Mumbai, India — April 23, 2026
Indian equity benchmarks closed sharply lower for the second consecutive session on Thursday, weighed down by rising global oil prices, geopolitical tensions, and a weakening currency.
The 30-share BSE Sensex declined 852.49 points (1.09%) to settle at 77,664, while the Nifty 50 fell 205.05 points (0.84%) to close at 24,173.05.
Two-Day Selloff Deepens
Markets remained under pressure throughout the session. The Sensex opened at 77,983.66 and slipped over 800 points to hit an intraday low of 77,574.18. Similarly, the Nifty dropped nearly 1% during the day to touch 24,134.80.
Over just two sessions, the Sensex has plunged nearly 1,600 points, while the Nifty has declined close to 2%, reflecting heightened investor caution.
Broader Markets Also Under Pressure
The weakness extended beyond frontline indices. Broader markets, which had shown resilience in the previous session, also closed in the red:
- Nifty Smallcap 100 fell 0.67%
- Nifty Midcap 100 declined 0.41%
Sectoral Snapshot
Most sectoral indices ended lower, with only defensive pockets showing gains:
- Gainers: Pharma (+2.36%), Media (+0.90%)
- Losers:
- Auto (-2.35%)
- PSU Banks (-2.19%)
- Realty (-1.83%)
- Financial Services (-1.38%)
- Private Banks (-1.31%)
- IT (-1.22%)
Stock Movers
Among Nifty 50 stocks, gains were seen in pharma and select heavyweights including Dr. Reddy’s, Cipla, and Nestlé India.
On the downside, major laggards included Trent, Shriram Finance, Tech Mahindra, Bajaj Finserv, Infosys, SBI Life, and M&M.
Oil Shock and Global Tensions Weigh
Investor sentiment remained fragile amid escalating tensions in West Asia and continued disruptions around the Strait of Hormuz, a critical global oil shipping route.
With U.S.-Iran negotiations stalled, crude prices have surged above $100 per barrel. Brent Crude rose about 1.1% to near $103 per barrel, marking its fourth straight day of gains.
So far this year, benchmark crude prices have climbed nearly 70%, intensifying inflation concerns for import-dependent economies like India.
Rupee Weakens Past Key Level
The Indian currency also remained under pressure. The Indian Rupee weakened for the fourth consecutive session, slipping past the 94 mark against the U.S. dollar for the second time in a month.
A weaker rupee increases import costs—particularly for crude oil—adding further strain on the economy and equity markets.
Outlook
Market participants are expected to remain cautious in the near term as global oil volatility, currency weakness, and geopolitical uncertainties continue to influence investor sentiment.
Analysts say the trajectory of crude prices and currency stability will be key factors determining the market’s direction in the coming sessions.
