Dalal Street tumbles as crude tops USD 120; Nifty slips 278 pts, Sensex down 914 pts in opening

Mumbai (Maharashtra) [India], April 30 (ANI): The domestic stock markets opened under heavy selling pressure on Thursday as Brent crude oil futures surged above USD 120 per barrel, denting investor sentiment amid continued uncertainty in West Asia.
The Nifty 50 index opened at 23,899.20, falling 278.45 points or 1.15 per cent, while the BSE Sensex opened at 76,582.24, down 914.12 points or 1.18 per cent.
Market participants said the sharp rise in crude prices and lack of clarity on the geopolitical situation have led to heightened volatility and risk aversion.
Ajay Bagga, Banking and market expert, told ANI that domestic markets are facing significant pressure, with early indications such as GIFT Nifty pointing to a gap-down opening of over 140 points.
He noted that as a major oil importer, India is witnessing pressure on its currency and bond markets, with the rupee weakening to near Rs 95 per US dollar and bond yields rising.
He said "Today marks the monthly expiry for BSE contracts, which is expected to amplify the downward volatility triggered by the crude spike and FII outflows. The market is currently in a 'wait-and-watch' mode regarding whether the U.S. will move beyond a blockade to direct military action, which remains the primary tail-risk for the coming weeks. With a long weekend coming up expect sharp moves and paring of positions in Indian markets".
The geopolitical situation has intensified as US President Donald Trump stated that the naval blockade of the Strait of Hormuz will continue until Iran agrees to a new nuclear and security deal. The US has rejected Iran's proposal to reopen the Strait before negotiations, increasing fears of prolonged supply disruptions.
Sectorally, all major indices on the NSE opened in the red, indicating broad-based selling. Nifty Auto declined 1.84 per cent, Nifty FMCG fell 1.04 per cent, Nifty Metal dropped 1.25 per cent, Nifty Media slipped 0.96 per cent, and Nifty Private Bank declined 1.48 per cent. Nifty IT was down 0.6 per cent, while PSU Bank stocks also saw pressure, falling 1.73 per cent.
In the commodities market, Brent crude futures surged to as high as USD 121 per barrel during early trade, a level not seen in last four years. July futures opened at around USD 111 per barrel. Meanwhile, WTI crude was also trading significantly higher, near USD 108 per barrel.
The energy market is reacting sharply to the ongoing deadlock in the US-Iran conflict, with the Strait of Hormuz effectively seen as "closed for business," raising concerns of long-term supply constraints from West Asia.
Other Asian markets also reflected weakness, with Japan's Nikkei 225 falling over 1.13 per cent to 59,242, Hong Kong's Hang Seng declining 1.32 per cent to 25,766, and South Korea's KOSPI down 0.27 per cent to 6,672. However, Taiwan's weighted index bucked the trend, rising 0.48 per cent to 39,475. (ANI)

(This article was generated from news agency ANI without modifications to the text.)