Sensex falls 252 points as rupee hits record low near ₹95.28
Oil above $110, global tensions weigh on sentiment and financial stocks
Midcaps, IT stocks outperform as Nifty holds above 24,000 level
Indian equity benchmark indices ended lower on Tuesday after a volatile session, with pressure from a weakening rupee and persistent global uncertainties weighing on sentiment.
The BSE Sensex declined 251.61 points or 0.33% to close at 77,017.79, while the NSE Nifty50 fell 86.50 points or 0.36% to settle at 24,032.80, managing to hold just above the 24,000 mark.
1 May 2026
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Market breadth remained mixed, reflecting consolidation, even as broader markets showed resilience.
Rupee's Low, Global Risks Weigh
The Indian rupee weakened to a record closing low of ₹95.28 per dollar during the session, hitting an intraday low of ₹95.43, as elevated crude prices and geopolitical tensions continued to pressure the currency.
Vinod Nair, Head of Research at Geojit Investments, said domestic equities saw a volatile session as post-election optimism faded and sentiment realigned with global weakness amid rising geopolitical tensions. He added that elevated crude prices continued to weigh on the rupee, while ongoing earnings provided some support through selective bottom-fishing.
Global sentiment remained cautious as tensions between the US and Iran kept oil prices above $110 per barrel, raising concerns over inflation and macro stability.
Financials Drag, Broader Markets Outperform
Heavyweight financial stocks led the decline, with ICICI Bank, Larsen & Toubro, Bharti Airtel and HDFC Bank emerging as the biggest drags on the Nifty.
However, gains in select stocks helped limit the downside. Mahindra & Mahindra surged over 3% after in-line Q4 results, while Marico recovered more than 6% from intraday lows following strong earnings.
The Nifty IT index emerged as the top sectoral gainer, with Larsen & Toubro among the notable movers.
Broader markets continued to outperform, with the midcap index rising 105 points to 60,265, supported by gains in stocks such as Tata Technologies, Aditya Birla Capital and Aurobindo Pharma.
Technical Outlook Signals Breakout
Rupak De, Senior Technical Analyst at LKP Securities, said the Nifty continues to trade below its 50-day EMA, indicating a bearish trend, with RSI also reflecting weak momentum. However, he noted early signs of recovery, with the index forming higher lows on lower timeframes, suggesting a potential upside towards the 24,285–24,350 range, while support is placed at 23,880.
Adding to this, Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, highlighted that the Nifty formed a Dragonfly Doji pattern on the daily chart, indicating buying interest at lower levels. He noted that the index has been consolidating within a narrow range and a Bollinger Band squeeze suggests that a decisive move could emerge in the next few sessions.
Today’s session reflects a market caught between global headwinds and domestic resilience. While a weakening rupee and geopolitical risks continue to weigh on sentiment, supportive earnings and strength in broader markets are helping limit downside, with the near-term trend likely to hinge on global developments and earnings cues.
