Benchmark indices continued their decline through midday trade on Thursday, with the Sensex dropping 729.85 points, or 0.94 percent, to 76,766.51. The Nifty 50 fell by 237.25 points, or 0.98 percent, to 23,940.40 by 1 PM, impacted by rising crude oil prices, a weakening rupee, and widespread selling across most sectors.
Market breadth on the BSE reflected a bearish sentiment: of 4,148 stocks traded, only 1,333 advanced while 2,639 declined. Just 89 stocks reached 52-week highs compared to 24 hitting 52-week lows, with 124 stocks in upper circuit and 132 in lower circuit, indicating stronger selling pressure than buying activity at current valuations.
Crude oil prices have remained a major concern, with U.S. oil trading near $109 per barrel, significantly above the $105 mark. MCX Crude Oil is currently maintaining a range between ₹10,300 and ₹10,500 amid fears of supply disruptions linked to the Strait of Hormuz blockade. The rupee is trading around ₹94.85 against the dollar, nearing the critical ₹95 level, with analysts cautioning that a sustained break above this threshold could lead the pair toward new all-time highs. Ponmudi R, CEO of Enrich Money, remarked, “Volatility is expected to remain elevated, with downside risks prevailing unless geopolitical tensions ease.”
Among Nifty 50 gainers, Bajaj Auto led with a rise of 3.22 percent to ₹9,851.00 from a previous close of ₹9,543.50, backed by strong volumes exceeding 7.48 lakh shares. Bajaj Finance gained 1.99 percent to ₹948.50, while Infosys recorded a 1.33 percent increase to ₹1,183.00, reflecting a mild recovery in the IT sector. Wipro rose by 0.56 percent to ₹201.80, and HCL Technologies edged up 0.49 percent to ₹1,206.10, indicating selective value buying within the IT pack despite the broader market selloff.
The losers on the index were led by Tata Motors, which fell 3.96 percent to ₹338.75 from a previous close of ₹352.70, driven by ongoing challenges in the auto sector’s passenger vehicle segment. Eternal dropped 3.77 percent to ₹244.46, extending its earlier losses. Hindustan Unilever decreased by 2.64 percent to ₹2,253.20 despite reporting quarterly results, as investors appeared to seize the opportunity to sell. Shriram Finance declined 2.58 percent to ₹932.20, while Axis Bank shed 2.43 percent to ₹1,264.90, maintaining downward pressure on private banking stocks.
In commodities, COMEX Gold is trading within the $4,560 to $4,600 range amid near-term selling pressure, while MCX Gold hovers near ₹1,49,500 after retracting from highs of ₹1,51,500. COMEX Silver remains rangebound between $72.50 and $73.50, alongside MCX Silver trading in the ₹2,39,000 to ₹2,41,000 zone, both facing selling pressure despite the safe-haven demand fueled by ongoing geopolitical tensions.
From a technical perspective, the Nifty’s breach of the 24,000 psychological level indicates near-term vulnerability. Analysts identify immediate support at 23,800, with a breakdown potentially extending losses to 23,600 to 23,400. In the Bank Nifty, which opened around 54,896, key support is being monitored in the 54,400 to 54,300 range. With the market closed on Friday for Maharashtra Day, traders are expected to avoid aggressive positions through the remainder of the session, resulting in thin volumes and reduced conviction as the market approaches the close.
Published on April 30, 2026.
