Markets Slide at Midday; Sensex Sheds Over 1,000 pts as Iran War Costs Mount

Mumbai, April 30: Indian equity markets ended April on a deeply negative note, with the BSE Sensex tumbling 1,035.42 points or 1.34% to 76,460.94 and the NSE Nifty 50 falling 330.45 points or 1.37% to 23,847.20 as of midday on Thursday — the last trading session of the month — as investors digested the sobering reality of a prolonged Iran blockade with no diplomatic end in sight, oil surging past $119 a barrel and the US Federal Reserve holding rates steady in its most divided decision since 1992.  

India VIX, the fear gauge, spiked 9.73% to 19.14, confirming the return of anxiety to Dalal Street after Monday’s brief relief rally. 

Top Gainers 

Even on a brutal day, a handful of stocks found firm buyers. Bajaj Auto led the gainers, rising 2.18% to ₹9,751.50 from its previous close of ₹9,543.50 — auto names getting selective buying on valuation comfort. Bajaj Finance gained 1.56%, last trading at ₹944.55 against a previous close of ₹930. Coal India advanced 1.03% to ₹484.85 from ₹479.90 — PSU energy stocks continuing to attract interest as elevated crude prices bolster earnings. Infosys inched up 0.63% to ₹1,174.80 from its previous close of ₹1,167.50. Wipro edged 0.24% higher to ₹201.16 from ₹200.68. 

Top Losers 

Eternal led the decliners, dropping 3.71% to ₹244.61 from its previous close of ₹254.03, hitting a low of ₹242.65 and a high of ₹251.69 on massive volume of nearly 4 crore shares. Tata Motors Passenger Vehicles (TMPV) shed 3.60% to ₹340 from ₹352.70 — auto stocks under severe pressure from fuel cost concerns. Hindustan Unilever fell 3.21% to ₹2,240 from ₹2,314.40, despite yesterday’s strong Q4 results — a classic sell-the-news reaction. IndiGo dropped 3.17% to ₹4,207.30 from ₹4,345.20, as surging jet fuel costs triggered aviation sector selling. Shriram Finance fell 3.09% to ₹927.25 from ₹956.85. 

Broad Markets and Sectoral Indices 

Across the broader market, the carnage was uniform. The Nifty Next 50 fell 1.88% to 69,194.80 while the Nifty Midcap 100 dropped 1.53% to 59,451.05 and the Nifty Smallcap 100 lost a relatively contained 1.02% to 17,907.80 — small-caps holding up relatively better than large and midcaps. On the sectoral front, Nifty Auto was the worst hit, crashing 2.13% to 25,529.40 as fuel cost fears battered the segment. Nifty PSU Bank declined 2.27% to 8,431.85 and Nifty Realty fell 2.02% to 789.30 amid rising rate concerns. The lone bright spot was Nifty IT, which was flat at 29,260.50 — up just 0.05% — as software exporters drew defensive buying amid rupee weakness, while Nifty Pharma held up relatively well, falling only 0.51% to 23,141.25. 

Middle East 

President Trump has told his top advisers he wants the US naval blockade of Iranian ports to continue, with his team now laying the groundwork for a longer-term closure of the Strait of Hormuz — a strategy designed to inflict maximum economic pain on Tehran without resuming military strikes. The approach is not without domestic risk for Trump: the strait’s closure has driven up American gas prices, sent his approval ratings on the economy to new lows, and the Pentagon has now spent $25 billion on the conflict — fuelling growing GOP anxiety ahead of November elections. Iran, which has previously endured severe economic pressure without capitulating, shows no sign of returning to the negotiating table on Washington’s terms, leaving markets to price in an extended standoff with no clear resolution timeline. 

Morning Open 

Indian benchmarks gapped down at the open on Thursday, with the Sensex falling 788.56 points or 1.02% to 76,707.80 and the Nifty 50 shedding 253.40 points or 1.05% to 23,924.25 by 9:20 am, as the overnight surge in Brent crude to nearly $120 a barrel and the Fed’s hawkish hold rattled investor confidence. The tone, while negative, was not one of panic — selling was steady and orderly rather than wave-like, with the market pricing in a prolonged conflict rather than reacting to a sudden shock. 

Oil Prices 

Brent crude futures for June surged $1.91 or 1.62% to $119.94 a barrel as of early Asian trade Thursday — the ninth consecutive day of gains — before the more active July contract took over at $111.38, up 0.85%, as talks to end the US-Israeli war on Iran deadlocked and Strait of Hormuz supply remained bottled up. WTI followed suit, with markets now firmly pricing in a prolonged disruption to Middle East oil flows rather than any near-term diplomatic resolution. With Brent having gained 6.1% in the previous session alone, analysts warn that $120 Brent is no longer a ceiling but a floor if the blockade extends through May. 

Asian Markets 

Asian markets were broadly weaker on Thursday, taking their cue from Wall Street’s losses — the Dow Jones fell 0.57% to 48,861.81, though the Nasdaq managed a fractional 0.04% gain. Japan’s Nikkei 225 dropped 1.02% to 59,304.62, Hong Kong’s Hang Seng fell 0.81% to 25,900.05 and Pakistan’s KSE 100 lost 1.54% to 165,823.88. Malaysia’s KLCI declined 0.78% to 1,716.19 and Australia’s ASX All Ordinaries eased 0.16% to 8,901.50. Vietnam’s HNX 30 bucked the trend with a 0.77% gain to 526.00, while Indonesia’s JSX Composite rose 0.41% to 7,101.23 — the only two meaningful gainers in an otherwise subdued Asian session.