Rupee hits record low of ₹95.80, IT stocks bleed as markets open higher on global tailwinds

India’s stock markets opened cautiously positive on May 14, 2026, with the Sensex rising 0.40 percent to 74,909.71 and the Nifty 50 gaining 0.64 percent to 23,561.50, following Wall Street’s record highs. The rally was led by chipmakers like Nvidia and Cisco, while Asian markets also climbed, with Japan’s Nikkei up over 320 points and South Korea’s Kospi rising 1.2 percent. Investors are monitoring a possible Trump-Xi summit for trade signals. On the Nifty 50, pharmaceuticals and Adani Group firms outperformed, with Cipla surging 7.01 percent to ₹1,420.70 and Adani Enterprises rising 3.13 percent to ₹2,576.10. However, IT stocks underperformed, with HCL Technologies down 1.19 percent to ₹1,129.60, TCS declining 1.06 percent to ₹2,248.60, and Tech Mahindra dropping 1.01 percent to ₹1,361.10. Analysts attributed IT’s weakness to the ‘Anthropic shock,’ while pharmaceuticals were seen as more resilient due to inelastic demand and export benefits from the depreciating rupee. The Indian rupee hit a record low of ₹95.80 against the dollar, weakening for the fourth consecutive session from ₹90 at the start of the year. Crude oil prices remained elevated at $100–$104 per barrel, driven by US-Iran tensions and Strait of Hormuz disruptions. Analysts warned the rupee could reach ₹100 if crude stays high, though progress in US-Iran negotiations or a sustained drop below $100 could trigger a market rally. The India VIX rose 0.75 percent to 19.43, marking its fourth straight gain, while metals and defense stocks climbed 3.35 percent and 2.20 percent, respectively. Technically, the Nifty faces resistance at 23,500–23,600, with a stronger barrier at 23,900–24,000. Brokers advised level-based trading, noting the short-term outlook remains bearish unless the index decisively breaks above 24,000.