Major Decline in the Stock Market: Sensex Plunges 1,600 Points, Nifty Drops Below 23,600

April 13, 2026

Following the failure of US-Iran talks, the Sensex witnessed a decline of 1,600 points during early trading on Monday. The Nifty slipped below the 23,600 mark. Banking stocks are showing a sharp decline.

Sensex Nifty Plunged 

In early trade, the Sensex hit an intraday low of 75,939, while the Nifty fell by over 450 points, dropping below the 23,600 level by 9:20 AM. The India VIX, a gauge of market volatility, surged by over 13% to cross the 21 mark. In early trading, the Rupee depreciated by 49 paise against the US Dollar, falling to 93.32.

Broad-based selling dominated the market after peace talks between the US and Iran collapsed amidst a ceasefire. Consequently, all major sectoral indices slipped into the red. Public Sector Banks recorded the steepest decline, followed by losses in the Banking, Financial Services, and Oil & Gas sectors.

Meanwhile, investors appeared under pressure due to global economic concerns. Defensive sectors, such as Pharmaceuticals and Healthcare, witnessed relatively milder declines. Overall, market sentiment remains weak, reflecting a risk-averse trend and a lack of sectoral leadership within equities.

Surge in Oil Prices
Amidst these developments, crude oil prices witnessed a sharp surge, with Brent Crude reaching $103 per barrel, emerging as a fresh source of concern for the global economy and financial markets.

According to V.K. Vijayakumar, Chief Investment Strategist at Geojit Investments, this blockade is essentially a US counter-move in response to a potential blockade by Iran; the future implications of this action remain unclear. He noted that this situation could trigger dramatic geopolitical developments, which would have a direct impact on the markets. He advised investors that, given this highly uncertain environment, it would be prudent to adopt a “wait-and-watch” strategy, holding off on decisions while closely monitoring the situation.