The key equity barometers traded with modest gains in early afternoon trade, as investors tracked state election results across Assam, Kerala, Puducherry, Tamil Nadu, and West Bengal, along with movements in crude oil and developments in the West Asia conflict. Elevated Brent crude prices, driven by tensions around the Strait of Hormuz, remain a key concern for inflation and the rupee, while corporate earnings present a mixed outlook. Meanwhile, the Nifty climbed above the 24,100 level. Metal shares rallied after declining in the past trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex jumped 446.52 points or 0.58% to 77,355.60. The Nifty 50 index rallied 135.55 points or 0.56% to 24,133.05.

In the broader market, the BSE 150 MidCap Index surged 0.86% and the BSE 250 SmallCap Index soared 0.84%.

The market breadth was strong. On the BSE, 2,679 shares rose and 1,481 shares fell. A total of 227 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 2.81% to 17.94.

2026 Assembly Polls: Vote Counts Underway in 5 States

Vote counting for assembly elections in Assam, Tamil Nadu, West Bengal, Kerala, and Puducherry continues. Current trends show the BJP edging ahead of the TMC in West Bengal with a saffron surge noted in multiple reports; the DMK is maintaining an advantage in Tamil Nadu alongside TVK's notable gains; the NDA is crossing the halfway mark in Assam; the UDF is leading in Kerala; and the NDA is ahead in Puducherry. These reflect round-wise progress from postal and EVM ballots; official Form-20 results remain pending on the ECI portal.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 1.12% to 18.25. The Nifty 26 May 2026 futures were trading at 24,220.60, at a premium of 87.55 points as compared with the spot at 24,133.05.

The Nifty option chain for the 26 May 2026 expiry showed a maximum call OI of 50.6 lakh contracts at the 25,000 strike price. A maximum put OI of 41.6 lakh contracts was seen at the 24,000 strike price.

Buzzing Index:

The Nifty Metal index rose 1.02% to 12,964.10. The index fell 2.12% in the past trading session.

Vedanta (up 6.54%), Jindal Steel (up 3.11%), Adani Enterprises (up 2.81%), Jindal Stainless (up 2.23%), Hindustan Zinc (up 1.92%), Lloyds Metals & Energy (up 1.75%), National Aluminium Company (up 1.73%), Hindustan Copper (up 0.71%), Tata Steel (up 0.68%), and Hindalco Industries (up 0.55%) jumped.

Stocks in Spotlight:

Hero MotoCorp shed 0.34%. The company reported dispatches of 566,086 units in April 2026, registering an 85.36% year-on-year (YoY) increase compared with 305,406 units in April 2025.

APL Apollo Tubes fell 2.35%. The company reported a 20.9% rise in consolidated net profit to Rs 354.35 crore on a 14.1% rise in net sales to Rs 6,075.98 crore in Q4 FY26 as compared with Q4 FY25.

Mahindra & Mahindra (M&M) rose 0.62%. The company's overall auto sales for the month of April 2026 stood at 94,627 vehicles, a growth of 14% YoY, including exports.

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