Sensex, Nifty 50 | Stock Market Crash Highlights: Sensex falls 706 pts, Nifty holds 24,800 as US-Iran peace talks fail

Market wrap by Mr. Ajit Mishra – SVP, Research, Religare Broking Ltd:-

• Markets witnessed a volatile session on Monday and declined nearly 1%, pressured by weak global cues.
• On the benchmark front, the Nifty opened sharply lower; however, a gradual recovery in heavyweight stocks across sectors helped trim losses as the session progressed. The index eventually settled at 23,842.65, down 0.86%.
• The sell-off was broad-based, with auto, FMCG, and IT stocks leading the decline, while select pockets within the energy and pharma space showed relative resilience.
• Broader markets also remained under pressure, with midcap and smallcap indices declining around 0.5% each.
• The weakness was primarily driven by escalating geopolitical tensions following the collapse of US–Iran talks, which triggered a sharp spike in crude oil prices and weighed on global sentiment.
• Additionally, fresh weakness in the rupee, continued foreign institutional outflows, and subdued global equity markets further dampened investor confidence.
• On the index front, the Nifty tested its crucial support at the short-term moving average (20 DEMA) near the 23,500 mark and managed to inch higher. Sustaining above this level is critical for any further rebound; otherwise, the bias may turn negative to sideways.
• In the interim, traders are advised to maintain a cautious stance, focus on stock selection based on relative strength for long opportunities, and prefer a hedged approach to manage risk.

Vinod Nair, Head of Research, Geojit Investments Limited explains:

"Markets continue to derive limited support from last week’s ceasefire framework, which remains intact for now and is encouraging selective buying interest along with a buy-on-dips approach.

This comes despite an initial negative reaction to the breakdown of US–Iran peace talks and the announcement of a US naval blockade in the Strait of Hormuz, which pushed crude prices above $100/bbl.

Elevated oil prices are raising concerns around inflation, currency stability, and broader macro balances, thereby weighing on overall sentiment.

On the domestic front, the Q4 earnings season is now underway, leading to stock-specific activity, although overall risk appetite remains cautious amid global uncertainty.

While the immediate impact on Q4 earnings is expected to be manageable, prolonged Middle East tensions could have more meaningful implications for Q1FY27.

Volatility is likely to remain elevated, with markets closely tracking geopolitical developments alongside earnings quality and management commentary."

The markets continued to face pressure, with the Nifty slipping below the 24,000 mark. However, it attempted to fill the recent gap and witnessed a strong rebound from lower levels, eventually closing above 23,800, said Nilesh Jain, VP- Head of Technical and Derivative research at Centrum Finverse.

"The broader structure remains positive, supporting a buy-on-decline strategy as long as the index holds above its 21-DMA, placed at 23,270. A decisive move above 24,000 could trigger short covering, potentially driving the index towards the 24,200–24,400 zone. Momentum indicators and oscillators continue to signal strength, with the RSI holding above the 50 mark. Meanwhile, the volatility index surged by 8% to close above 20, which remains a concern; a cool down in volatility would be reassuring for the bulls," he added.

"The Indian rupee extended its losing streak to three sessions, recording its deepest drop in a fortnight. The downward pressurestems from a spike in crude oil prices after President Trump ordered a blockade of the Strait of Hormuz. All eyes are on the 10:00 AM EST window for potential U.S. Military movement following failed diplomatic talks. Meanwhile, local sentiment is cautious as investors await India's CPI data before Tuesday’s holiday.

Technically, the USDINR pair is trading between a support level of 92.70 and resistance at 93.65, said Dilip Parmar, Research Analyst, HDFC Securities.

The rupee slumped by 56 paise to settle at 93.39 (provisional) against the US dollar on Monday after a failed US-Iran peace talk fuelled uncertainties in West Asia, leading to a surge in crude oil prices and a global chase for the greenback.

According to forex analysts, uncertainties over the opening of Strait of Hormuz following the US announcement to blockade Iranian ports further intensified withdrawal for foreign capital from domestic equities, weakening the Indian currency.

At the interbank foreign exchange market, the rupee opened at 93.30 against the US dollar and moved between a low of 93.40 and a high of 93.25 during the session. The unit closed the session at 93.39 (provisional) against the greenback, registering a loss of 56 paise from its previous closing level.

