Closing Bell: Sensex Falls 852 Points, Nifty 50 Drops 205 Points as Oil Nears $105

Market Update at 04:05 PM: Indian equity benchmarks ended lower on Thursday, April 23, with both the Nifty 50 and Sensex declining by nearly 1 per cent amid rising geopolitical tensions and a sharp surge in crude oil prices. Financial and auto stocks led the losses as Brent crude crossed the USD 100 per barrel mark after Iran seized two ships in the Strait of Hormuz, dampening investor sentiment.

The Nifty 50 opened with a gap-down of around 175 points and remained under pressure throughout the session, extending losses from the previous day. By the close, the index slipped 205.05 points, or 0.84 per cent, to settle at 24,173.05, falling below the crucial 24,200 level. The Sensex declined 852.49 points, or 1.09 per cent, to end at 77,664. The Nifty volatility index hovered around 18, indicating continued market uncertainty.

Crude oil prices rebounded sharply, with Brent crude rising toward USD 105 per barrel, gaining about 2.5 per cent after a 3.5 per cent jump in the previous session. The escalation in tensions around the Strait of Hormuz—a key global oil supply route—triggered a risk-off sentiment across global markets. This led to declines in equities and bonds while strengthening the U.S. dollar, raising concerns over inflation and economic growth.

On the sectoral front, only 3 out of 11 major sectoral indices ended in positive territory. Broader markets also remained weak, with the Nifty Midcap index declining 0.41 per cent and the Nifty Smallcap 100 index falling 0.67 per cent.

The Nifty Pharma index emerged as the top performer, rising 2.36 per cent, with nearly 80 per cent of its constituents closing in the green. The index touched a one-month high and recorded its highest trading volume in the last six years, taking its gains for April 2026 to 3.39 per cent. In contrast, the Nifty Auto index was the worst performer, falling 2.35 per cent and extending its previous losses, closing below its 200-day exponential moving average.

Among individual stocks, Bharat Coking Coal declined over 5.05 per cent following its Quarterly Results. Oracle Financial Services Software gained 8.18 per cent, while Jio Financial Services rose 4.26 per cent after announcing a binding agreement with Allianz Group, through Allianz Europe BV, to form a 50:50 primary insurance joint venture focused on general and health insurance in India.

In terms of index contributors, Dr. Reddy’s Laboratories added 15.11 points to the Nifty 50, followed by Cipla with 8.63 points and Larsen & Toubro with 8.42 points. On the downside, HDFC Bank dragged the index by 51.76 points, ICICI Bank by 30.47 points, and Reliance Industries by 27.46 points.

Market breadth remained weak on April 23, with declining stocks outpacing advances. Out of 3,396 stocks traded on the NSE, 1,255 advanced, 2,037 declined, and 104 remained unchanged. A total of 116 stocks touched their 52-week highs, while 25 hit their 52-week lows. Additionally, 107 stocks were locked in Upper Circuits, whereas 36 stocks were in Lower Circuits.

Market Update at 12:19 PM: Indian equity benchmarks slipped to the day’s low, tracking a sharp rise in global oil prices after Iran reportedly fired at ships in the Strait of Hormuz and seized vessels, escalating geopolitical tensions and rattling investor sentiment.

The Nifty 50 was trading 0.73 per cent, or 180.60 points lower, at 24,200.25. Meanwhile, the Sensex declined 0.93 per cent, or 731.67 points, to 77,784.82.

Among the major laggards on the Nifty 50 index were Trent, Tech Mahindra, and Mahindra & Mahindra, which weighed on the benchmark indices.

Broader markets also mirrored the weak sentiment. The Nifty MidCap index slipped 0.27 per cent, while the Nifty SmallCap index declined 0.25 per cent.

On the sectoral front, the Nifty Construction and Nifty Auto indices recorded the steepest losses. Financial stocks remained under pressure, with the Nifty Private Bank, Nifty Financial Services, and Nifty Bank indices underperforming the broader market. In contrast, the Nifty Pharma index showed relative resilience and outperformed other sectors.

