Nifty opening near the 23,391 zone. However, despite indications of a stable opening, overall sentiment continues to remain fragile as global risk factors and elevated volatility keep traders cautious," said Hariprasad K, SEBI-registered Research Analyst and Founder, Livelong Wealth.

As the market is pointing towards a negative start, some stocks are likely to remain in focus  due to their own positive/negative triggers.

Stocks to Watch

Amid this backdrop, these are the top 10 stocks that will remain in focus on Wednesday, 13 May -

Bharti Airtel, Tata Motors, TVS Motor Company, Hindustan Petroleum Corporation, Oil India, Cipla

Shares of Bharti Airtel, Tata Motors, TVS Motor Company, Hindustan Petroleum Corporation, Oil India, Cipla will remain in focus as companies will declare Q4 results today.

Vodafone Idea

The telecom service provider said its board is scheduled to meet on May 16 to review the company's fourth-quarter earnings and consider a fundraising proposal. The board will assess raising capital through the preferential issuance of equity shares or warrants.

Tata Power

The company posted a 4.5% year-on-year decline in its fourth-quarter earnings, with net profit dropping to ₹996 crore from ₹1,043 crore a year earlier.

Torrent Power

The company posted a steep drop in fourth-quarter net profit, which declined 70% year-on-year to ₹318.2 crore, compared with ₹1,060 crore in the same period last year.

Nazara Technologies

The company posted a significant rise in its fourth-quarter net profit, which surged to ₹55.7 crore from ₹4.1 crore in the corresponding period last year.

Dr Reddy's

The pharma major posted a steep drop in its fourth-quarter earnings, as net profit plunged 86.2% year-on-year to ₹220 crore, compared with ₹1,587.3 crore in the same period last year.

Dixon Technologies

The company posted fourth-quarter revenue of ₹10,510 crore. EBITDA stood at ₹408.4 crore, surpassing the poll estimate of ₹372 crore, while the margin came in at 3.9%, higher than the expected 3.6%.

Rail Vikas Nigam

RVNL has secured the lowest bidder (L1) position for an EPC contract valued at ₹221.3 crore from the South East Central Railway.

PNC Infratech

The company said it has signed a settlement agreement with the National Highways Authority of India involving a one-time settlement amount of ₹234.99 crore under the Government of India's 'Vivad Se Vishwas II (contractual disputes)' scheme.

United Breweries

The company stated that the Maharashtra Sales Tax Tribunal has reduced a tax demand order of ₹275 crore to nil.

Source: Mint, Dailyhunt 

Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.

Tuesday, May 12, 2026

12/05/26, PostMarket REPORT


The equity benchmark indices Sensex and Nifty declined sharply on Tuesday, extending losses for the fourth straight session, amid rising crude oil prices and concerns over the ongoing US-Iran tensions. Continued foreign fund outflows and weak global cues also weighed on investor sentiment.

At around 3 pm, the Sensex was down 1,467.26 points or 1.93 percent to 74,548.02, while the broader market declined to 23,383.05, down 432.80 points or 1.82 percent.

All the sectoral indices on the NSE traded in the red, except metals, oil & gas and PSU banks. The broader Nifty Smallcap100 and Nifty Midcap100 indices declined 1.26 percent and 0.81 percent, respectively.
Bank Nifty was down up to 1 percent, while Nifty IT tumbled 3.3 percent ahead of U.S. inflation data, with ,TCS ​Infosys, HCLTech and Wipro down between 2.5 percent and 4 percent.
 ONGC and ​Oil India climbed 6 percent and 6.6 percent, respectively, after brokerage CLSA termed the government's royalty cuts on crude oil and gas production as a ​significant positive for the two companies.

Key factors behind market decline

1) Rise in crude oil prices: Brent crude, the global oil benchmark, rose 2.45 percent to USD 106.75 per barrel. Higher crude prices are seen as negative for India, which imports a large portion of its oil requirements, as they can increase inflationary pressures and impact growth and corporate earnings.

2) US-Iran tensions: Investor sentiment remained weak amid fresh concerns over the US-Iran conflict. US President Donald Trump on Monday said the ceasefire with Iran was at its "weakest" and on "massive life support", a day after he rejected Tehran's proposal to end the months-long war as "totally unacceptable". Market experts said fears of further disruption in global oil supplies due to the prolonged conflict continued to keep investors cautious.

3) Sharp selling pressure in IT shares: IT shares came under heavy selling pressure on Tuesday, dragging the Nifty IT index down 3.7 percent to its lowest level since May 2023. The sharp selling pressure emerged a day after OpenAI said it is launching a new company backed by more than USD 4 billion so help organizations build and deploy AI. 

