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Market Commentary

Indian benchmark indices closed on a negative note during the monthly expiry session on 26 May, as selling pressure intensified in the second half of the session . Market sentiment turned weak amid a pullback in crude oil prices following rising tensions during the peace talks between the US and Iran . Sustained pressure in heavyweight stocks dragged the Nifty below the 24 ,000 mark at closing ..

* At close, the Sensex declined 479 .26 points or 0 .63 % to settle at 76 ,009 .70 , while the Nifty fell 118 points or 0 .49 % to close at 23 ,913 .70 .

* On the sectoral front, weakness was largely witnessed in Nifty Consumer Durable, Private Bank, and Realty indices, which dragged the benchmark lower . However, selective buying interest was observed in Nifty Metal, FMCG, and Auto stocks, while the rest of the sectors traded with a mixed bias .

* Nifty Midcap index touched a fresh all-time high and closed with gains of 0 .54 %, while the Small cap index also advanced by 0 .35 %, indicating continued participation in the broader market space .

* Gift Nifty signals a negative opening for the Indian market . Nifty spot in today's session is likely to trade in the range of 23 ,650 - 24 ,100 .

Global Updates

* Wall Street ended largely higher on Tuesday, helped by a jump in chip stocks led by Micron Technology . Sentiment was also helped by weekend reports that Washington and Iran were progressing toward a peace deal . However, fresh U.S . strikes muddled the diplomatic situation .

* Investor optimism around the world, however, was tempered after fresh U.S . military strikes on Iranian vessels in the Strait of Hormuz raised fears that fragile peace negotiations between Washington and Tehran could unravel . Iran called the strikes a violation of the ceasefire, while U.S . officials described them as defensive actions .

* Asia - Pacific markets rose on Wednesday morning trade, with Japan and South Korea’s benchmark indices hitting new highs as investors assessed recent U.S . military action in Iran and optimism that a deal could still be reached

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