Sensex slumps over 1,036 pts; auto shares drop

The key equity benchmarks continued to trade with major cuts in mid-morning trade, tracking weak global cues after the breakdown of U.S.-Iran ceasefire talks and a sharp surge in crude oil prices, which heightened concerns that the Middle East conflict could prolong and disrupt global markets. The Nifty traded below the 23,300 level. Auto shares declined after advancing in the previous trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex, tanked 1,036.10 points or 1.34% to 76,514.15. The Nifty 50 index declined 295.50 points or 1.23% to 23,754.05.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index slipped 0.56% and the BSE 250 SmallCap Index fell 0.19%.

The market breadth was weak. On the BSE, 1,683 shares rose and 2,407 shares fell. A total of 177 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, surged 9.77% to 20.69.

IPO Update:

The initial public offer (IPO) of Om Power Transmission received bids for 50,57,670 shares as against 60,02,730 shares on offer, according to stock exchange data at 11:15 IST on Friday (10 April 2026). The issue was subscribed 0.84 times.

The issue opened for bidding on 09 April 2026 and will now close on 13 April 2026. The price band of the IPO is fixed between Rs 166 and 175 per share.

Buzzing Index:

The Nifty Auto index declined 1.89% to 26,138.20. The index rose 2.85% in the past trading session.

Maruti Suzuki India (down 4.09%), Eicher Motors (down 3.76%), Hero MotoCorp (down 2.89%), Ashok Leyland (down 2.46%), TVS Motor Company (down 1.99%), Samvardhana Motherson International (down 1.96%), Uno Minda (down 1.88%), Bharat Forge (down 1.41%), Mahindra & Mahindra (down 1.06%) and Tube Investments of India (down 0.66%) fell.

Stocks in Spotlight:

Enviro Infra Engineers surged 12.78% after the company secured two major engineering, procurement and construction (EPC) contracts from the Swachh Maharashtra Mission Directorate, with a combined value of Rs 972.19 crore.

Lupin shed 0.12%. The company announced the launch of Dapagliflozin Tablets in strengths of 5 mg and 10 mg in the United States, following approval of its abbreviated new drug application (ANDA) by the U.S. Food and Drug Administration.

NCL Industries rose 0.08%. The company said that the company's cement production for Q4 FY26 stood at 8,02,600 MT compared to 7,90,663 MT in Q4 FY25, reflecting a 2% increase on a year-on-year (YoY) basis.

Global Markets:

Asian markets traded lower on Monday, as investors weigh a U.S. naval blockade on Iran's ports after talks between Washington and Tehran failed to produce an agreement to end the conflict in the Middle East.

The breakdown of negotiations over the weekend in Islamabad reignited worries that the U.S.-Iran war will last longer than feared, leading to higher oil prices that will continue to strain economies worldwide.

Crude oil prices surged on Sunday after the talks ended without an agreement and the U.S. moved toward a blockade of Iranian port traffic. Brent crude reportedly gained 6.71% to $101.59 per barrel.

U.S. President Donald Trump has reportedly weighed resuming airstrikes on Iran, according to a media report.

Trump last week agreed to a two-week ceasefire on Tuesday in exchange for Tehran allowing ships to pass through the strait. He had previously threatened to bomb every bridge and power plant in Iran.

Last week, the Dow industrials ended a strong week on a down note after inflation came in at its highest level in nearly two years.

The March CPI report showed prices rose 0.9% from a month earlier and 3.3% from a year earlier'the largest annual increase since May 2024.

Consequently, U.S. stocks ended mixed on Friday. The Dow falling about 269.23 points, or 0.56%, to 47,916.57 and the S&P 500 lost 7.77 points, or 0.11%, to 6,816.89. Meanwhile, the Nasdaq Composite index gained 80.48 points, or 0.35%, to 22,902.89.

With consumer prices, nearly three-quarters of the monthly increase was driven by higher gasoline prices. Food inflation came in lower, and overall, the readings were in line with economists' expectations.

Consumer sentiment, meanwhile, fell in April to the lowest level in the history of the University of Michigan survey, showing Americans' heightened concerns about the Iran war hitting the domestic economy.