The tug of war between bulls and bears was visible in Friday’s session on May 22, as the markets attempted a sharp rebound but failed to sustain gains amid selling pressure at higher levels, with the Nifty 50 eventually settling with a 0.40% gain at 23,703.
At the day’s high, the index had surged nearly 0.80%, while the Sensex closed at 75,425, up 0.36% from the previous close. The broader markets remained mixed, with the Nifty Midcap 100 closing with a mild 0.15% gain, while the Nifty Smallcap 100 index slipped 0.12%.
Among the sectoral performers, Nifty Private Bank, Nifty Metal, and Nifty Bank emerged as the top gainers, advancing up to 1.40%. On the downside, Nifty Media and Nifty Pharma were the top laggards, with each falling over 1%. Other indices such as Nifty IT and Nifty Oil & Gas also closed in the red.
Meanwhile, the Indian rupee extended its recovery rally, strengthening to 95.7 per dollar from its record low of 96.96 on May 20, after the Reserve Bank of India continued intervening in the currency markets to support the rupee amid its decline this year.
The central bank reportedly sold dollars to state-run banks through the third week of the month.
In the commodity market, crude oil prices remained elevated as conflicting statements from the US and Iran reinforced fears that supply disruptions could persist for longer.
US President Donald Trump said on Thursday that the United States would eventually secure Iran’s stockpile of highly enriched uranium, despite Iran stating that it would not hand over the material.
