Indian Stocks Hold Recent Plunge

Indian stock indices closed flat on Wednesday, maintaining most of the four consecutive declines in the prior sessions as elevated energy prices worsened the macroeconomic outlook for the Indian economy and drove investors to pivot out of Indian assets. The S&P/BSE Sensex closed flat at 75,600 and the NSE Nifty 50 inched higher by 0.1% to 23,410. Crude oil and refined product benchmarks were little changed during the session following their surges this month as the continued impasse between Iran and the US prolonged the outlook of suspended oil flows from the Middle East. Not only does the surge in energy prices hurt domestic margins and restrict financial conditions, but the outflows of foreign exchange on energy imports pressure the rupee and drive foreign investors to pivot to stronger currencies. Risk-sensitive tech stocks dropped sharply, also pressured by a poor session for the sector in the US. Infosys, Tech Mahindra, and TCS dropped more than 1%.

The SENSEX Index rose 50 points or 0.07 percent on Wednesday to close at 74609 points. Leading the gains are Asian Paints (4.37%), Tata Steel (3.77%) and Adani Ports (2.90%). Top losers were Mahindra & Mahindra (-1.73%), Infosys (-1.48%) and Tech Mahindra (-1.29%).

India’s BSE Sensex opened roughly 0.5% lower at 74,171 on Wednesday, marking its fifth consecutive sessions of losses, as markets remained volatile amid elevated crude oil prices, sustained foreign outflows, and geopolitical uncertainty linked to the Iran conflict. Foreign portfolio investors have reportedly pulled $23.14 billion from Indian equities so far in 2026, surpassing the record level of selling seen in 2025. Meanwhile, India’s April inflation rose slightly to 3.48% from 3.4% in March, below market expectations of 3.8%, though concerns over rising energy costs continue to cloud the economic outlook. Among individual stocks, Tata Power fell 5% after reporting weak March-quarter results, weighed down by a 4.5% decline in profit driven by weakness in its hydro and thermal segments following a plant shutdown in Gujarat. Other notable laggards were Kalyan Jewelleres (-5.6%), KEI (-1.7%), and Power Grid (-2.7%). On the upside, Billionbrains (+4.3%), and Vedanta (+3.3%) posted gains.