The Indian stock market experienced significant declines on April 23, with the Nifty 50 falling 0.73% to settle at 24,173 and the S&P BSE Sensex dropping 0.85% to close at 77,664. According to latest market updates, the sell-off intensified as investors grappled with rising geopolitical tensions and elevated crude oil prices. The market weakness was driven by Iran reportedly firing at ships in the Strait of Hormuz and seizing vessels, escalating tensions that had already been weighing on investor sentiment. The broader markets, which had outperformed key indices in recent sessions, failed to extend their rally, with both the Nifty MidCap index declining 0.4% and the Nifty SmallCap index closing 0.67% lower. The week began with optimism over potential Middle East peace, but that sentiment faded as crude oil prices rose and inflation concerns reignited.
Auto stocks emerged as the top sectoral laggard, with the Nifty Auto index recording the steepest losses due to higher crude oil prices. As reported by DSIJ, the Construction index also recorded significant losses, while the Nifty PSU Bank index slipped 2.10% and the Nifty Consumer Durables index fell 1.82%. Other sectors including Nifty Realty and Nifty Private Bank declined by over 1%, while the Nifty IT index fell another 1% after losing 4% in the previous session. The sectoral losses were primarily attributed to elevated crude oil prices, which dragged auto stocks lower and created broader market weakness across multiple sectors. In contrast, the Nifty Pharma index showed relative resilience and outperformed other sectors, demonstrating selective strength amid the broader market decline. Pharma stocks were the top gainers on the Sensex Thursday afternoon with Dr. Reddy's Laboratories leading the recovery, zooming 8.87% to ₹1,325, while Cipla rose 5.72% to ₹1,286.50 amid defensive buying in pharma stocks.
Brent crude edged up 0.33% to USD 102.25 per barrel, while U.S. WTI crude jumped 2.81% to USD 92.13 per barrel after Iran stated it would not reopen the Strait of Hormuz as long as the U.S. blockade continues. According to DSIJ, tensions remain high as the US and Iran failed to meet for a fresh round of peace talks, with both sides blocking the Strait of Hormuz to gain leverage during an extended ceasefire. Oil prices rose for the fourth straight day on Thursday and extended gains into the Asian afternoon session, with international benchmark Brent trading around $103 per barrel (+1%) and US benchmark West Texas Intermediate up 1.8% at $94.60. Oil prices may rise further if tensions between Washington and Tehran flare up again or if Iran further disrupts shipping lanes in the Strait of Hormuz through which roughly 20% of the world's oil supply passes daily. The Reserve Bank of India (RBI) maintained a status quo on interest rates, with Governor Sanjay Malhotra flagging risks arising from the ongoing West Asia conflict, noting it could impact India through exports, supply chains, commodity prices, remittances, and global demand.
Among individual stocks, Trent was the top loser in the Nifty 50, falling 4.3% to ₹4,244 despite reporting strong Q4 FY26 results. The company posted a 32.57% YoY surge in consolidated net profit to ₹413.1 crore compared to ₹311.6 crore in the corresponding period last year, with revenue from operations standing at ₹5,027.99 crore, marking a 19.23% YoY jump. Other major losers included Shriram Finance (-3.31%), Tech Mahindra (-3.12%), Bajaj Finserv (-3.07%) and Infosys (-2.9%). In contrast, Dr. Reddy's Laboratories emerged as the top gainer, rising 8.87% to ₹1,325, followed by Cipla (5.72%), Jio Financial Services (4.19%), Adani Enterprises (1.78%) and Coal India (1.52%). Among technology stocks, NVIDIA rose 1.31%, AMD surged 6.67%, and Broadcom advanced 5.09%, while Microsoft gained 2.07%, Apple climbed 2.63%, Amazon added 2.18%, and Tesla edged up 0.28%.
From a derivatives perspective, the Put-Call Ratio (PCR) stands at 0.96, indicating a neutral to slightly cautious market stance. As reported by DSIJ, significant open interest is concentrated at the 24,000 strike, suggesting this level may act as strong support. On the Call side, notable open interest addition was seen at the 24,400 and 24,500 strikes, marking these as key resistance levels. Additionally, high open interest is concentrated at the 24,500 and 25,000 strikes. Technically, the Nifty 50 is in a consolidation phase with immediate resistance in the 24,550–24,600 zone, which has turned into a crucial hurdle after acting as earlier support. A decisive move above 24,600, supported by a strong RSI above 60, could trigger fresh upside momentum towards 24,747 and potentially 25,140. On the downside, the 24,240–24,200 range serves as an important support band, and a break below this zone may lead to further weakness towards 24,070. Stock-specific action is expected to remain active amid ongoing Q4FY26 earnings announcements.
