The BSE Sensex dropped by 644.64 points or 0.79% to end at 80,951.99. It fluctuated between 80,489.92 and 81,323.24 through the session.
The NSE Nifty50 followed suit, falling 203.75 points or 0.82%, to close at 24,609.70.
Even the India VIX, often referred to as the market’s “fear gauge”, dipped by 1.65%, settling at 17.26, indicating muted volatility expectations, at least for now.
Midcaps and smallcaps didn’t offer much shelter either:
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Impact on the stock market
When we zoom out and look at the sectors, the market breadth isn’t any better.
- Nifty Media was the only sector that managed to close in the green.
- The rest? All red.
Major sectoral losers:
- IT, Auto, FMCG, Consumer Durables, Oil & Gas Each of these declined by over 1%.
| Sector/Index | Performance |
| IT & BPM sector | -1.31% |
| Healthcare sector | -0.44% |
| Oil & Gas sector | -1.17% |
| Real estate sector | -0.46% |
| PSU Bank in India | -0.58% |
Top gainers today
| Company | Price (in ₹) | Change % |
| IndusInd Bank Share Price | 785.00 | 1.95 |
| Bajaj Auto Share Price | 8,733.50 | 0.53 |
| Bharti Airtel Share Price | 1,831.40 | 0.49 |
| JSW Steel Share Price | 1,005.60 | 0.47 |
| Hero Motocorp Share Price | 4,276.30 | 0.29 |
Top losers today
| Company | Price (in ₹) | Change % |
| ONGC Share Price | 241.67 | -2.82 |
| M&M Share Price | 3,006.30 | -2.73 |
| Tech Mahindra Share Price | 1,565.60 | -2.04 |
| Hindalco Share Price | 649.55 | -2.03 |
| Wipro Share Price | 245.94 | -1.98 |
Market aftermath: Impact on stocks
Emcure Pharma surges after stellar Q4
One of the rare bright spots in today’s market gloom was Emcure Pharmaceuticals.
- Stock locked in at the 10% upper circuit, hitting ₹1,180.90 on NSE.
- This came after the company posted a 64.4% YoY jump in Q4 net profit to ₹189 crore.
- Revenue also grew 19.5% YoY, reaching ₹2,116 crore, driven by consistent demand across key markets.
That’s not all, Emcure also announced a ₹3 per share dividend, further sweetening the deal for investors. The strong results and positive outlook explain the buying frenzy.
Lenovo tumbles as profit drops 64%
Meanwhile, on the global front, Lenovo Group took a significant hit. Shares dropped 5.4% in Hong Kong trading after the company reported:
- A 64% drop in net income to just $90 million, far below analyst expectations of $200 million.
- Although revenue climbed 23% to $17 billion, the profits were squeezed due to derivative losses and pricing pressure in a flat PC market.
Lenovo might have outpaced HP and Dell in Q1 shipment growth (+11% globally), but macro uncertainty and AI server competition are making investors wary. The looming US-China trade tensions, with possible tariffs on tech imports, add further pressure.
Nestlé India dips 2.08% despite strong fundamentals
Nestlé India, a key component of both the Nifty50 and Nifty100, declined by 2.08% to ₹2,342.80.
But this dip comes despite strong long-term fundamentals. Let’s look at their numbers:
- Q4 FY25 Revenue: ₹5,503.88 Cr
- Q4 FY25 Net Profit: ₹885.88 Cr
- FY25 Total Revenue: ₹20,201.56 Cr (down from ₹24,393.89 Cr in FY24)
- FY25 Net Profit: ₹3,231.54 Cr (down from ₹3,932.84 Cr)
- EPS FY25: ₹33.27
- ROE FY25: 79.98
- Debt to Equity: Slightly up from 0.01 to 0.19
Market Sentiment? Still very bullish according to recent analyst insights. But the day’s weakness could be a knee-jerk reaction to short-term expectations rather than fundamentals.
Crude oil edges higher despite inventory build
While equity markets were under pressure, crude oil prices held steady with a slight uptick:
- Brent (July futures): $64.94 (+0.05%)
- WTI (July futures): $61.62 (+0.08%)
- MCX Crude (June futures): ₹5,300 (+0.09%)
This, even after the US EIA reported a 1.3 million barrel increase in commercial crude inventories, surprised markets that were expecting a decline.
Also, talks between the US and Iran are scheduled for May 23 in Rome. Any progress could ease sanctions, potentially leading to higher Iranian oil exports—a key macro factor to watch.
On the demand side, US product consumption is down across the board, except for jet fuel:
- Motor gasoline: -1% YoY
- Distillates: -4.2% YoY
- Jet fuel: +4% YoY
Despite the inventory build, the overall supply still remains 6% below the 5-year average, which is helping prices stay buoyant.
Conclusion
Today’s market pullback isn’t unexpected. After a strong run, some amount of consolidation is healthy. But the broad-based nature of the decline, especially in FMCG, IT, and Auto, suggests cautious undertones among investors.
Stocks like Emcure Pharma show that strong earnings still command a premium. And while global tech like Lenovo struggles with cost pressures, Indian staples like Nestlé continue to demonstrate solid fundamentals, even if they slip a little on daily charts.
Markets may be volatile in the short term, but stock selection based on fundamentals continues to matter. Watch out for sector rotations, global macro news (especially oil and trade), and upcoming results to navigate the weeks ahead.
For more stock market insights, check out the StockGro blog.
