Market Wrap | Weak Rupee, Metal Sell-Off Drag Markets Lower
Weak rupee, selling in metal and PSU bank stocks pressure markets; IT and FMCG sectors offer limited support amid rising volatility.
Mumbai, May 15: Indian stock markets ended Friday’s trading session in the red as weakness in the rupee and heavy selling in metal, PSU bank, oil & gas, and realty stocks pressured investor sentiment throughout the day.
The benchmark BSE Sensex closed 160.73 points lower at 75,237.99, while the Nifty 50 slipped 46.10 points to settle at 23,643.50.
Market breadth remained negative, indicating broader weakness across sectors. Around 2,381 shares declined compared to 1,631 advancing stocks on the exchanges.
Among sectoral indices, metal stocks witnessed the sharpest decline, with the Nifty Metal index falling nearly 2 percent. PSU banks, realty, and oil & gas sectors also saw strong selling pressure. Midcap and smallcap stocks underperformed the benchmark indices, reflecting cautious investor sentiment in the broader market.
Meanwhile, the India VIX — often referred to as the market’s fear gauge — rose nearly 1 percent, signalling increased volatility and uncertainty among traders.
Despite the overall weakness, select sectors managed to close in positive territory. IT, FMCG, and media stocks provided some support to the market, helping limit deeper losses during the session.
Analysts believe persistent rupee weakness and global market uncertainty continue to impact domestic equities. Investors are now closely watching upcoming global economic data, crude oil prices, and foreign institutional investor activity for further market direction.
Experts suggest traders remain cautious in the short term as volatility may continue in the coming sessions.
Reporting by DW24 News Business Desk
