Sensex drops 1,000 points; Nifty near 23,900; IT, pharma weigh; Brent above $105

The Nifty50 and the Sensex extended losses as traders assessed the situation in West Asia while the blockade at the Strait of Hormuz continued to weigh on energy supply outlook.

The Nifty50 was trading 1.13 per cent or 274.35 points down at 23,898.85, and the Sensex was trading 1.24 per cent or 966.46 points down at 76,712.12. Broader markets erased gains. The Nifty MidCap and the Nifty SmallCap were trading 1.28 per cent and 1.35 per cent down, respectively.

Sector-wise, the Nifty IT declined the most, as Infosys weighed. The Nifty Pharma and the Nifty Healthcare also weighed.

Meanwhile, the Nifty Realty outperformed.

Traders cheered the ceasefire extension between Lebanon and Israel. Both countries agreed to extend the ceasefire by three weeks after a meeting with President Donald Trump and top officials at the White House.

Brent crude was trading well above $100 per barrel as the blockade in the Strait of Hormuz continued to disrupt energy supply. The April future contract was trading 0.75 per cent higher at $106 per barrel.

Q4 results today

Adani Green Energy, Atul, Can Fin Homes, Chennai Petroleum Corporation, DCB Bank, Hindustan Zinc, IndusInd Bank, Lodha Developers, L&T Finance, Mahindra & Mahindra Financial Services, Mangalore Refiner & Petrochemicals, Reliance Industries, Shriram Finance, Supreme Petrochem,Tanla Platforms, and Zensar Technologies will release their fourth-quarter results.

IPO Today

Adisoft Technologies’ initial public offer entered the second day of subscription. The issue was subscribed 2.03 times on the first day. The company will raise ₹74.10 crore from the primary market. The IPO will close for subscription on April 27.