Heavy selling in information technology (IT) shares further dragged the markets lower. IT stocks hold significant weight in the Nifty 50 index, and sharp declines in the sector exert pressure on the broader market.

4) PM austerity measures: Bengaluru-based real estate and jewellery shares continued to see selling pressure for second straight day after PM Modi exhorted Indians to curb gold purchases for next one year and work from home to temper the fuel crisis amid West Asia conflict.

"We believe that the PM's speech should be considered as market signalling before the actual measures are announced in the coming weeks if the conflict continues. Such fiscal and monetary measures would cushion the currency (INR) from further depreciation," said JM Financial.

5) Rupee declines: The rupee depreciated 35 paise to hit a record low of 95.63 against the US dollar amid rising crude oil prices and concerns over the West Asia conflict. At the interbank foreign exchange market, the rupee opened at 95.57 against the dollar and later slipped further to 95.63, down 35 paise from its previous close.

6) Rise in India Vix: India VIX, the market's fear gauge, rose 2 percent to 18.87. A rise in volatility index reflects increasing uncertainty among investors and indicates heightened market volatility in the near term.

"The ongoing US-Iran conflict continues to weigh on global sentiment, keeping risk appetite subdued across financial markets and resulting in heightened headline-driven volatility across equities and commodities. Investors remain wary as uncertainty surrounding the duration and potential outcome of the conflict continues to cloud market confidence," Ponmudi R, CEO of Enrich Money, said.

7) Jitters ahead of inflation data: Investors are also awaiting India's April retail inflation data, scheduled to be released later in the day, for cues on the inflation outlook and the possible impact of rising crude oil prices on the economy.

8) Persistent FII selling: Foreign Institutional Investors (FIIs) offloaded equities worth Rs 8,437.56 crore on Monday. Sustained foreign fund selling impacts market sentiment and exerts pressure on benchmark indices due to heavy withdrawals from domestic equities.

9) Weekly expiry: Tuesday being the weekly expiry of Nifty derivatives contracts also contributed to volatility. On expiry days, traders square off or roll over positions in the futures and options segment, leading to sharp intraday swings.

10) Weak global trends: In Asian markets, South Korea's Kospi and China's Shanghai SSE Composite index were trading lower. Wall Street futures too indicated a weak opening for US markets.

Report by Paras Bist of Network18 


12/05/26, Q4 results, Crude Oil & Gold news

 ðŸ‘‰A fresh set of companies will declare their earnings for the January-March quarter of the financial year 2025-26 on Tuesday, May 12. The list includes integrated power utility Tata Power, pharmaceutical player Dr Reddy's Laboratories, electronics manufacturing services provider Dixon Technologies, holding company Max Financial Services, integrated power utility Torrent Power, paints maker Berger Paints India, apparel manufacturer KPR Mill and drug maker Neuland Laboratories👈

👉Crude oil prices in the global market were trading above $105 per barrel (bbl) during the early market hours on Tuesday, May 12, after concerns loomed over around a 'weak' ceasefire deal between the United States and Iran.

The latest media report suggests that US President Donald Trump, after rejecting Iran's response to the US proposal for a peace deal, said that the ceasefire deal between the two nations at war is looking weak.

Oil prices benchmark, Brent crude oil futures, surged to an intraday high of $105.99 per bbl during Monday's trading session, after the energy prices opened for trading at $104 per bbl on the escalating tensions in West Asia.

The West Texas Intermediate (WTI) crude oil prices surged to above the psychological mark of $100 per bbl on Monday's trading session, after opening around $98.19 per bbl.

Oil prices today

At 7:45 am (IST), the Brent crude oil futures were trading 0.96% higher at $105.24 per bbl on Tuesday, compared to $104.21 per bbl at the previous market close, according to Investing.com data.

The exchange data also showed that the oil prices have lost 4.22% in the past one-week period, but the rates remained over 10% elevated in the last one month.

WTI crude oil prices were trading 1.19% higher at $99.24 per bbl as of 7:46 am (IST) on Tuesday, compared to $98.07 per bbl at the previous market close, according to the exchange data.

👉Ceasefire deal concerns

Oil prices remained elevated on Tuesday's market, India time, as investors continued to remain cautious amid the dynamic sentiment across the asset classes and the weak global cues due to an absence of a potential peace deal.

According to a CNN report, President Donald Trump told reporters at the White House that the monthlong ceasefire between the United States and Iran is on a "massive life support" as the Western leader termed the same as "unbelievably weak".

"I would say the ceasefire is on massive life support," Trump said.