Geopolitical developments remained a key driver of market volatility. U.S. President Donald Trump stated that the ceasefire announced on April 7 would remain in place until Iran submits a unified proposal. However, Iran indicated that it is not participating in any negotiations.

Tensions further escalated as both nations used traffic blockades in the Strait of Hormuz to exert pressure on each other, raising concerns about global inflation and economic growth.

Crude oil prices surged amid fears of supply disruption. Brent crude was trading above the USD 100 per barrel mark, with April futures rising 1.08 per cent to USD 103.01 on the Intercontinental Exchange.

Market Update at 09:35 AM: Indian equity markets declined on Wednesday as rising geopolitical tensions in the Middle East pushed crude oil prices higher. The Nifty 50 fell 0.94 per cent, or 211.40 points, to 24,178.15, while the Sensex dropped 665.50 points to 77,851.43.

The decline was driven by a surge in oil prices after reports that Iran fired at ships in the Strait of Hormuz and seized vessels, raising concerns over potential supply disruptions through the critical shipping route.

Broader markets showed relative resilience compared to benchmarks. The Nifty MidCap index declined 0.29 per cent, while the Nifty SmallCap index slipped 0.11 per cent, indicating mild outperformance by mid and Small-Cap segments.

Global geopolitical developments also weighed on investor sentiment. U.S. President Donald Trump stated that the ceasefire announced on April 7 would remain in place until Iran submits a unified proposal. However, Iran has denied participation in any negotiations, increasing uncertainty over diplomatic progress.

At the same time, both countries have reportedly leveraged disruptions and traffic blockades in the Strait of Hormuz as strategic pressure points, adding to fears of inflationary pressures and slower global economic growth.

Crude oil prices remained elevated amid the ongoing tensions. Brent crude traded above the USD 100 per barrel mark, with April futures rising 0.14 per cent to USD 102.05 on the Intercontinental Exchange. The sustained increase in oil prices has further heightened concerns over inflation and input costs for emerging markets like India.

Pre-Market Update at 7:44 AM: The Indian benchmark indices, Sensex and Nifty 50, are likely to open on a weaker note on Thursday, April 23, as market sentiment remains subdued due to rising crude oil prices driven by the ongoing blockade of the Strait of Hormuz. Despite positive global cues, concerns over supply disruptions and geopolitical tensions are weighing on domestic markets.

Asian markets traded positively, with Japan’s Nikkei and South Korea’s Kospi hitting record highs. The U.S. stock market also ended higher overnight, with both the S&P 500 and Nasdaq Composite closing at record levels, supported by strong corporate earnings and optimism around the extended U.S.–Iran ceasefire.

Gift Nifty hovered around the 24,206 mark, trading at a discount of about 157 points compared to the previous close of Nifty futures, signalling a gap-down opening for Indian stock market indices.

Geopolitical tensions escalated further as Iran reportedly targeted three ships in the Strait of Hormuz and seized two of them. This marks a sharp intensification of attacks on a critical global shipping route. The development came just a day after U.S. President Donald Trump extended a ceasefire while maintaining an American naval blockade on Iranian ports, adding to uncertainty in global markets.

On the corporate front, Trent reported strong Q4 consolidated results. The company’s net profit surged 32.6 per cent year-on-year to Rs 413.1 crore, compared to Rs 311.6 crore in the same period last year. Revenue rose 19.2 per cent to Rs 5,028 crore from Rs 4,216.9 crore. The board also approved a Bonus issue in a 1:2 ratio and cleared plans to raise up to Rs 2,500 crore through a rights issue.

The Reserve Bank of India (RBI) maintained a status quo on interest rates, as reflected in the latest MPC minutes. RBI Governor Sanjay Malhotra flagged risks arising from the ongoing West Asia conflict, noting that it could impact India through exports, supply chains, commodity prices, remittances, and global demand.

