Indian Stocks in Focus: Vedanta, Waaree Energies, Eternal, Adani Energy, and Ceat Suffer Significant Declines

Indian Stock Market Ends Lower in April as Crude Oil Prices Surge

The Indian stock market closed lower on the final trading session of April, with a sharp jump in crude oil prices triggering heavy selling in oil-sensitive stocks. The weak global cues and the Indian rupee slipping to another record low kept investors in a risk-off mode. The Nifty 50, India's benchmark index, ended the session 0.73% lower at 24,000, although it recouped a major portion of the intraday losses from the day's low.

Market Performance in April

Despite experiencing significant fluctuations throughout the month, both benchmark indices, the Nifty 50 and the S&P BSE Sensex, wrapped up April with solid gains of over 7%. This marks their biggest monthly advance since December 2023. The broader market outperformed the headline indices, with the Nifty Midcap 100 index jumping 13% and the Nifty Smallcap 100 index surging 18%.

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Currency Market and Crude Oil Prices

In the currency market, the Indian rupee slipped to a fresh record low on Thursday, touching 95.33 against the U.S. dollar, down as much as 0.5% during the day and breaching its previous all-time low of 95.21 touched in late March. Meanwhile, crude oil prices continued to climb as tensions in West Asia showed no signs of easing. Brent crude futures for June delivery advanced more than 3% to $121.09 a barrel after hitting an intraday high of $126.41 earlier on Thursday, its highest level since 2022, and remained on track for a ninth straight day of gains.

Comparison of Benchmark Indices

Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline

Oil prices have now surged more than 100% this year and extended gains on Thursday after Axios reported that President Donald Trump was scheduled to receive a briefing on fresh plans for potential military action against Iran. The development further eroded hopes of a full reopening of the Strait of Hormuz, where the flow of oil and other critical supplies has remained severely disrupted for more than two months.