closed lower on Tuesday in a volatile session, with the Nifty 50 ending at 24,032.80, down 86.50 points or 0.36 per cent, as a record-low rupee, surging crude oil prices, and renewed West Asia hostilities rattled investor sentiment. The Sensex fell 251.61 points or 0.33 per cent to settle at 77,017.79.
, with the onshore spot rate settling near 95.34, as Iran intensified attacks on critical energy infrastructure in the UAE, threatening a fragile four-week truce and stoking fears of prolonged supply disruption through the
, while domestic crude futures held within the ₹9,800–₹10,000 range. US President Donald Trump announced ‘Project Freedom’, aimed at reopening the strategic waterway, though energy markets remained elevated.
Anindya Banerjee, Head of Commodity and Currency Research at Kotak Securities, said the rupee’s record low was “…a direct reflection of the unrelenting pressure from West Asia,” adding that India’s monthly energy import bill had jumped 70–80 per cent since the conflict began, while FPI outflows had totalled around $21 billion.
He warned that if Brent pushes toward $125–130, the dollar-rupee pair could test 97.00–97.50, and that “…the path of least resistance for spot remains higher” until crude eases back below $100.
The Nifty opened with a gap-down at 24,052.60 and slipped sharply in the first half, touching an intraday low of 23,882, before staging a near 200-point recovery in the second half to close well off the day’s lows. The index formed a Dragonfly Doji on the daily chart, signalling buying interest at lower levels.
It has now been oscillating within a narrow range of 23,796–24,335 for eight consecutive sessions, with Bollinger Band squeeze visible on lower timeframes, pointing to an imminent volatility expansion and a decisive directional move within the next two to three trading sessions.
Bank Nifty was a notable underperformer, declining 331.45 points or 0.60 per cent to close at 54,547.05. Sectoral performance was mixed — Auto, FMCG, Pharma, IT, and Metals ended in the green, while Realty, Private Banks, PSU Banks, Consumer Durables, and Oil & Gas were the key laggards.
Among individual stocks, M&M and UltraTech Cement led gains on the Nifty, while ICICI Bank, Jio Financial, and Coal India faced the sharpest selling. M&M also reported a strong quarterly result, while Marico delivered an in-line set with double-digit growth guidance for FY27.
Broader markets outperformed the benchmark, with the Nifty Midcap 100 advancing 0.17 per cent and the Nifty Smallcap 100 gaining 0.28 per cent. Market breadth was relatively stable, with 240 stocks from the Nifty 500 universe ending the session in positive territory.
Gold traded near ₹1,49,650 per 10 grams, up around 0.20 per cent, with COMEX gold holding support near $4,510. Support for domestic gold is seen at ₹1,49,000, with resistance at ₹1,51,500.
On the earnings front, among 109 companies tracked by Motilal Oswal Financial Services, sales have come in 1.6 per cent ahead of estimates and PAT 2.6 per cent above expectations, with banks, consumer, healthcare, metals, and retail sectors delivering notable beats, while autos, NBFCs, and Oil & Gas have reported misses. Siddhartha Khemka, Head of Research at Motilal Oswal, noted that “…once the impact of the election outcome is absorbed, the market focus would shift back to near-term triggers, including any progress in West Asia.”
Looking ahead, markets will be keenly watching US April unemployment data and non-farm payrolls this week, which will shape interest rate expectations and direction in gold and currency markets. Domestically, geopolitical developments, rupee trajectory, and ongoing Q4 earnings remain the key variables. A sustained move beyond 24,335 on the upside or a break below 23,800 on the downside will be critical in determining the Nifty’s next directional trend.