Benchmark equity indices BSE Sensex and Nifty 50 fell nearly 1 per cent on Wednesday, snapping a three-day rally amid heavy selling in IT stocks and a sharp rise in crude oil prices.
The 30-share Sensex dropped 756.84 points, or 0.95 per cent, to close at 78,516.49. During intraday trade, it had declined as much as 831.03 points, or 1.04 per cent, to 78,442.30. Meanwhile, the 50-share Nifty slipped 198.50 points, or 0.81 per cent, to settle at 24,378.10.
Market sentiment was further dampened by continued foreign fund outflows and concerns over prolonged geopolitical tensions in West Asia. Among Sensex constituents, HCL Technologies emerged as the biggest loser, plunging 10.85 per cent after its March quarter results failed to impress investors. The company posted a 4.20 per cent year-on-year increase in consolidated net profit to ₹4,488 crore but flagged a volatile demand environment influenced by tariffs and reduced discretionary spending, while issuing a modest FY27 growth guidance of 1–4 per cent.
Other major laggards included Infosys, Mahindra & Mahindra, Tata Consultancy Services, Tech Mahindra and ICICI Bank. On the gaining side, Hindustan Unilever, NTPC, Eternal and Trent posted gains. Global oil benchmark Brent crude rose 1.26 per cent to USD 99.72 per barrel, reflecting ongoing tensions in key energy corridors.
Also read: Rupee slips 39 paise to settle at 93.83
“Indian equity markets traded with a clear negative bias throughout the session, weighed down by persistent geopolitical tensions in the Middle East and the continued closure of the Strait of Hormuz. Despite the ceasefire extension, the continued US blockade and unresolved situation kept energy markets elevated,” said Ponmudi R, CEO of Enrich Money.
Foreign Institutional Investors (FIIs) remained net sellers, offloading equities worth ₹1,918.99 crore on Tuesday, according to exchange data. “The primary trigger behind today’s weakness was the resurgence of geopolitical uncertainty. Reports of stalled US–Iran negotiations have heightened concerns over prolonged instability in West Asia, keeping risk appetite subdued. Elevated crude prices are also adding pressure on inflation expectations and currency stability,” said Hariprasad K of Livelong Wealth.
Broader markets showed mixed trends, with the BSE SmallCap Select index rising 0.76 per cent, while the MidCap Select index edged down 0.04 per cent.
Among sectoral indices, IT stocks were hit the hardest, with the IT index falling 3.66 per cent and the BSE Focused IT index declining 3.54 per cent. Banking and financial indices also slipped, with Top 10 Banks down 0.85 per cent, Financial Services falling 0.64 per cent, and the Private Banks index easing 0.64 per cent.
On the other hand, utilities surged 2.48 per cent, followed by gains in Power (1.97 per cent), MidSmall Private Banks Quality Tilt (1.13 per cent), Capital Goods (1.11 per cent), and FMCG (0.98 per cent), providing some support to the broader market.
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