Since the ceasefire came into effect, both sides have somewhat engaged in a standoff against each other in the Strait of Hormuz, as the key trading route remains closed amid a US blockade of Iranian ports.

Focus will now remain on any positive development from the West Asian front, while Trump now looks forward to visiting China to meet President Xi.

👉Gold prices today

At 10:17 pm (ET), the New York Mercantile Exchange-based COMEX gold prices were trading 0.23% higher at $4,739.50 per ounce on Monday evening, compared to $4,728.70 per ounce at the previous commodity market close, as per the official data.

The gold prices have gained 4.5% over the last five days, but are down 7% over the last three-month period.

Gold prices were trading higher on Tuesday's market despite an elevated dollar rate, as investors continued buying safe-haven assets like gold and the benchmark US dollar amid the rising tensions in West Asia.

Data collected from the Bloomberg US dollar spot index (DYX) showed that the greenback was up 0.16% to 98.115 as of 10:18 pm (ET) on Monday, compared to the previous currency market close.

Traders tend to shift their bets from emerging markets into safe-haven assets as the rising geopolitical environment reduces their risk appetite, fuelling demand for certain assets and commodities in the market.

Source: Upstox,  Dailyhunt

Disclaimer: This article is purely for informational purposes and should not be considered investment advice. Please consult with a financial advisor before making any investment decisions.


12/05/26, Index Levels


12/05/26, Market Prediction

After a brutal 1,313-point crash on Monday, investors on Dalal Street are gearing up for a high-stakes session on Tuesday as the 30-share BSE Sensex attempts to find its footing.

Stock markets fell for the third day on Monday amid rising crude oil prices after the US and Iran failed to reach a peace deal to end the war in West Asia.

The 30-share BSE Sensex tanked 1,312.91 points, or 1.70 per cent, to settle at 76,015.28. During the day, it tumbled 1,370.79 points or 1.77 per cent to 75,957.40.

The 50-share NSE Nifty dropped 360.30 points or 1.49 per cent to end at 23,815.85. In three sessions since Thursday, Nifty dropped over 2 per cent or 515 points, while Sensex has fallen by nearly 1,950 points or 2.5 per cent.

Hitesh Tailor, Technical Research Analyst at Choice Broking, said, "On 11th May 2026, the BSE Sensex closed at 76,015.28, declining sharply by -1,312.91 points (-1.70%), as weak global sentiment and heightened geopolitical concerns triggered broad-based selling pressure across the market. The index opened gap down by nearly 690 points and remained volatile during the first half of the session, witnessing both downside and recovery attempts. The Sensex touched an intraday high of 76,678.52, but failed to sustain at higher levels as aggressive selling emerged in the latter half. The index later slipped to an intraday low of 75,957.40 before finally settling near the day's low at 76,015.28, indicating continued weakness and cautious market sentiment."

Sector-wise, Tailor said healthcare and hospitals showed relative resilience during the session. On the other hand, heavy selling pressure was witnessed in Consumer Durables, Realty, PSU Banks, Power, Consumer Discretionary, Capital Goods, Oil & Gas, Energy, Auto, Industrials, Services, Financial Services, and Private Banks. IT and Telecom indices remained relatively subdued with limited movement amid the broader market weakness, he added.

US President Donald Trump, meanwhile, dismissed Iran's response to the latest peace proposal as 'totally unacceptable', dampening hopes of an immediate diplomatic breakthrough.

Also, Prime Minister Narendra Modi's appeal for austerity measures amplified investor concerns around forex reserves, fuel costs, and consumption outlook, analysts said.

Sensex gainers and losers on Monday, May 11

Titan, a leading jewellery and fashion accessories company, was the biggest loser among Sensex companies, dropping by nearly 7 per cent. InterGlobe Aviation, State Bank of India, Bharti Airtel, Eternal and Reliance Industries were among the major laggards.

Sun Pharma, Hindustan Unilever, Adani Ports, Kotak Mahindra Bank, Axis Bank and ICICI Bank were the winners.

Sensex Prediction for Tuesday, May 12 by experts

With the benchmark index Sensex currently hovering precariously near the 76,000 mark, market participants are looking to the May 12 trading session as a crucial test of whether the current 'bearish grip' will tighten or bring a technical recovery.

Sensex Prediction for Tuesday, May 12 by Vipin Dixena

Sebi-registered analyst, Vipin Dixena said, "Sensex is witnessing increasing bearish pressure on the intraday structure, with the index decisively breaking below the 50 EMA. The recent sequence of lower highs and lower lows indicates weakening market sentiment, while repeated rejection from the 78,100 resistance area confirms strong supply at higher levels. RSI has slipped close to the oversold region, reflecting sharp momentum deterioration, though it may also hint at the possibility of a short-term relief bounce near support."

