It was a bear charge on D-Street as crude prices spiked a whopping 25%. The benchmark indices dropped over 2% to their lowest levels since April 2025 as the market grappled with surging crude, escalating violence across West Asia and negative global cues.
The Nifty 50 closed 1.73% lower at 24,028, while the Sensex closed down 1,352 points after falling as much as 2,000 points intra-day.
The Nifty Bank slumped 1,763.45 points or 3.05% to 56,019.80. The mid- and small-cap stocks also closed in the red. The Nifty Midcap fell 1,127.85 points or 1.97% lower. The BSE Smallcap plummeted 1,050.74 points or 2.19% lower.
“Selling intensified as the Middle East conflict entered its second week with no signs of de-escalation. The sustained rise in crude prices is likely to complicate the RBI’s policy outlook by keeping inflation elevated and posing risks to growth. Additional concerns in the U.S. about potential caps on redemptions in specific funds also contributed to the sell-off. Despite this, the current phase may offer opportunities for long-term investors. Selective value buying in pharma and IT helped limit deeper losses and indicated a defensive stance amid a weakening rupee in the short term,” Vinod Nair, Head of Research, Geojit Investments, said.
Here are five key highlights from today’s trading session –
Sharp intra-day losses
Indian equity indices collapsed as soon as markets opened for trade, as crude oil prices surged past the $110-a-barrel mark. The Nifty 50 opened 536 points or 2.19% lower at 23,914, while the BSE Sensex saw a free fall of 2,000 points in opening trade.
Even the broader indices opened on the same axis, dropping over 2%. The Nifty Bank opened 1,550 points or 2.68% lower at 56,234, while the Nifty Midcap 100 fell 1,238 points or 2.16% to open at 56,155.
Key gainers in today’s trade
Buying interest was however visible in select large cap stocks. Among the Nifty stocks, Wipro emerged as the top gainer with gains of 1.71%. This was followed by Reliance Industries, which delivered a return of over 1%.
Other major stocks such as Apollo Hospitals Enterprises, Infosys, Sun Pharma, Tech Mahindra, Cipla, and HCL Tech also closed in the green.
Key laggards in today’s trade
The majority of the stocks ended the session in the red, as they faced selling pressure. Tata Motor Passenger Vehicles and UltraTech Cement were among the key losers today, as they declined by over 5%.
Shares of Eicher Motors, Bajaj Auto, Maruti, and M&M also declined by over 4%. Among financial stocks, SBI India, Kotak Bank, and Axis Bank also closed in the red.
Brent crude hits record high
Brent crude futures jumped to an all-time high of $117 per barrel, marking its first breach past the $100 level since 2022.
The US benchmark, West Texas Intermediate, also hit a high of $118, which caused a sharp sell-off in Asian equities and a drop in Asian currencies.
Rupee hits record low
The Indian rupee also extended steep declines as it breached the crucial 92-level mark again in less than seven days. The currency hit a new record high of 92.34 against the US dollar before ending the session at 92.32 against the greenback.
Another factor that helped sentiment was the easing of market volatility. The India VIX, often referred to as the market’s fear gauge, cooled off from elevated levels.
Sectoral indices trade mostly higher
On the sectoral front, except for Nifty IT, all the indices ended in the red.
The Nifty Auto index collapsed by over 4%, while the Nifty Bank index fell by 3%. Other sectors such as metal, financial services, oil and gas, chemicals, and consumer durables also declined by over 2%.