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Indices continue to witness bloodbath in late morning deals
May-12-2026

Domestic equity indices continued to witness bloodbath in late morning deals as market participants indulged in reducing their positions. Elevated crude oil prices and continued FII outflows kept investors’ sentiment weak. Oil prices rose as U.S. President Donald Trump said that the ceasefire with Iran was on life support after rejecting Tehran’s counterproposal to end the war, signaling the conflict in the Middle East could drag on. Further, sentiments were also weak as Crisil projected India’s real gross domestic product (GDP) growth to slow to 6.6% in FY27, down from 7.6% in FY26, citing high crude and commodity prices, weaker global growth, and a below-normal monsoon. On the BSE sectoral front, traders were seen piling up positions in Oil & Gas, Energy, Metal, while selling was witnessed in IT, TECK, Realty, Consumer Durables and Utilities.  

On the global front, Asian markets were trading mostly in red despite positive signals from US markets overnight. Back home, in the stocks specific developments, ONGC, Oil India and Vedanta were trading higher as the government has reduced onshore crude oil royalty rates for nominated blocks and pre-NELP Production Sharing Contracts from 20% to 12.5%. Meanwhile, the royalty rate on New Well Gas has been reduced from 10% to 9%.

The BSE Sensex is currently trading at 75222.14, down by 793.14 points or 1.04% after trading in a range of 75121.66 and 75741.96. There were 4 stocks advancing against 26 stocks declining on the index.

The top gaining sectoral indices on the BSE were Oil & Gas up by 0.85%, Energy up by 0.59% and Metal up by 0.59%, while IT down by 3.56%, TECK down by 2.21%, Realty down by 2.01%, Consumer Durables down by 1.82% and Utilities down by 1.52% were the top losing indices on BSE.

The few gainers on the Sensex were Tata Steel up by 1.37%, Bharti Airtel up by 0.93%, NTPC up by 0.73% and Reliance Industries up by 0.15%. On the flip side, TCS down by 4.20%, Infosys down by 3.85%, Tech Mahindra down by 3.70%, HCL Technologies down by 3.28% and Adani Ports down by 2.52% were the top losers.

Meanwhile, Commerce Secretary Rajesh Agrawal has urged Indian industry to leverage and utilise India's newly finalised free trade agreements (FTAs), as these pacts offer trade and investment opportunities. He said that the country's track record in FTA utilisation is not great.

The secretary said that the country's industrial policy should complement its trade policy, as trade is also a function of how India invests and produces. He noted that India has implemented trade pacts with a number of countries and groupings including Singapore, Japan, Korea and Asean. He said these agreements have contributed to higher trade volumes, but India's exports have grown at a slower pace than imports. Talking about the trade pacts with Mauritius, the UAE, Australia, the EU, UK, EFTA, New Zealand and Oman, he said these are modern agreements and have gone beyond tariffs. He highlighted that all the stakeholders including the industry and the government need to take steps to make these pacts useful for India

He further said it is important that the government and industry disseminate information and educate companies about the advantages of trade agreements, reaching a broader pool of companies so they can actually utilise the benefits. He asked the industry to include these pacts in their long-term business strategy. He said Indian companies will need to look at more and more opportunities to becoming a part of global value chains. He added that the new FTAs of India are with developed economies, which are complementary in nature, and which can bring investments into India.  

The CNX Nifty is currently trading at 23588.90, down by 226.95 points or 0.95% after trading in a range of 23577.85 and 23757.55. There were 9 stocks advancing against 41 stocks declining on the index.

The top gainers on Nifty were ONGC up by 5.43%, Hindalco up by 2.61%, Tata Steel up by 1.33%, Eicher Motors up by 0.90% and Bharti Airtel up by 0.82%. On the flip side, TCS down by 4.27%, Infosys down by 3.92%, Tech Mahindra down by 3.84%, HCL Technologies down by 3.43% and Shriram Finance down by 3.01% were the top losers.

Asian markets were trading mostly in red; Jakarta Composite plunged 98.49 points or 1.45% to 6,807.13, Shanghai Composite weakened 14.76 points or 0.35% to 4,210.26, KOSPI dropped 190.54 points or 2.44% to 7,631.70 and Straits Times fell 6.4 points or 0.13% to 4,936.37. However, Nikkei 225 surged 262.12 points or 0.42% to 62,680.00, Taiwan Weighted added 108.26 points or 0.26% to 41,898.32 and Hang Seng advanced 16.16 points or 0.06% to 26,423.00.
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