NIFTY50, SENSEX today: Wall Street cues, FII activity, key things to know before markets open on May 12

The Indian equity benchmarks are set to stage a gap down opening on Tuesday, May 12, as indicated by GIFT NIFTY futures. NIFTY futures at GIFT City in Ahmedabad dropped 153 points to 23,715 amid mixed cues from Asian markets.

The Indian equity benchmarks posted their biggest single-day drop in over two months on Monday, May 11, as crude oil prices jumped above $105 per barrel in international markets after US President Donald Trump rejected Iran’s response to the US proposal of a potential peace deal. Falling rupee against the US dollar also added to investors' worries.

The SENSEX fell as much as 1,371 points and NIFTY50 index touched an intraday low of 23,799, eroding investors’ wealth worth ₹5.66 lakh crore during the session.

The SENSEX ended 1,313 points lower at 76,015 and NIFTY50 index dropped 360 points to close at 23,816 dragged down by index heavyweights like Reliance Industries, HDFC Bank, Bharti Airtel, State Bank of India, Titan, Eternal, Mahindra & Mahindra and Bajaj Finance.

Asian markets

Asian markets were trading on a mixed note as Japan's Nikkei fell rose 0.7%, Hong Kong's Hang Seng advanced 0.4% while China's Shanghai Composite fell 0.13% and South Korea's KOSPI dropped 1.4%.

Wall Street update

Overnight, US stocks ended on a flat note after oil prices rose Monday as the war with Iran threatens to drag on for longer, but the US stock market nevertheless inched toward more records.

Dow Jones Industrial Average advanced 0.19%, S&P 500 index rose 0.19% and tech heavy Nasdaq gained 0.1%.

FII/DII activity

Foreign institutional investors (FII) sold shares worth ₹8,437.56 crore on Monday while domestic institutional investors bought stocks worth ₹5,939.65 crore, as per NSE data.

FIIs have so far this year sold shares worth ₹2,07,581 crore, data from National Securities Depository Limited (NSDL) showed.

Earnings today

As many as 104 companies, as per the BSE list, are slated to release their March quarter (Q4 FY26) results today. The list includes names such as The Tata Power Company, Dr Reddy's Laboratories, Torrent Power, Dixon Technologies, Max Financial Services, Berger Paints, Pfizer, Cohance Lifesciences, MTAR Technologies, Nazara Technologies, Borosil Renewables Ltd., Kalpataru, Texmaco Rail and Engineering, and Inox India, among others.

Stocks to watch

The NSE filings also showed that the company’s consolidated net profits (attributable to owners of the company) stood at ₹408 crore as of the March quarter of the previous financial year.

Although the company’s profits dropped year-on-year, the revenue from core operations surged 41% YoY to ₹4,498 crore in the March quarter, compared with ₹3,189 crore in the same quarter of the previous financial year.

Due to a reduction in profits, the company's earnings per share (EPS) dropped to ₹2.12 apiece in the fourth quarter, compared with ₹2.34 per share in the same period last year.

Of these shares, approximately 7%, as reported by NDTV Profit, is held by promoters and the promoter group.

The lock-in expiry does not necessarily mean all unlocked shares will be sold immediately. It simply means eligible shareholders are now free to trade their holdings.

Secondly, reports suggest that some early investors, including Peak XV, Y Combinator, and Ribbit Capital, are planning stake sales through block deals following the expiry.

In the corresponding period of the previous fiscal year, the Tata Group firm had clocked a profit of ₹522.30 crore, according to a regulatory filing.

The company’s revenue from operations advanced 14% YoY to ₹2,765.29 crore during the quarter under review, as against ₹2,425.14 crore in the March quarter of the 2024-25 fiscal year (Q4 FY25).

At an operational level, its EBITDA (earnings before interest, tax, depreciation, and amortisation), also known as operating profit, stood at ₹1,052 crore in the January to March quarter of FY26. It grew by 15% YoY from ₹918 crore in the year-ago period.

The company’s revenue from operations jumped 19.64% YoY to ₹646.81 crore in Q4 FY26, compared to ₹540.65 crore in the same period last year.

The auto components and equipment firm’s revenue from operations also advanced 12.5% year-on-year (YoY) to ₹1,852 crore in the January-March period from ₹1,646 crore in the year-ago period.

The company reported strong operational performance as its earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased 20% annually to ₹236 crore as against ₹197 crore in Q4 FY25.

The company had posted a loss of ₹71.45 crore in the same period a year ago.

The consolidated revenue from operations of Syrma SGS grew by about 58.48% to ₹1,465 crore during the reported quarter from ₹924.36 crore in the March quarter of FY25.

"FY26 was a strong year of execution for Syrma SGS. We delivered 27% revenue growth to ₹4,819 crore, with operating EBITDA expanding significantly to ₹545 crore, ahead of what we had indicated at the start of the year. Importantly, this growth was delivered with positive operating cash flow and a meaningful reduction in net working capital days, reflecting stronger execution and capital discipline," Syrma SGS Technology managing director Jasbir Singh Gujral said.

The Bhubaneswar-based company had posted a net profit of ₹172.19 crore in the year-ago period, according to a regulatory filing.

Total income for the January-March quarter rose to ₹4,701.97 crore from ₹4,193.96 crore logged a year earlier, while total expenses climbed to ₹4,541.51 crore against ₹4,015.30 crore seen in the same period.

For the full fiscal 2025-26, however, net profit surged 52.18% to ₹1,000.81 crore from ₹657.62 crore, with total income rising to ₹21,826.34 crore from ₹16,958.65 crore.

Trade setup

The NIFTY50 index closed 360 points lower on Monday after trading in a narrow range of 24,000 to 24,500 for 11 consecutive trading days. The index broke the psychological support level of 24,000 and closed below the 20 EMA after defending it for 20 trading days. As highlighted in the previous newsletter, the 20 EMA level was crucial support for the index in the near term, and a close below it indicates a grip of bearish sentiment on the index. However, a closing above 24,100 could negate the bearish setup and come back in the trading range.

The open interest buildup for today's expiry suggest strong resistance at 24,000 level. On the flipside, 23,500 puts hold the highest open interest, indicating a strong support. However if the index crosses 24,000 during the session, we may see some short covering above those levels.