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Sensex, Nifty trade under pressure amid oil supply concerns
Apr-13-2026

Indian equity benchmarks made gap-down opening of the holiday shortened week tracking weakness in Asian counterparts as crude oil prices jumped above $100 per barrel after ceasefire talks between US Vice President JD Vance and Iran's Parliamentary Speaker Mohammad Bagher Ghalibaf failed to reach an agreement over the weekend in Islamabad. Sensex and Nifty were trading under pressure with cut over 1.50% each in early deals on account of selling in most of the sector indices led by Oil & Gas, Realty and Bankex. Traders were worried as a private report indicated that the U.S. Navy is set to block ships from Iranian ports following failed diplomatic talks, raising concerns over supply disruptions. Also, some cautiousness came as Foreign Institutional Investors (FIIs) maintained their aggressive sell-off in Indian equities, withdrawing Rs 48,213 crore ($5.14 billion) in the first 10 days of April.

On the sectoral front, oil & gas sector and airlines sector stocks were in limelight as the government hiked export duty, or windfall tax, on diesel to Rs 55.5 per litre and on aviation fuel ATF to Rs 42 a litre. The duty hikes would be applicable with immediate effect. Separately, investors are looking ahead to the India's retail inflation data, due to be released later in the day, for more directional cues.  

The BSE Sensex is currently trading at 76152.05, down by 1398.20 points or 1.80% after trading in a range of 75868.32 and 76339.30. There were 1 stock advancing against 29 stocks declining on the index.

The only gaining sectoral indices on the BSE were Utilities up by 0.54% and Power up by 0.05%, while Oil & Gas down by 2.40%, Realty down by 2.30%, Bankex down by 2.25%, Auto down by 2.17%, Energy down by 2.11% were the top losing indices on BSE.

The sole gainer on the Sensex was NTPC up by 0.55%. On the flip side, Maruti Suzuki down by 3.17%, Interglobe Aviation down by 3.07%, SBI down by 2.79%, Bajaj Finance down by 2.67% and Reliance Industries down by 2.61% were the top losers.

Meanwhile, Crisil Ratings, in a note on the West Asia conflict, has said that the ongoing tensions in West Asia likely to affect India’s remittance inflows, as nearly one-third of these funds come from the diaspora in Gulf Cooperation Council (GCC) countries. A decline in remittances, driven by reduced incomes among overseas Indians, could adversely impact the current account deficit (CAD). The agency noted ‘A hit to their incomes can have implications for India’s CAD at a time when the trade deficit is already under pressure.’

India is the world’s largest recipient of remittances from its diaspora, receiving over $135 billion in FY25. Export growth is likely to face some headwinds due to disruptions in global trade flows caused by the West Asia conflict, along with slower global economic growth, although lower US tariffs are expected to provide some support. Under the base-case scenario, Crisil also anticipates a higher import bill, driven by an 8-9% year-on-year increase in crude oil prices. Meanwhile, exports to West Asia have been affected by logistical challenges and supply-chain realignments stemming from the conflict, though the overall impact is expected to be mixed.

India exported goods worth $57 billion to GCC countries - accounting for 13% of its total goods exports -and an additional $9 billion (2%) to other West Asian nations. The GCC includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE, while other West Asian countries comprise Iran, Iraq, Israel, Jordan, Lebanon, Syria, and Yemen. For certain products, the region holds significant importance, accounting for over 70% of India’s basmati rice exports, 30% of boneless bovine meat exports, 25% of ceramic products, 15% of petroleum products, and 20% of gems and jewellery exports. Exports to West Asia are currently being affected by logistical challenges and supply-chain realignments.

The CNX Nifty is currently trading at 23633.50, down by 417.10 points or 1.73% after trading in a range of 23555.60 and 23699.70. There were 1 stock advancing against 49 stocks declining on the index.

The sole gainer on Nifty was HDFC Life Insurance up by 0.77%. On the flip side, Eicher Motors down by 3.69%, Maruti Suzuki down by 3.20%, Interglobe Aviation down by 3.09%, Shriram Finance down by 3.07% and SBI down by 2.86% were the top losers.

All Asian markets were trading lower; Nikkei 225 slipped 647.11 points or 1.14% to 56,277.00, Hang Seng plunged 259.54 points or 1.01% to 25,634.00, KOSPI declined 67.19 points or 1.16% to 5,791.68, Taiwan Weighted lost 60.51 points or 0.17% to 35,357.32, Straits Times fell 19.16 points or 0.38% to 4,970.25, Shanghai Composite weakened 6.96 points or 0.17% to 3,979.26 and Jakarta Composite was down by 0.9 points or 0.01% to 7,457.60.
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