The Nifty 50 declined 93.3 points to 24,079.75 in early trade on Friday (April 24, 2026), while the BSE Sensex dropped 330 points to 77,334 as surging oil prices and unabated foreign fund outflows unnerved investors. This represents a significant reversal from the previous session's strong performance, where the index had extended its winning streak to a third consecutive session. According to The Hindu, the current decline was driven by weakness in IT stocks and a negative trend in global markets, which weighed heavily on investor sentiment. The latest fall comes after the index had settled 211.75 points higher at 24,576.60 on Tuesday, with the previous close marking the highest level in the current upmove.
Among individual stocks, Nestle India, Hindustan Unilever and Trent led the gains in the previous session, while SBI Life Insurance, Bharat Electronics and Dr. Reddy's Laboratories were among the top losers, as reported by CNBC TV18. Sectorally, FMCG, Realty and Private Banks led the advances, with FMCG and Realty indices outperforming and closing firmly in the green, up 2% each, while bank and telecom up 1% each. Broader markets also participated in the rally, with the Nifty Midcap 100 and Smallcap 100 indices rising 0.49% and 0.88% respectively, resuming their uptrend. In the broader Nifty 500 universe, 339 stocks closed in positive territory, underlining the continuation of broad-based buying interest across market segments.
The Indian rupee weakened for a second straight session, falling 37 paise amid persistent West Asian tensions, according to CNBC TV18. The currency came under pressure from a stronger US dollar and volatile crude oil prices, despite supportive domestic equities and steady FII inflows. On the trade front, India-US trade talks are progressing with a delegation in Washington between April 20 and 22 to advance the first phase of a bilateral agreement, with both sides indicating only a few issues remain unresolved, raising expectations of a formal announcement. The US-Iran ceasefire remains clouded by uncertainty over its exact expiry and Iran's participation in upcoming talks, even as reports suggest delegations may arrive in Islamabad amid heightened diplomatic and security preparations. According to The Economic Times, US markets hit the lower deck on Tuesday as Wall Street weighed the latest round of profit reports from big companies, even as risks from the ongoing war between the US and Iran lingered.
The BSE Sensex tanked 756.84 points or 0.95% to settle at 78,516.49 on Wednesday, snapping a three-day gaining streak, as reported by ET Now. The decline was largely driven by IT stocks, which emerged as major laggards following weak earnings, with HCL Tech tumbling the most by 10.85% after its March quarter earnings failed to cheer investors. HCL Tech reported a 4.20% year-on-rise in consolidated net profit to ₹4,488 crore for the March quarter, even as management flagged a highly volatile demand environment shadowed by tariffs and softened discretionary spends, giving a FY27 growth guidance of 1-4%. Among other major laggards, Infosys, Mahindra & Mahindra, Tata Consultancy Services, Tech Mahindra and ICICI Bank also underperformed, while Hindustan Unilever, NTPC, Eternal and Trent were among the gainers. Foreign Institutional Investors (FIIs) offloaded equities worth ₹1,918.99 crore on Tuesday, according to exchange data. Market analysts suggest that the technical structure for the Sensex has turned short-term bearish after Wednesday's decisive close, with immediate support placed near 77,800–78,000 and resistance seen around 79,200–79,300.
