The key equity indices ended marginally lower on Thursday as reports of possible RBI intervention to defend the rupee unnerved investors. Reports indicated that the Reserve Bank of India is considering a range of measures to stabilise the currency, including a rate hike, additional currency swaps and raising dollars from overseas investors. Persistent FII selling and profit booking at elevated valuations further weighed on sentiment, while weak global cues added to the pressure. The Nifty slipped below the 23,700 mark, dragged down by steep losses in IT and FMCG stocks.

The S&P BSE Sensex declined 135.03 points or 0.18% to 75,183.36. The Nifty 50 index fell 4.30 points or 0.02% to 23,654.70.

Infosys (down 1.05%), Bharti Airtel (down 1.03%) and Reliance Industries (down 0.74%) were major drags today.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index rose 0.18% and the BSE 250 SmallCap Index jumped 0.70%.

The market breadth was positive. On the BSE, 2,423 shares rose and 1,748 shares fell. A total of 208 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 3.34% to 17.82.

Economy:

The combined Index of Eight Core Industries (ICI) increased by 1.7% (provisional) in April 2026 as compared to the Index in April 2025. The production of cement, steel and electricity recorded positive growth in April 2026. The cumulative growth rate of ICI during April to March, 2025-26, is 2.7% as compared to the corresponding period of last year.

The HSBC Flash India PMI Composite Output Index stood at 58.1 in May, was down only marginally from 58.2 in April and therefore signalled another marked expansion in private sector activity. Underlying data showed that a pickup in growth across the service economy was offset by a weaker increase in factory production, one that was the second-slowest since mid-2022, excluding March's reading.

The HSBC Flash India Manufacturing PMI was down from 54.7 in April to 54.3 in May, indicating the second-weakest improvement in the health of the sector in close to four years after March. Meanwhile, the HSBC Flash India Services PMI Business Activity Index edged up to 58.9 in May from 58.8 in April, while the Manufacturing PMI Output Index eased slightly to 56.6 from 56.9 in the previous month.

Numbers to Track:

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 96.2275 compared with its close of 96.8600 during the previous trading session.

The yield on India's 10-year benchmark federal paper declined 0.07% to 7.074 compared with the previous session close of 7.079.

MCX Gold futures for 5 June 2026 settlement shed 0.29% to Rs 159,538.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.04% to 99.17.

The United States 10-year bond yield rose 0.15% to 4.582.

In the commodities market, Brent crude for July 2026 settlement declined 91 cents or 0.87% to $104.11 a barrel.

Global Markets:

US Dow Jones futures were down 177 points, indicating a weak opening for Wall Street later today.

European shares declined after flash PMI readings from the UK and France pointed to slowing economic activity in May. The UK composite PMI fell to 48.5, while services PMI came in at 47.9. France's composite PMI dropped sharply to 43.5 from 47.6 in April, marking its steepest decline in more than five years.

Most Asian shares ended lower despite overnight gains on Wall Street, as investors assessed global growth concerns alongside easing geopolitical tensions in the Middle East.

Investor sentiment received some support after US President Donald Trump reportedly said Washington was in the 'final stages' of negotiations with Iran, raising hopes of a possible resolution to the conflict and easing concerns over energy supply disruptions.

Japan's Nikkei 225 jumped more than 3% after the country reported strong trade data for April. Exports rose 14.8% YoY, led by semiconductor shipments, while imports increased 9.7%. Japan's trade deficit narrowed to 301.9 billion yen in April from 643 billion yen in March.

Overnight, Wall Street closed sharply higher. The Dow Jones Industrial Average advanced 645.47 points, or 1.31%, to 50,009.35. The S&P 500 rose 1.08% to 7,432.97, while the Nasdaq Composite gained 1.54% to close at 26,270.36.

Stocks in Spotlight:

ITC ended almost flat. The company's consolidated net profit declined 72.69% to Rs 5387.97 crore while net sales fell 5.04% to Rs 17628.89 crore in Q4 March 2026 over Q4 March 2025.

Jubilant FoodWorks dropped 7.81% after the quick-service restaurant operator reported Q4 FY26 performance. Investors turned cautious over slowing growth in the core Domino's India business, rising cost pressures and concerns around margin sustainability. The company's consolidated revenue from operations rose 19.3% YoY to Rs 2,499.5 crore in Q4 FY26 from Rs 2,095 crore in Q4 FY25. Profit after tax surged 67.1% YoY to Rs 82.4 crore in Q4 FY26 from Rs 49.3 crore in the year-ago quarter. PAT from continuing operations increased 67.3% to Rs 93.6 crore.

Aurionpro Solutions rose 3.87% after the company announced its largest order win in the US market through its subsidiary Aurionpro Fintech Inc. Aurionpro Fintech signed a strategic three-year agreement with a leading US-based fintech platform focused on digital insurance payments. The engagement is expected to generate more than $33 million in revenue over the contract period.

Honeywell Automation India surged 15.85% after the company reported a 14.15% increase in standalone net profit to Rs 159.7 crore in Q4 FY26, compared with Rs 139.9 crore in Q4 FY25. Revenue from operations jumped 5.93% year on year to Rs 1,180.7 crore in quarter ended 31 March 2026.

Ola Electric Mobility dropped 3.92% after the company reported weak Q4 FY26 performance despite improvement in gross margins, operating efficiency and cash flow. The company posted a consolidated net loss of Rs 500 crore in Q4 FY26 compared with a net loss of Rs 870 crore in Q4 FY25 and Rs 487 crore in Q3 FY26. Revenue from operations declined 56.6% YoY and 43.6% QoQ to Rs 265 crore in the March 2026 quarter.

Metro Brands jumped 6.25% after the company's consolidated net profit jumped 23.48% to Rs 117.73 crore on a 20.26% increase in revenue from operations to Rs 772.98 crore in Q4 FY26 over Q4 FY25.

Samvardhana Motherson International advanced 3.65% after the company reported a 46.24% year-on-year surge in consolidated net profit to Rs 1,497.14 crore in Q4 FY26, compared with Rs 1,023.70 crore in the corresponding quarter last year. Revenue from operations increased 9.23% YoY to Rs 34,309.31 crore in the quarter ended 31 March 2026.

Lenskart Solutions gained 2.39% after the company reported an 8.49% year-on-year decline in consolidated net profit to Rs 200.29 crore in Q4 FY26, compared with Rs 218.89 crore in the corresponding quarter last year. However, revenue from operations surged 46.62% YoY to Rs 2,515.71 crore in the quarter ended 31 March 2026.

Apollo Hospitals rallied 2.85%. The company reported a 35.9% year-on-year jump in consolidated net profit to Rs 529.3 crore, compared with Rs 389.6 crore in the corresponding quarter last year. Revenue from operations rose 18.1% YoY to Rs 6,605.5 crore against Rs 5,592.2 crore in the year-ago period.

JSW Cement rallied 5.42% after the company's consolidated net profit surged more than ten-fold to Rs 371.33 crore in Q4 FY26 from Rs 34.22 crore posted in Q4 FY25. Revenue from operations jumped 10.86% YoY to Rs 1894.99 crore in the quarter ended 31st March 2026.

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