Indian stock markets witnessed heavy selling pressure on April 24, with benchmark indices plunging amid weak global cues, rising crude oil prices and continued foreign investor selling. The BSE Sensex dropped over 1,100 points to 76,533, while the NSE Nifty 50 slipped below the key 24,000 mark to hit an intraday low of 23,851.
The sharp decline was led by a massive selloff in IT stocks. The Nifty IT index crashed more than 5 per cent after weak earnings guidance and concerns over slowing global demand weighed heavily on investor sentiment. Shares of Infosys, HCLTech, Tata Consultancy Services and Tech Mahindra came under intense pressure.
Another major factor behind the market fall was continued selling by foreign institutional investors (FIIs), who remained net sellers for the fourth consecutive session. Analysts believe persistent outflows, along with a weakening rupee and elevated crude oil prices, are keeping investors cautious.
Global geopolitical tensions also rattled markets. Brent crude prices hovered near $106 per barrel amid concerns over supply disruptions linked to tensions in the Middle East and uncertainty surrounding US-Iran talks. Rising oil prices are particularly negative for India, which relies heavily on crude imports.
Broader markets also remained under pressure, reflecting widespread risk aversion among investors. Midcap, smallcap and microcap indices all traded lower, while sectors including pharma, realty, FMCG and auto saw losses.
Meanwhile, volatility surged sharply, with India VIX rising nearly 5 per cent, indicating heightened nervousness and expectations of more market swings in the near term.
Despite the broad selloff, banking stocks showed relatively better resilience compared to other sectors, helping limit deeper losses in the benchmark indices.