Stock Market Update: Nifty 50, Sensex Likely to Open Lower as Rupee Hits Record Low

The Indian stock market is likely to remain under pressure after yesterday’s decline amid rising oil prices and the rupee decline. The GIFT Nifty also indicates a gap-down start, trading at 23,678 with a discount of 190 points from its previous Nifty futures close.

On Monday, the Sensex plunged 1,312.91 points or 1.70% to close at 76,015.28, while the Nifty 50 fell 360.30 points or 1.49% to settle at 23,815.85. 

Foreign institutional investors (FIIs) sold shares worth Rs. 8,438 crore on May 11. This marks the highest daily outflow since April 24. Domestic institutional investors (DIIs) bought shares worth Rs. 5,940 crore.

The rupee opened 19 paise lower on May 12 as Brent crude prices increased, dampening investor sentiment. The domestic currency traded at a record low of Rs. 95.50 per dollar, as compared to Rs 95.31 per dollar in the previous trading session.

Sensex Outlook

Technically, the Sensex formed a long-bodied bearish candle on the daily chart, marking the third consecutive session of decline, and closed below 76,500.

The sharp decline has weakened the near-term market structure, with Sensex slipping below important short-term support zones. Immediate support is now placed in the 74,700-75,000 zone. On the upside, resistance is seen around 77,100-77,300, where recovery attempts are likely to face selling pressure and profit booking, said Hitesh Tailor, Technical Research Analyst at Choice Equity Broking.

Nifty 50 Outlook

The Nifty 50 extended its corrective trend for the third consecutive session, forming a bearish candlestick pattern.

"Nifty is currently placed around the lower band of the last 3 weeks consolidation range, 23,800-24,400. A breakdown below 23,800 will open further downside towards 23,550 levels in the coming sessions, being the previous major low of 13th April 2026 and the 38.2% retracement of the previous pullback (22,183-24,601)," said Bajaj Broking Research.

While holding above 23,800 on a closing basis will signal extension of the recent consolidation. On the upside, immediate resistance is placed at 24,127-23,997. Index sustaining below the same will keep the bias down," noted the brokerage.

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Bank Nifty Outlook

On Monday, Bank Nifty declined 870.65 points or 1.57%to close at 54,439.90, forming a bearish candle with a lower high and a lower low, signaling bearish extension.

"Bank Nifty is currently placed around the lower band of the last 3 weeks range, 54,000-56,500. A breakdown below the same will open further downside towards 52,500 levels in the coming sessions."

"While holding above 54,000 on a closing basis will signal extension of the recent consolidation. On the higher immediate resistance is placed at Monday's gap down area of 55,000-55,065. Index sustaining below the same will keep the bias down," Bajaj Broking Research said.