Daijiworld Media Network - Mumbai

Mumbai, Apr 28: Indian benchmark indices ended in the red on Tuesday, pressured by a sharp rise in global crude oil prices amid escalating geopolitical tensions in West Asia involving the United States and Iran.

The BSE Sensex closed at 76,886.91, down 416.72 points or 0.54 per cent, while the Nifty 50 settled at 23,995.70, declining 97 points or 0.40 per cent. Investor caution prevailed as uncertainty around global developments intensified.

Among Sensex constituents, Adani Ports, ITC, Bharti Airtel, and Tech Mahindra were among the top gainers. On the downside, HCLTech, Axis Bank, ICICI Bank, and Infosys led the losses.

Despite the benchmark decline, broader markets showed resilience. The Nifty MidCap 100 and Nifty SmallCap 100 rose by 0.28 per cent and 0.42 per cent, respectively.

Sector-wise, banking stocks remained under pressure, with the Nifty Bank and Nifty PSU Bank emerging as the biggest laggards. In contrast, oil-linked and commodity stocks gained momentum, lifting the Nifty Oil & Gas and Nifty Metal.

Market sentiment weakened after reports indicated that Donald Trump was dissatisfied with Iran’s recent proposal to ease tensions. Iran is said to have offered to reopen the strategically crucial Strait of Hormuz, though it reportedly deferred discussions on its nuclear programme until hostilities subside.

This uncertainty kept oil markets volatile, with Brent crude prices jumping 2.78 per cent to $111.24 per barrel as the strait remained shut pending evaluation of the proposal. Analysts noted that rising crude prices are inflationary and particularly negative for India, which relies heavily on oil imports.

Meanwhile, the Indian rupee weakened to around 94.54 against the US dollar, slipping by approximately 0.38 per cent. The decline was attributed to sustained pressure from elevated crude prices and continued foreign institutional investor outflows.