Benchmark indices opened sharply lower on Thursday morning, dragged down by surging crude oil prices, sustained foreign institutional selling, and cautious global sentiment following the US Federal Reserve’s decision to hold interest rates steady.
The , which closed at 77,496.36 on Wednesday, opened at 77,014.21 and was trading at 76,849.33, down 647.03 points or 0.83 per cent, as of 9.16 AM. The , which ended the previous session at 24,177.65, opened at 23,996.95 and slipped further to 23,965.10, a decline of 212.55 points or 0.88 per cent.
Markets are closed on Friday for Maharashtra Day, raising the risk of overnight positioning ahead of a long weekend. With state election outcomes and geopolitical developments pending, traders are likely to stay cautious through the session.
Brent crude briefly breached $120 per barrel before easing to the $107–110 range, driven by supply disruptions linked to the blockade and closure of the Strait of Hormuz. Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, warned: “…Brent crude at $120 threatens to worsen India’s macros; the downside risk to growth and upside risk to inflation will rise if crude price remains elevated at this level…”
The rupee remained under pressure from elevated oil prices and foreign outflows. Foreign Institutional Investors sold equities worth approximately ₹2,468 crore on April 29, while Domestic Institutional Investors provided partial support with net purchases of around ₹2,262 crore. India VIX held near 17.43, reflecting continued market uncertainty.
On the institutional outlook, Vijayakumar noted: “…Results from AI majors in the US and South Korea are better than expected; this, in turn, might strengthen the ongoing AI trade for some more time. This means further portfolio outflows from India, impacting our markets…”
Among Nifty 50 gainers, Bajaj Finance led, rising 2.53 per cent from a previous close of ₹930.00 to ₹953.55. ONGC climbed 1.99 per cent to ₹307.40, while Coal India advanced 1.50 per cent to ₹487.10. Bajaj Finserv gained 0.74 per cent to ₹1,777.20 and Wipro edged up 0.53 per cent to ₹201.75.
On the losing side, Shriram Finance fell the most, dropping 2.42 per cent to ₹933.65 from a previous close of ₹956.85. IndiGo declined 2.31 per cent to ₹4,245.00, while Eternal slipped 2.26 per cent to ₹248.30. Axis Bank shed 2.15 per cent to ₹1,268.50 and Adani Ports fell 1.92 per cent to ₹1,629.20.
Sectorally, Private Banking and Financial stocks remained under pressure, with Axis Bank leading declines. The aviation sector was hit by IndiGo’s drop, while food delivery and quick commerce weighed on consumer internet plays through Eternal’s fall. Adani Ports reflected continued weakness in the infrastructure and port space. On the positive side, energy stocks including ONGC and Coal India saw buying interest, while the financial services space saw selective support in Bajaj Finance and Bajaj Finserv.
Aakash Shah, Technical Research Analyst at Choice Equity Broking, said: “…The weakness comes amid rising crude oil prices due to Iran-related tensions and cautious global sentiment after the US Federal Reserve maintained its interest rate stance…”
Earnings will be a key focus for stock-specific movement during the session. Adani Enterprises’ Q4 results are being watched closely for cues on infrastructure and capital goods sentiment. Hindustan Unilever’s numbers will offer insight into consumer demand and margin trends, while Maruti Suzuki India and CEAT Limited continue to provide support to the auto sector following recent results.
Ponmudi R, CEO of Enrich Money, said: “…Market sentiment remains fragile and highly news-driven, with crude oil volatility, geopolitical developments, currency pressures, and institutional flows acting as key drivers. The near-term trajectory of the market will largely hinge on stability in oil prices and further developments surrounding the Strait of Hormuz situation…”
Technically, Nifty finds immediate support at 23,900–23,800, with resistance at 24,200–24,300. A sustained move above 24,500 would be needed to confirm any bullish continuation, according to analysts. For Bank Nifty, support lies at 55,000–55,200, with resistance at 55,700–55,900. Vijayakumar summed up the selective opportunity within the broader uncertainty: “…Investors can now focus on companies that are coming out with better than expected Q4 results and strong commentary. There are opportunities in this segment…”