Stock Market Mid-Day Report, May 29, 2026: Sensex Up 55 Points, Nifty Down 21 points 

Mumbai, May 29: Indian benchmark indices were trading on either side of the flatline on Friday midday, reflecting a market struggling to find direction after a volatile Wednesday session.

The BSE Sensex was at 75,922.18 at 11:59 am, up a slender 54.38 points or 0.07% from its previous close, as buyers cautiously stepped in but lacked the conviction to push the index meaningfully higher. The Nifty 50, meanwhile, was marginally in the red, quoting at 23,886.00 at 12:01 PM down 21.15 points, or 0.09% as selling pressure in select heavyweights offset broader market resilience. 

The divergence between a slightly positive Sensex and a modestly negative Nifty reflects the stock-specific nature of Friday’s moves, with large-cap IT stocks pulling the Nifty’s composition in a different direction to some of the BSE’s broader constituents. 

Both indices had opened the session on a firm note, tracking overnight gains on Wall Street and a strong rally in Asian peers, but early enthusiasm was quickly tempered as profit-booking set in across banking, auto and energy counters. 

Broader market sentiment remained relatively constructive, with the India VIX, the market’s fear gauge, easing 0.83% to 14.86, suggesting that traders are not particularly anxious despite the choppy headline indices. The session’s muted headline performance conceals an active rotation story beneath the surface, with money moving out of defensives and energy stocks and into IT, realty and private banking.

Top Gainers: IT Stocks Lead the Charge

The top gainers on the Nifty 50 on Friday midday were dominated by information technology names. Infosys was the standout performer, with the stock trading at ₹1,204.40 up 3.84% from its previous close of ₹1,159.90 on strong volume of over 87.5 lakh shares, suggesting institutional accumulation. Tech Mahindra was the second-biggest gainer, rising 2.16% to ₹1,487.10 against its previous close of ₹1,455.60, continuing its recent recovery from multi-month lows. Wipro added 1.70%, trading at ₹205.00 versus a prior close of ₹201.58, with volumes running exceptionally heavy at over 4.59 crore shares a signal of broad-based participation in the stock’s move. HCL Technologies climbed 1.68% to ₹1,184.80 from ₹1,165.20, while Larsen and Toubro rounded out the top five gainers, advancing 1.50% to ₹4,108.40 against a previous close of ₹4,047.50, benefiting from renewed optimism around infrastructure and capital expenditure themes.

Top Losers: IndiGo, Eicher and ONGC Under Pressure

On the losing side, IndiGo was the biggest decliner on the Nifty, falling 2.44% to ₹4,458.70 from its previous close of ₹4,570.00, as aviation stocks remained under pressure amid volatile jet fuel costs and demand uncertainty. Eicher Motors shed 2.28%, trading at ₹7,250.00 against a prior close of ₹7,419.00, reversing some of its recent gains as auto sector sentiment softened. ONGC slipped 2.10% to ₹268.30 from ₹274.05, weighed down by oil price volatility and the prospect of a potential Hormuz reopening that could cap crude prices. Max Healthcare declined 2.08% to ₹972.75 versus its previous close of ₹993.45, snapping a recent run of strength in the healthcare space. Power Grid Corporation fell 1.55% to ₹295.50 from ₹300.15, with the utility sector broadly under selling pressure as investors rotated out of defensives into growth-oriented sectors.

Broad Markets: Small and Midcaps Outshine Benchmarks

In the broader market, small-cap and mid-cap indices were comfortably outperforming the large-cap benchmarks by midday, continuing the domestic-driven rally that has been a defining feature of Indian markets in 2026. The Nifty Smallcap 100 was the top-performing broad index, rising 0.63% to 18,409.10, reflecting strong retail and domestic institutional interest in smaller names. The Nifty Smallcap 250 was close behind, up 0.61% at 17,208.30, while the Nifty Microcap 250 added 0.56% to trade at 23,925.00, rounding out the top three broad index movers of the morning session. 

On the sectoral front, the Nifty IT index was the clear leader with a sharp gain of 2.35%, trading at 29,585.00 as the technology sector benefited from a re-rating following strong global cues. The Nifty Midsmall IT and Telecom index followed with a rise of 1.65% to 9,628.25. The Nifty Realty index advanced 0.99% to 792.35, buoyed by improving sentiment around the interest rate outlook and urban housing demand. The Nifty Media index also gained 0.79% to 1,428.40, extending its recovery from recent lows.

Middle East Conflict: Latest Developments

The United States and Iran have reportedly agreed to extend their ceasefire which has been in effect since early April by 60 days, with the agreement also including provisions for unrestricted shipping traffic through the Strait of Hormuz, according to four sources cited by Reuters. US Vice President JD Vance told reporters in Washington that while the deal was not yet finalised, he felt “pretty good” about the prospects of reaching an agreement, adding that negotiations were continuing. Earlier on Thursday, US Central Command confirmed that its forces had shot down five Iranian attack drones and struck a ground control station in Bandar Abbas that was about to launch a sixth, underscoring the fragile nature of the ceasefire even as diplomatic talks advanced. Iranian state media, citing a source close to the negotiating team, cautioned that the text of the proposed agreement had not been finalised or confirmed, leaving the deal’s prospects uncertain heading into the weekend.

Oil Prices

Oil prices settled in mixed territory on Thursday after a choppy session, as conflicting reports about the US-Iran ceasefire extension pulled the market in opposing directions. Brent crude futures for July delivery fell 58 cents, or 0.6%, to close at $93.71 a barrel, while the more actively traded August Brent contract was last trading up 72 cents at $92.97; US crude futures eked out a marginal gain of 22 cents, or 0.3%, to settle at $88.90 a barrel. Traders remained cautious given that traffic through the Strait of Hormuz a chokepoint for roughly one-fifth of the world’s oil and LNG supply remains a fraction of pre-war levels, and a formal deal has yet to be confirmed by either Washington or Tehran.

Asian Markets: Broad Rally Led by Japan and Australia

Asian markets were broadly in the green during Friday’s midday trade, with Japan’s Nikkei 225 leading the region with a sharp advance of 2.53% to 66,329.50, extending its recent run to fresh record territory on the back of a weaker yen and robust corporate earnings momentum. Australia’s S&P ASX All Ordinaries Index was also a strong performer, rising 1.65% to 8,965.00, supported by gains in resources and financials. South Korea’s KSE 100 surged 2.31% to 171,725.29, while Hong Kong’s Hang Seng Index added a more modest 0.86% to 25,221.60 despite a mixed domestic macro backdrop. Not all Asian markets shared in the optimism Indonesia’s JSX Composite slipped 1.23% to 6,130.19, and Vietnam’s HNX 30 declined 0.76% to 520.40, as idiosyncratic pressures weighed on those markets even as the broader regional mood remained risk-on.

How Markets Opened on Friday Morning

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 Thursday’s close of 75,867.80, while the Nifty 50 advanced 40.05 points or 0.17% to 23,947.20. 

Sources: 

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