Closing Bell: Sensex Sheds 583 Pts, Nifty Slips Below 24,000 As Oil, Rupee Keep Markets On Edge

Mumbai, April 30: Equity markets ended lower on Thursday after a highly volatile session, with benchmark indices swinging sharply between gains and losses before settling in the red as rising crude prices and currency weakness weighed on sentiment. 

The Sensex declined 582.86 points, or 0.75%, to close at 76,913.50, while the Nifty 50 fell 180.1 points, or 0.74%, to 23,997.55, slipping below the key 24,000 mark.  

How the day unfolded
Markets began the session on a weak note, tracking negative global cues and elevated crude oil prices. Selling pressure intensified through the morning, with the indices slipping sharply—at one point, the Sensex was down over 1,100 points intraday, while the Nifty dropped close to the 23,800 mark, reflecting broad-based risk aversion.  

The weakness was widespread in early trade, with market breadth heavily skewed towards declines and most sectors trading in the red. Concerns over surging oil prices and their inflationary impact, along with a sharply weaker rupee, kept investors cautious. 

However, the market staged a partial recovery in the second half of the session. Select buying in heavyweight stocks and some short covering helped indices claw back a portion of losses. The rebound, though, lacked conviction and failed to sustain into the close, as selling pressure re-emerged in the final hour, dragging benchmarks back into negative territory. 

What weighed on the market
The primary trigger remained the surge in crude oil prices, with Brent climbing above $126 per barrel, fuelling concerns around inflation, fiscal strain and corporate margins. 

At the same time, the rupee hitting record lows added to the pressure, intensifying worries over imported inflation and foreign fund outflows. The combination of high oil and a weak currency created a double hit for sentiment. 

Adding to the cautious mood was the global backdrop, including a hawkish U.S. Federal Reserve stance and persistent foreign institutional investor (FII) selling, which continued to cap any meaningful upside. 

Sectoral action
Sectorally, the weakness was broad-based. Oil-sensitive sectors bore the brunt, with aviation, tyre and paint stocks under pressure due to the spike in crude prices. Financials also traded weak, weighing on the benchmarks. 

Most sectoral indices ended in the red, with auto, metal and realty stocks seeing notable declines. IT stocks showed relative resilience at times during the session, supported by global tech cues, but were unable to fully offset the broader weakness. 

Broader markets
The pressure extended beyond frontline indices. Midcap and smallcap stocks ended lower, underperforming the benchmarks at certain points during the day, indicating that selling was not limited to largecaps. Market breadth remained negative, with declining stocks outnumbering gainers across the exchanges. 

Gainers and losers
Among Nifty stocks, Bajaj Finance stood out as a key gainer, rising after strong earnings and a reaffirmed growth outlook, lending some support to the benchmarks. Other gainers included Bajaj Auto, Sun Pharma, Infosys, and Tech Mahindra.  

Top Nifty losers included Tata Motors Passenger Vehicles, Hindalco Industries, Eternal, HUL, and Axis Bank. 

The takeaway
Thursday’s session underscored the market’s fragile undertone. While intraday recoveries suggest some buying interest at lower levels, the inability to hold gains highlights lingering caution. 

With crude prices elevated, the rupee under pressure and global cues uncertain, markets are likely to remain volatile in the near term. For now, the day’s trade tells a clear story—every rebound is being sold into, and macro risks continue to call the shots. 

Source: NSE, BSE