Sensex, Nifty Stay Under Pressure as Oil Surges; Ceasefire Extension Lifts Mood

Mumbai, April 24: Indian equity markets opened lower on Friday morning, but investors took heart from positive geopolitical development — a White House-hosted second round of Lebanon-Israel peace talks extending the ceasefire between the countries by three weeks — while digesting a fourth consecutive day of losses on Dalal Street.

The BSE Sensex was trading lower by 599.09 points or 0.77% to 77,064.91 and Nifty 50 was down 153.90 points or 0.64% to 24,019.15 at 9: 36 am, continuing their losing streak for the fourth session; however, analysts pointed out that markets are only “painfully oversold” at the moment, and aren’t signalling a long-term trend just yet.

A  Glimmer Of Hope

Israel and Lebanon emerged from the White House talks with a three-week ceasefire extension their highest-level talks since the conflict began three weeks ago — giving investors a rare reason to smile on Friday as Iranian influence at the Strait of Hormuz grows and Brent crude topped $106 a barrel.

Gainers at Open

Among the handful of gainers, Coal India led convincingly, surging to a session high of ₹462 and trading at ₹459 up 1.85% from its previous close of ₹450.65 with a session low of ₹451.05, as elevated energy prices continued to benefit domestic coal producers. Tata Consumer Products climbed to a high of ₹1,194.90 with LTP at ₹1,194.90  up 0.89% from ₹1,184.40. Apollo Hospitals touched a high of ₹7,845 and was trading at ₹7,837 up 0.72% from ₹7,781. Grasim Industries edged up to a high of ₹2,762.30, trading at ₹2,751.80 versus a previous close of ₹2,735, gaining 0.61%. Nestlé India extended its post-results momentum, reaching a high of ₹1,430.90 with LTP at ₹1,418.30 — up 0.55% from ₹1,410.50. 

Laggards

On the losing side, Infosys was the session’s sharpest decliner, plunging to a low of ₹1,199 and trading at ₹1,205 down 2.87% from ₹1,240.60 extending Wednesday’s earnings-driven rout. TCS fell to a low of ₹2,468.30 and was at ₹2,475.20, down 1.85% from ₹2,521.80. Sun Pharma slid to a low of ₹1,641, trading at ₹1,650 down 1.79% from ₹1,680.10. Adani Enterprises dipped to a low of ₹2,259.10 and was at ₹2,261 down 1.70% from ₹2,300. HCL Tech, still nursing Wednesday’s catastrophic 10% collapse, fell again to a low of ₹1,233.20 and was trading at ₹1,235.90 down 1.41% from ₹1,277.60. Across the broader market, the Nifty IT index was by far the worst-performing sector, tumbling 2.30% to 29,431, while Nifty FMCG held up best at -0.13%  a sign that defensive buying was providing at least a partial cushion. India VIX the fear gauge rose 2.31% to 19.02, though notably it remains well below the panic levels of 25-plus that have historically marked genuine market crises.

Middle East Conflict

The Middle East conflict took yet another dangerous turn on Thursday and Friday morning, though the Lebanon-Israel ceasefire extension reminded markets that not every diplomatic door is shut. Iran seized two ships in the Strait of Hormuz on Thursday and released dramatic footage of commandos in speedboats storming a cargo ship a show of force that Trump dismissively called “little-wise-guy ships” before ordering the US Navy to shoot and kill Iranian boats laying mines in the strait. The US military had also intercepted at least three Iranian-flagged tankers in Asian waters on Wednesday, redirecting them away from positions near India, Malaysia and Sri Lanka. Tehran has made clear it will not reopen the Strait until the US lifts its naval blockade a demand Washington has flatly refused leaving the world’s most critical oil chokepoint in a state of indefinite tension, though analysts noted that the continued back-channel diplomatic activity suggests neither side has entirely given up on a negotiated resolution.

Asian Markets Overview

Asian markets traded mixed on Friday as geopolitical concerns kept investors on edge, but smaller losses than the prior session signalled a tentative optimism among traders that this round of Iran sanctions may not escalate into outright war. MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.3% and was on track for a weekly rise of about 0.8%, clinging to hopes that investors haven’t written off emerging markets completely, while Japan’s Nikkei added 0.45%. South Korea’s Kospi, Hong Kong’s Hang Seng and the Shanghai Composite all fell and US stock futures pointed higher Nasdaq futures up 0.6% and S&P 500 futures up 0.1% after the cash market finished lower overnight amid mixed earnings, dimming Iran peace prospects and inflation worries.

Oil Prices Update

Oil prices continued their ascent on Friday as Brent crude added $1.23 or 1.17% to $106.30 a barrel and WTI crude was up $1.07 or 1.12% to $96.92, having jumped more than 3% Thursday after Iran shot down a Ukrainian passenger jet by claiming it had locked on to “hostile targets” approaching Tehran airspace. Crude prices moving towards $106 could have substantial impact on India’s inflation and current account deficit, although oil traders said any swift resolution of tensions may lead to an equally rapid decline in prices that would cheer India.

Thursday Closing

Indian markets ended Thursday sharply lower with the BSE Sensex plunging 850 points to close at 77,664 and Nifty 50 tumbling over 200 points to settle below the 24,200 psychological resistance turned weakly hold as the index touched intraday low of 24,135, as selling in financials, automobiles and consumer stocks left few stocks untouched.

Sources: 

• https://www.nseindia.com/market-data/top-gainers-losers
• https://www.nseindia.com/market-data/live-market-indices
• https://www.bseindia.com/index.html
• https://www.reuters.com/world/asia-pacific/global-markets-global-markets-2026-04-24/
• https://apnews.com/article/us-iran-war-hormuz-israel-pakistan-ceasefire-april-23-2026-368b922ae2f4c874df8a133491eeffe8