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Sensex, Nifty trade deeply in red amid elevated crude oil prices
Apr-30-2026

Indian equity benchmarks made gap-down opening on last trading day of April month, due to concerns over elevated crude oil prices and cautious global sentiment after the US President Donald Trump rejected Tehran's peace plan. Sensex and Nifty were trading deeply in red with cut of around a percent each in early deals on Thursday amid sustained foreign fund outflows as Foreign institutional investors (FIIs) remained net sellers, offloading equities worth Rs 2,468.42 crore on April 29. Markets participants avoided risk bids ahead of long weekend holiday as markets to remain close on Friday on account of Maharashtra Day. Also, investors remained on sidelines ahead of Sensex monthly F&O expiry later in the day. 

On the global front, Asian markets were trading mixed tracking weakness on Wall Street overnight as crude oil prices surged triggered by uncertainty in the US-Iran war. Besides, the US Federal Reserve kept the federal funds rate unchanged for the third consecutive meeting at 3.5%–3.75% amid increased risk of inflation rising due to higher global energy prices. Back home, banking stocks were trading lower as the Reserve Bank of India (RBI) said bank credit growth slowed to 15% in the fortnight ended April 15, 2026. 

The BSE Sensex is currently trading at 76759.77, down by 736.59 points or 0.95% after trading in a range of 76502.16 and 77014.21. There were 6 stocks advancing against 24 stocks declining on the index.

The only gaining sectoral indices on the BSE were Healthcare up by 0.26% and IT up by 0.06%, while Auto down by 1.82%, Metal down by 1.54%, Consumer Discretionary down by 1.45%, Realty down by 1.29% and Bankex down by 1.23% were the top losing indices on BSE.

The top gainers on the Sensex were Bajaj Finance up by 3.86%, Bajaj Finserv up by 1.45%, Sun Pharma up by 0.51%, Infosys up by 0.29% and ITC up by 0.05%. On the flip side, Eternal down by 3.37%, Interglobe Aviation down by 2.91%, Adani Ports & SEZ down by 2.16%, Mahindra & Mahindra down by 2.08% and Ultratech Cement down by 2.02% were the top losers.

Meanwhile, the Finance Ministry in its Monthly Economic Review for April has said that the conflict in West Asia could disrupt supply and increase risks to inflation, trade, and financial flows. However, India’s strong domestic demand, supportive policies, stable financial system, and continued public investment are likely to help protect the economy to some extent. It said prolonged uncertainty, particularly around energy and fertiliser supplies, could test the resilience of India's macroeconomic stability. On top of this, it said the El Nino Southern Oscillation is expected to keep India's Southwest monsoon below normal, and added that most rainfall districts are expected to receive below-normal rainfall this season. Therefore, it said risks are tilted to the upside for inflation, fiscal and external deficits and to the downside for economic growth. 

Observing that India enters FY2026-27 at the intersection of domestic resilience and external turbulence, the report said encouraging a 7-7.4% forecast for the upcoming financial year, only to be clouded by an altered macro-outlook in the wake of the war in West Asia. The Indian economy is estimated to grow at 7.6%, the strongest in recent years. Noting that a 'supply shock' is apparent in the economy, it said that an accompanying demand compression is a serious concern, given high prices, rising inflation, and a reduced pace of economic activity. Inflation may become cost-push as businesses/producers pass on their increased input costs to protect their profit margins. It said a wide spectrum of downstream industries relies directly on the petroleum sector, and it is likely that input cost pressures will be felt widely across the economy.

To temper cost pressures in critical sectors like agriculture, it said the government has taken various measures such as increased allocation of natural gas to the fertiliser production, waiver of customs duty and around 12% increase in nutrient-based subsidy for the upcoming kharif season. The report said that repairing the damage to the oil and gas production/supply infrastructure in the Gulf region may take several months. Further, it said the RBI will continue its proactive approach to ensure adequate liquidity to meet the economy's productive needs. To sustain momentum in the country's trade performance, it said the government has introduced targeted measures complementing its diversified trade strategy. These include the RELIEF scheme; efforts to improve turnaround times and easier switching of fuels; and reforms under the Advance Authorisation Scheme to enable faster approvals and enhance transparency and predictability, alongside the approval for the establishment of the Bharat Maritime Insurance Pool.

Additional interventions, it said such as strengthened port coordination, advisories to improve transparency in shipping line pricing, monitoring of insurance risks, and relaxations to facilitate the movement of stranded cargo, further support trade flows. Looking ahead, it said the conclusion of recent free trade agreements is likely to reinforce trade performance by expanding market access and deepening integration with global value chains. Observing that recent developments underscore that resilience cannot be created overnight in times of crisis, but must be built through sustained and deliberate efforts over years, such as developing strategic energy reserves, accelerating the shift to renewables, and strengthening domestic manufacturing capacity. It added as far as strengths go, India can capitalise on its strong domestic fundamentals and active trade engagement to move forward at the speed the moment demands.

The CNX Nifty is currently trading at 23937.80, down by 239.85 points or 0.99% after trading in a range of 23864.55 and 24019.15. There were 10 stocks advancing against 40 stocks declining on the index.

The top gainers on Nifty were Bajaj Finance up by 3.83%, Bajaj Finserv up by 1.46%, Coal India up by 0.99%, Cipla up by 0.58% and Wipro up by 0.54%. On the flip side, Eternal down by 3.40%, Interglobe Aviation down by 2.84%, Tata Motors Passenger Vehicles down by 2.30%, Shriram Finance down by 2.27% and Eicher Motors down by 2.25% were the top losers.

Asian markets were trading mixed; Nikkei 225 slipped 792.46 points or 1.32% to 59,125.00, Hang Seng declined 347.84 points or 1.35% to 25,764.00, Jakarta Composite fell 162.44 points or 2.34% to 6,938.79 and KOSPI dropped 30.76 points or 0.46% to 6,660.14. 

On the other hand, Taiwan Weighted jumped 202.07 points or 0.51% to 39,505.57, Straits Times rose 34.77 points or 0.71% to 4,895.74 and Shanghai Composite was up by 3.51 points or 0.09% to 4,111.02.
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