Sensex Falls Over 500 Points as Nifty50 Ends at 23,997

SENSEX drops over 500 points; NIFTY50 ends at 23,997 amid wider market selloff pressure

The BSE Sensex declined by 582 points, or 0.75%, closing at 76,913.50 on Thursday, April 30, as the Nifty50 also slipped 0.74% to end at 23,997.55. The market downturn was driven by weak global cues, a depreciating rupee, and surging crude oil prices.

Investors reacted to crude oil prices nearing $125 per barrel amid concerns over a possible extension of the US blockade in the Strait of Hormuz. Additionally, the Indian rupee hit a record low of 95.322 against the US dollar during morning trading, adding pressure to the market.

Market Volatility and Sector Performance

The Nifty50 experienced significant intraday volatility but showed some recovery in the afternoon session. Most major indices, including Nifty Bank, Nifty Auto, Nifty Metal, and Nifty FMCG, closed lower. However, Nifty IT and Nifty Pharma were exceptions, posting gains.

Top Losers and Gainers

Among the biggest decliners were Tata Motors PV, which fell 3.2%, Eternal down 2.8%, Hindustan Unilever and Hindalco Industries each dropping 2.7%, and Axis Bank losing 2.2% by the market close.

On the upside, Bajaj Auto led the gainers with a 4.7% rise, followed by Sun Pharmaceuticals up 1.7%, Infosys gaining 1.2%, Tech Mahindra increasing 0.9%, and Bajaj Finance closing 0.8% higher.

Investor Sentiment Impacted by Geopolitical Risks

The combination of rising oil prices, geopolitical tensions, and supply chain disruptions weighed heavily on investor sentiment. The ongoing uncertainty surrounding the Strait of Hormuz blockade and currency depreciation contributed to the broader market selloff observed on April 30.