Vatsal Bhuva, Technical Analyst at LKP Securities said, "Bank Nifty ended with a positive bias, forming a long green candlestick on the daily chart, indicating buying interest from lower levels after recent weakness. The price action suggests a likely consolidation within a broad range of 54,500 to 56,200, where 54,500 is expected to act as strong support and 56,200 as a key resistance zone. A decisive breakout beyond this range could trigger a directional move in the index. In the near term, immediate support is placed at 55,000, while resistance is seen around the 56,000 mark."

Maruti, Indigo Bajaj Finance top losers on Sensex today; 3 stocks in the green

Among broader markets, Nifty Midcap 100 and Nifty Smallcap 100 were down around 0.5% each.

Indian benchmark indices Sensex and Nifty 50 trimmed losses but ended about 1% lower on Monday, tracking weak global cues after U.S.-Iran ceasefire talks collapsed and oil prices surged, fuelling concerns of prolonged conflict.

Weekend talks in Islamabad failed to yield a breakthrough, while U.S. Central Command said a blockade on maritime traffic to and from Iranian ports would begin from 10 a.m. ET (1400 GMT) on Monday.

Sensex ended 703 points or 0.91% lower at 76,847.57, while Nifty 50 settled 208 points or 0.86% lower at 23,842.65.

Shares of Ather Energy surged 8% on Monday, defying broader market weakness, after the proposed Delhi EV policy signalled a major push toward electrification by phasing out petrol two-wheelers in the coming years.

The draft Delhi Electric Vehicle Policy 2026-2030, released on Saturday, proposed a ban on registration of petrol-powered two-wheelers in the national capital starting April 2028. The policy mandates that only electric two-wheelers will be registered from FY29 onwards, aimed at accelerating EV adoption and curbing pollution levels.

“Through tax exemptions, incentives and expanded charging infrastructure, we want to accelerate EV adoption and build a sustainable transport system,” said Pankaj Kumar Singh, highlighting the government’s focus on strengthening clean mobility infrastructure.

Japanese equities closed lower on Monday after the collapse of U.S.-Iran peace talks over the weekend and rising concerns that the American Navy could move toward a blockade of Iranian ports, raising fresh uncertainty around the durability of the ceasefire.

The Nikkei 225 declined 0.7% to settle at 56,502.77, coming off its sharpest weekly gain in more than a year in the previous week. Meanwhile, the broader TOPIX fell 0.5% to close at 3,723.01.

Market breadth remained weak, with 158 stocks declining compared to 63 advancing within the Nikkei index, reflecting cautious investor sentiment amid escalating geopolitical tensions.

The Citius TransNet Investment Trust InvIT IPO price band has been fixed in the range of ₹99 to ₹100 per unit. The Citius TransNet Investment Trust InvIT IPO date of subscription is scheduled for Friday, April 17, and will close on Tuesday, April 21. The allocation to anchor investors for the Citius TransNet Investment Trust InvIT IPO is scheduled to take place on Thursday, April 16. The Citius TransNet Investment Trust InvIT IPO lot size is 150 units and in multiples of 150 units thereafter.

Citius TransNet Investment Trust InvIT IPO has reserved 75% of the shares in the public issue for qualified institutional buyers (QIB), and 25% for non-institutional Institutional Investors (NII).

Tentatively, Citius TransNet Investment Trust InvIT IPO basis of allotment of shares will be finalised on Friday, April 24, and the company will initiate refunds on Monday, April 27, while the shares will be credited to the demat account of allottees on the same day following the refund. Citius TransNet Investment Trust InvIT share price is likely to be listed on BSE and NSE on Wednesday, April 29. Read more

The Indian stock market will remain closed on Tuesday, April 14, on account of Dr Baba Saheb Ambedkar Jayanti. This means that trading in both exchanges - BSE and NSE - will be shut tomorrow.

There will be no trading activity in the equity, derivatives, and SLB segments on Tuesday. The stock market will resume trading on Wednesday, April 15.

Furthermore, the Multi Commodity Exchange (MCX) will also be closed in the morning session (9:00 AM – 5:00 PM) but will be open for the evening session (5:00 PM – 11:55 PM).

Gold prices touched a near one-week low on Monday, pressured by a stronger dollar, while a surge in oil prices following failed U.S.-Iran peace talks fuelled inflation worries and dampened expectations for Federal Reserve interest rate cuts this year.

