Indian equity markets opened lower on Thursday, extending losses for the second straight session, as rising oil prices and a weakening rupee weighed on investor sentiment. The BSE Sensex slipped over 550 points in early trade, while the Nifty 50 fell below the 24,250 mark, with both indices down nearly 1%.
Market pressure intensified after crude oil prices climbed back above $100 per barrel, raising concerns over inflation and input costs. At the same time, the Indian rupee weakened further, opening 0.2% lower at 94.0050 against the US dollar, compared to its previous close of 93.7950.
"Rupee continued to trade weak as rising crude oil prices and ongoing geopolitical uncertainty kept pressure on the currency. The weakness is also linked to the RBI’s partial rollback of earlier forex curbs, which has eased restrictions on derivative trades and reduced some of the earlier support for the rupee. In the near term, the rupee is expected to trade in a range of 93.25–94.50, with direction largely driven by crude prices and geopolitical updates," Jateen Trivedi, VP Research Analyst of Commodity and Currency, LKP Securities, said.
Among index heavyweights, Reliance Industries declined around 1%, while aviation major IndiGo dropped nearly 2%, adding to the downside pressure.
On the stock-specific front, shares of SBI Life Insurance Company fell about 3% to Rs 1,827 after the company reported a marginal 1% year-on-year decline in net profit to Rs 804.64 crore for the January–March quarter of FY26. Despite the earnings dip, brokerages largely maintained a positive outlook on the stock.
In early trade, select stocks bucked the broader trend. Godrej Industries led the gainers with a sharp rise of over 10%, followed by GE Vernova T&D India, Lux Industries, Oracle Financial Services Software, and TTK Prestige.
On the flip side, losses were led by Havells India, Sterlite Technologies, Future Lifestyle Fashions, Delta Corp, and Ashok Leyland.
Analysts expect markets to remain volatile in the near term, as investors track crude oil movements, currency weakness, and global geopolitical developments.
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