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Sensex, Nifty fall as Brent crude rises for the fourth straight session, nearing $104 per barrel, weighing on market sentiment.
Stock Market
Why Is Share Market Falling Today? The BSE Sensex and Nifty 50 extended losses on Thursday, weighed down by rising crude oil prices, sustained foreign outflows and weak regional cues.
The Nifty 50 closed 0.84% lower, down 205.50 points at 24,173.10, while the Sensex dropped 1.09%, or 852.49 points, to end at 77,664.
Market breadth remained weak, with 12 out of 16 major sectoral indices trading in the red. Broader indices such as the Nifty Midcap100 and Nifty Smallcap100 were largely flat, indicating relative resilience outside frontline stocks.
Auto stocks declined about 1.3%, emerging among the worst performers. Financial heavyweights also came under pressure, with ICICI Bank falling 1.6% and HDFC Bank slipping 0.8%.
In contrast, pharma stocks gained around 2.3% on strong growth expectations. Nomura noted that the domestic pharmaceutical market expanded 10.1% year-on-year in March, with most companies under its coverage outperforming estimates.
What is dragging the market?
Crude oil surge remains the biggest overhang
Brent Crude prices rose for the fourth straight session, trading near $103 per barrel amid uncertainty around US–Iran negotiations. VK Vijayakumar of Geojit Investments said oil markets remain a key concern, with prices holding above $100 due to stalled talks and continued blockades, posing risks to global growth and India’s macro stability.
Rupee weakens further
The Indian rupee extended its losing streak for the fourth session, falling 34 paise to 94.12 against the US dollar. The currency remains under pressure due to elevated crude prices and persistent foreign outflows.
Sustained FII selling
Foreign institutional investors (FIIs) sold equities worth Rs 2,078 crore in the previous session, adding to market pressure.
Geopolitical tensions linger
Uncertainty surrounding the West Asia conflict continues to weigh on sentiment. Developments in the Strait of Hormuz and stalled negotiations between the United States and Iran have heightened concerns over global supply disruptions. Hariprasad K of Livelong Wealth said escalating tensions and risks around this critical energy corridor have pushed crude prices higher.
Global brokerage view turns cautious
HSBC downgraded Indian equities to “underweight” from “neutral”, citing the impact of elevated energy prices on the economy.
Technical outlook
Anand James of Geojit Investments said that although Nifty managed to hold near the 24,340 level earlier, the lack of recovery signals increases the probability of a further decline towards the 24,150–23,980 zone. On the upside, a decisive move above 24,500 will be required to confirm strength.
April 23, 2026, 11:50 AM IST
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