Indian Stock Markets Fall for Third Straight Day Amid Rising Oil Prices

Indian stock markets continued their downward trend for the third consecutive day on Friday, April 24, opening with sharp losses amid weak global cues and rising crude oil prices.

The benchmark BSE Sensex opened at 77,483.80 and fell by 859.62 points to trade at 76,804.04 around 11 a.m. Similarly, the Nifty 50 declined by 242 points to 23,931.05 during the session.

Among Sensex stocks, gains were seen in companies like State Bank of India, Mahindra & Mahindra, Hindustan Unilever, InterGlobe Aviation, and Bajaj Finserv. On the other hand, major declines were recorded in Reliance Industries, Sun Pharmaceutical, Maruti Suzuki, and Adani Ports.

Broader markets also remained under pressure, with midcap and smallcap indices falling by 0.57% and 0.70% respectively. Sector-wise, IT stocks witnessed significant selling, while healthcare, pharma, and financial services sectors also declined sharply. However, real estate stocks showed some resilience.

Crude oil prices surged above $100 per barrel, reaching around $104, driven by ongoing geopolitical tensions between United States and Iran, particularly due to continued maritime disruptions. The rise in oil prices has negatively impacted market sentiment, contributing to the ongoing decline in Indian equities.