Dalal Street opened on a weak note on Wednesday as rising crude oil prices and ongoing US-Iran tensions triggered fresh selling. The Sensex tumbled as much as 650 points in early trade, while the Nifty slipped below the 24,150 mark.

At the time of writing, the 30-share BSE Sensex was trading sharply lower after opening with a gap-down near 77,385 against the previous close of 77,470. The index saw intraday pressure that took it down in the 400–750 point range at different points, with reports of losses touching around 650 points. The Nifty 50 also opened lower near 24,150 and was trading around 24,090–24,100 levels, down nearly 90–100 points.

What’s dragging the market?

The biggest trigger remains crude oil. Brent crude climbed to around $92 a barrel, hitting multi-week highs. Continuous military exchanges between the US and Iran, risks around the Strait of Hormuz, and concerns over supply disruptions have kept oil elevated. For India, which imports over 80% of its crude, higher oil means pressure on the current account, inflation, and the rupee.

Adding to the negativity was US President Donald Trump’s fresh tariff announcement on generic drugs. He said imported generics would remain duty-free for two years from August 1, 2026, after which tariffs would rise to 100% and later up to 200%. This hit Indian pharma stocks hard. Nifty Pharma was among the top losers in early trade, with names like Sun Pharma, Aurobindo, Cipla and Lupin trading lower.

Banking and IT heavyweights also saw selling pressure, contributing to the broader decline. Metal, auto and some consumer names showed relative strength at times, but overall market breadth remained negative.

Key levels to watch

Nifty support: 24,000 is the immediate level. A sustained break could open the way towards 23,900–23,850.

Resistance: 24,200 remains the near-term hurdle.

Sensex: Support seen near 76,800–77,000 zone.

Analysts noted that while the advance-decline ratio was not extremely one-sided, heavyweight selling in banks and private sector stocks kept the indices in the red. Oil’s impact is expected to gradually show up in the currency and fiscal numbers if prices stay elevated.

Markets remain highly sensitive to any fresh developments on the US-Iran front or oil price movements. The ongoing Q1 earnings season is providing some stock-specific opportunities, but the macro overhang from crude and geopolitics is currently dominating sentiment.

Stay tuned for more updates as the session progresses.