GIFT Nifty Falls 1% as Crude Oil Tops $100; Sensex, Nifty May Open Lower

Mumbai | 23 April 2026 

GIFT Nifty futures fell approximately 243 points, or 1%, to trade around 24,121 on Thursday morning, signalling a gap-down opening for Indian equity benchmarks. The move follows a nearly 1% decline in Sensex and Nifty in the previous session, with multiple headwinds converging on market sentiment. 

Why Are Indian Markets Under Pressure Today? 

Seven key factors are likely to weigh on Sensex and Nifty in Thursday’s session. 

1. Crude Oil Crosses $100 Per Barrel

Brent crude is trading in the $100-106 range, driven by stalled US-Iran negotiations and continued disruptions around the Strait of Hormuz. For India, a major oil importer, elevated crude raises concerns over inflation, current account pressures, and broader macro stability. 

2. Both FIIs and DIIs Turn Net Sellers

Foreign institutional investors offloaded over Rs 2,000 crore in the previous session, while domestic institutions sold more than Rs 1,000 crore. The shift is notable. DIIs had previously been supporting the market, and their move to the sell side signals a more cautious institutional stance. 

3. Geopolitical Uncertainty Keeps Volatility High

Stalled US-Iran talks and continued Strait of Hormuz blockades have kept global energy supply uncertain. A ceasefire remains in place, but its durability is unclear. Markets are expected to stay highly sensitive to any fresh developments, limiting aggressive positioning. 

4. Global Cues Offer Limited Support

US markets closed at record highs overnight on strong earnings and ceasefire optimism. However, Asian markets showed caution, and Wall Street futures slipped during Asian trade. The divergence between strong US closes and softer futures limits the uplift global cues can provide today. 

5. Profit Booking After a Sharp Recent Rally

Nifty has gained over 10% from recent lows, and the previous session’s decline, led by IT stocks, points to profit booking at higher levels. This, combined with current global uncertainty, raises the possibility of further consolidation. 

6. Earnings Season Drives Stock-Specific Moves

Q4 results continue to shape sectoral trends. Strong earnings in select segments may offer support, but weak results or cautious management commentary, particularly in IT, could add near-term pressure. 

7. Elevated Volatility Signals Cautious Participation

Volatility remains high, reflecting nervousness among investors amid sharp swings in crude oil prices and geopolitical developments. Elevated VIX levels indicate that traders are bracing for continued market swings, which may discourage fresh long positions. 

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