Markets opened on a cautious positive note on Friday, May 15, buoyed by a record-breaking Wall Street session and constructive signals from the Trump-Xi summit in Beijing, even as a weak rupee, elevated crude oil prices, and domestic fuel price hikes kept gains in check.

The Sensex, which closed at 75,398.72 on Thursday, opened at 75,497.10 and was trading at 75,651.28, up 252.56 points or 0.33 per cent, as of 9.25 am. The Nifty 50, which ended the previous session at 23,689.60 — up 277 points — opened at 23,731.40 and was trading at 23,765.75, gaining 76.15 points or 0.32 per cent, as of 9.25 am.

Information technology stocks led the morning’s gains on the Nifty 50. Camphor and Allied Products (CAMPV) surged 5.62 per cent, opening at ₹352.00 and trading at ₹357.80. Infosys gained 2.58 per cent to ₹1,123.30, while Tech Mahindra rose 2.40 per cent to ₹1,375.70. TCS added 2.21 per cent to ₹2,295.60 and HCL Technologies climbed 2.00 per cent to ₹1,146.50.

The gains came even as IT stocks faced selling pressure in the previous session, with the IT index having fallen 1.75 per cent on Thursday. “The continuing weakness in IT stocks and sustaining strength in pharmaceuticals stocks reflects the market perception of the prospects of these sectors in the present challenging environment,” said Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited.

On the losing side, metals heavyweight Hindalco fell 2.51 per cent to ₹1,075.60, opening at ₹1,101.20. Defence and electronics major BEL dropped 0.99 per cent to ₹424.60. Quick-commerce platform Eternal slipped 0.84 per cent to ₹243.76, while retail conglomerate Trent fell 0.74 per cent to ₹4,102.00. Reliance Industries shed 0.72 per cent to ₹1,352.00.

Thursday’s 789-point Sensex rally and 277-point Nifty surge were attributed largely to short covering by Foreign Institutional Investors (FIIs), who turned net buyers in the session. “The 789-point rise in Sensex yesterday was mainly triggered by short covering. FIIs were positioned heavily on the short side,” said Vijayakumar. “There are rumours of measures to shore up the rupee and attract capital into the economy.” Domestic Institutional Investors (DIIs) continued to provide support through consistent buying.

The global backdrop was supportive overnight. The Dow Jones Industrial Average crossed the 50,000 mark for the first time since February, rallying more than 350 points driven by strong corporate earnings, particularly from Cisco, which beat its third-quarter estimates and raised its full-year revenue guidance. The S&P 500 and Nasdaq also closed at record highs. Cerebras surged between 68 per cent and 99 per cent in its market debut, the largest IPO of 2026. In Asia, Japan’s Nikkei surged more than 400 points and South Korea’s Kospi touched fresh record highs.

Gift Nifty was trading around 23,769, up approximately 40 points ahead of the open, pointing to a mildly positive start. “Global equities traded mixed after a muted session on Wall Street, as investors remained cautious amid concerns over elevated bond yields, inflation outlook, and uncertainty surrounding the pace of global economic recovery,” said Hitesh Tailor, Research Analyst at Choice Equity Broking.

On the domestic front, the government’s decision to hike petrol and diesel prices by ₹3 per litre and CNG by ₹2 per kg added to inflationary concerns. “The decision to increase the price of petrol and diesel by ₹3 a litre and CNG by ₹2 a kg indicates that the government is playing it safe through small increases, perhaps stage by stage, without triggering a sharp spike in cost-push inflation,” Vijayakumar said. India’s wholesale price index inflation accelerated to 8.3 per cent, adding further pressure on input costs across sectors.

The Indian rupee, which hit a record low of 95.96 against the US dollar during Thursday’s session before closing at 95.77, continued to trade above the 95.7 level. Crude oil, a critical import for India, remains in the $97–98 per barrel range, having slipped below $100 but continuing to weigh on the trade balance and import inflation.

Technically, Nifty faces resistance in the 23,900–24,000 zone, with support at 23,500–23,400. “Above 23,500/74,800 levels, the pullback formation is likely to continue. On the upside, the index could reach the 50-day SMA or 23,850/76,200,” said Shrikant Chouhan, Head of Equity Research at Kotak Securities. Bank Nifty, which closed at 54,128.95 on Thursday — up 672.80 points or 1.26 per cent — faces resistance near 54,300–54,500, with support at 53,600–53,500.

India VIX was hovering near 18.61, with analysts expecting further cooling if bullish momentum sustains. Earnings from Tata Steel, Cochin Shipyard, SAIL, and Gland Pharma are due today, making metals, defence, and pharma among the key sectors to watch. “The market is responding hugely positively to good Q4 results with double-digit price rises in some cases, and punishing poor results with double-digit price crashes in some cases,” Vijayakumar noted.

Published on May 15, 2026