Benchmark indices recovered from morning lows by midday on May 18, with the Nifty 50 above 23,600,, while the BSE Sensex was holding near 75,234 levels.
Even as the broader market remained under pressure for most of the session, stock-specific action stayed intense across IT, renewable energy, steel, telecom and pharma counters.
IT Stocks
IT stock prices traded firmly in positive territory on May 18 as the sector emerged as one of the few pockets witnessing sustained buying despite weakness across benchmark indices. The Nifty IT index advanced more than 1% by midday, with all 10 constituents trading higher.
Tech Mahindra gained over 2.5%, Coforge rose more than 2.3%, while Oracle Financial Services Software climbed over 3%. Infosys also traded higher during the session. LTM moved up more than 2%.
The rally came after the Indian rupee weakened sharply against the US dollar and slipped to a fresh record low of 96.25 in early trade. Elevated crude oil prices, global uncertainty and strength in the US dollar continued to pressure the domestic currency.
A weaker rupee improves revenue realisation for export-oriented IT firms because a major share of billing comes in dollar terms. Companies such as Infosys, TCS, HCL Technologies and Coforge benefited from renewed buying interest as traders anticipated support to margins and earnings.
Sentiment also improved after continued strength in US technology stocks. Market participants expect stable enterprise technology spending and better business confidence in the United States to support Indian IT outsourcing demand through FY27.
Premier Energies
Premier Energies Ltd. share price traded in the green on May 18 even as most renewable energy stocks remained under pressure during the session. The stock gained around 0.7% by midday after the company reported strong Q4FY26 earnings.
The company posted a 64.44% rise in consolidated profit after tax to Rs 456.83 crore during the March quarter, compared to Rs 277.80 crore in the same period last year. Revenue from operations increased 37.60% year-on-year to Rs 2,230.3 crore from Rs 1,620.83 crore reported during Q4FY25.
Premier Energies also approved a proposal to raise up to Rs 5,000 crore through equity shares, non-convertible debentures with warrants, QIPs or other eligible instruments, subject to regulatory approvals and shareholder clearance.
The company said the fundraising may happen in one or more tranches depending on market conditions and financing requirements.
Adani Green Energy
Adani Green Energy Ltd. share price declined more than 3% on May 18 as renewable energy stocks witnessed broad-based selling pressure during the session.
The stock had recently touched its 52-week high on May 15. However, profit-booking emerged after the sharp rally seen over the past month. Despite Monday’s weakness, the stock remains up nearly 30% on a year-to-date basis.
The decline also came amid weakness across renewable and utility-linked counters despite no major negative company-specific trigger during the session.
Tata Steel
Tata Steel Ltd. share price slipped more than 5% on May 18 even after the company reported strong Q4FY26 earnings last week.
The steelmaker posted a 125% jump in consolidated net profit to Rs 2,926 crore during the March quarter, compared to Rs 1,301 crore in the same period last year. Revenue from operations rose 12.5% year-on-year to Rs 63,270 crore during Q4FY26.
Operational performance strengthened sharply. EBITDA increased 50% year-on-year to Rs 9,828 crore from Rs 6,559 crore reported a year earlier. EBITDA margin expanded to 15.53% from 11.67%.
For FY26, Tata Steel reported consolidated revenue of Rs 2,32,140 crore and EBITDA of Rs 34,848 crore. The India business contributed EBITDA of Rs 34,272 crore with margin of 24%.
Despite the numbers, the stock came under pressure alongside weakness across steel counters as traders booked profits after the recent run-up in metal stocks.
SAIL
SAIL share price declined around 2% on May 18 despite reporting improved profitability during Q4FY26.
The state-owned steel producer posted a 42% increase in standalone net profit to Rs 1,680 crore during the March quarter, compared to Rs 1,178 crore reported in the year-ago period. Revenue from operations rose to Rs 30,813 crore from Rs 29,316 crore.
The company also approved a final dividend of Rs 2.35 per equity share for FY26.
For the full financial year, SAIL reported net profit of Rs 3,233 crore against Rs 2,148 crore in FY25. Revenue from operations rose to Rs 1,10,810 crore during FY26.
