The key equity benchmarks ended with steep losses on Thursday, extending their decline for the second consecutive session, as rising geopolitical tensions in West Asia and concerns about higher oil prices weakened investor sentiment. The Nifty ended below the 23,650 level.

In the barometer index, the S&P BSE Sensex tumbled 829.29 points or 1.08% to 76,034.42. The Nifty 50 index slumped 227.70 points or 0.95% to 23,639.15. In two consecutive trading sessions, the Sensex dropped 2.77% while the Nifty fell 2.56%.

In the broader market, the S&P BSE Mid-Cap index slipped 0.24% and the S&P BSE Small-Cap index fell 0.32%. The market breadth was negative.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, advanced 2.16% to 21.52.

Among the sectoral indices, the Nifty Oil & Gas index (up 0.48%), the Nifty Metal index (up 0.35%) and the Nifty Media index (up 0.33%) outperformed the Nifty 50 index.

Meanwhile the Nifty Auto index (down 3.19%), the Nifty FMCG index (down 1.77%) and the Nifty Private Bank index (down 1.60%) underperformed the Nifty 50 index.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.53% to 6.669 compared with previous session close of 6.634.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 92.2300 compared with its close of 92.0100 during the previous trading session.

MCX Gold futures for 2 April 2026 settlement rose 0.10% to Rs 161,955.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.09% to 99.36

The United States 10-year bond yield jumped 0.38% to 4.223.

In the commodities market, Brent crude for May 2026 delivery jumped $4.98, or 5.41%, to $96.96 a barrel.

Global Markets:

Dow Jones futures are down by 258 points, signaling a negative start for US stocks today.

European market traded lower while Most Asian markets ended lower on Thursday as investors grappled with volatile oil prices and escalating tensions in the Middle East, even after the U.S. and its allies announced an unprecedented emergency release of crude reserves to calm energy markets.

The International Energy Agency is looking to release 400 million barrels of oil following the supply disruption owed to the Iran war, the largest such action in the organization's history. The IEA did not set out a timeline for when the stocks would hit the market.

The U.S. will release 172 million barrels of oil from the Strategic Petroleum Reserve to help lower energy costs, Energy Secretary Chris Wright reportedly said Wednesday evening stateside.

The announcement from the Energy Secretary came after President Donald Trump said earlier in the day that he would tap the Strategic Petroleum Reserve to keep a lid on energy prices.

Overnight in the U.S., the Dow Jones Industrial Average fell as investors continued to eye developments in the U.S.-Iran war and oil prices.

The 30-stock index shed 289.24 points, or 0.61%, to close at 47,417.27. The S&P 500 inched down 0.08% to settle at 6,775.80, while the Nasdaq Composite ticked up 0.08% to end the session at 22,716.13.

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