Mumbai (Maharashtra) [India], April 24 (ANI): Domestic equity markets came under strong selling pressure on Friday, weighed down by a surge in crude oil prices and heavy losses in IT stocks, with benchmark indices ending sharply lower.

The Nifty 50 index closed at 23,897.95, declining by 275.10 points or 1.14 per cent, while the BSE Sensex fell by 982.71 points or 1.27 per cent to settle at 76,681.29.

The markets witnessed a weak start, with the Nifty opening gap-down for the second consecutive session. Selling pressure persisted throughout the day, with sellers remaining firmly in control. Notably, this was the first instance in April where the Nifty declined by more than 1 per cent in a single session.

Sectoral indices on the NSE reflected broad-based weakness, with all sectors closing in the red. The Nifty IT index was the worst performer, declining by more than 5 per cent, followed by Nifty Metal, which fell by 1.87 per cent, Nifty Pharma down by 1.77 per cent, Nifty Auto declining by 0.68 per cent, and Nifty PSU Bank slipping by 0.15 per cent.

Market experts attributed the sharp fall to rising geopolitical tensions and external pressures.

Vinod Nair, Head of Research at Geojit Investments Limited, said the Indian equity market extended its profit-booking trend amid multiple headwinds.

'The market was pressured by heightening geopolitical tensions in West Asia, a sharp rally in crude oil prices, and a weakening rupee. IT stocks led the decline following disappointing quarterly earnings, while selling pressure was broad-based across sectors,' he said.

He further noted that foreign institutional investors (FIIs) turned net sellers again after a brief period of inflows, adding to the negative sentiment. Concerns were also heightened by global rating agencies downgrading India on inflation and macroeconomic factors, along with the RBI flagging early signs of slowing growth.

Meanwhile, crude oil prices remained a key concern for investors. Brent crude surged above USD 107 per barrel, driven by ongoing tensions in West Asia and the continued blockade of the Strait of Hormuz.

Despite the recent correction in valuations, investors are expected to remain cautious and closely track ongoing corporate earnings for any potential downgrades, especially amid geopolitical uncertainties. (ANI)