Equities Fall as West Asia Tensions Rekindle, Oil Spike Weighs

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

Dehuti Jani is an experienced project manager who also works as an independent financial journalist.

April 9, 2026 at 11:33 AM IST

Indian equities declined sharply on Thursday, snapping a five-day gaining streak, as renewed tensions in West Asia and rising crude oilprices dampened investor sentiment. The Nifty50 fell 0.93% to 23,775.10, while the BSE Sensex dropped 1.20% to 76,631.65, with ten of the sixteen sectoral indices ending in the red. The sell-off was led by financials, with the banking index declining after a strong rally in the previous session. HDFC Bank and ICICI Bank fell 2.3% and 2.1%, respectively, dragging the indices lower. Among Nifty constituents, Jio Financial Services, InterGlobe Aviation and Larsen & Toubro were the top losers.

Market sentiment turned cautious after Donald Trump signalled continued military presence until a formal deal with Iran is reached, raising the risk of further escalation. Brent Crude surged 3.5% to around $98 per barrel, adding to inflation concerns and weighing on risk assets.

Despite the weakness in benchmark indices, broader markets showed resilience, with mid-cap and small-cap indices rising around 0.25% and 0.20%, respectively, indicating selective buying. Sectorally, private banks and financials underperformed, while metals emerged as the top gainers, supported by expectations of firm commodity prices amid ongoing geopolitical uncertainty.

Top Movers of the Day

TCS gained 1.20% to ₹2,590 as investors positioned ahead of Q4 results; optimism around deal wins and margin stability supported sentiment.

HCL Technologies gained 0.33% to ₹1,465 in line with IT sector gains; investors accumulated ahead of earnings season.

HDFC Bank declined 2.2% to ₹798 as profit booking emerged after recent gains; investors remained cautious ahead of macro triggers.

RBL Bank declined 1.7% to ₹317 after recent sharp rally; profit booking weighed on the stock despite strong fundamentals.

Tata Motors Passenger Vehicles declined 0.5% to ₹332 as auto stocks saw selling pressure; demand concerns and global uncertainty impacted sentiment.

Nykaa gained 0.5% to ₹256 on improved growth outlook; continued traction in beauty and personal care segment supported sentiment.

BHEL gained 4.0% to ₹276.3 as the stock surged on strong buying interest despite a weak market; intraday momentum pushed it close to a 6% gain.

Meesho gained 13.0% to ₹172.3 as heavy volumes and a bullish brokerage call boosted sentiment; Equirus maintained a ‘buy’ with 15% upside.

Rain Industries gained 6.0% to ₹178 as investor interest surged following ace investor Dolly Khanna’s entry; volume spike supported the rally.

GM Breweries declined 4.1% to ₹988 as Q4 net profit fell 10% YoY; weak earnings performance weighed on investor sentiment.

Bosch gained 2% to ₹36,610 as the stock outperformed on acquisition news; strategic deal strengthened its automotive systems portfolio.

Info Edge (India) declined 2.88% to ₹1003 following its quarterly update; investor concerns around financial performance led to selling pressure.

Futures & Options
Nifty April 2026 futures closed at 23,864.50, trading at a premium of 89.40 points to the spot Nifty 50 close of 23,775.10, indicating resilient positioning despite the decline in the cash market. The index fell 0.93% or 222.25 points, reflecting profit booking after the recent rally. Volatility edged higher, with India VIX rising 3.70% to 20.43, suggesting increased near-term uncertainty amid geopolitical tensions. In the derivatives segment, HDFC Bank, TCS and Infosys were the most actively traded stock futures, indicating continued participation in index heavyweights.

Bonds
India's government bond yields moved higher on Thursday, reversing the sharp decline seen in the previous session, as rising crude oil prices and uncertainty around the US-Iran ceasefire weighed on sentiment. The benchmark 6.48% 2035 bond yield rose 7 basis points to 6.9601%, after falling sharply to 6.8984% on Wednesday, marking its steepest single-day decline in nearly four years. The uptick in yields reflects concerns that disruptions around the Strait of Hormuz could persist, keeping energy prices elevated and complicating the inflation outlook.

Forex
Indian rupee weakened modestly on Thursday, pressured by rising crude oil prices and renewed geopolitical uncertainty in West Asia. The rupee closed at 92.6575 against the US dollar, down 0.1% on the day, as risk sentiment deteriorated across global markets. The uptick in tensions, with Israel striking targets in Lebanon, raised concerns over the durability of the US-Iran truce, triggering a rebound in oil prices. Brent Crude rose nearly 3% to around $97.5 per barrel after recently dipping to near $90 levels, adding pressure on India’s external balances and weighing on both currency and broader financial markets.

Crypto
Crypto markets traded lower on Thursday as momentum eased, and investors turned cautious amid ongoing geopolitical developments. Bitcoin hovered near the $71,000 mark but faced resistance around $73,000, slipping nearly 1% over the past 24 hours to trade at $70,756, indicating limited follow-through buying. Ethereum declined 3.07% to around $2,177, tracking broader weakness across digital assets. Among altcoins, BNB, XRP, Solana, Dogecoin and Cardano fell up to 5%, while Tron and Hyperliquid managed modest gains of up to 1%, highlighting a mixed but overall risk-off sentiment in the crypto market.

US Stock Futures
US stock futures declined on Thursday, pulling back from the previous session’s strong rally as concerns grew over the durability of the US-Iran ceasefire ahead of upcoming talks. Futures on the Dow Jones Industrial Average fell around 0.4%, after the index had surged over 1,300 points in the prior session on optimism around the reopening of the Strait of Hormuz. Futures linked to the S&P 500 dropped 0.4%, while Nasdaq-100 futures declined 0.3%, as investors turned cautious amid rising geopolitical uncertainty. Sentiment remains fragile, with markets closely tracking developments in West Asia and their implications for energy prices and global risk appetite.

US Treasury Notes
Yields on US Treasury remained broadly steady with a slight downward bias as investors balanced a fragile US-Iran ceasefire with expectations around upcoming inflation data. The benchmark 10-year Treasury yield eased by around 1 basis point to 4.285%, reflecting cautious demand for safe-haven assets amid geopolitical uncertainty. Meanwhile, the 2-year Treasury yield edged lower to 3.783%, indicating measured positioning ahead of near-term policy signals. Market participants are now focused on the upcoming CPI print, which is expected to show a pickup in inflation and could shape the Federal Reserve’s next interest rate decision, keeping bond market moves contained in the interim.

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