Closing Bell: Sensex crashes 1000 points, IT companies under pressure

24 Apr 2026 , 05:13 PM

Indian bechmark indices – Nifty closed at 23,897.95 down by 275 points while Sensex ~1000 points to end the week at 76,664.21. The crash was due to a sharp sell-off as heavy losses in the IT sector, a weak rupee, and rising global geopolitical tensions weighed heavily on investor sentiment.

Nifty 50 and Sensex End Deep in Red

The Nifty 50 closed at 23,897.95, falling 275.10 points (1.14%), reflecting broad-based weakness across sectors, especially IT and financials.

Meanwhile, the Sensex ended at 76,718.20, down 945.8 points (1.22%), marking one of the sharpest single-day declines in recent sessions.

IT Sector Faces Heavy Selling Pressure

The biggest drag on the market came from the IT pack, where weak Q4 results and cautious FY27 guidance triggered panic selling. Investors are increasingly concerned about margin pressure and the impact of AI-driven disruption in global software services.

The Infosys led the decline, crashing nearly 7% to close at ₹1154.80, hitting a new 52-week low after its earnings announcement.

Other major IT stocks also suffered:

• Tata Consultancy Services (TCS) fell 4.79% to ₹2401
• Tech Mahindra dropped 4.20% to ₹1361.80

As a result, the Nifty IT index plunged more than 1500 points, closing over 5% lower at 28,530.60, marking its steepest fall in recent weeks.

Mixed Performance in Other Sectors

While IT struggled, some stocks managed to stay in the green:

Top Gainers

• Coal India rose 0.97% to ₹455
• Trent gained 0.91% to ₹4290
• Hindalco Industries advanced 0.78% to ₹1049.50

However, gains were limited and not enough to offset broader market weakness.

Banking Index Holds Relatively Better

The banking space showed comparatively resilience. The Nifty Bank index closed at 56,089.75, down 215 points (0.38%), indicating mild profit booking but stable underlying sentiment compared to IT stocks.

Rupee Weakens Beyond 94 vs USD

The Indian rupee slipped further, breaching the 94 mark against the US dollar, adding to macroeconomic concerns. Currency weakness is likely to raise import costs and keep foreign investor sentiment cautious in the near term.

Global Cues: Middle East Tensions Push Oil Higher

Global markets remained volatile due to escalating geopolitical risks involving the US, Iran, and Israel. Concerns over security in the Strait of Hormuz—a critical global oil shipping route—continue to dominate sentiment.

Crude oil prices surged sharply:

• Brent crude traded above $100 per barrel
• WTI crude hovered around $93.92 per barrel

Rising oil prices could further pressure India’s inflation outlook and widen the current account deficit.

The combination of weak IT earnings, rupee depreciation, and rising crude oil prices has created a risk-off environment in Indian equities. Analysts expect near-term volatility to persist, especially if global geopolitical tensions escalate further.

Key triggers to watch:

• Continued earnings updates from IT majors
• Movement in crude oil prices
• USD/INR trajectory
• Foreign institutional investor (FII) flows

Today’s session highlights how sensitive the Indian equity markets remain to global cues and sector-specific earnings disappointments. With IT stocks under pressure and external risks rising, investors may continue to see volatility in the short term, even as selective sectoral opportunities remain.