Indian markets traded range-bound on April 23 as Sensex fell 852 points and Nifty declined 205 points amid rising crude oil prices above $100, driven by Strait of Hormuz tensions. Higher oil costs intensify inflation concerns for India, a major crude importer, threatening corporate margins and consumer spending. HSBC downgraded Indian equities to underweight, while foreign institutional investors extended selling for a second consecutive session, offloading 2,078 crore. Dual institutional selling signals strong bearish sentiment. Nifty faces immediate support near 24,000 with resistance at 24,400-24,500. India VIX surged to 18.30, indicating heightened volatility and uncertainty ahead. Sustained crude prices above $100 pose downside risks to earnings, potentially triggering market re-rating.