If Sensex fails to hold the 76,000 zone, the correction can extend towards 75,500 and lower. On the upside, immediate resistance now shifts to 76,600 and only a sustained move above these levels can improve the short-term outlook. Overall, the structure remains weak, Dixena added.

Sensex Prediction for Tuesday, May 12 by Hitesh Tailor

Hitesh Tailor, Technical Research Analyst at Choice Broking, said, "From a technical standpoint, the sharp decline has weakened the near-term market structure, with the index slipping below important short-term support zones. Immediate support is now placed in the 74,700-75,000 zone, which may act as a crucial demand area in the coming sessions. On the upside, resistance is seen around 77,100-77,300, where recovery attempts are likely to face selling pressure and profit booking."

"The near-term outlook remains cautious to negative, as persistent geopolitical uncertainty and weak sentiment continue to weigh on the market. Although some stability may emerge near support levels, volatility is expected to remain elevated. A sustained recovery above resistance levels will be required to improve the short-term outlook, while failure to hold support could trigger further weakness," Tailor added.

What PM Modi said

Emphasising that the Centre is trying to shield people from the adverse impact of the conflict in West Asia, Prime Minister Narendra Modi on Sunday called for judicious use of fuel, postponement of gold purchases and foreign travel, among other measures, to strengthen the economy.

Addressing a rally organised by the Telangana BJP in Hyderabad, he suggested reducing petrol and diesel consumption, using metro rail services in cities, carpooling, increased use of electric vehicles (EVs), utilising railway services for parcel movement, and working from home to conserve foreign exchange amid the crisis in West Asia.

Stressing the need to conserve foreign exchange amid the crisis, Modi called for postponing gold purchases and foreign travel for one year.

Sectoral indices on Monday

Jewellery stocks faced heavy selling pressure, with Sky Gold and Senco Gold falling over 12 per cent intra-day before closing lower by over 6 per cent. Senco Gold closed 7.8 per cent lower after falling 10 per cent in the day trade.

The BSE MidCap Select index tanked 1.09 per cent and BSE SmallCap Select index declined 0.44 per cent.

Sectorally, Consumer Durables index tumbled 3.76 per cent, Realty (2.74 per cent), MidSmall Private Banks Quality Tilt (2.60 per cent), BSE PSU Bank (2.28 per cent), Consumer Discretionary (2.14 per cent) and Power (2.13 per cent). BSE Healthcare and Hospitals were the winners. A total of 2,892 stocks declined, while 1,457 advanced and 189 remained unchanged on the BSE.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 4,110.60 crore on Friday, according to exchange data.

On Friday, the Sensex tanked 516.33 points or 0.66 per cent to settle at 77,328.19. The Nifty dropped 150.50 points or 0.62 per cent to end at 24,176.15.

Report by EconomicTimes

(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice)

12/05/26, OMCs in focus: Shares of state-run oil marketing companies (OMCs) such as Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL) are expected to continue to hog the limelight on Tuesday, May 12, amid the ongoing fuel crisis.


According to a PTI report, which quoted a top government source, India's state-run fuel retailers are staring at first-quarter (Q1 FY27) losses large enough to wipe out profitability for the full fiscal year (FY26), as soaring crude prices and a government-led freeze on pump prices squeeze marketing margins.

Since the war broke out in the Middle East at the end of February, state-owned OMCs have ensured uninterrupted supplies of petrol, diesel, and cooking gas LPG at rates that are way below cost, unlike many global energy systems that imposed rationing or passed through steep price increases.

This has resulted in the three OMCs - IOC, BPCL, and HPCL - running record-high under-recoveries (the difference between cost and retail selling price), the source, who wished not to be named, said.

The combined under-recovery on petrol, diesel, and cooking gas LPG is ₹1,000 crore to ₹1,200 crore daily, the source said.

Petrol/diesel price unchanged

Despite a 50% surge in input crude oil prices, petrol and diesel continue to be priced at a two-year-old rate of ₹94.77 a litre and ₹87.67 per litre respectively. Domestic cooking gas LPG prices were raised in March by ₹60 per cylinder, but they are still way lower than the actual cost.

"At current oil prices, the losses in the current quarter (April-June) will wipe out the company's entire year's profit of about ₹76,000 crore," the source said, adding that after considering losses in March - the first month of the crisis - the cumulative losses come to about ₹1 lakh crore.

The oil companies are currently losing ₹14 per litre on petrol, ₹42 a litre on diesel, and ₹674 a litre on cooking gas LPG.

