Market tumbles for third day; Sensex sinks 1,470 pts, Nifty cracks below 23,200

The key equity benchmarks ended with steep losses on Friday, extending their sharp slide for the third consecutive session. Market sentiment remained deeply fragile amid relentless selling by foreign institutional investors (FIIs), a surge in crude oil prices, and intensifying geopolitical tensions as the Middle East conflict entered its 14th day. Brent crude hovered around the psychologically critical $100-per-barrel mark, amplifying investor anxiety and further eroding market confidence. The Nifty closed below the 23,200 level, dragged down by heavy selling in metal, PSU banking, and auto stocks.

The S&P BSE Sensex slumped 1,470.50 points or 1.93% to 74,563.92. The Nifty 50 index plummeted 488.05 points or 2.06% to 23,151.10. In three consecutive trading sessions, the Sensex dropped 4.65% while the Nifty fell 4.57%.

Larsen & Toubro (down 7.38%), State Bank of India (down 3.61%) and HDFC Bank (down 1.93%) were major Nifty drags today.

The broader market underperformed the key equity indices. The S&P BSE 150 Mid-Cap index tumbled 2.61% and the S&P BSE 250 Small-Cap index fell 2.67%.

The market breadth was weak. On the BSE, 941 shares rose and 3,348 shares fell. A total of 145 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, advanced 5.23% to 22.65.

The Nifty 50 index has fallen 12.22% from its 52-week high of 26,373.20, while the Bank Nifty is down 12.96% from its 52-week peak of 61,764.85.

In the broader market, the S&P BSE 150 Mid-Cap index has declined 11.06% from its 52-week high of 16,689.79, while the S&P BSE 250 Small-Cap index is down 18.68% from its 52-week high of 7,225.32.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.19% to 6.682 compared with previous session close of 6.669.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 92.4350 compared with its close of 92.2500 during the previous trading session.

MCX Gold futures for 2 April 2026 settlement shed 0.54% to Rs 159,400.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.42% to 100.17

The United States 10-year bond yield fell 0.05% to 4.274.

In the commodities market, Brent crude for May 2026 rose 4 cents, or 0.04%, to $100.50 a barrel.

Global Markets:

Dow Jones futures are up by 111 points, signaling a positive start for US stocks today.

European indices declined on Friday as investors assessed the ongoing conflict in the Middle East and its potential impact on global economic growth.

Most Asian markets also ended lower as oil prices surged amid fears that a prolonged conflict in the region could disrupt energy supplies and heighten risks to the global economy.

Iran's Supreme Leader Mojtaba Khamenei said in a speech late Thursday that the Strait of Hormuz, a key route for global oil trade, should remain shut and warned that Tehran could open additional fronts if the conflict continues.

International benchmark Brent crude closed above $100 per barrel for the first time since August 2022.

U.S. President Donald Trump sought to downplay the spike in oil prices, noting that the United States, as the world's largest oil producer, could benefit from higher prices, while reiterating that preventing Iran from acquiring nuclear weapons remains a priority.

U.S. Treasury Secretary Scott Bessent said the United States would temporarily allow the purchase of sanctioned Russian crude already at sea to help stabilize energy markets, describing the price surge as a temporary disruption.

Overnight in the United States, major stock indices recorded their lowest closes of 2026. The Dow Jones Industrial Average fell nearly 740 points to settle below 47,000 for the first time this year. The S&P 500 declined 1.5% to 6,672.62, while the Nasdaq Composite dropped 1.8% to 22,311.98.

Stocks in Spotlight:

IFCI jumped 5.83% after the National Stock Exchange announced the appointment of 20 merchant bankers and eight law firms for its proposed initial public offering. IFCI has indirect exposure to the exchange through its 52.86% stake in Stock Holding Corporation of India, which holds a 4.44% stake in NSE.

Laurus Labs fell 4.19% after reports indicated a sharp drop in the company's export revenue during February 2026. According to media reports, the pharmaceutical company's export revenue declined 47% to about $36 million in February, reflecting a significant slowdown in overseas sales.

Shaily Engineering Plastics rose 0.92% after Smallcap World Fund Inc. acquired an additional stake in the company through bulk deals on Thursday, 12 March 2026. According to bulk deal data, the fund purchased 2.98 lakh shares on the NSE at Rs 1,878.41 per share and another 6.43 lakh shares on the BSE at Rs 1,879 per share, aggregating to a 2.05% stake valued at about Rs 176.88 crore.

ACME Solar Holdings surged 6.43% after the company, through its subsidiary, ACME Sun Power, commissioned the second phase of a 33.335 MW/160.51 MWh battery energy storage system (BESS) at Badi Sid, Rajasthan.

United Breweries rose 1.64%. The company disclosed that it has received a GST demand order from the Office of the Commissioner of CGST & Central Excise, Raigad'Navi Mumbai. The order involves a total demand of about Rs 31.88 crore, including GST of Rs 15.94 crore and an equivalent penalty. The dispute relates to the taxability of the assignment of leasehold land in Navi Mumbai and a classification issue concerning non-alcoholic beverages.

Balaji Amines fell 3.01% after the company said the ongoing Middle East conflict has disrupted LNG supplies, affecting ammonia availability, a key raw material for its products, and forcing some of its plants to temporarily halt operations due to procurement and logistics challenges.

Ramky Infrastructure jumped 4.85% after it has secured a design, build, finance, operate and transfer (DBFOT) contract from the Maharashtra Industrial Development Corporation (MIDC). The contract is for the development, operation, and maintenance of the High-Tech Pharmaceutical Park in Dighi Port Industrial Area, Mangaon and Roha Taluk, Raigad District, on a public-private partnership (PPP) basis.

PNGS Reva Diamond Jewellery slipped 2.49%. The company's consolidated net profit stood at Rs 23.11 crore in Q3 FY26, rising over 12 times from Rs 1.83 crore in Q3 FY25. Revenue from operations jumped nearly 22 times to Rs 144.18 crore in Q3 FY26 from Rs 6.65 crore a year ago.

Krystal Integrated Services lost 3.15%. The company said it has received a Rs 364 crore contract from Tamil Nadu Medical Services Corporation (TNMSC) for providing housekeeping, security, and other services at various government medical institutions in Tamil Nadu.

JNK India dropped 4.07%. The company announced that its board has approved the appointment of Anand Agarwal as the interim chief financial officer (CFO) and key managerial personnel (KMP) of the company, effective 12 March 2026.

Indian Renewable Energy Development Agency (IREDA) declined 1.92%. The company announced that its board is scheduled to meet on Thursday, 19 March 2026 to consider the borrowing plan for financial year 2026-27. The proposed plan includes raising capital through a mix of debt instruments such as bonds, term loans, and commercial papers from domestic as well as international markets.

IPO Update:

The initial public offer (IPO) of Innovision received bids for 19,08,495 shares as against 63,99,943 shares on offer, according to stock exchange data at 16:42 IST on Friday (13 March 2026). The issue was subscribed 0.30 times.

The issue opened for bidding on 10 March 2026 and earlier closing date was 12 March 2026 and now it is 17 March 2026. The price band of the IPO is fixed between Rs 521 and 548 per share.

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