1
Index Activity
intraday + Gift live
Today's range
23,550–24,050
Bias
Cautious · peace-trade watch
Last close
23,659
2
India Snapshot
20 May 2026 · close
Nifty 504th range-bound session
23,659
▲ +0.17% +41
SensexNarrow 200-pt range
75,318
▲ +0.11% +83
Bank NiftyDII absorption holding floor
52,800
▲ +0.29% +153
Gift Nifty● Live
23,720
▲ +0.26% +61
3
Overnight World
d/d · pre-open
S&P 500 Futures7,423
▲ 0.8%Iran deal + Nvidia rally
Dow Futures49,970
▲ 1.2%Risk-on · peace optimism
Nasdaq Futures29,222
▲ 1.1%Chip rally · Nvidia +85% YoY rev
Brent Crude$105.85
▼ 4.3%Iran final-stage talks · war-cycle relief
Dollar Index99.13
▼ 0.2%Softer on Iran optimism
USD/INR96.58
▲ 0.1%Spot near record close ₹96.83
KOSPI+6.30%
▲ 6.3%AI boom · country-specific catalyst
Nikkei 225+2.85%
▲ 2.9%Exports +14.8% YoY · semis surge
Hang Seng-0.57%
▼ 0.6%Sole Asian decliner · China caution
India VIX18.44
▼ 0.7%Easing from 19.45 intraday high
Comex Gold$4,540
▲ 29.0 bpsBond yields slipping · safe-haven bid
Japan Exports Apr+14.8% YoY
▲ 5.5 bpsBeat +9.3% consensus · semis led
4
Key Developments
post-close → pre-open
OIL
Trump says US-Iran talks in 'final stage'; Brent drops 4.3% to $105
OMC relief
First sub-$107 Brent in war cycle; OMC and aviation margin relief trade now live.
FED
Fed minutes: majority ready to hike if Iran-war inflation persists
Rate risk
Rate-hike scenario contradicts peace-dividend rally; INR and rate-sensitives face dual risk.
INR
Rupee closes at record low ₹96.83; 1-year forward breaches ₹100
FX stress
Forward ₹100 signals persistent depreciation; import-heavy sectors face compounding cost pressure.
RBI
RBI announces $5 bn USD/INR swap auction on May 26 to inject liquidity
Bank positive
Targeted rupee liquidity support; near-term floor for banking-system rates and NIM pressure.
5
Levels to Watch
technical
Nifty Support
23,550
break → Opens path to 23,450 · May range low.
Nifty Resistance
24,050
break → Clears to 24,400 · war-cycle high zone.
BNF Support
52,400
break → Slides to 52,000 · rate-hike fear zone.
BNF Resistance
53,200
break → Opens 53,800 · pre-war consolidation band.
6
Sectors
buy · sell · watch
▲ Buying
Oil & Gas
Brent -4.3% — OMCs BPCL, HPCL, IOC get first war-cycle margin relief; upstream ONGC still earns at $105.
Aviation
IndiGo ATF cost directly exposed — Brent at $105 is first meaningful input-cost relief of the war cycle.
Auto
HINDALCO +3.5% and BAJAJ-AUTO +2.5% led last session; metal and auto cycle intact with BJP capex tailwind.
▼ Selling
IT
FII pivot toward US AI opportunities pressures rerating; TECHM -1.92% led losses; Meta capex cuts hit Indian IT revenue.
FMCG
FMCG shed -362 pts last session; rupee ₹96.83 compresses import-cost margins; defensives rotate out on Brent relief.
⟷ Watching
Banks
RBI swap on May 26 supports NIMs; Fed rate-hike signal and rupee stress create opposing pull — range-bound.
Metals
HINDALCO Sensex inclusion passive inflow June 19; Iran-deal Brent relief adds to domestic capex cycle read-through.
7
Stocks in Focus
3 today
MOTHERSON
Q4
Q4 PAT +46% YoY to ₹1,497 cr — auto-ancillary beat in a weak earnings batch; sector divergence favours this name over peers.
HPCL
▲
Brent -4.3% to $105.85 is the first war-cycle input-cost relief; HPCL top-gainer yesterday — margin recovery trade most direct here.
APOLLOHOSP
Q4
Q4 net profit +36% YoY to ₹529 cr on 18% revenue growth; healthcare earnings resilient amid broad mid-cap profit compression this season.
8
Today's Calendar
events · IST
Pre-openBrent action confirmation below $105 — Iran deal signal checkOMC/Aviation re-rate if holds
09:30 AMUS official Iran statement watch — any White House confirmationGap-up +300 pts if confirmed
12:00 PMRBI Capital Adequacy Amendment Directions — public comments window openBank capital ratios watch
May 26RBI $5 bn USD/INR swap auction — rupee liquidity injectionBanking-system rate anchor
9
Flows & VIX
liquidity
FII · today
-₹1,597 cr
FII selling offset by DII<br>rupee at ₹96.83 record drives outflow pressure.
DII · trend
+₹1,968 cr
Domestic institutions absorbing FII exits<br>SIP floor structurally intact.
India VIX
18.44
▼ 0.7% d/d
Easing from 19.45 intraday high<br>peace-trade optimism compressing premiums.
Calm <15
Mod 15–20
Elev 20–25
Fear >25