Markets Open Report, May 29, 2026: Firm on Friday; Sensex Up 180 points; IT Stocks Lead as US-Iran Ceasefire Extension Deal Lifts Sentiment

Mumbai, May 29: Domestic equity benchmarks opened Friday’s session on a positive note, buoyed by news that the United States and Iran had reached a preliminary agreement to extend their ceasefire by 60 days and lift restrictions on shipping through the Strait of Hormuz. 

The BSE Sensex at 9.23 am was trading at 76,045.23, up 177.43 points or 0.23% from Wednesday’s close of 75,867.80, while the Nifty 50 advanced 40.05 points or 0.17% to 23,947.20. The opening gains, while modest in headline terms, carry particular significance given the context: Wednesday had ended flat after a choppy session weighed down by banking, IT and FMCG selling, and Friday’s firmer open signals that the tentative peace breakthrough in the Middle East if confirmed could materially improve India’s macro outlook by easing crude oil prices, relieving pressure on the rupee and reducing the fiscal burden of fuel subsidies.

Gainers & Losers

Among the early Nifty 50 gainers, the IT pack dominated comprehensively. Wipro led with a 3.56% advance to an LTP of ₹208.75 from its previous close of ₹201.58, followed by Infosys which jumped 3.46% to ₹1,200.00 from ₹1,159.90. HCL Technologies gained 1.93% to ₹1,187.70 from ₹1,165.20, TCS rose 1.62% to ₹2,321.30 from ₹2,284.20, and Tech Mahindra climbed 1.38% to ₹1,475.70 from ₹1,455.60 — all five reflecting the sharp reversal in sentiment for technology exporters as a ceasefire-driven dollar softening would reduce currency headwinds for the sector. 

On the losing side, ONGC was the sharpest decliner, falling 1.82% to ₹269.05 from ₹274.05 as crude oil price volatility continued to weigh on the upstream energy name, followed by Eicher Motors down 1.25% to ₹7,326.50 from ₹7,419.00, Bharti Airtel slipping 1.17% to ₹1,830.50 from ₹1,852.20, Adani Ports easing 0.82% to ₹1,809.60 from ₹1,824.50, and Coal India declining 0.80% to ₹459.35 from ₹463.05.

Broader & Sectoral Markets

In the broader market, the Nifty Smallcap 100 led gains with a 0.47% advance to 18,381.15, followed by the Nifty Midcap 100 which rose 0.34% to 62,770.80 and the Nifty Next 50 which climbed 0.55% to 72,355.85 — a broadly positive picture across market capitalisations that suggests the morning optimism was not confined to large-cap IT. On the losing side, the Nifty FMCG index slipped 0.20% to 50,041.75, Nifty India Defence declined 0.60% to 9,198.20, and the Nifty CPSE index eased 0.39% to 7,154.00. 

On the sectoral front, Nifty IT was the standout performer, surging 2.46% to 29,616.75, followed by Nifty PSU Bank gaining 0.81% to 8,292.45, Nifty Pharma rising 0.80% to 24,912.55 and Nifty Realty advancing 0.73% to 790.25. On the losing side within sectors, Nifty FMCG fell 0.20%, Nifty Metal eased 0.07% to 13,709.00, and Nifty Consumer Durables slipped 0.07% to 35,492.70.

Middle East: Ceasefire Extension Deal

The United States and Iran reached a preliminary agreement on Thursday to extend their ceasefire by 60 days and allow shipping to resume through the Strait of Hormuz, which handles roughly a fifth of the world’s oil and LNG supply, though US President Donald Trump had not yet formally approved the deal and Iranian state media said the text had not been finalised. US Vice President JD Vance told reporters that talks were very close to a conclusion, saying “I feel pretty good about it” — the strongest signal of progress from the administration since the temporary ceasefire took effect in early April. The proposed deal would also require Washington to lift its blockade of Iranian ports and ease some sanctions on Iranian oil sales, addressing Iranian demands that had previously stalled negotiations. 

Asian Markets

Asian markets opened broadly higher on Friday morning, buoyed by the ceasefire extension reports and a sharp rally in Japan’s Nikkei 225, which surged 1.91% to 65,929.94 on the dual tailwinds of a softer yen and easing geopolitical risk premiums. Australia’s S&P ASX All Ordinaries gained 1.05% to 8,912.10 and Malaysia’s FTSE Bursa KLCI rose 0.53% to 1,693.87, while Southeast Asian markets were mixed with Indonesia’s JSX slipping 1.23% to 6,130.19 and Thailand’s SET edging down 0.13%. The broad direction across the region was positive, with the Iran deal reports clearly the dominant driver of the morning’s sentiment shift.

US Markets

Wall Street ended Thursday’s session on a cautiously optimistic note, with the Nasdaq Composite gaining 0.91% to 26,917.47 and the S&P 500 rising 0.58% to 7,563.63 as technology stocks led the advance ahead of the ceasefire extension reports. The Dow Jones Industrial Average edged up a marginal 0.05% to 50,668.97, reflecting some caution in cyclical and energy-linked names even as the broader market held its gains.

Oil Prices

Oil prices settled in a mixed and choppy direction on Thursday as traders navigated conflicting signals on the US-Iran ceasefire deal, with July Brent crude futures closing down 58 cents or 0.6% at $93.71 a barrel while the more actively traded August Brent contract gained 72 cents to $92.97. US WTI crude eked out a marginal gain of 22 cents or 0.3% to settle at $88.90 a barrel, as hopes of a Hormuz reopening competed with residual uncertainty over whether the deal would receive formal approval from Trump and Tehran. Crude prices have been extremely volatile in recent sessions, swinging sharply between 4% gains and 7% declines on alternating reports of conflict escalation and peace progress.

Wednesday’s Indian Market Close

Indian benchmark indices ended largely flat in a volatile Wednesday session, with the Sensex declining 141.90 points or 0.19% to settle at 75,867.80 and the Nifty 50 slipping just 6.55 points or 0.03% to 23,907.15, as banking, IT and FMCG selling offset gains in auto, metal and power stocks. Market breadth was marginally positive with 2,168 advances against 1,877 declines on the NSE, suggesting that while the headline indices were flat, a broader set of stocks managed to hold their ground. Markets in India were closed on Thursday on account of Bakri Eid.

Sources:

• www.bseindia.com
• https://www.nseindia.com/market-data/top-gainers-losers
• https://www.nseindia.com/market-data/live-market-indices