Stock Market Live Updates: Sensex, Nifty signal positive start; crude oil prices still elevated, all eyes on Trump

CMP: 53,450

Index formed a high wave candlestick pattern with a lower high and a lower low signaling extension of the decline and continuation of the downtrend for the fourth session in a row.

Bank Nifty on Tuesday’s session breached the lower band of the last 3 weeks consolidation range 54,200-56,500. Bias continues to remain down below Tuesday’s breakdown area of 54,400 and a follow through weakness will open further downside towards 52,700-52,400 levels being the confluence of the lower band of the 8th April gap area and the 61.8% retracement of the previous pullback ( 49,955-57,456).

Bank Nifty Intraday levels

Resistance: 53,780 & 54,100

Support: 53,050 & 52,700

Benchmark stock indices Sensex and Nifty closed slightly in the green on Wednesday, ending a four-session losing run, supported by value buying in metal, energy and consumer-focused shares amid broadly positive global market cues.

Still, gains remained limited as the rupee slid to a fresh record low, while persistent foreign institutional outflows, elevated crude oil prices and ongoing geopolitical tensions continued to weigh on investor sentiment, according to traders.

The BSE Sensex, comprising 30 shares, advanced 49.74 points or 0.07% to finish at 74,608.98. During the trading session, the index swung sharply within a range of 1,057.09 points, touching an intraday high of 75,191.57 and a low of 74,134.48.

Meanwhile, the NSE Nifty 50 index ended 33.05 points, or 0.14%, higher at 23,412.60.

The rupee touched a fresh lifetime low of 95.80 against the US dollar on Wednesday before ending the session at 95.66, close to its weakest-ever closing mark, as persistent pressure from high crude oil prices and geopolitical tensions in West Asia outweighed optimism surrounding lower dollar demand following import restrictions.

Currency market participants said expectations of intervention by the Reserve Bank of India, along with reduced gold import demand due to higher duties, helped limit sharper losses in the USD/INR pair. However, continued uncertainty in West Asia and the upward movement in oil prices kept the domestic currency under pressure.

Traders noted that the rupee has emerged as Asia’s weakest-performing currency so far this year, declining more than 6%, amid elevated crude prices, dollar strength and concerns linked to the ongoing West Asia conflict that have hurt investor sentiment.

In the interbank foreign exchange market, the rupee opened at 95.52, recovering 16 paise from its previous record-closing low. During a highly volatile trading session, the currency moved between an intraday high of 95.51 and a low of 95.80 against the US dollar before ending at 95.66, marginally stronger by 2 paise compared with the previous close.

According to Siddhartha Khemka - Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd, Indian equities are expected to trade in a broader range in the near term, as elevated Brent crude prices and a weakening rupee continue to create a fragile environment for domestic markets and remain among the key concerns for investors. Sustained FII outflows are likely to cap directional upside, even as the final leg of the Q4FY26 earnings season and selective policy tailwinds provide stock- and sector-specific support.

Defence stocks are expected to remain in focus, with the Nifty Defence Index surging 2.1%, driven by a convergence of strong Q4FY26 earnings, an acceleration in domestic order inflows, and investor positioning ahead of PM Modi's five-nation visit to the UAE, Netherlands, Sweden, Norway, and Italy from May 15–20, which is being closely tracked for potential bilateral defence cooperation announcements and energy security agreements. Metal stocks are also witnessing strong momentum, with the Nifty Metal Index rallying ~3.2%.

The upmove was driven by a sharp surge in global base metal prices, particularly copper, which hit a record high above $14,000 per tonne on LME. Zinc and aluminium prices also moved higher, lifting stocks such as Hindustan Zinc, which gained nearly 5%. Additionally, gold and silver prices rallied sharply after the government raised import duties on precious metals to 15% from 6%, further supporting metal counters.