What ICRA observes

Commenting on rising losses faced by oil marketing companies, Prashant Vashisht, Senior Vice President & Co-Group Head, Corporate Ratings, ICRA Ltd, said, "The oil marketing companies are incurring substantial losses on the sale of auto fuels and domestic LPG owing to high international crude oil and product prices.

"ICRA estimates that at crude prices of $120-₹125 per barrel, and considering the past 10-year average crack spreads for auto fuels, oil marketing companies incur losses of around ₹1,000 crore per day on the sale of auto fuels and domestic LPG. This level of losses is unsustainable and would need to be addressed if elevated crude oil and product prices persist over an extended period."

The revenues that OMCs earn from selling fuel are the only source that is used by them to buy crude oil (raw material), build infrastructure to process it into fuel, and lay a network to take the product to consumers.

For 10 weeks, the OMCs have managed to insulate the Indian market, but now the cost is visible, the source said, adding they may have to borrow more to meet the working capital requirement (buying of crude oil).

"If elevated crude prices persist for an extended period, OMCs may require higher working capital borrowings and calibrated reprioritisation of some capex timelines," he said. "However, strategic investments in refining expansion, energy security infrastructure, ethanol blending, biofuels, and transition fuels continue to remain national priorities and are expected to proceed with Government support."

Unlike Japan and the UK, India has retained fuel prices

While countries from Japan to the United Kingdom have raised petrol and diesel prices by up to 30% since the start of the West Asia conflict, fuel prices in India continue at two-year-old levels.

This despite the war disrupting India's import of 40% of crude oil (raw material for making petrol and diesel), 90% cooking gas LPG, and 65% natural gas (used to generate electricity, make fertiliser, turned into CNG and piped to household kitchens for cooking).

While the three OMCs have worked overtime to keep the supply lines running even when demand spiked due to panic buying, the government intervention included excise duty reductions to absorb part of the fuel cost burden. The special additional excise duty on petrol was cut to ₹3 per litre from ₹13, while excise duty on diesel was reduced to zero from ₹10 per litre.

The government has taken a hit of ₹14,000 crore a month in cutting the excise duty, the source added.

What Fitch Ratings said recently

Last week, Fitch Ratings said that India's OMCs could see mounting credit pressure if crude prices remain elevated, with delayed fuel price pass-through threatening earnings and cash flow.

Sustained high oil prices would quickly erode EBITDA if domestic pump prices fail to keep pace with rising input costs, while large inventory holdings and refining volumes would increase working-capital needs.

What does 'credit pressure' mean?

Credit pressure refers to weakening financial health, which can affect:

  • profitability,
  • cash flows,
  • debt levels, and
  • credit ratings.

If crude oil prices remain elevated, these companies may have to spend much more money to buy crude oil from global markets.

Credit risk factors

Fitch said the duration of elevated prices, rather than short-term spikes, is the main credit risk.

"Indian oil marketing companies are more vulnerable if elevated crude prices persist. Fuel marketing losses can quickly erode EBITDA if domestic pump prices do not adjust in step with input costs.

"Companies' large inventory holdings and refining volumes mean a sustained rise in crude prices would increase working-capital needs and pressure free cash flow (FCF).

"This makes duration, rather than any short-lived price spike, the main credit risk," it said.

Divergence in credit profiles

Differences in business mix and capital spending are likely to drive divergence in standalone credit profiles, Fitch Ratings added.

Indian Oil Corp's more diversified operations should provide greater resilience, while Bharat Petroleum faces tighter headroom due to rising expansion and transition spending.

Hindustan Petroleum's credit profile may strengthen as major joint-venture projects are completed, although prolonged high prices could delay that improvement.

"Pressure on Indian issuers' standalone credit profiles (SCPs) may diverge based on their business model and capex intensity.

What has triggered the fuel crisis?

The current fuel crisis has largely been caused by ongoing geopolitical tensions in West Asia, particularly concerns around the disruption of crude oil supply routes such as the Strait of Hormuz - a key global oil transit chokepoint.

Fears of supply disruption have pushed global crude oil prices sharply higher (over $120/bbl), increasing the cost of importing oil for countries such as India, which depends on imports for nearly 85% of its crude requirement.

At the same time, domestic fuel retailers such as IOC, BPCL, and HPCL have been unable to fully pass on the rise in crude prices to consumers through higher petrol and diesel prices, leading to pressure on their margins and potential fuel losses.

This has led to concerns over inflation, fiscal pressure, and India's foreign exchange (forex) outflows.

Report by Upstox with inputs from PTI

Disclaimer: This article is purely for informational purposes and should not be considered investment advice. Please consult with a financial advisor before making any investment decisions.