BSE Sensex plunges 775 points as rupee slips to 96.17/$

The BSE Sensex fell more than 800 points in early trading on Monday, May 18, and the NSE Nifty 50 dropped below 23,400 as a slide in the rupee added to pressure on Indian assets. The rupee opened at a record low of 96.17 per U.S. dollar and weakened further in early trade, according to market reports. Bharti Airtel rose enough during the session to overtake HDFC Bank by market value, according to market data cited by local financial media. The moves came after a volatile week in which Indian benchmarks had already posted losses on Friday. ### How far did Indian markets fall at the open? The Nifty 50 dropped 1.1% to 23,391.9 by 9:16 a.m. IST on May 18, while the BSE Sensex fell 1.16% to 74,374.04, the Financial Express reported. TradingView data showed the Nifty’s intraday range extended down to 23,317.10 in Monday trade, after a previous close of 23,643.50. The BSE’s mobile market page showed the Sensex had closed at 75,237.99 on Friday, May 15, down 160.73 points, setting up Monday’s weaker open. Moneycontrol also showed the May 15 close at 75,237.99 for Sensex and 23,643.50 for Nifty 50. ### Where did the rupee trade against the dollar? The rupee opened at 96.17 per dollar on Monday, compared with Friday’s close of 95.97, and later touched a fresh low of 96.20 in early trade, the Financial Express reported. (financialexpress.com) News18 separately reported the same 96.17 opening level and said the move came as crude oil prices, a stronger dollar and foreign investor outflows weighed on the currency. (m.bseindia.com) The Hindu BusinessLine reported the rupee was quoted at 96.18 per dollar after hitting a record low, while Financial Express said the currency had set a fifth straight session of all-time lows. Financial Express also reported that traders believed the Reserve Bank of India had intervened on Friday after the rupee slipped past 96, though the report attributed that to traders rather than the central bank. (financialexpress.com) ### What was driving the selloff? Brent crude moved above $112 a barrel after an attack on a nuclear power plant in the United Arab Emirates, according to the Financial Express, which linked the move to rising tensions in the Middle East. The same report said higher U.S. Treasury yields and a stronger dollar added to pressure on risk assets and emerging-market currencies. (thehindubusinessline.com) All 16 major sectors were in the red in early Indian trading, the Financial Express reported. TradingView’s market page showed India’s volatility index at 19.93 during the session, alongside intraday commentary describing heavy selling pressure after a gap-down open. (financialexpress.com) ### Did Bharti Airtel really pass HDFC Bank in market value? Bharti Airtel rose more than 2% on May 18 and its market capitalization reached about 11.8 lakh crore rupees, while HDFC Bank fell more than 2% and its market value slipped to about 11.7 lakh crore rupees, according to Economic Times market data. MSN, citing media reports, also said Airtel had surpassed HDFC Bank to become India’s second-most valued listed company. (financialexpress.com) Reliance Industries remained India’s most valuable listed company at about 18 lakh crore rupees, Economic Times reported. The BSE market page for May 15 showed Bharti Airtel among gainers at the prior close, while HDFC Bank had edged lower. (economictimes.indiatimes.com) ### Why does the date matter here? May 17, 2026, fell on a Sunday, when India’s cash equity markets were closed. The verified market moves tied to this story appeared in Monday, May 18, trading, while the most recent full cash-market close before that was Friday, May 15. The next concrete markers are Monday’s official closing levels for the Sensex and Nifty, the rupee’s end-of-day exchange rate, and whether Bharti Airtel retains its lead over HDFC Bank in market capitalization at the close on May 18. (economictimes.indiatimes.com) (financialexpress.com) (m.bseindia.com)