Sensex falls 320 points, Nifty below 24,050 amid weak global cues
Rupee at ₹95.31, oil near $114 keep pressure on market sentiment
Financials, autos drag indices as FII flows remain uncertain
Indian equity benchmark indices opened in the red on Tuesday, tracking mixed global cues and persistent macro pressures, with weakness in financials and autos dragging the market.
The BSE Sensex declined 320.20 points or 0.41% to 76,949.20, while the NSE Nifty50 fell 98.30 points or 0.41% to 24,021. Market breadth remained slightly positive, with 1,153 stocks advancing against 1,103 declining on the NSE.
1 May 2026
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Investor sentiment remained cautious as the Indian rupee opened weaker at ₹95.31 per dollar, hovering near record lows, reflecting continued pressure from foreign outflows and global uncertainty.
VK Vijayakumar, Chief Investment Strategist at Geojit Investments, said the recent political developments are unlikely to have a lasting impact on markets, with global factors continuing to dominate sentiment.
He noted that renewed tensions in the Strait of Hormuz and Brent crude hovering around $113 remain key headwinds. Additionally, rising US bond yields and a weakening rupee are unfavourable for foreign portfolio flows, suggesting that sustained FII buying may not materialise in the near term.
Financials, Autos Drag; Commodities Ease Slightly
Among Nifty stocks, Shriram Finance, Bajaj Finance, HDFC Bank, Maruti Suzuki and Asian Paints were among the major laggards. On the other hand, ONGC, Adani Ports, Max Healthcare, ITC and Hindalco saw some buying interest.
Crude oil prices showed mild easing in early trade, with Brent crude futures slipping to around $113.77 per barrel and WTI crude declining to $105 levels, though they remain elevated and continue to weigh on inflation outlook.
Precious metals also edged lower, with gold trading near ₹1,49,610 per 10 grams and silver declining to ₹2,64,900 per kg.
Global Cues Mixed, Earnings in Focus
Asian markets showed a muted trend, with Hong Kong's Hang Seng index declining in early trade, while key markets in Japan, South Korea and China remained shut for holidays.
Market participants are also closely tracking a busy earnings calendar, with companies such as Larsen & Toubro, Mahindra & Mahindra, Hero MotoCorp, Punjab National Bank and Coforge scheduled to report their quarterly results.
Market's weak opening reflects a combination of global uncertainties, elevated crude prices and currency pressure. With earnings season gaining traction and macro risks persisting, markets are likely to remain volatile in the near term, with global developments continuing to dictate direction.
