High oil prices, weak Infosys forecast spur drop in Indian shares

Infosys

24/04/2026 08:03

** India's stock benchmarks Nifty 50 .NSEI and Sensex .BSESN fall 1% each, in a broad-based drop driven by rising crude prices, a key risk for the net importer

** Information technology .NIFTYIT led the decline, dropping 4.6% on a weak growth forecast by the country's second biggest software firm by market cap, Infosys INFY.NS; INFY down 5.4%

** All 16 major sectors decline; the broader small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 drop 1%

** Global brokerage J.P.Morgan downgrades Indian equities to "neutral" from "overweight," citing risks to earnings from energy supply shocks and higher crude prices, a day after HSBC slashed its earnings forecast for Indian stocks

** Both Nifty and Sensex are down about 2% this week on higher crude prices, set to snap a two-week winning run

** Brent crude LCOc1 hovers around $106 a barrel on U.S.-Iran deadlock O/R

** Among stocks, Cyient CYIE.NS slumps on March quarter profit miss while UTI Asset Management UTIA.NS is set for its worst session since Nov. 2025 on quarterly loss and margin contraction

** Bucking the trend, Himadri Speciality Chemical HIMD.NS climbs on quarterly profit jump

 (Reporting by Bharath Rajeswaran in Bengaluru)

 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))