Stock Market Live: Benchmarks Give Up Early Lead; Reliance, HDFC Bank Drag Indices Lower

Indian equities reversed course in Thursday’s afternoon session, surrendering morning gains to close in the red. The NSE Nifty 50 slipped 0.15% to settle at 23,622.55, while the BSE Sensex dropped 0.32%, ending at 75,078.34.
Both indices had opened strong. The Nifty climbed as much as 0.9% to touch an intraday peak of 23,859, and the Sensex rallied to a high of 75,945. The momentum faded as selling pressure emerged, pushing the Nifty to a session low of 23,596, down 0.3%, and dragging the Sensex down 321 points to 74,996 at its worst point.
Defence stocks led the sectoral pack, with the Nifty India Defence index advancing 1.72% for the day. Real estate and media counters also saw buying interest, as Nifty Realty and Nifty Media each added close to 1%. Gains were more modest in energy, tech, and healthcare, with Nifty Oil and Gas, Nifty IT, and Nifty Pharma posting smaller upticks relative to other sectors.
Heavyweights weighed on the benchmarks. Reliance Industries and HDFC Bank were among the biggest contributors to the decline, pulling both indices lower after the early rally lost steam.
Crude oil rebounded after Wednesday’s steep slide. Brent crude moved back above $105 per barrel, recovering from a 5.6% drop in the prior session. WTI hovered near $99. The bounce came as US President Donald Trump stated that Washington is in the “final stages” of negotiations with Iran. Markets are watching closely for any developments that could resume energy shipments through the Strait of Hormuz.
Across Asia-Pacific, equities traded mostly higher. Japan’s Nikkei 225 jumped over 3% after April trade figures showed exports expanded 14.8%, driven by strong semiconductor shipments. South Korea’s Kospi surged 6%, with Samsung Electronics gaining more than 6% after labor negotiations averted a planned strike over wages. SoftBank Group soared nearly 20%, lifted by Nvidia’s results that reinforced confidence in AI-related demand. Australia’s S&P/ASX 200 rose 1.66%, and Hong Kong’s Hang Seng futures indicated a higher open compared to the last close.