The benchmark Nifty 50 closed flat even as the oil prices soared to $110 a barrel and rupee depreciated to ₹96.2 a dollar, on Monday (May 18, 2026).

The head line numbers show a marginal 0.03% increase in Nifty closing at 23,649.95 points. To be sure, the investors sold massively, pulling the index by 1.18% by 10:00 a.m. The selling however was compensated by buying as IT sector stocks had become cheaper, making it the only sectoral index that gained more than 2.4% at closing. Of all the 21 sectoral indices 13, declined with some of them dipping more than 1.9%. The top five stocks on Nifty 50 were concentrated to two sectors, banking and technology. 

Further, nearly 70% of the 3414 stocks that traded, declined.

The flat headline index number hence had masked the underlying negative sentiment in the market, which is an outcome of still high oil prices, delay in peace talks between Iran and U.S. , and depreciating rupee. 

“A meaningful breakthrough in diplomatic negotiations with Iran—especially regarding uranium stockpiles and sanctions—remains critical for reducing volatility and enabling a decisive upward move in the market” said Vinod Nair, head of research, Geojit Investments Limited.