Indian equities ended Tuesday’s volatile trade on a weak note, with benchmark indices surrendering early gains as global risk-off sentiment and rising crude prices triggered profit booking. The 30-share BSE Sensex closed 416.73 points, or 0.54%, lower at 76,886.91 after swinging 752 points intraday between a high of 77,493.53 and low of 76,741.06. The NSE Nifty 50 settled at 24,013.95, down 78.75 points or 0.33%, after briefly reclaiming 24,100 levels.
Market breadth remained decisively negative. The indices opened flat at 77,094.79 and 24,049.90 respectively but failed to hold ground as tech and banking heavyweights dragged. Nifty’s 52-week range now stands at 22,182.55 to 26,373.20, while Sensex trades between 71,545.81 and 86,159.02.
Sectoral Scorecard: Energy Outshines, IT Bleeds
Amid the broad sell-off, oil & gas stocks emerged as lone bright spots. Reliance Industries led the pack, jumping 2.88% to ₹1,365.95, followed by Petronet LNG up 2.21% and HPCL gaining 2.05%. BPCL and IOCL also added nearly 2% each as Brent crude breached $106/bbl on Middle East supply fears.
Technology stocks bore the brunt of selling pressure. Infosys, HCLTech, Tech Mahindra and TCS fell 2-4% after Infosys’ Q4 numbers missed Street estimates. Brokerages retained a “measured outlook” on Infosys, balancing near-term challenges against long-term positioning. FMCG, consumer goods, metals and pharma counters also ended in the red.
Business Headlines: Earnings, Crude & Consumption Woes
1. Crude Shock: Middle East Conflict Pushes Brent Past $106, OMCs Gain But FMCG Feels Heat
Global oil benchmarks surged as geopolitical tensions flared, with Brent crude exceeding $106 per barrel. While domestic petrol and diesel prices held steady on Monday, analysts warn of hikes if the rally sustains. Indian consumer goods firms are already tracking input costs daily and frequently adjusting prices, fearing higher prices could dampen a nascent demand recovery.
2. RBL Bank Q4 Bonanza: Net Profit Zooms 234% to Rs 230 Crore
Private lender RBL Bank reported a 234% jump in March quarter net profit to Rs 230 crore, aided by strong advances, deposit growth and lower provisions. Asset quality improved sharply with gross NPAs declining substantially.
3. HRA Rules Tighten: Rent to Relatives Under Scanner From April 2026
Salaried taxpayers claiming HRA will face stricter norms from April 1, 2026 under new Form 124, requiring disclosure of landlord relationships to curb bogus claims. Genuine rentals with relatives remain valid if backed by documentation.
4. Stock Picks For The Week: SBI Securities Bets on Aster DM, GE Vernova
For the April 27-30 week, SBI Securities’ Sudeep Shah picked Aster DM Healthcare and GE Vernova T&D India as top buys. Views on Nifty and Bank Nifty remain stock-specific amid volatility.
Geopolitics & Global Cues: Trade Deals, Oil Economics & Fed Watch
India-New Zealand FTA Sealed: Zero Duty on 100% Indian Exports
In a major trade breakthrough, India and New Zealand signed an FTA aiming to double bilateral trade and attract $20 billion investments over 15 years. Indian exporters get duty-free access to the New Zealand market under the pact.
Trump 2.0 & Oil Politics: Drill, Sanction, Control
US President Trump’s second term is doubling down on energy dominance, with campaign funding from oil interests aligning with policies to boost domestic output and ease regulations. Sanctions on rivals and events like the Hormuz crisis are engineering demand for American exports, reshaping energy flows for nations like India.
Global Markets Wary: Fed Minutes, US GDP Eyed
The rupee settled flat at 85.40 against the dollar amid month-end demand and cautious trades ahead of US Fed minutes, Q1 GDP and Core PCE data this week. LKP Securities sees the rupee in a 84.80-85.75 range near-term, with FII flows dictating direction.
Commodities & Currency: Gold Volatile, Rupee Flat
Gold prices remained choppy, with analysts recommending a “buy on dips” strategy for April 24, 2026. The rupee pared losses to end flat despite rising crude and weak equities.
Market Outlook: Volatility Ahead as Earnings, Macros Collide
Monday’s decline marks a second straight session of losses for headline indices, mirroring global caution. With Infosys results disappointing and Middle East tensions spiking oil, traders are hedging bets ahead of key US macro data and domestic Q4 earnings. Nifty’s immediate support lies at 23,957, the day’s low, while 24,180 acts as resistance.
For now, Dalal Street is caught between rising crude, FII outflows, and selective buying in energy names. As one dealer put it: “Buy energy, sell IT” seems to be the day’s theme. Expect volatility to persist as geopolitics and central bank cues drive sentiment this week.
