Mumbai, May 21, 2026, 12:21 IST
Indian stocks pulled back from early highs on Thursday but held in positive territory by late morning. Lower oil prices and a bounce in the rupee helped take off some of the pressure that has hurt risk appetite this month.
Nifty 50 was up 72 points, or 0.30%, at 23,731.00 by 11:39 a.m. IST. The BSE Sensex added 150 points, or 0.20%, to trade at 75,468.45. Both had opened up about 0.7% before giving back some gains.
This move is in focus now as the market is stuck between solid spots in earnings and a tougher macro picture. Oil is costly, the rupee is soft, and U.S. bond yields are high—yields meaning the returns investors get for owning government debt.
Brent crude dropped 5.6% Wednesday and traded just above $106 a barrel Thursday, with progress reported in U.S.-Iran negotiations. Reuters said all 16 key Indian sectors moved higher earlier, and small- and mid-cap indexes were up as well. “Markets have gained momentum as investors turn optimistic,” said Aakash Shah, technical research analyst at Choice Broking. Reuters
Rupee support came from the Reserve Bank of India, which sold dollars via state banks ahead of the open, Reuters said. That move put the rupee near 96 per dollar, after it closed in on 97 on Wednesday. The rupee had dropped roughly 2.5% in nine sessions, leaving equity investors nervous.
VK Vijayakumar, chief investment strategist at Geojit Investments, said the latest moves point to a buy on dips setup, which is trader talk for picking up stocks after they fall. “A lot will depend on the crude price and stability in the rupee,” he said. The Economic Times
Apollo Hospitals shares gained after earnings. The company posted a 36% jump in quarterly net profit to 5.29 billion rupees, driven by more demand for complex procedures as well as growth in pharmacy and digital health. CEO Madhu Sasidhar told Reuters that all three business units saw strong growth. CFO Krishnan Akhileswaran said Apollo would use part of the cash from its fertility business sale to expand diagnostics and other platforms.
Lenskart Solutions surged after its quarterly revenue climbed 46% from a year earlier to 25.16 billion rupees. Brokerages like Jefferies, Goldman Sachs, Morgan Stanley, Emkay and Motilal Oswal lifted their target prices on the back of the results. The stock hit its highest level in almost a month early in the session.
Grasim Industries shares moved higher as the Aditya Birla Group company reported a slimmer standalone loss of 1.63 billion rupees for the March quarter. Revenue climbed 32% from a year ago. Consolidated net profit was up 30.87%, the company said in a regulatory disclosure sourced by Mint.
Ola Electric traded lower. Business Standard said brokerages are still wary after the electric two-wheeler maker’s latest quarterly revenue dropped 56.6% from a year ago, citing worries about volumes, market share, and cash levels. Emkay noted Ola’s volume pick-up got a lift from Ather and others running at full capacity, making it harder for investors to give Ola full credit for the rebound.
But the rally looks shaky. Bernstein’s Venugopal Garre noted slow foreign institutional investor flows and weak corporate earnings as risks for Indian markets in the near term. Companies including Bosch mentioned that geopolitical uncertainty is hurting demand. If crude prices climb or the rupee starts falling again, Thursday’s gains could fade fast.
Nifty’s bounce so far looks like relief, not a clear reversal of the recent slide. Traders say the index needs to stay above 23,700 through the close to steady sentiment and lure foreign buyers back into Indian stocks.
