Sensex drops 829 pts, Nifty below 23,650 amid West Asia tensions, crude surge

The key equity benchmarks ended sharply lower on Thursday, extending their decline for the second consecutive session. Market sentiment remained weak amid escalating tensions between Iran and Israel, which pushed crude oil prices higher. Continued selling by foreign institutional investors, a rise in bond yields and the rupee hitting a record low against the dollar also pressured domestic equities. Global cues remained subdued, with weakness in international markets adding to the cautious mood among investors. The Nifty ended below the 23,650 level, dragged by losses in auto, FMCG and private banking stocks.

The S&P BSE Sensex tumbled 829.29 points or 1.08% to 76,034.42. The Nifty 50 index slumped 227.70 points or 0.95% to 23,639.15. In two consecutive trading sessions, the Sensex dropped 2.77% while the Nifty fell 2.56%.

Mahindra & Mahindra (down 4.39%), Larsen & Toubro (down 3.28%) and ICICI Bank (down 1.91%) were major Nifty drags today.

In the broader market, the S&P BSE Mid-Cap index slipped 0.24% and the S&P BSE Small-Cap index fell 0.32%.

The market breadth was negative. On the BSE, 1,713 shares rose and 2,516 shares fell. A total of 190 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, advanced 2.16% to 21.52.

Economy:

India's retail inflation rose to 3.21% YoY in February from a revised 2.74% in January, driven by higher food prices, government data showed on Thursday.

Food inflation stood at 3.47% YoY in February compared with 2.13% in the previous month.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.53% to 6.669 compared with previous session close of 6.634.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 92.2300 compared with its close of 92.0100 during the previous trading session.

MCX Gold futures for 2 April 2026 settlement rose 0.10% to Rs 161,955.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.09% to 99.36

The United States 10-year bond yield jumped 0.38% to 4.223.

In the commodities market, Brent crude for May 2026 delivery jumped $4.98, or 5.41%, to $96.96 a barrel.

Global Markets:

Dow Jones futures are down by 258 points, signaling a negative start for US stocks today.

European indices traded lower and most Asian indices ended in the red on Thursday as investors grappled with volatile oil prices and escalating tensions in the Middle East, even after the U.S. and its allies announced an unprecedented emergency release of crude reserves to stabilise energy markets.

The International Energy Agency is planning to release about 400 million barrels of oil following supply disruptions linked to the Iran conflict, marking the largest such action in the organisation's history. However, the agency has not provided a timeline for when the supplies will enter the market.

In the United States, the government is set to release 172 million barrels of oil from the Strategic Petroleum Reserve to help ease energy costs, according to Energy Secretary Chris Wright. The move follows earlier remarks by President Donald Trump indicating that the U.S. would tap the reserve to contain rising energy prices.

Overnight in the U.S., the Dow Jones Industrial Average declined as investors monitored developments in the U.S.'Iran conflict and movements in oil prices. The 30-stock index fell 289.24 points, or 0.61%, to close at 47,417.27. The S&P 500 slipped 0.08% to 6,775.80, while the Nasdaq Composite edged up 0.08% to end at 22,716.13.

Stocks in Spotlight:

The Nifty Auto index dropped 3.19% to 25,098. The index tumbled 6.24% in two consecutive trading sessions.

TVS Motor Company fell 5.35%, Mahindra & Mahindra declined 4.39%, Eicher Motors dropped 3.92%, Maruti Suzuki India slipped 3.72%, and Ashok Leyland lost 3.61%. Hero MotoCorp was down 3.31%, Tata Motors Passenger Vehicles fell 3.3%, Bajaj Auto declined 1.88%, Uno Minda dropped 1.54%, Bosch fell 1.31%, and Bharat Forge slipped 1.23%. Tube Investments of India declined 1.09%, Sona BLW Precision Forgings fell 1.07%, Exide Industries was down 0.66%, and Samvardhana Motherson International slipped 0.57%.

Wipro rose 0.15%. The company has signed a multi-year agreement with TruStage, the Madison-based insurance and financial services provider, to modernize its retirement services division.

Shares of Eternal, the parent company of Zomato, declined 1.14%, while Swiggy slipped 0.93% during the session. Shares of food delivery companies fell on Thursday as a worsening shortage of commercial LPG cylinders raised concerns about disruptions in restaurant operations. The weakness follows reports that the LPG shortage could force some restaurants and eateries to temporarily shut operations or reduce menu offerings if the situation continues.

Raymond Realty declined 0.64%. The real estate arm of Raymond, said that it has launched Ten X District 9, a 9-acre residential development in Thane with an estimated revenue potential of Rs 2,000 crore.

Precision Wires India dropped 6.97% after the company announced that it is re-routing shipments and putting in place alternate logistics arrangements amid intensifying conflict in the Middle East.

Gopal Snacks rose 0.52% after the company said its operations remain unaffected by the ongoing gas supply shortage, as its Modasa and Nagpur plants are operating normally using bio-coal as an alternative fuel, ensuring uninterrupted production and timely deliveries.

Aarti Industries rallied 3.61% after it signed a multi-year supply agreement with a global agrochemical company for a key crop-protection intermediate, with the contract running until March 2030 and expected to generate about $150 million in revenue.

Uniparts India lost 3.22% after the company's chief financial officer (CFO), Rohit Maheshwari has resigned with effect from 12 March 2026. Following his resignation the board approved the appointment of Sandeep Taneja as the group CFO, effective from 16 March 2026.

Enviro Infra Engineers rallied 4.25% 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. The project is valued at Rs 411.08 crore. The EPC work is scheduled to be completed within 15 months from the date of commencement, followed by an operation and maintenance (O&M) period of 5 years.

Aether Industries gained 3.72%. The company said a fire broke out at its external warehouse in Surat, adding that there were no casualties or injuries and that all facilities are operating normally without disruption.

Aurobindo Pharma added 0.67%. The company said that the United States Food and Drug Administration (USFDA) has issued an Establishment Inspection Report (EIR) for Unit-IV of APL Healthcare, a subsidiary of the company, located in SPSR Nellore district, Andhra Pradesh.

VA Tech Wabag rose 1.81% after the company said that it has secured a 'mega' public-private partnership (PPP) contract from the Chennai Metropolitan Water Supply and Sewerage Board (CMWSSB), for a 45 MLD TTRO Plant in Chennai.

ACME Solar Holdings jumped 4.39% after the company announced, through its subsidiary ACME Greentech Seventh, it has signed two power purchase agreements (PPAs) with SJVN for a total capacity of 450 MW/1,800 MWh.

Vascon Engineers gained 1.70% after the company said that it has received a letter of intent (LoI) worth Rs 115.90 crore from the Ahmedabad Municipal Corporation for the development of Lotus Park in the city's Southwest Zone.

IPO Update:

Innovision received bids for 19,26,072 shares as against 61,32,433 shares on offer, according to stock exchange data at 16:39 IST on Thursday (12 March 2026). The issue was subscribed 0.31 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.

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