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Stock Market Today: The BSE Sensex ends 117.54 points higher at 75,318.39, recovering sharply after plunging nearly 600 points during early trade.
Stock Market Today.
Indian equity benchmarks staged a remarkable recovery from sharp intraday losses to end marginally higher on May 20, supported by buying in heavyweight auto, financial and oil & gas stocks despite persistent concerns around rising crude prices, rupee weakness and elevated US bond yields.
The NSE Nifty 50 settled at 23,659, up 41 points or 0.17%, after swinging nearly 294 points between the day’s low of 23,397 and high of 23,691. The BSE Sensex ended 117.54 points higher at 75,318.39, recovering sharply after plunging nearly 600 points during early trade.
The recovery was largely driven by strong buying in Reliance Industries, which surged nearly 2.8% and emerged as the biggest contributor to benchmark gains. Bajaj Finserv, Axis Bank, M&M, IndiGo parent InterGlobe Aviation and select PSU banks also supported the market rebound.
Sectorally, auto, oil & gas, realty and banking indices closed in the green. The Nifty Oil & Gas index emerged as the top sectoral gainer, rising nearly 1.6%, aided by gains in Reliance and other energy stocks amid elevated crude prices. The Nifty Auto index advanced 0.84%, while PSU banks and private banks also ended higher on selective buying.
Broader markets also improved gradually through the session. Midcap and microcap indices outperformed frontline benchmarks, indicating improving risk appetite in select pockets. The Nifty Midcap 100 rose nearly 0.5%, while the Nifty Microcap 250 index gained 0.6%.
However, market breadth remained mixed. Media stocks remained under heavy pressure throughout the day, with the Nifty Media index ending down 1.45%, making it the worst-performing sector. FMCG, IT, chemicals, cement and consumer durable stocks also closed in the red, reflecting continued caution in consumption and defensive segments.
Volatility eased slightly in the latter half of the session, with India VIX declining 1.25% to 18.44, though it remained elevated compared to recent averages.
Vinod Nair, head of research at Geojit Investments Ltd, said, “Markets recovered from intraday lows, supported by selective buying in large cap stocks across autos, financials, and oil & gas. Autos and financials gained on relatively better Q4 earnings, while recent fuel price hikes supported sentiment for OMCs and refiners.”
He added that persistent rupee weakness and elevated crude prices continue to weigh on sentiment due to concerns around inflation and margin pressures, while global risk appetite remains subdued as US bond yields stay near multi-year highs.
According to Nair, investors are now awaiting the US Federal Reserve’s April policy meeting minutes for further clarity on the interest rate trajectory. He said the broader market trend remains range-bound with a negative bias, with stock-specific opportunities likely to dominate near-term trade.
Gaurav Garg, research analyst at Lemonn Markets Desk, said the Nifty formed a “Higher High & Higher Low” structure on the daily chart, signalling resilience despite early volatility.
He added that auto, oil & gas, realty, PSU banks and banking stocks provided support to the broader indices, while Media remained the weakest sector alongside FMCG, IT, chemicals and consumer durables.
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