Stock Market Today: Nifty slips below 24,000; Sensex falls 900

Indian equities extended their losing streak on Friday, with risk-off cues from oil and geopolitics overwhelming bargain hunting.

Benchmarks stay under pressure

The Sensex fell about 900 points and the Nifty slid below the 24,000 mark, stretching the decline to three sessions. Over this three-day slide, the Sensex has shed nearly 2,600 points (around 3.3%) and the Nifty is down roughly 2.8%, erasing about ₹9 lakh crore of investor wealth, according to market-cap estimates cited in reports.

The day’s message was straightforward: as crude pushes higher, India’s macro risk premium rises. Traders responded by cutting exposure to index-heavy sectors such as IT and select financials.

Why the stock market fell today

Three factors did most of the damage.

First, Brent crude climbed above $106 a barrel as the West Asia conflict kept the Strait of Hormuz risk in focus. For an import-dependent economy, expensive oil feeds into inflation expectations, the current account deficit and corporate cost lines.

Second, the rupee weakened further, reflecting both the oil bill stress and risk aversion. A softer currency typically supports exporters, but in this tape it acted as a signal that macro conditions are tightening.

Third, foreign portfolio investors stayed on the sell side. With global uncertainty elevated, FPIs tend to reduce beta first, which usually means large-cap index constituents.

Global cues: ceasefire headlines, but oil stays high

Global markets have been trading on alternating headlines around ceasefire extensions and stalled negotiations. Per the global market context, Asian equities were mixed and US futures were choppy as investors balanced geopolitical risk with still-decent corporate earnings.

The bigger transmission channel into India has been energy prices and the dollar. With oil holding on to recent gains and the dollar staying firm, emerging markets have faced a tougher setup. The implication for Indian investors is clear: even if global equities hold up, India remains more sensitive when crude stays elevated.

Broker caution adds to the mood

A notable domestic trigger was the shift in Street positioning. J.P. Morgan downgraded India equities to ‘neutral’ from ‘overweight’ and cut its Nifty year-end target by 10% to 27,000, citing oil-led earnings risks, a weak rupee and potential FY2027 estimate cuts.

That call matters less for the exact target and more for what it signals: a higher hurdle rate for valuations until the crude and currency narrative improves.

What moved sectors on Dalal Street

Selling was broad-based, but leadership was clear.

IT remained the key drag, with weak guidance and cautious commentary from large players keeping the entire pack under pressure. With global demand visibility still patchy, investors treated any disappointment as a reason to cut exposures rather than average down.

Pharma was mixed. Defensive characteristics helped some names find bids, but stock-specific regulatory and supply issues offset that support.

Meanwhile, in pockets of the market, investors continued to show a preference for companies with visible cash flows and balance-sheet comfort. But the index did not get enough help from defensives to counter the weight of IT and other large caps.

Key corporate stories investors tracked

IT drove the narrative again.

Infosys stayed in focus after weak FY27 guidance. Reports noted Infosys ADRs fell about 4% overnight. Q4 revenue declined 1.3% in constant currency quarter-on-quarter and adjusted EBIT margin slipped 20 bps to 21%, even as large deal TCV increased 21% year-on-year to $1.2 billion. The market’s read-through was that deal wins are not yet translating into near-term growth comfort.

Wipro tried to change the tone with capital returns. The company announced a ₹15,000 crore buyback at ₹250 per share, targeting 60 crore shares (about 5.7% of equity), with 15% reserved for small shareholders. In a weak tape, buybacks can put a floor under sentiment, but they rarely reverse a sector de-rating if growth guidance remains under scrutiny.

In pharma, Cipla shares came under pressure after the USFDA placed an import alert on Pharmathen’s Rodopi facility in Greece, a key supplier for lanreotide. Cipla warned of supply disruption into H1 FY27 and cut its FY26 margin guidance by 175-300 basis points, a meaningful reset for investors who were positioned for steady US performance.

Reliance Industries’ results were also on the radar, with investors watching refining and petrochem margins under Middle East disruption, and any updates on dividend stance and the timeline for a Jio IPO.

What this means for investors

For portfolio investors, the current sell-off is less about domestic demand and more about India’s external sensitivity. When crude stays above $100 and the rupee weakens, valuation comfort shrinks quickly, especially in sectors that already face earnings uncertainty.

The other practical takeaway is about market leadership. In risk-off phases, earnings visibility and balance sheet strength matter more than narratives. That is why stock selection is likely to dominate index calls until oil volatility eases.

Near-term triggers to watch

Three near-term markers could decide whether this move stabilises or extends.

One, crude and any credible signal on de-escalation and shipping lanes. As long as Brent stays near $106, markets will keep testing downside levels.

Two, the rupee and flows. Persistent FPI selling tends to pressure large caps and indices, even if domestic flows cushion broader markets.

Three, earnings and guidance quality, especially from index-heavy IT and financial names. In this environment, the market is punishing weak visibility more than it is rewarding one-off beats.

The setup for next week

The market enters the new week with higher volatility and reduced risk appetite. If oil cools meaningfully and the rupee stabilises, a relief bounce is possible, especially in oversold pockets. If crude stays elevated and global headlines keep swinging, investors should expect choppy trade and sharp reactions to corporate commentary.

For now, the playbook remains defensive: respect the oil signal, track flows closely, and prioritise companies that can protect margins even as input costs and currency pressures rise.