Sensex, Nifty fall as crude prices rise and rupee slides

Mumbai, April 30: Indian stock markets on Thursday ended on a lower note as both Sensex and Nifty dropped in the intraday trading characterized by rising crude oil prices and a weak rupee.

At the close of trading today, the BSE Sensex dipped 582.86 points, or 0.75 percent, at 76,913.50, and the Nifty 50 at the National Stock Exchange (NSE) slipped 180.1 points, or 0.74 percent, at 23,997.55.

Stocks of Bajaj Auto, Sun Pharma, Infosys, Tech Mahindra, and Bajaj Finance emerged as gainers at the closing hour. On the other hand, the stocks of Tata Motors Passenger Vehicles, Hindalco Industries, Eternal, HUL, and Axis Bank remained the top losers.

Commenting on today's trading, Ajit Mishra, SVP, Research, Religare Broking Ltd., said, "Markets remained volatile on Thursday and declined over half a percent amid adverse global cues. The Nifty opened gap-down and came under pressure in the early hours; however, a rebound in select heavyweights across sectors helped trim losses as the session progressed. It eventually settled at 23,997.55, down 0.74%."

In today's trading session, the sell-off was broad-based, with several sectors ending in the red—led by metals, realty, and FMCG—while IT showed relative strength.

Broader markets also mirrored the weakness, with midcap and smallcap indices declining around 0.4–0.8%, indicating widespread risk aversion.

"The decline was primarily driven by a sharp surge in crude oil prices, which spiked to multi-year highs amid escalating geopolitical tensions in the Middle East and concerns over supply disruptions through the Strait of Hormuz," added Mishra.

"This raised fears of inflationary pressures and macroeconomic instability for oil-importing economies like India," he further added.

"The sharp depreciation was driven by escalating US-Iran-related war tensions, a surge in global crude oil prices above $124/bbl, and a hawkish US Federal Reserve stance that strengthened the dollar. Key events to track on 1st May '26 are the US and Japan’s Apr '26 Manufacturing PMI," said Sunny Agrawal, Head - Fundamental Research at SBI Securities.

Weak global cues, a sharp depreciation in the rupee to record low levels, and continued foreign institutional outflows further weighed on sentiment.

Additionally, elevated bond yields and cautious positioning ahead of key global developments and upcoming state election results kept investors on the sidelines.

The ongoing tussle in the benchmark reflects a lack of conviction among participants amid mixed cues, though this phase is expected to resolve soon.

A decisive move below 23,800 in the Nifty could trigger further downside towards the 23,500 level or lower. On the upside, the 24,400–24,800 zone is likely to act as a strong resistance.

Traders are advised to maintain a cautious stance, focus on risk management, and prefer sector-specific opportunities, Mishra added.