Equity benchmarks opened in the red on Thursday, retreating from the previous session's sharp gains, as investors booked profits amid lingering doubts over the durability of the US-Iran ceasefire and a rebound in crude oil prices.

The BSE Sensex, which closed at ₹77,562.90 on Wednesday, opened at ₹77,319.33 and was trading at ₹77,312.50, down ₹250.40 or 0.32 per cent, as of 9.21 am. The NSE Nifty 50, which ended the previous session at ₹23,997.35, opened at ₹23,909.05 and was trading at ₹23,943.75, down ₹53.60 or 0.22 per cent.

Wednesday's session had seen the Nifty post its biggest single-day surge since May, gaining 3.8 per cent to close just below the 24,000 mark, following the announcement of a two-week ceasefire between the US and Iran. "The 2-week ceasefire between US and Iran and the consequent sharp decline in crude prices provided the trigger for a sharp 873-point rally in Nifty yesterday," said Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited. "Fairly valued stocks depressed by FPI selling and shorting will bounce back at any time. Patience is the key."

On Thursday morning, however, Brent crude had rebounded nearly 3 per cent to just under $98 a barrel, reviving inflation concerns and prompting early selling. Gift Nifty was pointing to a gap-down open, trading around 190 points lower before markets opened. "Indian equity markets are expected to open on a weak to gap-down note on Thursday, tracking negative signals from GIFT Nifty," said Aakash Shah, Technical Research Analyst at Choice Equity Broking. "Profit booking after the sharp rally in the previous session may weigh on sentiment."

Among Nifty 50 stocks, Bajaj Auto led gainers, rising 2.07 per cent to ₹9,560 from a previous close of ₹9,366. NTPC gained 1.47 per cent to ₹379.65 against a previous close of ₹374.15, while Tata Steel rose 1.38 per cent to ₹207 from ₹204.18. Hindalco added 1.32 per cent to ₹964.40 and Max Healthcare climbed 1.10 per cent to ₹951.50. The gains in metals and energy reflected continued optimism over easing crude-linked input costs.

On the losing side, Shriram Finance fell 1.79 per cent to ₹1,004.90 from ₹1,023.20, while Adani Ports dropped 1.78 per cent to ₹1,427.40 from ₹1,453.30. Infosys slipped 1.78 per cent to ₹1,322.20 against a previous close of ₹1,346.20, with the IT sector under focus ahead of TCS's Q4 results later in the day. UltraTech Cement shed 1.09 per cent to ₹11,476 from ₹11,603, and Bajaj Finance fell 1.04 per cent to ₹905.50 from ₹915.05.

Institutional flows remained divergent. Foreign institutional investors sold shares worth approximately ₹2,812 crore on Wednesday — marking the 26th consecutive session of net selling — while domestic institutional investors bought ₹4,168 crore, providing a cushion. "FIIs remained net sellers while DIIs are actively absorbing the supply, providing stability," noted Akshay Chinchalkar, Managing Partner and Head of Markets Strategy at the Wealth Company.

India VIX cooled sharply to around 19.69, from over 24 earlier in the week, indicating reduced but not eliminated volatility. "While panic has eased, uncertainty persists, and option premiums remain elevated," Chinchalkar added. The RBI's decision to hold the repo rate at 5.25 per cent with a neutral stance continued to underpin broader market stability.

Globally, European equities posted their biggest rally in a year on Wednesday. Asian markets were mixed on Thursday morning, with South Korean equities under pressure. "Asian stocks were seeing a bit of red, led by Korea," Chinchalkar noted.

Nifty 50's key resistance remains at the 24,300–24,400 zone, with support around 23,700–23,800.

Published on April 9, 2026