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The frontline equity benchmarks traded with major losses in mid-morning trade, with the Nifty slipping below the 23,950 mark. Sentiment was hit as the rupee weakened to a record low of 95.40 against the US dollar, while weekly expiry added to market volatility. Escalating Iran-US tensions further dampened investor confidence, erasing recent optimism after state election results. Oil & gas stocks also declined after advancing in the past trading session. At 11:30 IST, the barometer index, the S&P BSE Sensex fell 590.04 points or 0.76% to 76,679.36. The Nifty 50 index slipped 169.50 points or 0.72% to 23,947.55. In the broader market, the BSE 150 MidCap Index slipped 0.24% and the BSE 250 SmallCap Index declined 0.16%. The market breadth was negative. On the BSE, 1,706 shares rose and 2,141 shares fell. A total of 223 shares were unchanged. The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, added 1.48% to 18.57. IPO Update: The initial public offer (IPO) of Onemi Technology Solutions received bids for 2,38,94,028 shares as against 3,97,62,250 shares on offer, according to stock exchange data at 11:15 IST on Tuesday (05 May 2026). The issue was subscribed 0.60 times. The issue opened for bidding on 30 April 2026 and will now close on 05 May 2026. The price band of the IPO is fixed between Rs 162 and 171 per share. Buzzing Index: The Nifty Oil & Gas index declined 1.13% to 11,600.75. The index jumped 0.33% in the past trading session. Oil India (down 2.32%), Bharat Petroleum Corporation (down 2.25%), Petronet LNG (down 1.92%), Chennai Petroleum Corporation (down 1.89%) and Oil & Natural Gas Corpn (down 1.88%) were the top losers. Among the other losers were Hindustan Petroleum Corporation (down 1.67%), Gujarat State Petronet (down 1.55%), Aegis Logistics (down 1.34%), Indian Oil Corporation (down 0.95%) and Castrol India (down 0.75%) declined. Stocks in Spotlight: IIFL Capital Services rallied 3.37%. The company reported 10% fall in net profit to Rs 115.1 crore despite a 20% rise in total revenue from operations to Rs 644.3 crore in Q4 FY26 as compared with Q4 FY25. Jindal Stainless declined 1.92% after the company reported 3.61% decline in standalone net profit to Rs 891.57 crore despite a 0.38% rise in revenue from operations to Rs 10,826.47 crore in Q4 FY26 over Q4 FY25. Computer Age Management Services (CAMS) rallied 6.62% after the company's consolidated net profit surged 10.88% to Rs 126.43 crore on 11% increase in revenue from operations to Rs 395.22 crore in Q4 FY26 over Q4 FY25. Aarti Industries dropped 5.99%. The company reported a 3% jump in consolidated net profit to Rs 137 crore despite 2.81% fall in revenue from operations to Rs 2422 crore in Q4 FY26 over Q3 FY26. On a year on year (YoY) basis, the company's consolidated net profit jumped 42.71% while revenue from operations grew 9.39% in Q4 FY26. Larsen & Toubro slipped 1.20%. The company's Energy Hydrocarbon Onshore business has secured a large order from Bharat Coal Gasification and Chemicals (BCGCL), a joint venture of Coal India and Bharat Heavy Electricals (BHEL), for a coal-to-ammonium nitrate project in Odisha. Petronet LNG declined 1.43%. The company reported 25.29% jump in consolidated net profit to Rs 1,337.59 crore despite 23.33% decline in revenue from operations to Rs 9442.06 crore in Q4 FY26 over Q4 FY25. Sobha rose 2% after the company reported a 124.8% surge in consolidated net profit to Rs 91.84 crore on a 60.2% rise in revenue from operations to Rs 1,987.84 crore in Q4 FY26 over Q4 FY25. Lupin shed 0.33%. The company said that it has received approval from the US Food and Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Glycerol Phenylbutyrate Oral Liquid, 1.1 g/mL. Global Markets: Asian markets traded mixed on Tuesday as risk appetite was battered by heightened tensions in the Strait of Hormuz. Markets in Japan, China, and South Korea were closed, keeping regional trading volumes dull. Investor sentiment nosedived after Iran launched strikes in response to a U.S. operation to reopen the Strait of Hormuz. The development threatened to upset an already tenuous ceasefire between the U.S. and Iran, although separate comments from Iranian officials indicated that talks between both sides were still progressing. Overnight on Wall Street, stocks fell on Monday as the latest developments in the Middle East sent oil prices higher, sparking further worries about instability in the region. The Dow Jones Industrial Average shed 557.37 points, or 1.13%, closing at 48,941.90. The S&P 500 slid 0.41% to end at 7,200.75, while the Nasdaq Composite lost 0.19% to settle at 25,067.80. Powered by Capital Market - Live News
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