Benchmark indices opened Friday’s session in the red, with the Nifty slipping below the 24,000 mark for the first time after April 13, and the Sensex falling over 700 points, dragged lower by a sharp selloff in IT stocks following weak earnings sentiment.

As of 10:10 am, the Nifty 50 was trading at 23,991, down 0.75% or 181.30 points, while the Sensex was at 76,998, down 0.87% (−781 points).

IT leads losses; financials add to pressure

The decline was led by IT stocks, with the sectoral index falling nearly 3%, as earnings disappointments continued to weigh on sentiment.

Among the top laggards on the Nifty were Infosys, Tech Mahindra, TCS and HCLTech, all declining between 2–3%, extending losses after weak commentary and guidance.

Financial stocks also traded lower, with private banks and broader financials slipping, adding to the pressure on benchmark indices.

Crude spike adds macro overhang

The West Asia crisis continues to have ripple effects on Indian markets, and investor sentiments. Trump continues his rhetoric about US having a "total control" over the Strait of Hormuz, and it is "sealed up tight" until Iran makes a deal. Tehran, however, says it would not come to negotiating table with the US until the blockade is ended.

The risk-off mood was further amplified by a sharp rise in crude oil prices, with Brent trading above $106 per barrel and WTI crude near $96, raising concerns around inflation, input costs and India’s current account outlook.

India VIX has risen nearly 3.5% during early trade on Friday, and it has gone up nearly 6% during the past five sessions.

On the upside, gains were limited and largely confined to defensive pockets.

Coal India, Tata Consumer, Nestlé India and Max Healthcare were among the few gainers, rising up to 1–2%, offering some support to the broader market.

Broad-based weakness across sectors

Sectoral indices largely traded in the red, indicating broad-based selling beyond IT.

Auto, metal, pharma, oil & gas and financial indices all declined, suggesting the weakness was not confined to a single pocket of the market.