Markets experienced a significant downturn on Thursday, driven by a steep rise in global crude oil prices, a rupee decline beyond the 95-per-dollar mark, and ongoing foreign selling that unsettled investor sentiment at the end of April.
The BSE Sensex closed down by 582.86 points, or 0.75 percent, ending at 76,913.50. Meanwhile, the Nifty 50 fell 180.10 points, or 0.74 percent, to finish at 23,997.55. Both indices opened lower, with the Nifty hitting an intraday low of 23,796 before rebounding by 291 points in the latter half to close just beneath the 24,000 threshold. The trading session coincided with the monthly Sensex expiry, contributing to heightened volatility, which saw India’s VIX rise over 5 percent during the day.
The sell-off was primarily instigated by oil prices spiking sharply, with Brent crude surpassing $110 per barrel and WTI approaching the $105–106 range amid escalating tensions between the US and Iran and fears of potential supply disruptions in the Strait of Hormuz. Statements from former President Donald Trump rejecting Iran’s nuclear proposal and rumors of the US exploring military options exacerbated risk aversion across global markets.
“The decline was primarily driven by a sharp surge in crude oil prices, which hit multi-year highs due to increasing geopolitical tensions in the Middle East. This raised fears of inflationary pressures and macroeconomic instability for oil-importing economies like India,” remarked Ajit Mishra, Senior Vice President of Research at Religare Broking.
The Indian rupee closed at a record low of 95.322, depreciating by 6 paise, which was attributed to foreign institutional investor (FII) outflows, rising crude prices, and a hawkish stance from the US Federal Reserve.
On the sectoral front, losses were widespread, with Nifty Metal, PSU Banks, Realty, and FMCG facing declines between 1 percent and 2 percent. Capital Goods and Consumer Durables also struggled, while IT and Pharma sectors experienced defensive buying that provided some support. Among individual stocks, Bajaj Auto, Sun Pharma, and Infosys were leading gainers on the Nifty, while Eternal, Tata Motors’ passenger vehicle unit, and Hindalco were among the top laggards.
The broader market also reflected the negative sentiment, with the Nifty Midcap 100 dropping 0.98 percent and the Smallcap 100 decreasing by 0.48 percent, as the advance-decline ratio ended at 0.66, highlighting widespread profit-booking following recent rallies in mid and small-cap stocks.
In commodities, gold rose approximately 1.5 percent to around $4,567 per ounce, while silver increased nearly 2 percent to nearly $74.50 per ounce, as investors turned to safe-haven assets amid geopolitical uncertainties. The current levels of crude oil pose ongoing risks to India’s import bill and inflation trajectory.
Foreign institutional investors were net sellers throughout the session, though domestic institutional investors provided some limited support. “FII outflows and rising crude prices continued to weigh on market sentiment,” observed Gaurav Garg from Lemonn Markets Desk.
Markets will be closed on Friday, May 1, in observance of Maharashtra Day. Traders will resume on Monday, keeping an eye on the manufacturing PMI data from the US and Japan for April. Technically, Nifty’s immediate support is at the 23,800 level, with resistance anticipated at 24,334 and 24,600. “A decisive move below 23,800 could signal further downside towards 23,500. Conversely, the 24,400–24,800 range is expected to act as significant resistance,” added Mishra. The near-term outlook will depend heavily on fluctuations in crude prices and the US-Iran situation through the extended weekend.
Published on April 30, 2026.
