Sensex drops 852 pts; private bank shares slide

The frontline equity indices traded with major losses in the mid-morning trade, as investors weighed fading hopes of an early end to the Iran-US-Israel war, which has led to the prolonged closure of the Strait of Hormuz. The Nifty traded below the 24,050 mark. Private bank stocks declined after advancing in the past trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex, dropped 852.10 points or 1.09% to 77,353.88. The Nifty 50 index fell 253.08 points or 1.05% to 24,010.55.

In the broader market, the BSE 150 MidCap Index shed 0.05% and the BSE 250 SmallCap Index gained 0.57%.

The market breadth was strong. On the BSE, 2,285 shares rose and 1,579 shares fell. A total of 228 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, surged 7.27% to 20.28.

IPO Update:

The initial public offer (IPO) of Innovision received bids for 3,36,582 shares as against 61,32,433 shares on offer, according to stock exchange data at 11:25 IST on Wednesday (11 March 2026). The issue was subscribed 0.05 times.

The issue opened for bidding on 10 March 2026 and it will close on 12 March 2026. The price band of the IPO is fixed between Rs 521 and 548 per share.

The initial public offer (IPO) of Rajputana Stainless received bids for 98,95,930 shares as against 2,09,00,000 shares on offer, according to stock exchange data at 11:25 IST on Wednesday (11 March 2026). The issue was subscribed 0.47 times.

The issue opened for bidding on 9 March 2026 and it will close on 11 March 2026. The price band of the IPO is fixed between Rs 116 and 122 per share.

Buzzing Index:

The Nifty Private Bank index fell 1.54% to 26,717.45. The index surged 1.79% in the past trading session.

Axis Bank (down 1.89%), HDFC Bank (down 1.47%), ICICI Bank (down 1.03%), RBL Bank (down 0.94%), Kotak Mahindra Bank (down 0.93%), Yes Bank (down 0.80%), IndusInd Bank (down 0.51%) and Federal Bank (down 0.47%) declined.

Stocks in Spotlight:

Kellton Tech Solutions rose 1.45% after the company announced a partnership with FutureAge AI Labs to build Zourney, an AI-first B2B travel platform for travel businesses.

Infosys shed 0.88%. The company announced a strategic collaboration with Incora, a supply chain solutions provider in the aerospace and defense industry, to advance the use of artificial intelligence across Incora's global supply chain operations.

Global Markets:

Asian markets traded mixed on Wednesday as oil prices retreated from recent highs, although investors remained cautious amid ongoing geopolitical tensions and ahead of key U.S. inflation data.

Overnight in the U.S., the S&P 500 fell slightly in choppy trading as oil prices pulled back and traders kept an eye on the Iran war.

The broad market index dropped 0.21% to end at 6,781.48. The Dow Jones Industrial Average dipped 34.29 points, or 0.07%, and closed at 47,706.51. The Nasdaq Composite inched up 0.01% to settle at 22,697.10.

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