Indian equity markets witnessed sharp stock-specific action on May 12, with select midcap and smallcap counters posting strong gains even as broader market sentiment remained under pressure from elevated crude oil prices and stalled US-Iran ceasefire talks. Market breadth on the BSE remained decisively weak, with 2,228 stocks declining against just 898 advancing.
Top gainers on May 12
TVS Holdings was among the session’s standout performers, rising nearly 7% after the company reported a 22% increase in fourth-quarter net profit. The earnings beat triggered fresh buying interest and kept the stock firmly in focus through the session.
Afcons Infrastructure advanced approximately 6% after the company secured a ₹7,544 crore railway project in Croatia — a landmark order marking the company’s entry into the European infrastructure market. The international order win was read as a significant positive for Afcons’ order book diversification and long-term growth trajectory.
Oil India rallied nearly 6% after the government revised royalty rates for crude oil and natural gas, a development that boosted sentiment around upstream oil producers. National Aluminium Company also traded higher, gaining around 2% during the session.
Top losers on May 12
Information technology stocks were the sharpest drag on the market. Infosys, Tata Consultancy Services, and Tech Mahindra each fell around 3%, making IT the weakest sectoral pocket on the day. The BSE IT Index declined 3%, reflecting a combination of global risk-off sentiment, dollar strength concerns, and profit-taking after recent outperformance.
UPL declined 4% following weaker-than-expected earnings, while Vodafone Idea slipped approximately 3% after the company denied reports regarding a proposal to transfer part of its shareholding to treasury stock — a denial that nevertheless kept uncertainty around the stock elevated.
Sectoral performance
The BSE Oil & Gas Index and BSE Metal Index outperformed the broader market, rising 0.4% and 0.3% respectively, supported by the rally in Oil India and aluminium stocks amid elevated commodity prices. The BSE IT Index’s 3% decline was the sharpest sectoral loss of the session, followed by the BSE Realty Index which fell 1.4%, reflecting pressure in rate-sensitive counters as bond yields rose and inflation concerns mounted.
Global cues and market context
Traders continued to track higher crude oil prices after President Trump cast doubt on the Iran ceasefire, keeping uncertainty around the Strait of Hormuz firmly in focus. Brent crude rose nearly 1% to trade above $105 per barrel, with stalled US-Iran negotiations and the continued closure of the Strait raising concerns over elevated energy costs for an extended period. The macro backdrop — record-low rupee, rising bond yields, elevated VIX at 18.56, and a hot US CPI expected later in the day — kept overall sentiment cautious despite the strong individual stock moves.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors are advised to consult a registered financial advisor before making any investment decisions. Business Upturn does not hold any position in the securities mentioned.