Benchmark indices opened positively on Thursday, buoyed by record highs on Wall Street, despite challenges posed by a weakening rupee, high crude oil prices, and persistent foreign selling that tempered sentiment. The Sensex, which closed at 74,608.98 points on Wednesday, opened at 74,947.12 points and was trading at 74,909.71 points, reflecting an increase of 300.73 points or 0.40%, as of 9:17 AM. Similarly, the Nifty 50, which concluded the previous session at 23,412.60 points, began at 23,530.25 points and rose to 23,561.50 points, up by 148.90 points or 0.64%.
The overnight rally on Wall Street was propelled by gains in chipmakers, with Nvidia experiencing a 2.29% increase, marking it as the first company to reach a market capitalization of $5.5 trillion. Cisco also saw an 18% rise in after-hours trading following a robust earnings report. Asian markets mirrored this positivity, with Japan’s Nikkei gaining over 320 points and South Korea’s Kospi rising by more than 1.2%. Investors remain focused on a potential summit between Donald Trump and Xi Jinping for insights on trade developments.
On the Nifty 50, Cipla led the gainers, surging 7.01% to reach ₹1,420.70. Adani Enterprises increased by 3.13% to ₹2,576.10, Power Grid rose 1.66% to ₹306.50, Adani Ports improved by 1.38% to ₹1,761.70, and Bharti Airtel added 1.34% to ₹1,813.20. However, IT stocks comprised the majority of the decliners, with HCL Technologies falling by 1.19% to ₹1,129.60, TCS down by 1.06% to ₹2,248.60, and Tech Mahindra decreasing by 1.01% to ₹1,361.10. Infosys slipped 0.61% to ₹1,116.20, while Dr. Reddy’s saw a minor decline of 0.24% to ₹1,262.30.
Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments Ltd, noted: “IT will continue to be on the back foot due to the Anthropic shock,” while highlighting the resilience of pharmaceuticals. He remarked that “Pharmaceuticals will be a safe bet since demand is inelastic, and this export sector will benefit from rupee depreciation.”
The rupee reached a new record low of ₹95.80 against the dollar, marking its decline for the fourth consecutive session from ₹90 at the year’s onset. Vijayakumar warned that if crude oil prices remain elevated for a prolonged period, the rupee could devalue to ₹100. Currently, crude oil is trading between $100 and $104 per barrel, reflecting ongoing geopolitical tensions stemming from the US-Iran conflict and disruptions in the Strait of Hormuz. Ponmudi R, CEO of Enrich Money, indicated that “Any meaningful progress in US-Iran negotiations or a sustained decline in crude below the $100 mark could potentially trigger a relief rally.”
In the previous session, the metals sector experienced a gain of 3.35%, while the defense sector rose by 2.20%, contrasted by a decline of over 1% in IT. The India VIX rose by 0.75% to 19.43, marking its fourth straight session of increases. Technically, analysts noted that the Nifty faces resistance within the range of 23,500–23,600, with a stronger barrier expected at 23,900–24,000. Aakash Shah, a Technical Research Analyst at Choice Equity Broking, stated, “A decisive move above 24,000 will be required for bulls to regain stronger control.” Shrikant Chouhan, Head of Equity Research at Kotak Securities, advised that the short-term market outlook remains bearish, suggesting that level-based trading would be the best strategy for day traders.
Published on May 14, 2026.
