The headline equity indices traded with sharp losses during the early afternoon session, amid heightened volatility triggered by exit poll predictions for state elections. Investor sentiment weakened further as oil prices surged to historic highs and the rupee depreciated to a record low. Continued selling by foreign institutional investors (FIIs) added to the downward pressure, while the monthly Sensex derivatives expiry amplified market volatility. The Nifty hovered near the 23,900 level, with metal stocks declining after gains in the previous three trading sessions.

At 12:30 IST, the barometer index, the S&P BSE Sensex dropped 817.74 points or 1.06% to 76,678.62. The Nifty 50 index plunged 276.60 points or 1.11% to 23,900.55.

In the broader market, the BSE 150 MidCap Index tumbled 1.31% and the BSE 250 SmallCap Index tanked 0.74%.

The market breadth was strong. On the BSE, 1,296 shares rose and 2,648 shares fell. A total of 191 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 7.09% to 18.68.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, surged 8.40% to 18.90. The Nifty 24 April 2025 futures were trading at 23,945, at a premium of 44.45 points as compared with the spot at 23,900.55.

The Nifty option chain for the 26 May 2026 expiry showed a maximum call OI of 45.1 lakh contracts at the 25,000 strike price. Maximum put OI of 30.9 lakh contracts was seen at a 24,000 strike price.

Buzzing Index:

The Nifty Metal index dropped 2.07% to 12,839.85. The index surged 2.86% in the past three consecutive trading sessions.

National Aluminium Company (down 3.81%), Vedanta (down 3.64%), Hindustan Zinc (down 3.55%), APL Apollo Tubes (down 3.27%), Adani Enterprises (down 2.55%), Tata Steel (down 2.36%), Hindalco Industries (down 2.10%), Hindustan Copper (down 2.05%), Steel Authority of India (down 2.02%) and JSW Steel (down 2.01%) declined.

Stocks in Spotlight:

Hindustan Unilever declined 2.62%. The company's consolidated net profit jumped 20.97% to Rs 2,994 crore on a 7.2% rise in total income to Rs 16,615 crore in Q4 FY26 over Q4 FY25.

RPG Life Sciences surged 12.02% after the company reported 74.5% drop in consolidated net profit to Rs 29.90 crore despite a 23.6% increase in net sales to Rs 176.89 crore in Q4 FY26 as compared with Q4 FY25.

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