Benchmark indices opened significantly lower on Thursday morning due to rising crude oil prices, persistent foreign institutional selling, and cautious global sentiment following the US Federal Reserve’s decision to maintain interest rates.
The Sensex, which closed at 77,496.36 on Wednesday, opened at 77,014.21 and was trading at 76,849.33, a decline of 647.03 points or 0.83 percent, as of 9:16 AM. The Nifty 50, which ended the previous session at 24,177.65, opened at 23,996.95 and dropped further to 23,965.10, down 212.55 points or 0.88 percent.
The markets will be closed on Friday for Maharashtra Day, increasing the risk of overnight positioning leading into a long weekend. With state election outcomes and geopolitical developments pending, traders are expected to adopt a cautious approach throughout the session.
Brent crude prices briefly surpassed $120 per barrel before retreating to a range of $107 to $110, influenced by supply disruptions related to the blockade and closure of the Strait of Hormuz. Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, cautioned that “…Brent crude at $120 threatens to worsen India’s macros; the downside risk to growth and upside risk to inflation will rise if crude prices remain elevated at this level.”
The Indian rupee remained under pressure amid high oil prices and foreign outflows. Foreign Institutional Investors sold equities worth approximately ₹2,468 crore on April 29, while Domestic Institutional Investors provided partial support with net purchases of around ₹2,262 crore. The India VIX was around 17.43, indicating continued market uncertainty.
Regarding the institutional outlook, Vijayakumar noted, “…Results from AI majors in the US and South Korea are better than expected; this, in turn, might strengthen the ongoing AI trade for some more time. This means further portfolio outflows from India, impacting our markets.”
Among the Nifty 50 gainers, Bajaj Finance led the way with a rise of 2.53 percent from a previous close of ₹930.00 to ₹953.55. ONGC increased by 1.99 percent to ₹307.40, while Coal India advanced 1.50 percent to ₹487.10. Bajaj Finserv gained 0.74 percent to ₹1,777.20, and Wipro edged up 0.53 percent to ₹201.75.
On the losing side, Shriram Finance fell 2.42 percent to ₹933.65 from a previous close of ₹956.85. IndiGo experienced a decline of 2.31 percent to ₹4,245.00, while Eternal slipped 2.26 percent to ₹248.30. Axis Bank shed 2.15 percent to ₹1,268.50, and Adani Ports fell 1.92 percent to ₹1,629.20.
Sector-wise, Private Banking and Financial stocks remained under pressure, with Axis Bank leading the declines. The aviation sector was impacted by IndiGo’s drop, while food delivery and quick commerce sectors saw pressure through Eternal’s decline. Adani Ports reflected continued weakness in the infrastructure and port space. Conversely, energy stocks such as ONGC and Coal India attracted buying interest, while financial services saw selective support in Bajaj Finance and Bajaj Finserv.
Aakash Shah, Technical Research Analyst at Choice Equity Broking, stated, “…The weakness comes amid rising crude oil prices due to Iran-related tensions and cautious global sentiment after the US Federal Reserve maintained its interest rate stance.”
Earnings will be a critical focus for stock-specific movements during the session. Adani Enterprises’ Q4 results are being closely monitored for insights into infrastructure and capital goods sentiment. Similarly, Hindustan Unilever’s figures will provide an understanding of consumer demand and margin trends, while Maruti Suzuki India and CEAT Limited will continue to support the auto sector following recent results.
Ponmudi R, CEO of Enrich Money, remarked, “…Market sentiment remains fragile and highly news-driven, with crude oil volatility, geopolitical developments, currency pressures, and institutional flows acting as key drivers. The near-term trajectory of the market will largely hinge on stability in oil prices and further developments surrounding the Strait of Hormuz situation.”
Technically, Nifty has immediate support at 23,900–23,800, and resistance at 24,200–24,300. A sustained move above 24,500 would be necessary to confirm any bullish continuation, according to analysts. For Bank Nifty, support is positioned at 55,000–55,200, with resistance at 55,700–55,900. Vijayakumar summarized the scenario by pointing out selective opportunities amidst prevailing uncertainties: “…Investors can now focus on companies that are coming out with better-than-expected Q4 results and strong commentary. There are opportunities in this segment.”
Published on April 30, 2026.
