Domestic equity benchmarks BSE Sensex and NSE Nifty closed lower on Thursday, weighed down by losses in metal and PSU banking stocks, as a sharp rise in crude oil prices and lingering concerns over the fragile US-Iran ceasefire dented investor sentiment. Volatility remained elevated amid the 2026 state election exit polls.

At close, the Sensex slipped 582.86 points, or 0.75 per cent, to settle at 76,913.50, while the Nifty declined 180.10 points, or 0.74 per cent, to close at 23,997.55.

Global sentiment deteriorated sharply as tensions between the United States and Iran escalated and major maritime shipping routes continued to be disrupted, said Vinod Nair, Head of Research, Geojit Investments Ltd.

“Brent crude crossed the $120 per barrel mark for the first time in four years, intensifying inflation concerns and pressuring global risk assets,” Nair said.

Top gainers & losers

Among Sensex constituents, Eternal emerged as the top loser, falling 2.85% to Rs 246.80. Hindustan Unilever (HUL) followed with a 2.70% drop, while Tata Steel, L&T, UltraTech Cement and Mahindra & Mahindra (M&M) fell 2.13%, 2.03%, 1.92% and 1.83%, respectively.  

While Sun Pharma, Infosys and Bajaj Finance were among the gainers on the 30-pack index, which rose up to 1.64%. 

“In India, rising oil prices weighed on the INR and revived worries about capital outflows and widening deficits, given the economy’s heavy reliance on crude imports,” Nair added.

Five stocks, namely, HDFC Bank, ICICI Bank, Larsen & Toubro (L&T), State Bank of India (SBI), and Axis Bank, contributed largely to the Sensex’s fall.  

Among sectoral indices, the BSE Metal index plunged 2.13% to close at 42,195.26, while the BSE PSU Bank index slipped 1.66% to settle at 4,754.33. 

“After the initial gap-down and subsequent decline, the Midcap Index staged a smart recovery from its lows, forming a bearish candle with a noticeable lower wick, indicating buying interest at lower levels,” said Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities.

“Meanwhile, the Smallcap Index continued to exhibit relative outperformance. Despite ending in the red, it managed to hold firm above the 18,000 mark, supported by strong buying interest at lower levels,” Shah added.