Stock Market Today: Bears return as bulls lose 2-day streak; Sensex slips 350 pts, Nifty below 24,500

Indian equity benchmarks opened in the red on Wednesday, tracking cautious global cues and rising geopolitical uncertainty. Investors turned risk-averse after the US and Iran failed to reach an agreement, raising fears that tensions could drag on.

At 09:15 am, the BSE Sensex was at 78,921.88, down 351.45 points or 0.44 per cent. The index opened at 79,019.34 against the previous close of 79,273.33.

The NSE Nifty 50 was at 24,480.40, lower by 96.20 points or 0.39 per cent. It opened at 24,470.85 compared with the previous close of 24,576.60.

IT stocks drag; broader markets mixed

Among Sensex constituents, HCL Tech, Tech Mahindra, Infosys, TCS, ICICI Bank, and Power Grid were the top losers. Hindustan Unilever, Trent, NTPC, UltraTech Cement, and Bajaj Finance were the gainers.

Most thematic indices traded on a mixed note in early trade.

Sector-wise, the Nifty IT index declined the most, falling over 3 per cent. The Nifty Healthcare and Nifty Pharma indices also underperformed. Meanwhile, Nifty Metal and Nifty Consumer Durables showed relative strength.

Other key sectoral indices, including Bank, Financial Services, Pharma, and Healthcare, traded in the red. On the other hand, FMCG, Media, Metal, PSU Bank, Realty, and Consumer Durable indices were marginally higher.

The sharp fall in the IT index was led by selling in HCL Tech, Persistent Systems, Tech Mahindra, Coforge, and Infosys.

In the broader market, the Nifty Midcap 100 index traded almost flat, while the Nifty Smallcap 100 index rose 0.42 per cent.

The Nifty Volatility Index (VIX) rose 3.6 per cent to 18.16, indicating a rise in near-term market uncertainty.

Geopolitics in focus; uncertainty persists

Investor sentiment remained fragile as geopolitical tensions stayed elevated. The US extended a ceasefire with Iran, but concerns persisted as the Strait of Hormuz blockade is expected to continue.

US President Donald Trump said the extension comes amid a “fractured” Iranian government. Reports also suggested that planned talks involving US Vice President JD Vance did not take place after Iran declined further negotiations.

The situation has kept global markets on edge, especially due to its implications for oil supply and inflation.

Flows, signals and key triggers

Gift Nifty, an early indicator for the Nifty 50, signalled a weak start. It opened lower by 142 points at 24,433 compared to the previous close of 24,575.

Foreign institutional investors (FIIs) remained net sellers, with outflows of Rs 1,918.99 crore on April 21. In contrast, domestic institutional investors (DIIs) provided support, with net inflows of Rs 2,221.27 crore.

Global markets and commodities

Most Asian markets traded lower on Wednesday morning. Hong Kong’s Hang Seng index declined 1.24 per cent, while South Korea’s Kospi slipped 0.22 per cent. Japan’s Nikkei 225 bucked the trend, rising 0.51 per cent.

Overnight, US markets ended lower. The Nasdaq Composite and Dow Jones Industrial Average fell 0.59 per cent each, while the S&P 500 declined 0.63 per cent.

In commodities, Brent crude edged lower by 0.45 per cent to $98.04 per barrel as traders tracked developments around US-Iran tensions. Meanwhile, safe-haven demand supported precious metals, with gold futures rising 1.07 per cent and silver gaining 1.54 per cent.

Q4 earnings today

Several companies are set to announce their March quarter results on Wednesday. These include Bharat Coking Coal, Delta Corp, Havells India, L&T Technology Services, Oracle Financial Services Software, SBI Life Insurance Company, Tata Communications, and Tech Mahindra.