Indian shares fall, rupee weakens to record low as oil rises to two-week high

Power Grid of India

18/05/2026 07:30

** Indian shares fall and the rupee weakens to a record low as higher oil prices after a drone attack on UAE nuclear power plant and rhetoric from the U.S. and Iran hurt sentiment

** Nifty 50 .NSEI, Sensex .BSESN fall 0.6% each

** Fifteen of the 16 major sectors decline; broader small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 lose 1.9% and 1.1%

** Other Asian markets .MIAPJ0000PUS dip 0.7% as Brent LCOc1 rises to $112 a barrel, a two-week high

** Elevated crude prices and currency pressure remain the key concerns, for domestic equities as any further escalation in geopolitical tensions could drive oil higher and stoke imported inflation risks

** Among stocks, Tata Steel TISC.NS falls 4.3% after the steelmaker posted a smaller-than-expected fourth-quarter profit

** Power Grid PGRD.NS slides 4.1% despite posting a nearly 10% rise in March-quarter profit, as Motilal Oswal attributes the gain to a 52.8 billion-rupee deferred tax asset and flags misses in revenue and operating profit

** Gland Pharma GLAD.NS jumps 14% after the drugmaker reported a 97% rise in its March-quarter net profit

 (Reporting by Bharath Rajeswaran in Bengaluru)

 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))