Nifty slides below 23,650 mark; auto shares drop

The headline equity indices witnessed sharp losses in morning trade, pressured by escalating tensions in the Iran-Israel-US conflict, persistent selling by foreign institutional investors (FIIs), and a surge in crude oil prices above the $100-per-barrel mark. The heightened geopolitical uncertainty dampened investor sentiment, dragging the Nifty below the 23,650 level. Auto stocks remained under pressure, extending their decline for the second consecutive session amid the broader market weakness.

At 10:30 IST, the barometer index, the S&P BSE Sensex, dropped 691.92 points or 0.90% to 76,171.79. The Nifty 50 index fell 232.15 points or 0.98% to 23,636.50.

The broader market underperformed the frontline indices. The BSE 150 MidCap Index tumbled 1.28% and the BSE 250 SmallCap Index slumped 1.35%.

The market breadth was weak. On the BSE, 1,075 shares rose and 2,596 shares fell. A total of 216 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rallied 5.18% to 22.16.

Buzzing Index:

The Nifty Auto index tumbled 2.93% to 25,166.95. The index dropped 5.99% in two consecutive trading sessions.

TVS Motor Company (down 3.71%), Bharat Forge (down 3.65%), Mahindra & Mahindra (down 3.59%), Samvardhana Motherson International (down 2.96%), Tata Motors Passenger Vehicles (down 2.95%), Hero MotoCorp (down 2.7%), Ashok Leyland (down 2.47%), Bosch (down 2.43%), Maruti Suzuki India (down 2.41%) and Tube Investments of India (down 2.38%) declined.

Stocks in Spotlight:

Enviro Infra Engineers jumped 8.51% after the company has secured a new project from Bihar Urban Infrastructure Development Corporation for the development of sewerage network and Sewage treatment plant (STP) at Aurangabad.

Relaxo Footwears slipped 1.51% after Prince Jain resigned as chief financial officer (CFO) and key managerial personnel (KMP) of the company, effective from the close of business hours on 11 March 2026.

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