The BSE Sensex fell as much as 983 points intraday on Friday, April 24, its third consecutive losing session, as Brent crude surged past $106 per barrel after US President Donald Trump ordered the military to “shoot and kill” Iranian boats laying mines in the Strait of Hormuz, a directive that drove Brent from $101 to above $106 within hours of being reported, ending near-term hopes of a diplomatic resolution. Infosys added a second blow after market hours Thursday, reporting Q4 net profit up 20.87% to ₹8,501 crore but issuing FY27 revenue guidance of just 1.5–3.5%, the lowest end of which implies near-flat growth. By noon Friday, the Sensex was down 954 points at 76,710, and the Nifty50 had slipped 274 points to 23,899, per BSE data. The rupee weakened 24 paise to ₹94.25 against the dollar as foreign investors continued pulling capital from Indian equities.
Three-Session Scoreboard
The three-day sequence has wiped 2,564 points off the Sensex and 678 points off the Nifty, per BSE closing data.
| Session | Sensex | Change | Nifty | Change | Primary Trigger |
|---|---|---|---|---|---|
| Wed Apr 22 | 78,516 | −757 | 24,378 | −199 | HCL Tech −11%, IT guidance |
| Thu Apr 23 | 77,664 | −853 | 24,173 | −205 | Hormuz stall, crude near $100 |
| Fri Apr 24 (noon) | 76,710 | −954 | 23,899 | −274 | Infosys guidance, Brent $106 |
| 3-session total | −2,564 | −678 |
On Wednesday, April 22, HCL Technologies plunged nearly 11% after reporting FY27 growth guidance of 1–4% and flagging a volatile demand environment, wiping approximately ₹92,000 crore from the Nifty IT index’s market cap in a single session, per exchange data. On Thursday, April 23, Trent, Tech Mahindra, and Shriram Finance were the top Nifty losers as stalled Hormuz talks drove crude toward $100; pharma was the only sector to close higher. Friday completed the sequence: Infosys’s FY27 guidance, reported after Thursday’s close, sent the stock down 5% and extended the Nifty IT’s weekly loss to approximately 8%, against a year-to-date decline already at 20%, per NSE data.
Why Crude at $106 Hits India Harder Than Most
India imports approximately 85% of its crude requirements. Ponmudi R, CEO at Enrich Money, said in a press note on April 24 that elevated crude above $105 per barrel “intensifies concerns over inflation, India’s import bill, and overall macro balance,” adding that the rupee is under pressure from both higher oil prices and continued capital outflows. Every $10 sustained increase in Brent adds an estimated $12–15 billion to India’s annual import bill, widening the current account deficit and making the RBI’s 4% CPI target harder to defend through Q1 FY27.
WTI crude stood near $96 per barrel on Friday, a $10 spread against Brent that reflects the Hormuz-specific supply premium rather than a global demand spike, per commodity market data. Aviation turbine fuel in India hit a record ₹2.07 lakh per kilolitre on April 1, more than double the pre-crisis level, forcing IndiGo and Air India to impose surcharges of up to ₹950 and ₹899 per domestic sector, respectively, per airline filings.
IT Sector: Guidance, Not Rupee, Is the Problem
IT companies earn in dollars and should benefit from a weaker rupee on margins, but that benefit is being overwhelmed by falling client volumes. HCL Tech’s FY27 guidance of 1–4% and Infosys’s 1.5–3.5% together signal that the number of billable projects is shrinking; a weaker rupee improves margin per dollar earned but cannot fix fewer dollars being earned. Tech Mahindra, Coforge, and Persistent Systems dropped up to 6% in sympathy with HCL Tech’s results; TCS and Wipro slipped up to 2%, per NSE data.
TCS reports its Q4 FY26 results next week. Systematix Institutional Equities expects TCS to guide FY27 dollar revenue growth at 4–6%, per its pre-result note dated April 22. If TCS guidance comes in at the lower end of that range or below it, the pattern across HCL Tech, Infosys, and TCS would confirm a sector-wide volume contraction, not a company-specific issue. If TCS holds the higher end, the Infosys and HCL Tech guidance misses would remain isolated.
What Is Holding
Pharma and FMCG have functioned as defensive rotations. Nestlé India surged nearly 9% over three sessions after reporting 27% growth in Q4 net profit, per BSE closing data. HUL and NTPC were the top Sensex gainers on Wednesday, both up more than 2%, per exchange data. Defence stocks diverged sharply from the broader selloff: Data Patterns hit a new high of ₹4,193 on Thursday, up 19% over two sessions, per NSE data, as the same geopolitical tensions driving oil higher accelerated defence procurement expectations.
Technical Levels
Per SBI Securities, immediate Nifty support is at 23,790–23,810. A close below 23,790 opens the next support at 23,400–23,500 and would place the index in a 5.1% correction from its April 21 close of 24,576, a level likely to accelerate institutional stop-losses. Resistance on recovery lies at 24,040–24,060, above which the index could extend toward 24,260. The Nifty is currently testing the lower boundary of that support band.
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Frequently Asked Questions
Why is the IT sector falling when a weak rupee should help exporters?
IT companies earn in dollars, so rupee depreciation does improve reported margins. But that benefit is being overwhelmed by falling client volumes. HCL Tech’s FY27 guidance of 1–4% and Infosys’s 1.5–3.5% signal that the number of billable projects is shrinking. A weaker rupee improves margin per dollar earned; it cannot fix fewer dollars being earned.
What does Brent at $106 mean for Indian inflation?
India imports roughly 85% of its crude. At current prices, every $10 sustained increase in Brent adds approximately $12–15 billion to India’s annual import bill. This widens the current account deficit, pressures the rupee further, and feeds into retail inflation through fuel, transport, and food costs. The RBI’s 4% CPI target becomes materially harder to hold if crude stays above $100 through Q1 FY27.
What are the key Nifty support levels right now?
Per SBI Securities, the immediate support band is 23,790–23,810. Below that, the next floor is 23,400–23,500. On the upside, 24,040–24,060 is the first resistance zone. A sustained close above 24,060 is needed before technical analysts would consider the correction over.
