Domestic equity markets experienced significant losses during the mid-morning trading session, driven by heightened volatility stemming from exit poll predictions for upcoming state elections. The impact of rising oil prices, which reached historic highs, coupled with the rupee's depreciation to a record low, further dampened investor sentiment. The ongoing selling pressure from foreign institutional investors (FIIs) intensified the downward trend, while the monthly expiry of Sensex derivatives contributed to increased market turbulence. As a result, the Nifty index fell below the crucial 23,850 mark, leading to a decline in realty stocks following a brief rally in the previous session.
As of 11:30 IST, the S&P BSE Sensex recorded a drop of 1,126.31 points, or 1.45%, settling at 76,370.05. The Nifty 50 index also faced a significant plunge, falling 348.10 points, or 1.44%, to 23,830. In the broader market landscape, the BSE 150 MidCap Index decreased by 1.38%, while the BSE 250 SmallCap Index fell by 0.95%. Despite the overall downturn, market breadth indicated a strong presence of decliners, with 1,145 shares rising against 2,702 shares that fell, and 197 shares remaining unchanged. The NSE's India VIX, serving as a gauge for anticipated market volatility, surged by 10.36% to reach 19.25.
Particularly concerning for investors were the declines in the Nifty Realty index, which fell by 2.17% to 788.15 after experiencing a 1.48% increase in the preceding trading session. Major real estate companies saw notable declines, including Aditya Birla Real Estate, down 3.10%, and Phoenix Mills, down 3.07%. Other significant losses were recorded by Prestige Estates Projects (down 2.21%), Oberoi Realty (down 2.08%), DLF (down 1.83%), and Godrej Properties (down 1.69%). This downturn in realty shares reflects broader market apprehension, as investors recalibrate their strategies in response to prevailing economic indicators.
In the context of individual stock performances, Mphasis stood out with a gain of 2.31% following a reported 15.26% increase in consolidated net profit for Q4 FY26. Conversely, MOIL's stock fell by 5.91% due to disappointing quarterly results, despite a modest increase in revenue. Global markets displayed mixed trends, with Asian markets reacting to recent declines in Wall Street, as investors evaluated developments regarding OPEC and broader economic conditions. With the United Arab Emirates set to exit OPEC on May 1, the repercussions for oil production dynamics could further influence market sentiments globally. Amid these developments, investors remain cautious as they navigate the increasingly volatile landscape of domestic equities and real estate stocks.