Mcap of top 6 most valued firms drops nearly Rs 65k cr; Airtel biggest laggard
The government is considering building a strategic storage of crude oil to provide for a 45-day cover, Lok Sabha was informed on Thursday.
The United States and Iran have reached an agreement in principle to immediately and permanently halt all military operations, lift sanctions, and work towards a comprehensive final agreement within 60 days, including a significant reconstruction package for Iran.
The Reserve Bank of India (RBI) has opted to keep its key interest rates unchanged at 5.25%, anticipating a global economic recovery following a ceasefire in the US/Israel-Iran conflict, despite ongoing inflationary pressures and currency fluctuations.
Shares of Reliance Industries Limited (RIL) tumbled on Tuesday, posting its biggest single-day decline in 19 months, amid controversy over its purchase of Russian oil and profit-booking after recent gains.
Kumar Mangalam Birla urged young people to 'build in India, build for India and build for the world'.
The country's fiscal deficit, as a percentage of GDP, would be wiped out if the crude oil price, as measured with the Indian basket, touch $80 per barrel.
Indian stock markets rallied in early trade after US President Donald Trump announced a halt to planned military strikes on Iran, citing requests from Gulf leaders and ongoing "very big discussions" that could lead to a deal. This de-escalation, coupled with foreign fund inflows and gains in IT and Adani group stocks, contributed to the positive market sentiment. Track Sensex and Nifty on May 19, 2026.
Indian benchmark indices, Sensex and Nifty, staged a moderate rebound after a significant correction in the previous session, driven by foreign fund inflows and a largely positive trend in global markets, though geopolitical tensions between the US and Iran continued to foster caution.
The Indian rupee depreciated significantly against the US dollar, reaching a new all-time low due to rising oil prices, a strong dollar, and ongoing geopolitical concerns. Domestic equity market declines and foreign investment outflows further contributed to the rupee's weakness.
The incident came shortly after a spokesperson from Iran's military warned that Tehran could target ports and docks in the United Arab Emirates following recent United States strikes on Kharg Island, a key hub for Iran's oil exports.
Reliance Industries is expected to report largely flat performance for its fourth quarter (January-March, Q4) of FY26, with weakness in the oil-to-chemicals (O2C) business and muted retail growth likely to offset steady gains in the telecommunications segment.
A fall in crude oil price and Aramco's $75 billion annual dividend commitment may have delayed Saudi company picking a stake in Reliance Industries Ltd's oil-to-chemical unit (O2C), research firm Jefferies said. Richest Indian Mukesh Ambani had in August 2019 announced talks for the sale of a 20 per cent stake in the O2C business, which comprises its twin oil refineries at Jamnagar in Gujarat and petrochemical assets, to the world's largest oil exporter. The deal was to conclude by March 2020 but has been delayed for reasons not disclosed by either company.
India's unabated tryst with Russian crude oil is slowly coming to an end. The time has come for Indian refiners to navigate, creatively, the choppy waters of the post-honeymoon period, and for Indian policymakers to take cognisance of the broader impact on India from the spillover of the Russian crisis - after Washington's warning to transgressors last week. Shipments from Russia to India have averaged over 1.8 million barrels a day since February, according to data from Paris-based market analytics firm Kpler. But much of the crude shipped to India was non-sanctioned because it traded below a price cap set by the US led G-7 nations in December.
The ongoing oil price decline is mainly a result of oversupply in the global market
Or Iran may face the risk of losing its biggest client
Indian OMCs have not been buying Iranian or Venezuelan crude which is actually sanctioned by US. OMCs have always complied with the price cap of $60 for Russian oil recommended by the US.
The case for long-term investment in gold, however, remains intact.
India's consumption stocks, which have outperformed the broader market, are now facing significant pressure due to a gradual rise in fuel prices and the potential for higher inflation. Analysts warn that companies may be forced to pass on increased input costs to consumers, potentially hurting demand across both staples and discretionary categories, with a looming threat of deficient monsoon rainfall further exacerbating inflationary concerns.
Indian basket at 6-month low of $49.11 a bbl
India has condemned the escalating attacks on commercial shipping in West Asia, particularly after a Thai-flagged vessel en route to India's Kandla Port was targeted in the Strait of Hormuz. The attacks have disrupted global oil and gas supplies, impacting India's energy imports.
India has raised concerns with Iran over the safety of merchant shipping after two vessels were fired upon in the Strait of Hormuz, prompting them to turn back.
India responds to US President Trump's claim that PM Modi assured him of halting Russian oil imports, stating it is diversifying energy sources to meet market conditions and safeguard consumer interests.
India is in communication with Iranian officials to ensure the safety and secure passage of its ships through the Strait of Hormuz, following recent firing incidents involving Indian vessels.
The revised projection comes after a 17% rise in the April-June.
A high-stakes memorandum for a 60-day ceasefire between the United States and Iran is in its final stages, with negotiators working to close remaining gaps and avert further escalation in the region, including reopening of the Strait of Hormuz and the resumption of Iranian oil sales, according to an Axios report citing US officials.
Bessent indicated that the U.S. is evaluating the status of Iranian oil as the current campaign progresses.
'The situation globally is quite challenging, but we have the confidence and courage of conviction that we will come out winners even in this challenging time.'
'The MPC is likely to prioritise the key mandate, which is inflation, while relying on other instruments to stabilise the currency and bond markets.'
Amidst a sharp run-up in gold and silver prices, investors are advised to rebalance their portfolios by booking partial profits in precious metals and reallocating to domestic equities and debt, according to financial experts.
The Reserve Bank of India (RBI) and the central government have introduced a package of measures, including tax exemptions for FPIs on government securities and a concessional foreign-exchange swap facility, aiming to attract up to $50 billion in foreign capital. This initiative is designed to strengthen India's balance of payments and potentially cover the projected BoP gap for FY27.
The Indian banking system's net liquidity surplus has reached a four-year high of Rs 4.57 trillion, driven by maturing government securities, with further maturities expected to push the surplus to around 5 trillion.
Indian benchmark indices, Sensex and Nifty, experienced a significant drop of over 1 per cent, driven by a bearish trend in global markets, weakness in HDFC Bank and IT firms, and fresh foreign fund outflows.
Modi said that the West Asia crisis has been going on now for more than three weeks and is having a very adverse impact on the global economy and on people's lives. He said the entire world is urging all parties for the earliest resolution of this crisis.
Trump said that the strait will be "open very soon" if ongoing negotiations with Tehran continue successfully.
According to the Pentagon, the vessels were targeted as part of efforts to prevent the deployment of naval mines in the strategically vital passage through which a significant portion of global crude oil shipments transits.
The Iran conflict led to a sharp correction in Reliance Industries Ltd's (RIL's) share price, which has been partially reversed by a rebound.
