Indian benchmark indices began Thursday’s session on a negative footing. Broad-based selling dragged equities lower as rising crude oil prices overshadowed positive corporate earnings.
The BSE Sensex dropped nearly 1 per cent in early trade, slipping over 700 points to touch an intraday low of 76,759. The Nifty 50, however, declined by a similar margin, falling below the 24,000 mark.
Weakness was visible across sectors, including automobiles, banking, metals, real estate and FMCG, with most major stocks trading in the red. Among the notable laggards were InterGlobe Aviation, Mahindra & Mahindra, Axis Bank, ICICI Bank and HDFC Bank.
Broader markets mirrored the trend, with indices such as the Nifty 100, Nifty Midcap and Nifty 500 also declining by around 1 per cent. Volatility increased, as reflected in the India VIX, which rose close to 3 per cent.
Market participants pointed to surging oil prices as a key concern. Brent crude, hovering near 120 dollars per barrel, has raised fears about inflationary pressures and potential risks to economic growth in India.
Adding to the pressure, firm global cues and elevated US bond yields have made emerging markets less attractive for foreign investors. VK Vijayakumar noted that higher US yields could accelerate capital outflows. This comes even though the Federal Reserve kept interest rates unchanged.
Global developments also influenced sentiment. Oil prices surged after statements from US President Donald Trump regarding continued pressure on Iran, raising concerns about supply disruptions.
Across Asia, market performance remained mixed, while US equities ended largely flat in the previous session.
Despite the current weakness, analysts suggest that stock-specific opportunities may persist. These are particularly evident among companies delivering strong quarterly results and offering stable outlooks.
Domestic markets will remain closed on Friday, 1 May, on account of Maharashtra Day.
Also Read: Adani Power Limited Profit Jumps 64% To Rs 4,271 Crore In Q4
To read more such news, download Bharat Express news apps
