Indian benchmark indices closed in negative territory on Thursday, April 30, amid broad-based selling pressure. According to reports from The Hindu, the 30-share BSE Sensex fell 582.86 points, or 0.75% to settle at 76,913.50, while the NSE Nifty50 declined 180.10 points, or 0.74% to close at 23,997.55, slipping below the key 24,000 mark. During the session, the Sensex plunged as much as 1,237.5 points, or 1.59% to touch 76,258.86 before recovering part of the losses in the second half. The market sentiment was significantly impacted by surging crude oil prices, with Brent Crude trading 1.52% lower at $116.2 per barrel after earlier crossing the $120 mark, fuelling concerns around inflation, India's import bill, rupee weakness and foreign capital outflows. The sharp drop erased nearly ₹5 lakh crore from the total market capitalisation of all companies listed on BSE, pulling it down to ₹464 lakh crore. As per market participants, this is not just a normal market fall—it's being driven by strong external factors, particularly the crude oil surge.
Hindustan Unilever (HUL) emerged as the biggest drag on the NIFTY50, closing 2.61% lower despite reporting strong quarterly results. As reported by The Hindu, Eternal followed with a decline of 2.92%, while Tata Motors Passenger Vehicles fell 2.92%. Tata Steel dropped 2.08%, Larsen & Toubro declined 2.01%, and UltraTech Cement fell 1.74%. Mahindra & Mahindra dropped 1.70%, SBI fell 1.68%, and M&M declined 1.65%. The market sell-off was broad-based, with NIFTY Midcap 100 closing 0.98% or 592.05 points lower at 59,784.85 and NIFTY Smallcap 100 declining 0.5%. India VIX, which measures volatility in the market, jumped around 6% to 18.46, reflecting heightened investor uncertainty. However, despite the broader market weakness, over 100 stocks still touched 52-week highs, indicating that while the overall sentiment remains weak, stock-specific opportunities continue to exist.
Bajaj Auto emerged as the top performer, ending 5.19% higher after announcing that its board of directors will consider a proposal for its first buyback in two years on May 6, along with reporting Q4 results and recommending a dividend. According to The Hindu, Sun Pharmaceutical Industries gained 1.76%, Infosys rose 1.29%, Tech Mahindra increased 0.96%, and Bajaj Finance advanced 1.04%. Maruti Suzuki rose 0.43%, Reliance Industries gained 0.38%, and Kotak Mahindra Bank advanced 0.35%. The positive momentum in these stocks helped offset some of the broader market weakness. NIFTY Pharma and NIFTY IT meanwhile closed in the green, with around 1,295 stocks advancing and 1,976 declining on NSE, while 98 remained unchanged. "Selective buying is visible in defensives and earnings-driven stocks, but broader sentiment remains weak," said a market participant.
The NIFTY Midcap 100 ended at 59,784.85, down 0.98% or 592.05 points, dragged down by Waaree Energies, which settled 10.65% lower despite recording a 71.44% increase in consolidated net profit to ₹1,061.1 crore for Q4 FY26. As reported by The Hindu, National Aluminium Company declined 8.76%, Adani Total Gas fell 3.36%, and Blue Star dropped 3.06%. On the positive side, Housing & Urban Development Corporation gained 3.37%, KPIT Technologies rose 2.80%, and Motilal Oswal Financial Services advanced 2.68%. The NIFTY Smallcap 100 ended at 18,007.15, down 86 points or 0.48%, with Meesho jumping 12.35% following positive analyst coverage from JP Morgan. NIFTY Metal and NIFTY PSU Bank index declined around 2% each to emerge as the top sectoral losers. More than 100 stocks touched their 52-week high on the BSE, including Himadri Speciality, HFCL, Sai Life Sciences, Coal India, Hitachi Energy, Navin Fluorine, ONGC, Apar Industries, MCX India, Lloyds Metals, Chennai Petro, among others.
According to Hariprasad K, Research Analyst and Founder, Livelong Wealth, "Indian markets closed a volatile session with a clear shift in intra-day sentiment, where early panic selling was gradually absorbed, leading to a disciplined recovery from the lows." He added that fears around inflation, currency stability and margin pressure had triggered the early sell-off. Foreign Institutional Investors (FIIs) sold equities worth ₹2,468.42 crore on Wednesday, according to exchange data. Vinod Nair, Head of Research at Geojit Investments Limited, noted that rising crude prices and a firm US Federal Reserve stance tightened conditions for emerging markets. The mixed global cues saw South Korea's Kospi fall over 1%, Japan's Nikkei 225 drop over 1%, while Hong Kong's Hang Seng declined over 1%. US President Donald Trump's warning of an extended blockade of Iranian ports further spooked investors, with The Wall Street Journal reporting he had told national security officials to prepare for a prolonged blockade to compel the Islamic Republic to give up its nuclear programme. From a technical standpoint, the Nifty showed resilience by holding above its short-term support levels despite intraday volatility. "As long as Nifty holds above the 23,800 level, a short-term pullback remains possible. However, a breakdown below this could trigger further selling pressure," said a technical analyst. The ongoing tussle in the benchmark reflects a lack of conviction among participants amid mixed cues, though this phase is expected to resolve soon.