Spot gold was down 0.4% at $4,726.64 per ounce, as of 0620 GMT, after hitting its lowest since April 7 earlier in the day at $4,643. U.S. gold futures for June delivery fell 0.8% to $4,748.70.

The dollar strengthened 0.3%, while oil prices bounced back above $100 a barrel, as the U.S. Navy prepared a blockade nL1N40U07M of the Strait of Hormuz that could restrict Iranian oil shipments, following the U.S. and Iran's failure to reach a deal to end the war. (Reuters)

The price hikes implemented by cigarette makers such as ITC and Godfrey Phillips to mitigate the impact of higher taxes by the government have started to show up in the companies' sales figures.

A recent report from Informist suggests that cigarette sales have fallen up to 5% in March and are down further in April, with the impact expected to show up in the March quarter numbers. Analysts expect a hit on the companies' margins as they see the price hike to be insufficient to offset the tax impact.

Darekar highlighted that for ITC, cigarettes still contribute over 80% of operating profit, so the earnings hit will be meaningful. However, he expects the company's diversification into FMCG (brands like Sunfeast, Bingo, and Savlon approaching Rs. 25,000 crore in combined revenue), agribusiness, and paperboards —which account for over 60% of topline — to provide a structural cushion that most tobacco peers lack. Read more

Foreign Portfolio Investors (FPIs) have pulled out around ₹1.8 lakh crore from Indian equities in 2026 to date, exceeding the ₹1.66 lakh crore exit recorded in 2025.

This trend is largely driven by rising geopolitical tensions in West Asia (including the US-Iran conflict that began in late February), increasing crude oil prices, depreciation of the rupee, and a global aversion to risk, as per experts.

Although recent reports do not provide a complete breakdown of the destinations for these inflows, it seems that FPIs are shifting their investments to markets that present lower valuations and specific sectoral advantages, particularly in Japan, Taiwan, South Korea, and select European countries. Additionally, there is evidence of profit-taking from previous gains in India being reinvested on a global scale, as noted by experts.

At a time when increased geopolitical risks stemming from the US-Iran war are keeping not only Asian but also other major global markets under pressure, the Singapore stock market is exhibiting remarkable resilience.

The Straits Times Index (STI), the benchmark stock market index of Singapore, is near its all-time high levels. The index is flat since the US-Iran war started on February 28, compared to an over 6% fall in the Indian stock market benchmark Nifty 50 and a 1% fall in the S&P 500 for the same period.

The Singapore dollar has also outperformed several Southeast Asian peers lately, offering safe-haven appeal to investors. The resilience of the Singaporean stock market is due to the Southeast Asian country's healthy economic growth. Last year, Singapore’s economy expanded by 4.8%, beating estimates.

Another key factor is a S$5 billion equity market development programme, announced in February 2025. The programme is aimed at strengthening local asset management and research ecosystem and increasing investor interest in Singapore’s stock market. Read more

Small-cap stock Enviro Infra surged almost 15% in intraday trade on the BSE on Monday, April 13, defying weak stock market sentiment. Enviro Infra Engineers' share price opened at ₹185.05 against its previous close of ₹173.35 and surged as much as 14.9% to an intraday high of ₹199.15. On the other hand, equity benchmark Sensex crashed more than 2% during the session.

The stock saw strong gains after it announced receiving a letter of empanelment for the execution of two projects in Maharashtra.

In an exchange filing on April 11, Enviro Infra said it had received Letter of Empanelments (LoEs) on April 10 for the execution of two projects worth ₹587.208 crore from the Swachh Maharashtra Mission Directorate. The projects, located in Pune and Nashik, are for the development of sewage treatment plants (STP) under categories I and II, covering Urban Local Bodies (ULBs). All work will be executed on an EPC (engineering, procurement and construction) basis under the Swachh Bharat Mission (Urban) 2.0. The contracts are to be executed in 24 months.

Shares of Ola Electric Mobility fell sharply on Monday, April 13, declining around 8% amid profit booking, with weakness in the broader Indian equity markets further weighing on sentiment.

The stock dropped as much as 7.7% to hit an intraday low of ₹37.75 on the BSE. The decline comes after a sharp rally, with the stock gaining 61% so far in April. However, it remains under pressure over a longer horizon, slipping more than 3% over the past three months and falling 25% over the last one year.

The stock has corrected 47% from its 52-week high of ₹71.24 touched in September 2025, while it had hit a 52-week low of ₹21.21 in March 2026.