Markets opened significantly lower on Thursday, April 23, 2026, primarily impacted by rising crude oil prices, foreign institutional selling, and increasing geopolitical tensions in West Asia. The BSE Sensex, which had closed at ₹78,516.49 on Wednesday, opened at ₹77,983.66 and was trading at ₹77,754.00, down ₹762.49 or 0.97 percent by 9:16 AM. Meanwhile, the NSE Nifty 50, which closed at 24,378.10, opened at 24,202.35 and fell further to 24,176.40, a decline of 201.70 points or 0.83 percent at the same time.
The drop was somewhat expected, as GIFT Nifty was trading around 24,200 before the market opened, indicating a gap-down start. Aakash Shah, Technical Research Analyst at Choice Equity Broking, remarked, “Indian equity markets are expected to open on a weak to negative note on Thursday, tracking sharp weakness in GIFT Nifty and cautious global cues. The decline reflects profit booking after the recent rally, continued foreign institutional selling, and cautious sentiment amid ongoing geopolitical developments.”
The primary concern for the markets is the crisis in West Asia. Brent crude has surpassed the $100-per-barrel threshold, trading around $102.19, following Iran’s Revolutionary Guards’ seizure of vessels in the Strait of Hormuz—marking their first such action since hostilities began with the US and Israel in February. Stalled negotiations between the US and Iran and the continued blockade of Iranian ports have heightened fears of prolonged disruptions to global energy supply chains.
Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, stated, “With total uncertainty becoming the new normal, there is no clarity on the near-term direction of the market. If Brent crude remains at an average of $100 for several months, India’s growth and corporate earnings will be adversely affected. The market has not yet adjusted for this.”
Global brokerage HSBC has downgraded India’s rating from Neutral to Underweight, citing the country’s heavy reliance on imported energy and the potential negative impacts on inflation and domestic demand. HSBC noted that consensus forecasts for a 16 percent year-on-year growth in earnings for 2026 might face downward revisions, as valuations, while corrected from their peak, remain high compared to peers in Northeast Asia.
In institutional trading on Wednesday, both foreign and domestic investors sold off simultaneously. Foreign Institutional Investors (FIIs) recorded outflows of approximately ₹2,078 crore, while Domestic Institutional Investors (DIIs) sold shares worth around ₹1,048 crore. India VIX, a key measure of near-term market volatility, was trading at 18.30, up 4.38 percent, indicating growing investor anxiety.
Sector-wise, banking and financial stocks were hit hard. The Bank Nifty was consolidating in the range of 57,000–57,500, with resistance at 57,450–57,500 limiting gains. IT stocks faced pressure following disappointing quarterly results, particularly after HCL Technologies issued weak guidance. Infosys is set to report its Q4 results later Thursday, making it a crucial trigger for the sector. Stocks like Tech Mahindra and Trent are under close scrutiny.
Among the early gainers in the Nifty 50, Dr. Reddy’s Laboratories was up 1.54 percent at ₹1,235.80, ONGC rose 0.78 percent to ₹285.85, and Jio Financial Services increased 0.47 percent to ₹239.64. BEL gained marginally, adding 0.19 percent to reach ₹449.55, while Cipla also rose by 0.19 percent to ₹1,238.70.
On the downside, IndiGo was the biggest loser, falling 2.26 percent to ₹4,536.20. UltraTech Cement dropped 1.85 percent to ₹11,968.00, and Mahindra & Mahindra lost 1.78 percent, trading at ₹3,093.70. Eternal slipped 1.75 percent to ₹258.38, and SBI Life Insurance declined 1.69 percent to ₹1,852.90.
The fertilizer sector is attracting attention amid macroeconomic pressures, with FY26 production contracting by 0.1 percent year-on-year—its weakest performance in 13 years. Urea import prices have surged nearly 90 percent above pre-conflict levels, with the latest tender for 2.5 million tonnes attracting quotes around $490 per tonne. Supply disruptions linked to the Strait of Hormuz are expected to persist.
Vikram Kasat, Head of Advisory at PL Capital, noted, “Once stocks reach new highs after a correction, the upward trend can last for some time, as corrections reset sentiment, allowing stocks to climb higher.” However, he cautioned that uncertainties regarding the Strait of Hormuz and rising oil prices could keep some investors wary.
From a technical perspective, the Nifty faces immediate resistance in the 24,400–24,500 range, with support at 24,100–24,000. A decisive close above 24,600–24,680 is needed to revive bullish momentum toward 24,900–25,000, while a decline below 24,300 could lead to a more significant correction toward the gap zone around 23,860, analysts cautioned.
The rupee continued its three-day decline, depreciating by 30 paise amid rising crude prices and ongoing uncertainty regarding a peace deal in West Asia. The Dollar Index (DXY) was at 98.58, and the US 10-year yield stood at 4.31 percent.
On a broader note, Vijayakumar of Geojit highlighted an interesting trend in the Indian market: “A significant trend is the outperformance of the broader market, where FII selling pressure is less pronounced. In fact, FIIs are buying many stocks in the mid and small-cap segments.” Analysts believe that this selective investment may continue to drive stock-specific activity throughout the earnings season.
Published on April 23, 2026.
