Mumbai: The Indian stock market on Friday closed in the red as the benchmark indices Sensex and Nifty declined over 1 per cent. The indices were dragged by heavy selling in information technology (IT) shares.

Sensex crashed 1.25%, or 1048 points to end at 82,626.76, while the Nifty 50 dropped by 1.30% falling 336 points at 25,471.10. Nifty IT fell for the third straight session, declining about 5 per cent, amid the fears of Artificial Intelligence driven automation. At the time of market closing, Nifty IT was down 1.44 per cent.

At opening, the Nifty 50 index was down at 25,571.15, declining by 236.05 points or (-0.91 per cent). The BSE Sensex also opened lower at 82,902.73, falling by 772.19 points or -0.92 per cent.

Vinod Nair, Head of Research, Geojit Investments Limited said, “Domestic equities ended lower following a highly volatile session, weighed down by weak global cues ahead of the upcoming US inflation data. Sentiment gains from the US-India trade deal have faded as renewed AI-driven disruption fears weigh on risk appetite, with markets worrying that Indian IT firms dependent on labour arbitrage model may face tougher competitive pressure than their Nasdaq peers.

This cautious tone extended across the broader market, pulling all major indices into negative territory, with most sectors closing in the red.””Metal stocks saw profit-booking amid a stronger dollar index, as reports of Russia’s return to the US-dollar settlement system heightened expectations of potential sanctions relief and raised concerns over weaker realisations for metal companies. Realty stocks declined on the back of weak results and delayed launches,” he said.

Vatsal Bhuva, Technical Analyst at LKP Securities said, “Bank Nifty slipped below a short-term consolidation range, indicating minor profit booking after the recent up move. However, the index continues to trade above its 20-day moving average placed near 59,700, which remains a crucial short-term support. The immediate support is seen in the 59,800-59,700 zone, while a stronger base is placed near 58,800-58,700. The broader bullish structure remains intact as long as the index sustains above 59,700. RSI around 54 is flattening, suggesting momentum is cooling. Resistance is placed near 60,800-61,000.”

Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities said, “Rupee traded slightly weak by Rs 0.06 at Rs 90.61 against the dollar, while the dollar index remained flat near 97.00, keeping overall momentum range-bound. Immediate support is placed near Rs 90.90, whereas resistance is seen around Rs 90.25. With US CPI data due this evening, volatility is expected to rise. Depending on the inflation outcome, rupee could witness a gap opening on Monday, and any decisive break on either side may set the next directional trend.”

Reliance Industries (RIL) has been granted a general licence by the Donald Trump administration that will allow the company to crude oil directly from Venezuela without breaching any existing sanctions, a Reuters report has said.According to the report, this general licence permits the acquisition, export, and sale of oil sourced from Venezuela that has already been produced, as well as its refining. Reliance had submitted its licence application in early January.Recently, US President Donald Trump removed the 25% punitive tariff on India and said that New Delhi would increase its purchases of oil from the United States and possibly from Venezuela as well.Earlier this month, after US authorities detained Venezuelan President Nicolas Maduro, officials in Washington indicated that sanctions on Venezuela’s energy sector would be relaxed. The move is intended to support a proposed $2 billion oil supply arrangement between Caracas and the United States, along with a broader $100 billion initiative aimed at rebuilding the nation’s oil infrastructure.

Venezuelan oil to replace Russian supply?

Issuing such approval to Reliance may accelerate Venezuela’s crude shipments while potentially lowering feedstock expenses for the company, which operates the world’s largest refining complex, the Reuters report said.Earlier this month, Reliance bought 2 million barrels of Venezuelan crude from trading firm Vitol. The trader, along with Trafigura, had been given US approvals to market and sell large volumes of Venezuelan oil following the capture of President Nicolas Maduro.Buying Venezuelan crude directly would allow Reliance to substitute Russian supplies in a more economical manner, as heavy oil from Caracas is typically available at discounted prices, the report said.Also Read | Trump removes 25% penal tariff: What happens if India stops buying Russian crude oil?Refining and trading sources said Indian refiners, including Reliance, are refraining from securing Russian oil cargoes for April delivery and are likely to continue avoiding such deals for some time. Reliance has in the past been a consistent buyer of Venezuelan crude for use at its sophisticated refining facilities but suspended imports in early 2025 after US sanctions were imposed. The company currently operates two refineries with a combined processing capacity of roughly 1.4 million barrels per day.

New Delhi: An employee has claimed on social media that the office misled them into believing that they were in line for a promotion and made them put in more work when they had already given the position to another colleague. This story highlights how employees are being asked to prove themselves for a promotion and how openly the office offers that position to others.

The employee wrote on Reddit that six months ago the manager went on parental leave and the employee was put in the manager’s role. Their manager explicitly said that after coming back he would not resume his role because he was not enjoying the role. When the employee got a temporary promotion, the office informed that the employee would be offered the position permanently if the performance was good for the coming six months. 

The employee put in extra hours, assumed greater responsibility and worked extremely hard to achieve the best position. At the end of the six months period, the employee kept asking the management for confirmation but the office did not give any confirmation. 

The employee later called the manager who was on parental leave and asked him about the job confirmation. The manager explained that the post was promised to another colleague who was employed at the same time as the employee. It was informed that the role would be given to the other colleague. 

The employee said that despite working hard and putting in extra hours, the work was not rewarded. The employee felt used as they worked hard and delivered way beyond their targets and said that there was a feeling of taking revenge.

Netizens Reaction

The post quickly gained traction with several users suggesting that the employee find another job since this office did not value their effort. 

One user said, “Be exactly on time, leave exactly on time. Do what exactly you’re supposed to do and nothing more. Don’t volunteer for any other work, don’t work overtime and meanwhile find another job because this one does not value you. When you find something else, quit without notice.”

Another user said, “Managers do this all the time and I don’t think they understand how much it screws with motivation and trust once you realize what they’re doing.”

One user commented, “The second you return to work, immediately start looking for a new job and resign with no notice once you get an offer. Until then just keep your head down and act like everything is just Peaches & Herb.”

“Act your wage, don’t go above and beyond. Decline to train the new person since they don’t think you’re qualified for the role they can hardly pretend you’re qualified to train someone for it. And find a new job as soon as you are able to,” said one user.

One user said, “You got played, it sucks but it happens. It just shows you the company has no loyalty to you. Its up to you what you want to do with that information but might be time to look for a different job. Every place is like this though, its how the world works and its why everyone is so miserable.”