India’s benchmark indices, the BSE Sensex and Nifty 50, extended their losses in midday trade on Friday, pressured by rising crude oil prices, persistent foreign outflows and sharp declines in IT stocks.

By 12:33 pm, the Sensex had dropped 1,011 points, or 1.3 per cent, to 76,653, while the Nifty fell 283 points to 23,890, slipping further below the key 24,000 level. The downturn follows two consecutive sessions of decline, reflecting fragile investor sentiment.

A major drag on the markets was the continued rise in global oil prices. Brent crude hovered around $106 per barrel amid heightened tensions in the Middle East and concerns over potential disruptions in the Strait of Hormuz. Analysts said volatility in crude prices, driven by uncertainty surrounding US-Iran developments, remains a key factor influencing market direction.

Foreign institutional investors (FIIs) also continued to exert pressure, extending their selling streak for a fourth straight session with net outflows exceeding ₹3,200 crore on Thursday. Market experts warned that sustained foreign selling, combined with elevated oil prices and currency weakness, could weigh further on large-cap stocks.

The IT sector emerged as the worst performer, with stocks such as Infosys, TCS, HCLTech and Tech Mahindra registering steep losses. The Nifty IT index fell sharply, reflecting subdued guidance and continued pressure on the sector.

Global cues remained mixed. While US markets closed lower overnight amid geopolitical concerns and uneven earnings, sentiment saw limited improvement after reports of an extension of the Israel-Lebanon ceasefire. However, elevated oil prices and ongoing uncertainty continued to curb risk appetite.

Volatility indicators pointed to cautious investor positioning, with the India VIX rising to around 19.3. Analysts noted a lack of strong directional momentum, with immediate support for the Nifty seen near the 23,800 mark.

Selling pressure was broad-based across sectors, including pharma, FMCG and realty stocks. Market breadth remained weak, with declining shares significantly outnumbering advancing ones.

Among individual stocks, gains were limited, with Coal India and Bajaj Auto among the few to trade higher. On the downside, heavyweights such as Infosys led the losses, alongside several other large-cap names.

With geopolitical tensions persisting and macroeconomic uncertainties in play, analysts expect markets to remain volatile in the near term.

With IANS inputs

India is considering divesting its stake in the strategically significant Chabahar Port as the current US sanctions waiver is set to expire this Sunday, according to a news report.

The plan involves India Ports Global Ltd selling its holding in India Ports Global Chabahar Free Zone to a local Iranian entity, Business Standard reported. The move is aimed at mitigating potential exposure to sanctions if relief is not extended.

Officials are also said to have explored an interim arrangement under which an Iranian operator would manage the port during the sanctions period, with the possibility of India resuming operational control once restrictions are eased.

India’s involvement in the project has benefited from US sanctions exemptions since 2018. However, the United States Department of State reviewed such waivers in 2025, and the original exemption was subsequently withdrawn. A later communication from the United States Department of the Treasury allowed continued activity at Chabahar until 26 April 2026.

The news report said that New Delhi has invested around $120 million in equipment for the port, which has also been used to send humanitarian aid to Afghanistan. In 2024, India signed a 10-year agreement with Iran to operate a terminal at the site after prolonged negotiations.

The port holds considerable strategic value for India, offering access to Afghanistan and Central Asia while bypassing Pakistan. It is also viewed as a counterbalance to China-backed development at Gwadar Port.

Chabahar is a key component of the International North-South Transport Corridor, a multimodal network intended to link India with Central Asia and Russia and reduce transit times for trade.

Legal and policy experts have reportedly cautioned that continued involvement without sanctions protection could expose Indian entities to financial and operational risks, potentially affecting broader overseas port ambitions.

IPGL, a wholly owned subsidiary of Sagarmala Finance Corporation, is also part of the Bharat Global Ports consortium launched in 2025 to expand India’s international port footprint. It currently operates Myanmar’s Sittwe Port as well.

If the proposed stake transfer proceeds, it could significantly reduce sanctions-related risks while preserving India’s long-term strategic interests in the region.

International crude oil prices climbed sharply on Friday, rising by up to 2 per cent as escalating tensions in the West Asia continued to unsettle global markets, despite reports of a unilateral ceasefire announcement by the United States.

The global benchmark Brent crude advanced to around $107 per barrel, while West Texas Intermediate (WTI) approached $97.6, both registering gains of nearly 2 per cent from the previous close.

In India, crude oil futures on the Multi Commodity Exchange (MCX) were trading lower at Rs 9,077, down about 1 per cent.

For the week, oil prices have surged significantly, with Brent rising nearly 19 per cent and WTI gaining around 17 per cent, reflecting heightened concerns over supply disruptions.

Analysts attributed the rally to continued instability around the Strait of Hormuz, a critical route through which roughly a fifth of global oil trade passes. Ongoing military activity and shipping disruptions in the region have kept market sentiment on edge.

Experts noted that while the near-term outlook remains cautiously bullish, price movements will largely depend on geopolitical developments. Resistance levels are seen near $99, with the potential to climb further towards $110 if upward momentum sustains. On the downside, $95 is viewed as a key support level.

