The Nifty traded below the 22,550 mark. All the sectoral indices are traded in red on the NSE with realty, pharma and PSU bank shares declining the most.

At 09:30 IST, the barometer index, the S&P BSE Sensex, tanked 1,380.51 points or 1.88% to 71,746.89. The Nifty 50 index slipped 428.20 points or 1.89% to 22,512.20.

The broader market underperformed the frontline indices. The BSE 150 MidCap Index fell 2.76% and the BSE 250 SmallCap Index slipped 2.54%.

The market breadth was weak. On the BSE, 710 shares rose and 2,443 shares fell. A total of 144 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 4.05% to 26.03.

Foreign portfolio investors (FPIs) sold shares worth Rs 8,331.15 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 7,171.80 crore in the Indian equity market on 01 April 2026, provisional data showed.

Stocks in Spotlight:

Hero Motorcorp declined 2.97%. The company dispatched 598,198 units in March 2026, registering the growth of 8.84% compared with 549,604 units dispatched in March 2025. The company's Global Business recorded highest ever dispatches with growth of around 16% in March 2026 with 45,693 units, compared to 39,518 units during the same period last year.

NMDC shed 0.84%. The company reported a 50.7% YoY jump in total production to 5.35 million tonnes in March 2026. Total sales increased 40.14% YoY to 5.90 million tonnes in March 2026.

Lupin fell 1.92%. The company's wholly owned subsidiary, Nanomi B.V., the Netherlands entered into definitive agreements to acquire 43.38% stake from certain existing shareholders of Multicare Pharmaceuticals Philippines, Inc. (MPPI), a subsidiary of Nanomi for total consideration of $39.6 million.

Numbers to Track:

The yield on India's 10-year benchmark federal paper shed 0.01% to 6.960 compared with previous session close of 6.961.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 93.5275 compared with its close of 94.7000 during the previous trading session.

MCX Gold futures for 5 June 2026 settlement fell 1.80% to Rs 150,943.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.37% to 99.94.

The United States 10-year bond yield fell 0.46% to 4.291.

In the commodities market, Brent crude for June 2026 settlement rallied $4.51 or 4.46% to $105.67 a barrel.

Global Markets:

Asia markets reversed gains on Thursday as investors assess an address by President Donald Trump on the Iran war.

During his speech, Trump reiterated that the U.S. objectives in Iran were almost met and said that 'we have all the cards' in the conflict. He also said that Washington will hit Iran 'very hard' over the next two to three weeks.

Early Wednesday stateside, Trump claimed that Iran's 'New Regime President' had asked the U.S. for a ceasefire, a claim that Tehran reportedly has denied.

Trump added that the U.S. will 'consider' the offer only once the Strait of Hormuz was 'open, free, and clear,' he said on social media platform.

Trump previously said he was willing to end the U.S. military campaign against Iran even if the Strait of Hormuz remained closed, according to a media report.

Overnight on Wall Street, stocks rose on Wednesday, while oil prices declined to start the month, as hope grew that an end to the U.S.-Iran war was on the horizon.

The S&P 500 advanced 0.72% and closed at 6,575.32, and the Nasdaq Composite gained 1.16% and settled at 21,840.95. The Dow Jones Industrial Average added 224.23 points, or 0.48%, to end at 46,565.74.

Domestic Market:

The key equity benchmarks ended sharply higher on Wednesday, snapping a two-day losing streak. Sentiment improved after US President Donald Trump signalled a possible wind-down of military operations involving Iran within two to three weeks.

Hopes of de-escalation in Middle East tensions eased geopolitical concerns. Crude oil prices declined, with Brent nearing the $100 per barrel mark. US bond yields also softened, supporting risk appetite.

The Nifty closed above the 22,650 mark, led by PSU banks and metal stocks. The recovery was also aided by attractive valuations after the recent correction and supportive global cues.

The S&P BSE Sensex surged 1,186.77 points or 1.65% to 73,134.32. The Nifty 50 index zoomed 348 points or 1.56% to 22,679.40. In the past two sessions, the Sensex declined 4.41% while the Nifty fell 4.18%.