Barometers drops in early trade; breadth weak

The key equity indices traded with substantial losses in the early trade. The Nifty traded below the 23,500 mark. Barring the Nifty FMCG index, all other sectoral indices on the NSE traded in the red, with the IT, media and PSU bank indices declining the most.

At 09:30 IST, the barometer index, the S&P BSE Sensex, fell 534.30 points or 0.70% to 75,500.12. The Nifty 50 index dropped 151.35 points or 0.64% to 23,487.80.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index tumbled 0.87% and the BSE 250 SmallCap Index slumped 0.90%.

The market breadth was weak. On the BSE, 1,084 shares rose and 1,980 shares fell. A total of 164 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 7,049.87 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 7,449.77 crore in the Indian equity market on 12 March 2026, provisional data showed.

Stocks in Spotlight:

Biocon shed 0.31%. The company said its subsidiary Biocon Pharma has received approval from the US Food and Drug Administration for its liraglutide injection, indicated for the treatment of Type 2 diabetes mellitus.

Kalpataru Projects International slipped 1.01%. The company said it has signed a redevelopment project in Andheri West, Mumbai, with a gross development value (GDV) of about Rs 1,400 crore.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.12% to 6.677 compared with previous session close of 6.634.

In the foreign exchange market, the rupee edged lower the dollar. The partially convertible rupee was hovering at 92.3150 compared with its close of 92.2500 during the previous trading session.

MCX Gold futures for 2 April 2026 settlement gained 0.04% to Rs 160,328.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.02% to 99.77.

The United States 10-year bond yield fell 0.28% to 4.262.

In the commodities market, Brent crude for May 2026 settlement shed 1 cent or 0.01% to $100.45 a barrel.

Global Markets:

Asia market traded lower Friday as oil prices soared on renewed fears that a prolonged conflict in the Middle East could further crimp energy supplies, stoking fears of a global economic downturn.

Iran's new Supreme Leader Mojtaba Khamenei said in a late Thursday speech that the Strait of Hormuz, a vital artery for global oil trade, should remain shut and that Tehran could open other fronts in the war if the conflict persists.

International benchmark Brent crude jumped 9.22% to close at $100.46 per barrel on Thursday. It was the first time Brent closed above $100 since August 2022. U.S. West Texas Intermediate futures rose 9.72% to settle at $95.73.

Oil prices are likely to remain elevated in the near term as investors price in the risk of a prolonged Middle East conflict, media report said.

U.S. President Donald Trump has sought to downplay the rise in oil prices, saying that the U.S., as the world's largest oil producer, stands to benefit from higher oil prices, while stressing that his priority would be blocking Iran from obtaining nuclear weapons.

Treasury Secretary Scott Bessent said Thursday night that the U.S. would temporarily allow the purchase of sanctioned Russian crude that is already at sea to stabilize energy markets, while framing the price spike as a temporary disruption.'

Overnight in the U.S., major stock indexes notched closing lows for 2026, with the Dow Jones Industrial Average falling nearly 740 points to settle below 47,000 for the first time this year.

The S&P 500 shed 1.5% to end the session at 6,672.62, while the Nasdaq Composite lost 1.8% to close at 22,311.98.

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