Benchmarks slide as crude climbs, Sensex sheds 583 pts, Nifty below 24K

Equity benchmark indices tumbled on Thursday as surging crude oil prices, weak Asian cues and relentless foreign fund outflows battered investor sentiment. The Nifty slipped below the 24,000 mark, weighed down by banking stocks. Most sectoral indices ended in the red, with the Nifty IT index bucking the trend. Brent crude climbed to around $120 per barrel amid rising fears of supply disruptions linked to potential curbs on Iran?s ports, fuelling inflation concerns in India. Global markets offered little support, pressured by elevated energy prices and uncertainty over the Federal Reserve?s policy stance. Meanwhile, a sharp slide in the rupee to a record low added to the strain on domestic equities.

The S&P BSE Sensex tumbled 582.86 points or 0.75% to 76,913.50. The Nifty 50 index slumped 180.10 points or 0.74% to 23,997.55.

Larsen & Toubro (down 2.03%), ICICI Bank (down 1.09%) and HDFC Bank (down 0.98%) dragged the indices lower.

In the broader market, the BSE 150 MidCap Index slipped 1.01% and the BSE 250 SmallCap Index dropped 0.50%.

The market breadth was weak. On the BSE, 1,649 shares rose and 2,532 shares fell. A total of 165 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, surged 5.86% to 18.46.

The stock market will remain closed on Friday, 1 May 2026, on account of Maharashtra Day.

Numbers to Track:

In the foreign exchange market, the rupee edged higher against the dollar, hovering at 94.8400 compared with its previous close of 94.8800. The currency, however, touched an all-time low of 95.3450 during the session.

The yield on India?s 10-year benchmark government bond rose 0.64% to 7.040 from 6.995 in the previous session.

MCX Gold futures for 5 June 2026 settlement surged 1.78% to Rs 1,51,700.

The US Dollar Index (DXY), which tracks the greenback against a basket of currencies, declined 0.49% to 98.47.

The US 10-year bond yield fell 0.41% to 4.400.

In commodities, Brent crude for June 2026 settlement slipped $1.29 or 1.09% to $116.74 per barrel.

Global Markets:

US Dow Jones futures rose 279 points, indicating a positive start for Wall Street.

Most European indices advanced on Thursday as investors shifted focus to upcoming monetary policy decisions from the European Central Bank and the Bank of England.

Eurozone GDP grew 0.1% QoQ in Q1 2026, below expectations of 0.2% and slower than the previous quarter, as energy supply disruptions linked to Middle East tensions weighed on growth. France stagnated, Italy and the Netherlands slowed, while Germany grew 0.3%, supported by infrastructure and defence spending.

Euro area inflation climbed to 3.0% in April 2026, the highest since September 2023 and above estimates, driven by a sharp 10.9% jump in energy prices. Food and industrial goods saw moderate increases, while services inflation eased to 3.0% and core inflation cooled to 2.2%. Price pressures remained broad-based across major economies including Germany, France, Italy and Spain.

Asian indices ended mostly lower, tracking overnight weakness on Wall Street amid concerns over a US blockade of Iranian ports and steady interest rates.

Oil prices remained elevated after reports that US President Donald Trump asked aides to prepare for a prolonged blockade of Iran and rejected a proposal to reopen the Strait of Hormuz, signalling continued supply disruption risks.

On Wall Street, the Dow Jones Industrial Average fell 0.57% to 48,861.81, marking its fifth straight decline. The S&P 500 edged down 0.04%, while the Nasdaq Composite rose marginally by 0.04%.

Federal Reserve Chair Jerome Powell said elevated oil prices could push up inflation in the near term. The Federal Open Market Committee voted 8-4 to keep interest rates unchanged at 3.5% to 3.75%, marking the first instance of four dissenting votes since October 1992.

Stocks in Spotlight:

Hindustan Unilever declined 2.70%. The company?s consolidated net profit jumped 20.97% to Rs 2,994 crore on a 7.2% rise in total income to Rs 16,615 crore in Q4 FY26 over Q4 FY25.

Bajaj Finance advanced 0.72% after the company reported a 21.99% rise in consolidated net profit to Rs 5,464.57 crore on an 18.1% jump in total revenue from operations to Rs 21,605.79 crore in Q4 FY26 over Q4 FY25.

Bajaj Finserv fell 0.99%. The company reported 5.05% increase in consolidated net profit to Rs 2,538.67 crore on 5.66% increase in revenue from operations to 38,493.79 crore in Q4 FY26 over Q4 FY25.

Bajaj Auto rallied 4.78% after the company said its board will meet on 6 May 2026 to consider a proposal for share buyback. The company said the board will also consider financial results for the year ended 31 March 2026, along with a recommendation on dividend, if any.

Meesho surged 11.72% to Rs 193.05 after a foreign brokerage initiated coverage on the e-commerce platform with an 'overweight' rating and a price target of Rs 215.

MTAR Technologies jumped 14.09% after its key client, Bloom Energy, reported robust Q1 2026 earnings. Bloom Energy?s shares surged 26% on the NYSE after the company posted adjusted earnings of 44 cents per share, well above estimates. Revenue rose 130% to $751 million, significantly beating expectations. The company also raised its full-year guidance. MTAR Technologies is a key strategic supplier to Bloom Energy, with a significant portion of its revenue linked to the US company.

CemIndia Projects hit upper circuit of 20% after the company?s consolidated net profit soared 113.63% to Rs 242.17 crore on 17.42% increase in revenue from operations to Rs 2973.49 crore in Q4 March 2026 over Q4 March 2025.

Time Technoplast rallied 4.89% after the company said it has received approval from the Petroleum and Explosives Safety Organization (PESO) for the design and manufacturing of 250-litre high-pressure Type IV composite hydrogen cylinders. These cylinders are intended for onboard use in buses, trucks and trailers.

Adani Power (APL) advanced 1.35% after the company reported a 64.33% surge in consolidated net profit to Rs 4,271.40 crore in Q4 FY26 as compared to Rs 2,599.23 crore recorded in Q4 FY25. Revenue from operations remained largely flat at Rs 14,223.09 crore in the quarter ended 31 March 2026, compared with Rs 14,237.40 crore in the corresponding quarter last year.

RPG Life Sciences surged 13.07% after the company has reported 74.5% drop in consolidated net profit to Rs 29.90 crore despite a 23.6% increase in net sales to Rs 176.89 crore in Q4 FY26 as compared with Q4 FY25.

HEG tumbled 9.44% after the company?s consolidated net loss widened to Rs 113.77 crore in Q4 FY26 compared to a net loss of Rs 73.67 crore in Q4 FY25. Despite the weak bottom line, revenue from operations jumped 12.42% YoY to Rs 603.21 crore in Q4 FY26.

Smartworks Coworking Spaces rose 1.43% after the company reported a consolidated net profit of Rs 16.6 crore in Q4 FY26 compared with net loss of Rs 8.30 crore in Q4 FY25. Revenue from operations jumped 44.99% YoY to Rs 519.68 crore in the quarter ended 31st March 2026.

Mphasis added 1.17% after the company?s consolidated net profit increased 15.26% to Rs 509.64 crore on 14.36% increase in revenue from operations to Rs 4242.66 crore in Q4 FY26 over Q3 FY26.

Powered by Capital Market - Live News