On May 12, 2026, the Indian stock market experienced significant declines, with the Nifty 50 index dropping 359 points (1.49%) to close at 23,816. This downturn was influenced by weak global cues and austerity measures outlined by Prime Minister Narendra Modi aimed at curbing the outflow of US Dollars. The BSE Sensex also fell sharply, losing 1,312 points (1.70%) to settle at 76,015. Selling pressure was widespread, particularly affecting sectors such as real estate, energy, and automobiles, while defensive sectors like pharmaceuticals and fast-moving consumer goods showed some resilience. Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, noted that the Nifty is precariously positioned near the critical support level of 23,800, and a failure to maintain this level could lead to further selling. She also highlighted the need for the index to breach the 24,300 resistance level for any bullish momentum. Parekh's stock recommendations for the day include buying Fortis Healthcare at ₹970 with a target of ₹1000 and Goa Carbon at ₹432 with a target of ₹455, while advising selling Eternal at ₹248 with a target of ₹238.