Market performance
Indian equity markets witnessed high volatility on April 2, 2026, with benchmark indices recovering in the latter half of the session.
Markets opened sharply lower due to rising geopolitical tensions in the Middle East and a spike in crude oil prices. However, buying in select heavyweights helped indices recover and close in positive territory.
Index performance
Sensex rose 185.23 points (0.25%) to close at 73,319.55.
Nifty 50 gained 33.70 points (0.15%) to end at 22,713.10.
Nifty Bank advanced 100.10 points (0.19%) to 51,548.75.
Nifty IT surged 772.40 points (2.60%) to 30,441.45.
Broader markets underperformed the benchmarks.
Nifty Midcap declined 142.10 points (0.26%) to 53,677.05.
Nifty Smallcap fell 41.10 points (0.54%) to 7,625.85.
Sectoral trends remained mixed.
What drove the market move?
Late-session recovery in heavyweights
Banking and IT stocks supported the market during the latter half of the session. Gains in HDFC Bank, ICICI Bank, Infosys, TCS and HCL Tech helped indices recover from early losses.
Geopolitical concerns and oil surge
Markets remained under pressure due to escalating tensions in West Asia. Crude oil prices jumped sharply, with Brent rising above $108 per barrel, adding to inflation concerns.
Pre-results positioning
Investors accumulated select large-cap stocks ahead of the Q4 earnings season, which also supported the late recovery.
Sectoral performance
The Nifty IT index outperformed, gaining 2.60%. Realty stocks also saw buying interest, rising over 1%.
Banking and financial services indices posted modest gains.
However, Consumer Durables, Oil & Gas, Healthcare and Pharma sectors declined by around 1%. Nifty Auto also slipped 0.62%.
Commodities and Currency
Gold (MCX) declined to ₹1,48,625, falling ₹5,083 (3.31%).
Silver (MCX) dropped to ₹2,27,850, declining ₹15,651 (6.45%).
The Indian Rupee recorded a sharp rebound, rising to ₹93.10 against the US dollar. This marks its strongest single-day gain in over a decade, supported by RBI measures to curb speculative activity.
Crude oil prices surged, with Brent trading above $108 per barrel amid uncertainty around global supply routes.
Volatility index
Market volatility increased slightly. The India VIX rose 0.51 points (2.04%) to 25.52, indicating continued uncertainty despite the late recovery.
Market takeaway
Thursday’s session highlights the fragile nature of current market sentiment. While strong buying in large-cap stocks helped indices recover, rising crude oil prices and geopolitical risks continue to weigh on markets.
Investors are likely to remain cautious, with focus on oil prices, currency movements and upcoming Q4 earnings for further direction.
Source: Moneycontrol, Business Standard, Google Finance, India Today
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