Sensex and Nifty tumble as oil prices surge, FIIs continue selling

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Benchmark indices Sensex and Nifty tumbled in early trade on Friday as surging oil prices and unabated foreign fund outflows unnerved investors. The dip continues even after Donald Trump, on Thursday, announced a ceasefire between Israel and Lebanon.

Sensex and Nifty dip after the opening bell

The 30-share BSE Sensex dropped 330 points to 77,334 in early trade, whereas the 50-share NSE Nifty declined 93.3 points to 24,079.75. Weakness in IT stocks and a negative trend in global markets also weighed on investor sentiment. Later, the BSE benchmark quoted 772.35 points lower at 76,876.79, and the Nifty tanked 205.45 points to 23,967.60.

Top gainers and losers

From the 30-Sensex firms, HCL Tech, Infosys, Tata Consultancy Services, Sun Pharma, Tech Mahindra and Bharti Airtel were among the major laggards. Whereas, UltraTech Cement, Mahindra & Mahindra, State Bank of India and Hindustan Unilever were among the winners.

FIIs sell equities worth Rs 3,254 on Thursday

Amid the concerning global situation, Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,254.71 crore on Thursday, according to exchange data.

Earlier on April 23, Indian benchmark indices closed lower for the second session, with heightened volatility driven by the weekly Sensex expiry. At close, the Sensex declined by 852 .49 points (1.09 per cent) to settle at 77,664, while the Nifty fell by 205 .05 points (0.84 per cent) to close at 24,173.05.

Asian markets

In Asian markets, South Korea's benchmark Kospi, Shanghai's SSE Composite index and Hong Kong's Hang Seng index were trading lower, while Japan's Nikkei 225 index quoted higher.

Expert opinions

Hariprasad K., Research Analyst and Founder, Livelong Wealth, expressing his views on the market, said, "The broader sentiment remains fragile, shaped largely by persistent geopolitical uncertainty. Developments in West Asia continue to influence market psychology. Although the ceasefire between Israel and Lebanon has been extended by three weeks following diplomatic engagement led by Donald Trump, the extension is being viewed as a temporary relief rather than a structural resolution, as cited by PTI.

Furthermore, Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said, "Crude oil prices remain elevated above the USD 100 per barrel mark, driven by supply disruptions and rising tensions around the Strait of Hormuz, adding to macroeconomic concerns," as per PTI.

(With inputs from PTI)