The equity benchmark indices Sensex and Nifty tumbled on Thursday, extending losses for a second straight session. Firm crude oil prices and ongoing geopolitical tensions rattled sentiment. Brent crude surged for the fourth consecutive day to around $103 per barrel amid uncertainty over US-Iran talks and fresh concerns around the Strait of Hormuz. Weak Asian cues and persistent foreign fund outflows deepened the sell-off. The Nifty slipped below the 24,200 mark, dragged by auto, PSU banks and consumer durables stocks, while pharma and healthcare shares saw selective buying. Investors stayed cautious, closely tracking the ongoing Q4 earnings season for further triggers.
The S&P BSE Sensex declined 852.49 points or 1.09% to 77,664. The Nifty 50 index slumped 205.05 points or 0.84% to 24,173.05. In the two consecutive trading sessions, the Sensex and Nifty plunged 2.03% and 1.64%, respectively.
HDFC Bank (down 1.93%), ICICI Bank (down 1.47%) and Reliance Industries (down 1.45%) were major index drags today.
In the broader market, the BSE 150 MidCap Index shed 0.33% and the BSE 250 SmallCap Index fell 0.49%.
The market breadth was negative. On the BSE, 1,762 shares rose and 2,517 shares fell. A total of 177 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 1.58% to 18.59.
Economy:
The HSBC Flash India PMI Composite Output Index rose to 58.3 in April from the final reading of 57.0 in March. The latest reading signalled a sharp expansion in overall business activity, remaining well above its long-run average.
The HSBC Flash India Services PMI Business Activity Index stood at 57.9 in April 2026 compared with 57.5 in March 2026.
Meanwhile, the HSBC Flash India Manufacturing PMI Output Index climbed to 59.1 in April 2026 compared with 55.7 in March 2026. Overall manufacturing business conditions also strengthened, with the HSBC Flash India Manufacturing PMI rising to 55.9 in April from 53.9 in the previous month.
Meanwhile, Indias Ministry of Petroleum and Natural Gas has dismissed reports of a potential petrol and diesel price hike, calling them misleading and stating that no such proposal is under consideration. The clarification follows media reports suggesting a Rs 25-28 per litre increase after elections due to rising crude prices. The government said fuel prices have remained stable for the past four years despite global volatility and added that steps have been taken by both the government and oil PSUs to protect consumers from sharp increases in international oil prices.
Numbers to Track:
The yield on India's 10-year benchmark federal paper rose 0.38% to 6.949 compared with previous session close of 6.923.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 94.1200 compared with its close of 93.7850 during the previous trading session.
MCX Gold futures for 5 June 2026 settlement declined 0.70% to Rs 151,589.
The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.15% to 98.77.
The United States 10-year bond yield advanced 0.68% to 4.321.
In the commodities market, Brent crude for June 2026 settlement jumped $1.74 or 1.71% to $103.65 a barrel.
Global Markets:
US Dow Jones futures fell 343 points, indicating a weak start for Wall Street later today.
European indices declined on Thursday as investors tracked persistent tensions around the Strait of Hormuz, despite US President Donald Trump extending the ceasefire in the Iran conflict. Hopes of renewed US-Iran talks offered limited support, with Trump suggesting negotiations could resume soon.
In the UK, government borrowing dropped by nearly 20 billion to 132 billion for the financial year ending March 2026, according to official data.
Asian shares also closed lower, weighed by geopolitical uncertainty. While the US extended the ceasefire, Iran signalled reluctance to engage, calling talks a waste of time. Reports also indicated continued US naval presence near Iranian ports and fresh seizures of vessels in the Strait of Hormuz.
On the macro front, Japans manufacturing activity expanded at its fastest pace in over two years, with the PMI rising to 54.9 in April from 51.6 in March. South Koreas economy grew 1.7% QoQ in Q1, beating estimates and marking its fastest pace since 2020.
Overnight, US markets ended higher, with the S&P 500 and Nasdaq closing at record levels after the ceasefire extension and strong earnings. The S&P 500 rose 1.05%, the Nasdaq gained 1.64%, and the Dow Jones added 0.69%.
Stocks in Spotlight:
Infosys declined 2.04% ahead of Q4FY26 results today. The company has announced a strategic collaboration with OpenAI to help enterprises transform software development and modernization with OpenAIs frontier AI models and products like Codex.
Oracle Financial Services Software (OFSS) jumped 8.11% after the company reported a 30.72% increase in consolidated net profit to Rs 841.7 crore on a 20.33% rise in revenue from operations to Rs 2,065.2 crore in Q4 FY26 over Q4 FY25.
Trent tumbled 4.21%. The company reported a 29.95% jump in standalone net profit to Rs 454.75 crore on a 20.22% increase in revenue from operations to Rs 4,936.64 crore in Q4 FY26 over Q4 FY25.
Jio Financial Services rallied 4.28% after the company said that it has entered into a binding agreement with Allianz Group (Allianz) to form a 50:50 primary insurance joint venture (JV). The JV, covering the general insurance and health insurance segments, would serve the rapidly expanding Indian insurance sector. The partnership combines two financial services firms to offer protection products tailored to Indian individuals and businesses. Customers benefit from JFSLs digital reach and local market knowledge along with Allianzs insurance products and expertise.
Tata Communications jumped 3.74%. The company has reported 65.4% drop in consolidated net profit to Rs 263 crore despite a 9.4% rise in gross revenues to Rs 6,554 crore in Q4 FY26 as compared with Q4 FY25. The companys board has declared a dividend of Rs 17.50 per share for the financial year ended 31 March 2026.
Tips Music jumped 8.23% after the companys standalone net profit surged 92.91% to Rs 59.05 crore on 32.43% increase in revenue from operations to Rs 103.93 crore in Q4 FY26 over Q4 FY25.
Indus Towers declined 0.86% ahead of its board meeting scheduled on 30 April 2026. The company said the board will meet to consider and approve its audited financial results for the fourth quarter and full year ended 31 March 2026. However, the announcement did not include any proposal for dividend or share buyback, which weighed on investor sentiment.
Fujiyama Power Systems surged 10% to Rs 285.90 after a domestic brokerage initiated coverage with a 'Buy' rating and a target price of Rs 340.
Sangam India declined 1.15%. The companys consolidated net profit zoomed 245.27% to Rs 32.87 crore in Q4 FY26 as against Rs 9.52 crore in Q4 FY25. Revenue from operations rose 20.37% year on year (YoY) to Rs 883.93 crore in Q4 FY26.
Prizor Viztech was locked in 5% upper circuit at Rs 565 after the company reported 152.8% jump in net profit to Rs 14.84 crore on a 164.4% increase in revenues to Rs 105.93 crore in Q4 FY26 as compared with Q4 FY25.
Alembic Pharmaceuticals rose 0.76%. The company announced the incorporation of a new subsidiary in the Philippines, aimed at expanding its international presence.
KP Energy jumped 3.47% after the company received an inter-state electricity trading licence from the Central Electricity Regulatory Commission. The licence, classified under Category V, allows the company to undertake electricity trading across state boundaries and participate in national power markets.
Speciality Medicines hit an upper limit of 5% after the company announced a new export order from an international client. The company said it has entered into a commercial arrangement with a global distributor for pharmaceutical finished products worth about $2 million, or approximately Rs 18.8 crore.