SENSEX drops over 700 points, NIFTY50 opens under 24,000 on weak global cues; IndiGo, Eternal among top losers

At the opening bell of 9:15 am, the NIFTY50 index dropped 0.5% or around 120 points on Thursday, April 30, to open at 23,996.95 points, compared to the previous stock market close at 24,177.65 points, as per NSE data.

The BSE SENSEX index lost more than 700 points in the early market after the index opened 0.62% lower at 77,014.21 points on Thursday, compared to 77,496.36 points at the previous stock market close, according to the exchange data.

Both benchmark indices extended their losses further in the early trading session. The NIFTY50 was down 1.24% to 23,878 points, while the SENSEX lost 1.26% to 76,552 points as of 9:30 am on the Indian stock market.

Factors impacting Indian stock market today

Although hours before the opening bell, the GIFT NIFTY futures indicated a positive open, the trends reversed closer to the market open on Thursday. The indices were grappled by the weak global cues in the market due to higher oil prices and rising uncertainty about the US-Iran conflict.

Investors and traders in the market remained cautious with their focus on any positive corporate earnings release on Thursday, as the prevailing weak sentiment in the market was dragging down the benchmark indices.

NSE data also showed that on Wednesday, foreign investors maintained their selling streak, offloading ₹2,468.42 crore worth of assets from the capital markets segment across the exchanges in the country.

While foreign investors pulled their funds, domestic investors were net buyers, purchasing ₹2,262.17 crore in a single day on April 29.

As of 9:25 am (IST), the global benchmark Brent crude oil prices for the June futures were trading over $124 per barrel (bbl) on Thursday, compared to the previous market close of ₹118.03 per bbl, according to Barchart data.

Latest media reports also suggest that the US President Donald Trump conducted a meeting with his top officials recently to discuss measures which can be taken to continue the US blockade of Iranian ports for months, if needed. However, no official statement has been released in relation to the same.

Top losers today

Eternal, IndiGo, Shriram Finance, Adani Ports, and Adani Enterprises were among the top five top losers during the early market session on Thursday, April 30.

Eternal shares were down 3.9%, IndiGo was down 3.45%, Adani Enterprises was down 3.2%, Shriram Finance was down 3.12%, and Adani Ports was down 3% in the morning market session.

Top gainers today

Bajaj Finance, Infosys, Wipro, Coal India, and Tech Mahindra were the gainers on Thursday’s stock market.

Bajaj Finance was up 1.9%, Infosys was up 0.39%, Wipro was up 0.15%, Coal India was up 0.09%, and Tech Mahindra was up 0.01% on April 30.