The Benchmark indices drifted into red in midday trade on May 21 after starting on a firm note. The Nifty 50 slipped below 23,700 while the Sensex gave up over 250 points from day’s highs. Beneath the surface, stock-specific action remained the highlight.
Earnings expectations, quarterly updates, sector tailwinds and global cues drove movement across counters, with Nykaa, LIC, Apollo Hospitals and Protean eGov Technologies drawing attention, while railway-linked names and data centre plays also stayed in focus.
Here are the top movers and shakers at this hour:
Jubilant FoodWorks
Jubilant FoodWorks share price declined more than 8% and recorded its sharpest single-day fall since March 2020 after the company’s earnings commentary triggered concerns over growth quality.
The pressure emerged after management disclosed that Domino’s like-for-like sales growth slowed to 6.5% in FY26 from 7.5% in the previous financial year.
The company stated that average bill values moderated due to affordability-led measures that included reducing the free delivery threshold to Rs 99, targeted cashback initiatives and removal of packaging charges in selected markets.
Management said these measures were intended to preserve order momentum and market share in a competitive environment. However, weaker dine-in and takeaway growth affected overall same-store sales expansion.
The market reaction suggested that volume growth alone was not enough to offset concerns around spending intensity and average order value.
Protean eGov Technologies
Protean eGov share price hit the 20% upper circuit on May 21 after the company reported stronger earnings for the March quarter.
Consolidated profit after tax increased 48.92% to Rs 30.38 crore compared with Rs 20.40 crore reported a year ago.
Revenue from operations climbed 38.43% to Rs 307.54 crore during Q4FY26.
The strongest contribution came from tax services, where revenue surged 65% year-on-year to Rs 177 crore driven by higher PAN card issuances.
Operational performance also improved meaningfully. EBITDA increased 55% to Rs 53 crore from Rs 34 crore in the corresponding quarter last year.
Apollo Hospitals
Apollo Hospitals share price gained nearly 4% and touched a fresh 52-week high after reporting stronger March quarter numbers.
The healthcare company reported consolidated net profit of Rs 529 crore for Q4FY26, marking growth of 36% from Rs 390 crore reported in the same quarter last year.
Revenue from operations increased 18% to Rs 6,606 crore.
Operating performance also improved. EBITDA rose 31% to Rs 1,011 crore, while operating margin expanded to 15.3% from 13.77%.
Growth remained broad-based. Apollo Health and Lifestyle reported revenue growth of 24.2%, while Apollo HealthCo recorded 20% growth during the quarter.
Nykaa
FSN E-Commerce Ventures Ltd. share price traded higher by midday ahead of the company’s March quarter earnings announcement, with market attention turning to the company’s operating momentum across beauty and fashion.
The stock gained around 0.4% during the session and extended its broader recovery trend. Over the last one month, the stock has risen 3.5%, while gains over six months stood at 2%. On a year-on-year basis, the stock remained stronger by 37%.
Ahead of results, the company’s April business update remained the key reference point for market positioning. Nykaa had indicated that consolidated gross merchandise value growth for Q4FY26 is expected in the late twenties, while consolidated net sales value growth is projected in the early thirties.
The company also guided for consolidated revenue growth in the late twenties, which would mark its strongest quarterly growth pace in nearly three years. Management attributed the acceleration to sustained strength in beauty and improving traction in fashion.
Retail expansion added another layer to the quarter. Nykaa opened 26 stores and integrated 11 Kiehl’s outlets during the reporting period, marking its highest-ever quarterly store additions.
The fashion business also continued its recovery path, with management expecting gross merchandise value growth in the late twenties and net sales value growth in the early forties.
LIC
Life Insurance Corporation of India share price advanced as much as 1.4% on May 21 ahead of the insurer’s March quarter earnings announcement and possible final dividend recommendation.
The stock remained under watch as the board scheduled a meeting to approve audited standalone and consolidated results for the quarter and full year ended March 31, 2026.
Market positioning was also supported by the company’s previous quarterly performance. In Q3FY26, consolidated net profit increased 17.46% year-on-year to Rs 12,930.44 crore from Rs 11,008.65 crore.
Net premium income also expanded 17.76% to Rs 1.26 lakh crore compared with Rs 1.07 lakh crore in the corresponding period last year.
Expectations around dividend payout and commentary on premium growth remained among the key factors driving movement in the stock through midday trade.
Railway Stocks
Railway stock prices traded higher by midday as buying interest continued across public sector railway names and rail-linked engineering companies.
The NIFTY India Railways PSU index gained around 0.75%, with nearly all constituents trading in positive territory.
IRFC advanced about 0.5%, RVNL gained nearly 1%, Ircon International rose around 1.6%, IRCTC traded higher by more than 0.5%, while RITES gained about 1%.
Among other names, RailTel rose over 1%, BEML advanced nearly 3%, Texmaco Rail added around 1%, and Titagarh Rail Systems gained more than 2%.
The sector continued to receive support from the Union Budget allocation of approximately Rs 2.93 lakh crore toward Indian Railways for FY27.
Focus areas remain centred on electrification, Vande Bharat expansion, freight infrastructure, station redevelopment, safety systems and rolling stock manufacturing.
Additional support came after approval of three railway infrastructure and safety projects worth Rs 2,193 crore involving expansion and network strengthening works.
Data Centre Stocks
Data centre stock prices traded firmly in the green after stronger-than-expected quarterly performance from Nvidia revived interest across AI-linked themes globally.
Netweb Technologies gained over 4.5%, E2E Networks rose around 2%, while Anant Raj moved higher by nearly 1.5%.
Nvidia projected second-quarter revenue above Street expectations and also announced an Rs equivalent $80 billion share buyback programme along with a dividend increase.
Management commentary remained constructive around AI adoption and infrastructure spending. The company’s data centre revenue reached $75.2 billion for the quarter, recording annual growth of 92%.
Even though Nvidia shares later slipped in extended trading, the earnings update reinforced expectations that demand across AI infrastructure and computing capacity remains elevated.
Indian companies linked to servers, cloud infrastructure, GPUs and data centres saw buying interest on those expectations.
ITC
ITC share price traded higher by around 0.5% ahead of its March quarter earnings announcement and final dividend consideration.
Attention remained centred on the cigarette business after GST on cigarettes was increased to a uniform 40% from 28% beginning February 2026.
The upcoming results are expected to provide greater visibility on how tax changes affected revenue and operating margins in the final quarter of FY26.
Apart from earnings, the company’s board is also expected to consider a final dividend proposal, keeping the stock active through the session.
