Benchmarks Post Weekly Losses as Oil Surge and IT Selloff Hit Sentiment

An end-of-day recap of all that transpired in the Indian markets, highlighting the major price movements and the factors driving them

India stocks fall, rupee fall

By Dehuti Jani

April 24, 2026 at 11:39 AM IST

Indian equities ended sharply lower on Friday, with benchmark indices recording weekly losses as surging crude oil prices and a deep selloff in IT stocks weighed heavily on investor sentiment. The Nifty50 declined 1.14% to 23,897.95, while the BSE Sensex fell 1.27% to 76,681.29. For the week, the indices lost 1.9% and 2.3%, respectively, after two weeks of gains.

Markets remained under pressure as tensions in West Asia escalated following the collapse of US-Iran peace negotiations and continued disruptions in the Strait of Hormuz. Brent Crude traded above $107 per barrel as the blockade continued to threaten global energy supplies, intensifying concerns over inflation, India’s import bill and the broader economic outlook. The worsening energy situation also prompted HSBC and JPMorgan to downgrade Indian equities earlier in the week.

The sharpest losses came from the IT sector, with the Nifty IT dropping nearly 5% after weak guidance from major technology companies dampened sentiment. Infosys, Tata Consultancy Services and Tech Mahindra emerged as the top laggards. Pharma and media stocks also weakened, while metal stocks outperformed with relatively limited declines.

Broader markets mirrored the weakness in frontline indices, with mid-cap and small-cap indices falling 0.96% and 0.87%, respectively. Investors remained cautious as uncertainty around geopolitical developments and elevated oil prices continued to cloud the outlook for earnings, inflation and foreign investment flows.

Top Movers of the Day

Infosys declined nearly 6.9% to around ₹1,154 after weak FY27 revenue guidance intensified concerns over slowing global technology spending and uncertain demand trends.

LTIMindtreedeclined more than 5.0% to ₹4,302 as weak sentiment across the IT sector persisted following cautious outlooks from large-cap peers.

Cyient fell over 7.0% to ₹870 after disappointing earnings and subdued growth commentary weighed on investor confidence.

IEX gained over 2.0% to ₹130 after reporting an 11% YoY rise in Q4 profit, supported by strong electricity trading volumes. Shares of IEX ended 2.94% at the end of the session giving up most gains.

Inventurus Knowledge Solutions surged around 9.0% during the day after announcing a $565 million acquisition of US-based TruBridge, which strengthened optimism around its international expansion strategy.

Adani Energy Solutions gained over 4% to around ₹1,420 despite reporting a 6% YoY rise in Q4 profit, as broader market weakness capped gains.

Mahindra Logistics declined around 9.2% to ₹401 despite strong quarterly results, as investors booked profits in the stock amid weak market sentiment.

OneSource Specialty Pharma gained around 4.0% to ₹1,833.05 as sustained buying interest in pharma counters supported the rally.

Shriram Finance gained 0.9% to ₹1,018.50 after the company reported strong growth in Q4 net profit, helping the stock recover from early losses.

Cipla gained after receiving final US FDA approval for the generic version of Ventolin, which eased concerns around the company’s US business growth outlook.

Gujarat Themis Biosyn surged 14.3% to ₹369.4 after signing a €158 million asset purchase agreement with Sanofi to acquire a portfolio of anti-tuberculosis and anti-infective products.

Himadri Speciality Chemical gained 9.0% to ₹585 after reporting strong Q4FY26 earnings, while heavy trading volumes supported the rally to a 52-week high.

IDBI Bank surged 8.4% to ₹79.90 after Finance Minister Nirmala Sitharaman reiterated that the bank’s divestment process would continue as planned.

Azad Engineering gained over 4% to hit a record high of ₹2,202.75 as continued buying momentum extended the stock’s three-session rally.

Futures & Options
Nifty April 2026 futures closed at 23,935, trading at a premium of 37.05 points to the spot Nifty 50 close of 23,897.95, indicating selective long positioning despite broader market weakness. The index declined 1.14% or 275.10 points in the cash market as elevated crude oil prices and weakness in IT stocks continued to pressure sentiment.

Market volatility rose sharply, with India VIX surging 6.03% to 19.71, reflecting heightened uncertainty around geopolitical tensions and the outlook for global growth. In the F&O segment, HDFC Bank, Infosys and TCS emerged as the most actively traded stock futures contracts. The April series is scheduled to expire on 28 April 2026, with traders likely to remain cautious as rising oil prices, volatility and global geopolitical developments continue to influence positioning.

Bonds
India's government bond yields extended their rise for a third consecutive session on Friday as elevated crude oil prices and fresh debt supply pressured sentiment. The benchmark 6.48% 2035 bond yield rose to 6.9761% in early trade after closing down at 6.9365% today, compared to 6.9498% in the previous session.

Investor caution persisted amid the lack of progress in US-Iran negotiations, which kept Brent Crude elevated and reinforced concerns around inflation and India’s import bill. Bond markets also remained under pressure as government’s ₹320 billion bond auction today, which included a liquid 30-year paper and added to supply-side concerns.

Forex
Indian rupee weakened for a fifth consecutive session on Friday, recording its steepest weekly decline since September 2022 as rising geopolitical tensions and surging oil prices pressured the currency. The rupee closed at 94.2475 against the US dollar, down 1.4% for the week.

The sharp decline came as concerns grew over the fragility of the US-Iran ceasefire and continued disruptions to energy flows through the Strait of Hormuz. Earlier support from measures introduced by the Reserve Bank of India and optimism around easing tensions in West Asia faded as Brent Crude prices resumed their rally, worsening concerns over India’s inflation outlook and external balance.

Crypto
Crypto markets remained relatively stable on Friday, with Bitcoin continuing to hold within the $77,000–$78,000 range for a third straight session despite ongoing geopolitical uncertainty and elevated oil prices. Bitcoin slipped 0.33% over the past 24 hours to trade at $77,640.81, while maintaining a market capitalisation above $1.55 trillion and daily trading volumes of around $37.7 billion. Bitcoin’s resilience relative to altcoins remained one of the few positive signals in the broader crypto market.

Meanwhile, Ethereum declined 1.77% to $2,304.97 as weakness in major altcoins persisted amid cautious risk sentiment globally.

US Stock Futures
US stock futures traded mixed on Friday after Donald Trump announced that Israel and Lebanon had agreed to extend their ceasefire by another three weeks, easing some geopolitical concerns. Futures on the S&P 500 rose 0.1%, while Nasdaq-100 futures gained 0.9%, supported by strength in technology stocks. Meanwhile, futures linked to the Dow Jones Industrial Average fell 148 points, or 0.3%. Intel surged 19% in pre-market trade after reporting first-quarter earnings that exceeded Wall Street expectations and issuing an upbeat forecast, boosting sentiment across the semiconductor sector.

US Treasury Notes
Yields on US Treasury were largely unchanged on Friday as investors adopted a cautious stance amid stalled US-Iran peace negotiations and rising energy prices. The benchmark 10-year Treasury yield held near 4.332%, while the policy-sensitive 2-year yield edged slightly higher to 3.842%.

Bond market sentiment continued to be shaped by geopolitical tensions in West Asia, with Brent Crude climbing toward $107 per barrel as disruptions in the Strait of Hormuz persisted. The renewed surge in oil prices has revived inflation concerns and prompted traders to scale back expectations for Federal Reserve rate cuts later this year.

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