MUMBAI, April 13, 2026, 16:35 IST
- The Sensex lost 702.68 points to end at 76,847.57, and the Nifty 50 slipped 207.95 points to 23,842.65, with both benchmarks paring some losses after sliding close to 2% earlier.
- Brent crude surged close to 8%, reaching roughly $102.8 a barrel, while the rupee slid 0.7% to 93.3750 per dollar—its steepest loss in two weeks.
- Reliance Industries, HPCL and BPCL—names exposed to oil price swings—saw selling, while Indian financial markets are closed Tuesday for a local holiday.
Indian equities slipped on Monday, with the Sensex dropping 702.68 points, or 0.91%, to close at 76,847.57. The Nifty 50 retreated 207.95 points, or 0.86%, finishing at 23,842.65. Losses had been deeper earlier in the session, as both indexes briefly fell around 2.1%, after U.S.-Iran discussions broke down over the weekend and crude surged past $100 a barrel.
The stakes are clear enough: oil above $100 delivers a sharp blow to India, stirring up inflation fears and putting fresh pressure on the rupee just as companies start reporting fourth-quarter results. The rupee dropped 0.7% to 93.3750 per dollar, marking its sharpest slide in two weeks.
The wild move broke up what had been a sharp rebound. Both benchmarks surged roughly 6% last week—the best stretch in over five years—as traders latched onto hopes from the shaky U.S.-Iran ceasefire. With Indian financial markets closed Tuesday for a local holiday and set to open again Wednesday, investors are left exposed to any headline shocks for another day.
Arun Malhotra, who manages funds at CapGrow Capital, thinks it’s premature to count on Washington and Tehran coming to terms right away. Last week’s rally, he noted, hints that Indian equities could have weathered the worst—unless things spiral out of control. Still, he cautioned, “headline risks” will keep markets jumpy. Reuters
Losses cut across the board: fifteen out of sixteen sectoral indexes dropped. FMCG, auto, IT, energy, and oil & gas each slipped around 1%. Mid-cap and small-cap indices shed about 0.5%. Volatility picked up too, with the India VIX leaping close to 10% and moving above 20.
Oil-linked stocks dropped sharply. Reliance Industries dropped 2.6% as the government hiked export duty on diesel and aviation turbine fuel. HPCL and BPCL each lost over 3%. InterGlobe Aviation, which owns IndiGo, was also knocked lower, with investors factoring in higher fuel expenses.
But the slide wasn’t universal. HDFC Life, Adani Enterprises, ICICI Bank, and NTPC all managed to log gains on the Nifty, suggesting selective interest from buyers instead of a wholesale exodus.
Crude bouncing back above $100 is stirring up concerns about inflation, currency swings, and wider macro issues, Geojit Investments’ research chief Vinod Nair said. With fourth-quarter earnings season just starting, he expects the focus to stay on individual stocks for now. But if Middle East tensions drag on, that could have bigger implications for the June quarter, Nair noted.
That’s the risk at play. Brent futures climbed back over $100 on Monday, yet tightness in prompt supplies deepened: North Sea Forties barrels for quick loading fetched close to a record $148.87. Should that squeeze persist, India faces a heavier import bill and more stress on corporate earnings.
BSE-listed firms ended the session down about ₹2 lakh crore in market value from the previous day, Mint reported—a loss, but less severe than the sharp fall seen at the open. Foreign investors have already pulled more than $6.5 billion from Indian stocks and bonds in April. When markets reopen Wednesday, it’ll test whether buyers see this as a buying opportunity or if more defensive selling is in the cards.
