Indian Stock Market Faces Continued Decline Amid Global Concerns

The Indian stock market continued its downward trajectory on April 24, with the Nifty slipping below 24,200. The Sensex fell by over 850 points, reflecting a negative market breadth. Key sectors showed mixed performance, with healthcare stocks gaining while auto and banking sectors declined. Analysts attribute the market's struggles to high crude oil prices and weak global cues, overshadowing positive domestic business activity indicators. This article delves into the factors influencing the market and highlights sector performances amidst the ongoing selloff.

By Narendra Chaudhary Apr 23, 2026, 16:05 IST

Market Overview

On Thursday, April 24, Indian equity markets continued their downward trend for the second consecutive session, with the Nifty index falling below the 24,200 threshold by the end of trading. The Sensex experienced a decline of 852.49 points, equivalent to 1.09 percent, closing at 77,664. Meanwhile, the Nifty dropped by 205.05 points, or 0.84 percent, finishing at 24,173.05. The market breadth was unfavorable, with 1,688 stocks advancing, 2,409 declining, and 155 remaining unchanged.

Among the Nifty stocks, notable decliners included Trent, M&M, Shriram Finance, SBI Life Insurance, and Tech Mahindra. Conversely, Dr Reddy's Laboratories, Cipla, Jio Financial, Adani Enterprises, and Apollo Hospitals were among the top gainers.

Sector performance varied, with capital goods stocks rising by 0.4 percent, while the healthcare sector led with a 1.6 percent increase. The energy index saw a gain of 0.25 percent, and media stocks advanced by 0.9 percent. In contrast, the auto, consumer durables, and PSU banking sectors each experienced declines of around 2 percent. Additionally, indices for IT, real estate, metals, and private banking also fell by approximately 1 percent.

The broader market reflected the negative sentiment, with the Nifty Midcap index decreasing by 0.4 percent and the Smallcap index dropping by 0.6 percent.

Vinod Nair, Head of Research at Geojit Investments, commented, "The domestic equity market faced a widespread decline, influenced by high crude oil prices exceeding $100 per barrel amid stalled US-Iran negotiations, which dampened market sentiment. The risk-averse atmosphere was exacerbated by weak global indicators, ongoing foreign institutional investor outflows, and a depreciating Indian Rupee, coupled with rising US Treasury yields." He further noted, "Although the domestic composite PMI indicated ongoing growth in business activity, its positive effects were overshadowed by worries regarding increasing input costs, margin pressures, reduced export demand, and declining forward-looking confidence, which limited significant buying interest. Sector performance was predominantly negative, with defensive sectors, particularly pharmaceuticals and healthcare, emerging as relative safe havens during the broader market selloff."