Crude oil prices moved higher amid supply concerns. Brent crude edged up 0.33 per cent to USD 102.25 per barrel, while U.S. WTI crude jumped 2.81 per cent to USD 92.13 per barrel after Iran stated it would not reopen the Strait of Hormuz as long as the U.S. blockade continues.

From a derivatives perspective, the Put-Call Ratio (PCR) stands at 0.96, indicating a neutral to slightly cautious market stance. On the Put side, significant open interest is concentrated at the 24,000 strike, suggesting this level may act as strong support. On the Call side, notable open interest addition was seen at the 24,400 and 24,500 strikes, marking these as key resistance levels. Additionally, high open interest is concentrated at the 24,500 and 25,000 strikes.

Technically, the Nifty 50 is in a consolidation phase. Immediate resistance is placed in the 24,550–24,600 zone, which has turned into a crucial hurdle after acting as earlier support. A decisive move above 24,600, supported by a strong RSI above 60, could trigger fresh upside momentum towards 24,747 and potentially 25,140. On the downside, the 24,240–24,200 range serves as an important support band, and a break below this zone may lead to further weakness towards 24,070.

Stock-specific action is expected to remain active amid ongoing Q4FY26 earnings announcements. Key stocks to watch include Infosys, which has entered a strategic collaboration with OpenAI to enhance software development using AI tools like Codex. Jio Financial Services has announced a 50:50 joint venture with Allianz Group for general and health insurance and is also exploring a life insurance partnership.

Bharat Electronics secured orders worth Rs 569 crore, including avionics and electronic warfare systems. Unimech Aerospace and Manufacturing approved an investment of Rs 450 crore to acquire Hobel Bellows through a subsidiary. Lemon Tree Hotels signed license agreements for properties in Raipur and Jalandhar via Carnation Hotels. Eveready Industries India inaugurated India’s only operational alkaline battery plant in Jammu with an investment of Rs 200 crore.

Several companies are scheduled to announce their quarterly earnings today, including Infosys, Tata Capital, Aditya Birla Sun Life AMC, Adani Energy Solutions, BlueStone Jewellery and Lifestyle, CIE Automotive India, Cyient, Indian Energy Exchange, Mahindra Logistics, Sterling and Wilson Renewable Energy, Tata Teleservices (Maharashtra), Union Bank of India, and UTI Asset Management Company.

In the derivatives segment, SAIL remains on the F&O ban list for April 23.

Institutional activity remained negative in the previous session. On April 22, Foreign Institutional Investors (FIIs) were net sellers, offloading equities worth Rs 2,078.36 crore. Domestic Institutional Investors (DIIs) also remained sellers, with net sales of Rs 1,048.17 crore.

On Wednesday, Indian markets ended sharply lower, snapping a three-session winning streak. The Sensex declined 756.84 points, or 0.95 per cent, to close at 78,516.49, while the Nifty 50 fell 198.50 points, or 0.81 per cent, to settle at 24,378.10.

Meanwhile, Wall Street closed higher, with the Dow Jones Industrial Average rising 340.65 points, or 0.69 per cent, to 49,490.03. The S&P 500 gained 1.05 per cent to 7,137.90, and the Nasdaq Composite jumped 1.64 per cent to 24,657.57.

Among major stocks, NVIDIA rose 1.31 per cent, AMD surged 6.67 per cent, and Broadcom advanced 5.09 per cent. Microsoft gained 2.07 per cent, Apple climbed 2.63 per cent, Amazon added 2.18 per cent, and Tesla edged up 0.28 per cent. In the broader market, GE Vernova jumped 13.75 per cent, Boston Scientific gained 8.99 per cent, and Boeing rose 5.53 per cent, while United Airlines declined 5.58 per cent.

In commodities, gold and silver prices remained subdued. Spot gold fell 0.3 per cent to USD 4,727.65 per ounce, while silver also declined 0.3 per cent to USD 77.48 per ounce.

Disclaimer: The article is for informational purposes only and not investment advice.

What’s your strategy for today’s volatile market? Share in the comments!