Stock Market Today, May 21: Indian equity benchmark indices erased all morning gains to end in the red amid expiry day-led volatility on Thursday, with Sensex and Nifty slipping around 1 per cent each from their intraday highs, driven by rising bond yields, FII selling, profit-taking in blue-chip stocks and more.
Sensex at close on Thursday, May 21
The 30-share BSE Sensex declined 135.03 points, or 0.18 per cent, to close at 75,183.36. During the day, the index hit a high of 75,945.79 and a low of 74,996.78, gyrating 949.01 points.
The 50-share NSE Nifty slipped 4.30 points, or 0.02 per cent, to end at 23,654.70. This came even as India VIX, which measures volatility in markets, declined over 3 per cent to 17.82 by the end of the session.
Sensex, Nifty gainers and losers today
From the 30-Sensex pack, Bajaj Finance, Tech Mahindra, Hindustan Unilever, Infosys, Bajaj Finserv and Bharti Airtel were among the major laggards.
InterGlobe Aviation, Trent, Bharat Electronics and Adani Ports were among the gainers.
Shares of Bajaj Finance, Infosys and Tech Mahindra emerged among the top laggards on the Sensex. On the Nifty index, Bajaj Finance, Tech Mahindra and Hindustan Unilever were among the major losers.
Stock Market Today, May 21: Quick Highlights
- Nifty closes flat near 23650 mark
- Top performer- Grasim Industries and Indigo
- Top loser-Bajaj Finance and HUL
- Nifty Bank falls ~0.2%, mainly dragged by Federal Bank and Yes Bank
- Nifty Midcap closes flat
- Nifty smallcap closes in green for 3rd consecutive session, advances ~0.6%; mainly led by gains in Triveni Turbine and Amber Enterprises
- Nifty Realty top sectoral gainer closes in green for 3rd consecutive session, advances over 1%; mainly led by Anant Raj and Phoenix India
- Nifty Auto closes in green for 3rd consecutive session, advances over 0.3%; SAMIL and UNO Minda were lead gainers
- Nifty Energy closes in green for 3rd consecutive session, advances over 0.3%; Adani Total Gas and Siemens Energy lead gains
- Nifty PSU Bank closes in green for 3rd consecutive session, advances over 0.2%; Maharashtra Bank and UCO Bank were the top performers
- Nifty Metal closes in green for 2nd consecutive session, advances over 0.2%; mainly led by Lloyd Metals and Hindalco
- Nifty Pharma closes flat
- Nifty IT down closes in red for 2nd consecutive session ~0.5%; Coforge and Tech Mahindra lead losses
- Nifty FMCG top sectoral loser closes in red for 4th consecutive session, declines ~0.6%; mainly dragged by Emami and UBL
Sachin Gupta, VP - Research, Technical Research, at Choice Broking Private Limited said, "Indian equity benchmark Nifty index witnessed a flat to marginal negative close on 21st May 2026. The index opened with a gap-up of 171.05 points at 23,830.05, reflecting positive sentiment at the start of the session. The index registered its intraday high of 23,859.90 within the first few minutes of trade. However, selling pressure emerged from higher levels thereafter, dragging the index steadily lower throughout the session. The weakness persisted through the day as the index slipped to an intraday low of 23,596.60 before finally settling at 23,654.70, ending the session with a marginal decline of 4.30 points or 0.02%. On the daily timeframe, the index formed a bearish candlestick pattern after failing to sustain at higher levels. The index also witnessed rejection from the 20-DEMA on the daily timeframe, indicating selling pressure emerging near higher resistance zones and cautious undertones in the broader trend."
From a technical perspective, immediate support is placed in the 23,350-23,400 zone, while resistance is observed in the 23,900-23,950 range. The Relative Strength Index (RSI) stands at 45.55, indicating neutral-to-weak momentum in the near term. The volatility index, India VIX, declined by 3.35% to close at 17.82, indicating easing volatility and slightly improving stability in market sentiment. In the derivatives segment, notable call writing was observed at the 23,700 and 23,800 strikes, while put writing was concentrated at the 23,600 and 23,500 levels, indicating immediate support near lower levels while resistance continues to remain firm near higher strikes, Gupta stated.
Sectorally, the market witnessed mixed sectoral performance during the session. Strength was visible in Cement, Realty, Consumer Durables, Healthcare, Chemicals, Auto, and PSU Bank indices, while weakness persisted in IT, FMCG, Financial Services, Banking, and Media stocks. Market breadth remained positive overall, with advancing stocks outnumbering declining stocks, indicating selective buying interest in the broader market despite weakness in benchmark indices.
20 Day EMA - 23,802.28
50 Day EMA - 24,016.59
100 Day EMA - 24,401.65
200 Day EMA - 24,639.94
"The Bank Nifty Index opened with a gap-up of 400.90 points at 53,963.10, indicating positive sentiment in the banking space at the opening bell. The index registered its intraday high of 54,109.15 within the initial few minutes of trade. However, profit booking emerged from higher levels thereafter, resulting in sustained selling pressure through the session.
From a technical perspective, immediate support is placed in the 52,800-52,900 zone, while resistance is observed in the 54,250-54,350 range. The Relative Strength Index (RSI) stands at 40.53, indicating weak momentum in the index though support-based buying interest may continue near lower levels.
"Markets witnessed a volatile trading session with both benchmark indices opening sharply higher amid positive sentiment. However, the inability to sustain at elevated levels resulted in persistent profit booking throughout the day, dragging the indices lower from their opening highs. Despite weakness in benchmark indices, broader market participation remained relatively positive with advances outnumbering declines, indicating selective buying in broader market segments. Going forward, sustained movement above immediate resistance zones will remain crucial for confirming stronger recovery momentum, while support zones continue to hold importance for maintaining near-term stability in the market," Gupta added.
Rupee witnessed a sharp recovery towards 96.15, gaining around 65 paise or 0.68 per cent, as short covering emerged after the currency touched near 97 lows in the previous session.
Dilip Parmar, Research Analyst at HDFC Securities, said, "The Indian rupee snapped a nine-day losing streak to emerge as Asia's top-performing currency. This recovery follows a retracement in crude oil prices amid tentative signs of easing geopolitical friction, alongside active central bank intervention. Moving forward, investor focus will remain anchored on geopolitical developments and the upcoming RBI monetary policy review."
From a technical standpoint, Parmar said the spot USDINR is finding firm support at 95.74, while immediate resistance remains capped at 96.50.
Broader markets today
In the broader market, the Nifty MidCap index ended 0.04 per cent lower, while the Nifty SmallCap index outperformed the benchmarks and closed 0.63 per cent higher.
Sectorally, the Nifty FMCG, Nifty IT and Nifty Financial Services indices witnessed the sharpest declines during the session. On the other hand, the Realty and Cement sectors outperformed the broader market.
The Nifty Cement index surged more than 2 per cent by the close of trade, emerging as one of the strongest sectoral performers of the day.
Brent crude, the global oil benchmark, declined 0.71 per cent to USD 104.3 per barrel level.
In Asian markets, South Korea's benchmark Kospi and Japan's Nikkei 225 index ended higher. The Kospi surged over 8 per cent. Shanghai's SSE Composite index and Hong Kong's Hang Seng index ended lower.
Markets in Europe were trading in positive territory. US markets ended significantly higher on Wednesday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,597.35 crore on Wednesday, according to exchange data.
On Wednesday, the 30-share BSE benchmark climbed 117.54 points, or 0.16 per cent, to settle at 75,318.39. The Nifty edged higher by 41 points, or 0.17 per cent, to end at 23,659.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)
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