Rupee All Time Low; Equities Rebound Marginally After Four-Day Selloff

An end-of-day recap of all that transpired in the Indian markets, highlighting the major price movements and the factors driving them

istock.com/Rasi Bhadramani

By Dehuti Jani

May 13, 2026 at 11:41 AM IST

Indian equities ended marginally higher on Wednesday after four straight sessions of losses, supported by gains in metal, oil & gas and consumer durable stocks. The Nifty50 rose 0.14% or 33.05 points to 23,412.60, while the BSE Sensex added 0.07% or 49.74 points to close at 74,608.98. Broader markets outperformed, with the Nifty MidCap and Nifty SmallCap indices gaining 0.77% and 0.31%, respectively.

Markets found some support after the government raised gold and silver import duties to 15% from 6%, boosting sentiment around precious metals-linked ETFs and related stocks. Asian Paints, Adani Enterprises and Tata Steel emerged as the top gainers on the Nifty50 index.

However, gains remained capped due to persistent macroeconomic concerns linked to elevated Brent Crude prices, record weakness in the rupee and sustained foreign portfolio outflows. Foreign investors have now sold over $23 billion worth of Indian equities in 2026, surpassing the previous annual outflow record.

Sectorally, metal, oil & gas and consumer durable stocks outperformed, while IT, auto, banking and media shares lagged. Investors also remained cautious ahead of the scheduled meeting between Donald Trump and Xi Jinping, while continuing to monitor developments in the US-Iran conflict for further direction on global risk sentiment.

Top Movers of the Day

Hindustan Zinc surged around 3.94% to ₹667.20 after the government raised import duties on gold and silver, boosting sentiment for domestic silver producers.

Vedanta gained 6.20% to ₹323.95 as higher silver prices improved outlook for its mining business.

MTAR Technologies jumped over 8.83% to ₹6,800. The shares had jumped a 52-week high after strong Q4 earnings and a robust order book update.

Biocon extended gains by 3.40% to ₹416.15 after sustained buying interest and improving pharma sentiment.

HPCL rose over 5.6% to ₹390 after reporting a 77.6% YoY rise in Q4FY26 consolidated net profit and announcing a final dividend of ₹19.25 per share.

Groww climbed nearly 3% to ₹188.8 despite a large stake sale by existing investors.

Adani Ports and Special Economic Zone gained 2.9% to ₹1,737 after announcing plans to pursue specialised offshore and subsea opportunities in Europe, extending strong investor demand in the stock.

Paras Defence and Space Technologies rallied intraday after reporting a 74.3% YoY jump in Q4FY26 consolidated net profit. However, gave up gains to end 0.95% down to ₹793.

Cipla jumped 2.9% to ₹1,329.8 after reporting record annual revenue for FY26.

PFC gained 1.16% to ₹445.80 after reporting improved quarterly profit growth versus the year-ago period.

Torrent Power declined over 3% to ₹405.85 following its March-quarter earnings announcement.

Futures & Options
Nifty May 2026 futures closed at 23,481, a premium of 68.40 points over the spot Nifty 50 close of 23,412.60, indicating cautious optimism in the derivatives market despite continued volatility. The Nifty 50 gained 33.05 points or 0.14% in the cash market.

Market volatility remained elevated, with India VIX rising 0.75% to 19.43 as investors continued to monitor rising oil prices, rupee weakness and geopolitical tensions in West Asia. In the F&O segment, Dixon Technologies, Cipla and HDFC Bank were the most actively traded individual stock futures contracts. The May 2026 derivatives series will expire on 26 May 2026.

Bonds
India’s government bond yields ended higher on Wednesday. Early in the session, the benchmark 6.48% 2035 bond yield eased to around 7.0345% after rising for four straight sessions, as investors welcomed the government’s sharp increase in gold and silver import duties to curb imports and support the rupee. However, the yield later rose to close at 7.0493%, signalling continued caution in the debt market after a 13-basis-point increase over the previous four sessions.

The government increased the effective import duty on gold and silver to 15% from 6% through a combination of a 10% customs duty and a 5% Agriculture Infrastructure and Development Cess. Markets viewed the move as part of broader measures aimed at easing pressure on the rupee and reducing stress on India’s external balances amid elevated Brent Crude prices.

Forex
Indian rupee weakened to a fresh all-time low of 95.7950 against the US dollar on Wednesday before closing at 95.7050, down 0.1% for the day. Persistent importer demand, overseas debt repayments and continued pressure from elevated Brent Crude prices weighed on the currency.

The prolonged US-Iran conflict and disruptions in the Strait of Hormuz have worsened India’s macroeconomic outlook, prompting economists to cut growth forecasts and raise inflation projections. The rupee has now declined more than 5.0% since the conflict began, making it Asia’s worst-performing currency in 2026.

Crypto
Crypto markets showed signs of recovery on Wednesday after volatility triggered by stronger-than-expected US inflation data. Despite US consumer inflation accelerating to 3.8% in April, crypto prices stabilised as investors returned to risk assets following the initial selloff.

Bitcoin traded near $81,000, rebounding above the key $80,000 support level despite continued ETF outflows and softer market sentiment. Meanwhile, Ethereum strengthened above $2,300, supported by technical buying interest around its 50-day moving average.

US Stock Futures
US stock futures traded mixed on Wednesday, with technology and semiconductor stocks leading gains ahead of another key US inflation reading. Futures linked to the S&P 500 rose 0.2%, while Nasdaq-100 futures advanced 0.8%. In contrast, futures tied to the Dow Jones Industrial Average slipped around 115 points.

Chipmakers drove the premarket rally, with Nvidia gaining more than 2.0%, while AMD and Micron Technology also moved higher. The VanEck Semiconductor ETF climbed 2.2% as investors continued to position around artificial intelligence and semiconductor demand trends.

US Treasury Notes
Yields on US Treasury edged marginally lower in Wednesday’s premarket trading as investors paused after a hotter-than-expected April inflation reading pushed yields near multi-month highs. The benchmark 10-year Treasury yield eased around 1 basis point to 4.46%, while the policy-sensitive 2-year Treasury yield slipped to 3.98%.

Despite the modest pullback, bond market sentiment remained cautious as US headline inflation accelerated to 3.8%, driven largely by elevated energy prices linked to the ongoing West Asia conflict and disruptions around the Strait of Hormuz. Although Brent Crude prices retreated slightly from recent highs, investors continued to expect a prolonged higher-for-longer interest rate environment.

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