Adding to the uncertainty, Donald Trump said he would not deploy nuclear weapons in any conflict involving Iran, while also indicating that conventional military operations in the region could intensify. Reports suggest increased US activity targeting Iranian vessels near the Strait of Hormuz.

Separately, there were indications that a ceasefire between Israel and Lebanon had been extended by three weeks, offering limited relief to markets.

The rise in oil prices also weighed on domestic equities, with the BSE Sensex and Nifty 50 trading up to 1 per cent lower in early deals, dragged down by losses in IT and pharmaceutical stocks.

With geopolitical risks persisting, oil markets are expected to remain highly sensitive to developments in the region in the coming days.

With IANS inputs

India’s benchmark equity indices, the BSE Sensex and Nifty 50, opened lower on Friday, pressured by weak global cues, rising crude oil prices and sustained selling by foreign investors.

In early trade, the Sensex fell around 400 points, or 0.51 per cent, to 77,263, while the Nifty declined about 100 points, or 0.41 per cent. Losses deepened later in the morning, with the Sensex dropping over 800 points and the Nifty slipping below the 24,000 mark, reflecting continued volatility.

The decline was led by weakness in information technology, financial and pharmaceutical stocks. Major laggards included Infosys, TCS, Sun Pharma, Dr. Reddy's Laboratories and ICICI Bank. The Nifty IT index was among the worst performers, falling sharply, while private banking and pharma indices also remained under pressure. In contrast, FMCG and select chemical stocks offered limited support.

Market sentiment remained fragile amid elevated geopolitical tensions and the ongoing fourth-quarter earnings season. Analysts noted that volatility is likely to persist, advising investors to remain cautious and focus on fundamentally strong stocks during market corrections. A sustained move above the 24,500 level on the Nifty, they said, could signal improved sentiment.

Crude oil prices continued to act as a major overhang. Brent crude rose nearly 2 per cent to around $107 per barrel, while West Texas Intermediate traded close to $97.6. The surge, driven by tensions in the Middle East and uncertainty around key shipping routes, has raised concerns over inflation and input costs.

Foreign institutional investors (FIIs) extended their selling streak for a fourth consecutive session, offloading equities worth more than ₹3,200 crore on Thursday. In contrast, domestic institutional investors (DIIs) remained net buyers, offering some support to the market.

Global cues were mixed, with Asian markets showing varied trends. Japan’s Nikkei edged higher, while Hong Kong’s Hang Seng and South Korea’s Kospi traded lower. Overnight, US markets closed in the red amid concerns over geopolitical developments, though sentiment showed slight improvement after reports of a temporary easing of tensions in West Asia.

Sectorally, selling was broad-based, with IT, banking, pharma and metal stocks all trading in negative territory. Market breadth also remained weak, with declining shares significantly outnumbering advancing ones.

With volatility elevated and global uncertainties persisting, near-term market direction is expected to remain closely tied to geopolitical developments, crude oil movements and institutional investment flows.

With IANS inputs

Indian equity benchmarks opened on a weaker note on Wednesday, pressured by global uncertainty, a sharp decline in technology stocks and profit booking after recent gains.

The BSE Sensex fell 381 points, or 0.48 per cent, to 78,893 in early trade, while the Nifty 50 slipped 101 points to 24,475 at around 9:20 am. Despite the decline in headline indices, broader market sentiment remained constructive, with advancing shares outnumbering declines.

However, volatility ticked higher, with the India VIX rising more than 3 per cent to 18.13, signalling increased investor caution amid ongoing geopolitical tensions.

Global cues dampen sentiment

Asian markets traded lower, tracking overnight losses on US stock market indices, as concerns surrounding the Middle East conflict overshadowed optimism from corporate earnings. The cautious global backdrop weighed on domestic investor sentiment at the opening bell.

IT sector leads losses

Technology stocks bore the brunt of the sell-off, dragging the Nifty IT index down by nearly 3 per cent. Shares of HCL Technologies plunged more than 8 per cent following weak management commentary on earnings outlook.

The decline spread across the sector, with heavyweights such as Infosys, Tata Consultancy Services and Tech Mahindra also trading lower.

Oil prices remain elevated

Crude oil prices eased slightly but continued to hover near the $98 per barrel mark, reflecting persistent concerns over supply disruptions linked to tensions around the Strait of Hormuz and broader US-Iran developments. Elevated energy prices added to market nervousness.

Profit booking after recent gains

The downturn also reflected profit booking after a three-session rally that had lifted benchmark indices sharply. The Nifty had gained more than 200 points in the previous session, prompting investors to lock in gains at higher levels.

Early signals from GIFT Nifty had already pointed to a weak start, indicating cautious sentiment among traders.

Mixed sectoral trends

While IT and some financial stocks remained under pressure, defensive sectors such as FMCG saw selective buying interest. Shares of Nestlé India and Hindustan Unilever were among the notable gainers in early trade.

Technical outlook

Analysts said the Nifty faces immediate resistance in the 24,550–24,600 range, while support is seen between 24,400 and 24,300. A breach below these levels could open the door to further downside towards 24,150.

Market participants are expected to remain cautious in the near term, with the ongoing earnings season and global developments likely to drive stock-specific movements.

With PTI inputs