Markets extended their losing streak into a second straight session on Thursday, with the BSE Sensex shedding 852 points to close at 77,664 and the Nifty 50 falling 205 points to settle at 24,173 — as Brent crude surged to $103.38 per barrel, marking its fourth consecutive session of gains.

The sell-off was broad and unrelenting. The Sensex opened gap-down, briefly recovered to 78,178, then surrendered to a low of 77,574, before closing near the day’s bottom. The Nifty followed an identical script — a feeble morning bounce that ran out of steam by 10:15 am.

“...failure to sustain higher levels led to renewed selling, dragging the index down... indicating persistent weakness,” said Hitesh Tailor, Technical Research Analyst at Choice Equity Broking.

The primary trigger was geopolitical. WTI crude climbed above $94 per barrel for a fourth straight session as US-Iran diplomatic efforts showed little progress, with Tehran asserting control over the Strait of Hormuz and restricting nearly all international traffic. Iran’s seizure of two container ships heightened fears around the Strait, through which nearly a fifth of the world’s oil supply passes.

Sectorally, Auto and PSU Banks bore the brunt, losing over 2 per cent each. Financial Services, IT, Metals, and Realty also closed lower. Pharma and Healthcare were the lone bright spots, rallying over 2 per cent. On the Nifty, Dr. Reddy’s and Cipla topped gainers, while Trent and Tech Mahindra were the biggest laggards.

Market breadth was decisively negative — of 4,449 BSE stocks traded, advances stood at 1,681, against 2,602 declines. Midcap 100 fell 0.41 per cent and the Smallcap 100 dropped 0.67 per cent. India VIX edged up 1.58 per cent to 18.59.

The rupee weakened for a fourth straight session, slipping 32-34 paise to around 94.12 against the dollar — its lowest this April — as surging crude worsened India’s import bill outlook. Notably, FIIs offloaded ₹2,078 crore, while DIIs also turned net sellers at ₹1,048 crore — the first simultaneous selling by both institutional camps in 54 sessions.

“...both FIIs and DIIs turned net sellers simultaneously... a meaningful signal of caution,” noted Siddhartha Khemka, Head of Research, Motilal Oswal Financial Services.

Technically, the Nifty has entered the gap zone between 24,145 and 23,907 — formed April 15 — which may offer near-term support. A Gravestone Doji candlestick on the daily chart signals a bearish bias, with resistance firmly placed at 24,300-24,400.

“...with crude oil once again crossing the $100 mark... it is crucial for the index to hold the 24,000–24,200 zone to maintain a positive bias,” said Ajit Mishra, SVP Research, Religare Broking.

Friday brings a heavy earnings calendar — Reliance Industries, Hindustan Zinc, Shriram Finance, and L&T Finance report results, likely driving stock-specific action. Until credible de-escalation emerges on the Iran front, the pressure on crude, the rupee, and institutional flows is unlikely to lift.

Published on April 23, 2026