Sensex falls over 300 points, Nifty below 24,000 as Brent crude nears $97

MUMBAI: D-Street opened in the red on Thursday, with the Sensex falling over 300 points and the Nifty slipping below the 24,000 mark as Brent crude prices neared USD 97 per barrel amid escalating tensions between the US and Iran.

Brent crude surged USD 96.49/barrel while crude oil prices inched to USD 88.67 per barrel. Both the benchmark indices opened with a gap-down; Sensex was trading in the red at around 76,431.26-323.79 -0.42 per cent and Nifty was at around 23,909.85 level, down 86.40 points or 0.36 per cent.

Sectorally, Nifty FMCG and Midsmall IT & Telecom traded in the green, rest all indices were trading in the negative territory. Likewise, broad market indices were trading in the red.

On BSE, Eternal, Trent, M&M, ICICI Bank, Hindustan Unilever were major gainers. Infosys, Sun Pharma, HDFC Bank, NTPC, TCS, Asian Paint, Indi Go, Kotak Bank, HCL Tech, Bharti Airtel, BEL among others traded in the red.

Brent crude was trading at USD 96.26 per barrel while crude oil was trading at around USD 88.46 at the time of reporting. Gold was trading at around USD 4,124.82 at the same time.

Market analyst Vipin Dixena noted, “In my view, the Indian equity market is likely to remain range-bound with a mildly cautious undertone in the near term. Ongoing geopolitical tensions in West Asia, Brent crude hovering near the USD 95 per barrel mark, and persistent FII selling are expected to keep sentiment subdued. However, as the Q1 earnings season gathers pace, company-specific developments are likely to drive market moves, creating selective opportunities despite the broader market consolidation”.

The analyst further added, “Nifty has slipped into a technically weak zone after breaking below its 50-period EMA, with momentum indicators favouring the bears. While the RSI near 30 suggests the possibility of a short-covering bounce, the broader structure remains negative unless the index reclaims the 24,100 mark. Traders should remain cautious and watch for price action around the 23,850 support zone, as a breakdown could accelerate downside momentum”.

Banking and market expert Ajay Bagga noted, “Indian markets are facing a March 2026 like scenario with surging oil prices muting the macro outlook”.

As per Bagga, continued crude oil and gas disruptions with elevated geopolitical risk is overlaying a recovery in the chips and AI trade. He noted, “With Brent at USD 96 and Houthi’s striking Saudi tankers in the Red Sea , oil prices seem headed to USD 100. Peace hopes have reduced as Marco Rubio said the Iranians are not interested in peace”.

“The ECB meets today and is expected to be on hold despite oil and gas prices increasing inflation expectations”, he added. (ANI)