JSW Steel
JSW Steel share price traded lower on May 18 despite the company reporting a multifold rise in Q4FY26 earnings.
The steelmaker reported consolidated net profit of Rs 16,370 crore during the March quarter, compared to Rs 1,503 crore in the same period last year. Revenue from operations rose 14.19% year-on-year to Rs 51,180 crore.
EBITDA increased 35% to Rs 8,634 crore from Rs 6,378 crore reported in Q4FY25.
Crude steel production, however, slipped 2% year-on-year to 7.34 million tonnes. The company nevertheless recorded its highest-ever quarterly steel sales at 7.97 million tonnes.
ICICI Prudential Life Insurance
ICICI Prudential Life Insurance Company Ltd. share price tumbled nearly 9% on May 18 and hit its 52-week low after Prudential plc announced acquisition of a 75% stake in Bharti Life Insurance for Rs 3,500 crore.
Prudential currently owns around 22% stake in ICICI Prudential Life Insurance through its joint venture with ICICI Bank. The latest acquisition means the UK-based insurer will have to reduce its holding in the existing venture to comply with regulatory norms.
The development triggered concerns around the future shareholding structure and potential stake sale pressure in ICICI Prudential Life Insurance.
Coal India
Coal India Ltd. share price traded marginally higher on May 18 after the government cleared a proposal to list Mahanadi Coalfields Ltd and divest up to 25% stake through an IPO.
Coal India informed exchanges that the Alternative Mechanism has approved the proposal for disinvestment and listing of MCL. The transaction may include both offer for sale and fresh issuance of equity shares.
The company stated that stake dilution in MCL may happen through one or more tranches depending on market conditions and regulatory approvals.
The move forms part of a broader plan to list Coal India subsidiaries by 2030 in order to improve transparency and unlock value through monetisation.
Amber Enterprises
Amber Enterprises India share price crashed nearly 15% on May 18 after the company warned about temporary pressure on profitability in its electronics business.
During the earnings call, management stated that consolidated margins may face pressure of 50 to 100 basis points due to rising input costs.
For Q4FY26, the company reported net profit of Rs 134 crore, up 15.3% year-on-year from Rs 116.07 crore. Revenue rose 10.5% to Rs 4,147.52 crore from Rs 3,753.7 crore a year earlier.
The market reaction remained negative because management commentary around margins overshadowed the earnings growth.
Vodafone Idea
Vodafone Idea Ltd. share price declined around 4% on May 18 despite the telecom operator reporting net profit of Rs 51,970 crore for the March quarter of FY26.
The profit was largely driven by a one-time accounting gain linked to reassessment of AGR dues and recognition of present value of future AGR payments.
In the same quarter last year, the company had reported a net loss of Rs 7,166 crore.
The market reaction remained cautious because the reported profitability did not come from operational improvement in the core telecom business.
Kaynes Technology
Kaynes Technology India Ltd. share price fell more than 4% on May 18, extending its three-session decline to nearly 25% after the company reported weaker-than-expected Q4FY26 earnings last week.
The company reported consolidated net profit of Rs 91 crore during the March quarter, down 22% year-on-year from Rs 116 crore. Revenue from operations rose 26% to Rs 1,243 crore from Rs 984 crore reported a year earlier.
Persistent selling pressure continued after multiple brokerages turned cautious on margin outlook and earnings visibility.
Cochin Shipyard
Cochin Shipyard Ltd. share price dropped more than 7% on May 18 after the company reported mixed March quarter results.
Revenue and net profit declined on a year-on-year basis during Q4FY26. However, the company reported improvement in operating margins because of better operational efficiency.
The market reaction stayed negative as traders focused more on the fall in topline and profitability rather than the margin improvement.
Gland Pharma
Gland Pharma Ltd. share price rallied more than 11% on May 18 after the pharmaceutical company reported strong Q4FY26 earnings and announced a final dividend.
The company reported sharp improvement in revenue and profitability during the March quarter, supported by strong growth in its CDMO business and operational efficiencies across key markets.
The earnings triggered aggressive buying in the counter after a prolonged period of muted stock performance.
