Benchmark indices opened sharply lower on Monday morning after the collapse of US-Iran peace talks over the weekend triggered a fresh wave of geopolitical risk, sending crude oil prices surging and rattling investor sentiment across global markets.

The BSE Sensex opened at ₹75,937.16 against its previous close of ₹77,550.25, and was trading at 75,939.34, down 1,610.91 points or 2.08 per cent, as of 9.19 am. The NSE Nifty 50 opened at 23,589.60 against its previous close of 24,050.60, and was trading at 23,573.90, down 476.70 points or 1.98 per cent, at the same time.

The sell-off came after US President Donald Trump announced a naval blockade on all maritime traffic entering and exiting Iranian ports following the breakdown of diplomatic negotiations. The move reignited fears over crude supply disruptions through the Strait of Hormuz, a critical chokepoint for global oil trade.

June Brent crude oil futures were trading at $102.38, up 7.54 per cent, while May WTI crude futures stood at $105.08, up 8.81 per cent, as of 9:07 am on Monday. On the Multi Commodity Exchange (MCX), April crude oil futures were at ₹9,702 against a previous close of ₹9,153, up 6 per cent, while May futures were at ₹9,010 against ₹8,500, also up 6 per cent.

Pravesh Gour, Senior Technical Analyst at Swastika Investmart Ltd., warned that the blockade had introduced a new layer of macro risk. "With Brent at $103, this is emerging as yet another threat to the economy and markets," said Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited. "How this naval blockade will play out remains to be seen. The ideal strategy in this ultra-uncertain situation is to wait and watch."

The broader market weakness was reflected in GIFT Nifty, which was trading around 23,750, down approximately 335 points, signalling a negative open even before domestic trading commenced. India VIX, which closed at 18.85 on April 10, is expected to climb back above 20 amid rising uncertainty, making conditions unfavourable for options buyers as premiums expand and price swings intensify.

On the Nifty 50, only three stocks were trading in the green in early trade. ONGC was up 0.79 per cent at ₹288.75 against a previous close of ₹286.50. Coal India gained 0.56 per cent to trade at ₹436.55 against ₹434.10. Sun Pharmaceutical Industries was marginally higher by 0.25 per cent at ₹1,659, against a previous close of ₹1,654.90.

The losers were led by IndiGo, which fell 3.88 per cent to ₹4,377.30 from a previous close of ₹4,554.20. Bajaj Finance dropped 3.87 per cent to ₹888.75 from ₹924.55. Asian Paints declined 3.55 per cent to ₹2,276.90 against ₹2,360.70. Eicher Motors fell 3.33 per cent to ₹7,177 from ₹7,424, while Shriram Finance shed 3.09 per cent to ₹995.80 against ₹1,027.55.

The sharp drop in aviation, financials, auto, and consumer sectors reflects broader concerns around rising input costs and squeezed margins. "For India, higher oil prices remain a critical risk given its import dependency, as it directly feeds into inflation, currency pressure, and margin stress across sectors," said Hariprasad K, SEBI-registered Research Analyst and Founder of Livelong Wealth.

The rupee is also expected to face fresh selling pressure. "The mild FPI buying witnessed last Friday is again likely to reverse, further impacting sentiments," Vijayakumar added. On April 10, Foreign Institutional Investors were net buyers of approximately ₹672 crore, while Domestic Institutional Investors bought roughly ₹410 crore.

Investor attention this week will also be on India's March 2026 inflation data, due later on Monday, alongside the start of the Q4 FY26 earnings season, with HDFC Bank, ICICI Bank, HDFC Life, and Wipro among the companies scheduled to report results. "Market participants will closely monitor commentary around rising input costs and their impact on corporate profitability," said Ponmudi R, CEO of Enrich Money.

Technically, Nifty faces immediate support at 23,700–23,600, with a breach potentially extending losses toward 23,300–23,200. On the upside, 24,000 remains a key pivot and resistance. Bank Nifty holds support near 55,500–55,300, with resistance around 56,000.

The Indian market will remain closed on Tuesday, April 14, for Dr. B.R. Ambedkar Jayanti.

Published on April 13, 2026