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Sensex fell 1,835 points to around 77,083 while Nifty slipped below 23,900 as rising crude oil prices and US-Iran war triggered a sharp selloff across Indian markets.
Crude oil prices surged past $115 after Iran blocked the Strait of Hormuz, raising inflation risks for India which imports most of its oil.
PSU banks, auto companies, aviation stocks, and oil marketing companies saw heavy losses, while IT stocks like HCL Tech and Wipro were among the few stocks trading in the green zone today.
Indian stock market today opened deep in the red zone and stayed there through the morning session. At press time, BSE Sensex traded at 77,083.29, down 1,835.61 points or 2.33%, while Nifty 50 was at 23,874.40, down 576.05 points or 2.36%. At their worst points in the session, Sensex fell as low as 76,573, and Nifty touched 23,739, a drop of over 2,300 and 711 points, respectively, from March 6’s close. The stock market today was a broad-based bloodbath, with roughly 3,210 stocks declining on NSE against just 638 advancing.
Here’s everything you need to know about the stock market today based on Moneycontrol data.
The trigger is clear; crude oil prices have surged nearly 65% in less than seven trading sessions, with Brent crude touching $119.5 per barrel intraday before easing to around $108 at press time. The rally is tied directly to Iran blocking the Strait of Hormuz. For India, which imports close to 85% of its oil, nearly half of which transits through the same route, this is a serious economic threat. Higher crude lifts the import bill, adds to inflationary pressure, and widens the current account deficit.
The stock market today has seen nearly every sector trade in the red, with only Nifty IT showing any resilience.
PSU Banks are the worst hit. Nifty PSU Bank index fell 5.51% at press time. SBI dropped 5.76%, Bank of Maharashtra fell 7.77%, PNB lost 6.04%, and Union Bank slid 5.97%.
Auto stocks fell sharply, with the BSE Auto index down 4.68%. Maruti Suzuki lost 4.57%, Ashok Leyland dropped 5.06%, and Tata Motors (DVR) shed 5.53%. Higher fuel costs and rising input prices from crude-linked materials such as tyres and plastics are the concern.
Oil stocks, BPCL, HPCL, and IOC, are among the hardest hit, falling up to 9%. UBS downgraded all three, warning that frozen pump prices combined with elevated crude could slash FY27 earnings by 51-62%. BPCL fell 7.87%, HPCL dropped 7.13%, and IOC declined 6.26%.
Aviation took a beating, too. IndiGo (InterGlobe Aviation) share price shed over 6% to Rs. 4,134.40 and hit a 52-week low of Rs. 4,200. Kotak Securities upgraded IndiGo to 'buy' with a target of Rs. 5,500, but the stock stayed under pressure due to rising Aviation Turbine Fuel costs and airspace disruptions.
Nifty IT was the lone bright spot, recovering from day lows to turn nearly flat. Coforge gained 4.64% from its day's low of Rs. 1,117.50 to trade at Rs. 1,169.30. Persistent Systems rose 0.50% to Rs. 4,800. HCL Tech and Wipro were the only two Nifty 50 stocks trading in the green, up 1% and 0.39% respectively.
Adani Group stocks also felt the heat. Adani Enterprises fell to Rs. 1,988, recovering from a low of Rs. 1,940.40, while other group stocks traded with moderate losses across the board.
Meesho shares crashed 10% to a 52-week low of Rs. 143.20 after the Income Tax Department raised a demand of Rs. 1,499.73 crore for Assessment Year 2023-24. R Systems International bucked the trend, surging 9.75% to Rs. 283.20 after the board declared an interim dividend of Rs. 6 per share for FY26, with a record date of March 12.
Over 693 stocks hit fresh 52-week lows on the NSE during the session, including Asian Paints (Rs. 2,200), InterGlobe Aviation (Rs. 4,200), GAIL (Rs. 151.90), and PNB Housing Finance (Rs. 769.95).
FII activity also weighed on sentiment. Foreign investors net sold Rs. 6,030 crore worth of shares on March 6 alone. For calendar year 2026 so far, FIIs have sold a net Rs. 60,364 crore in Indian equities. Domestic institutions (DIIs) have partially cushioned this, buying a net Rs. 1,28,348 crore year-to-date. India VIX, the fear gauge, spiked 19-22% to around 24.24 levels, a sign of extreme investor anxiety.
Here is a quick table showing stocks in focus among the F&O segment today:
The Indian rupee hit a fresh record low of 92.34 per dollar in morning trade, breaking its earlier all-time low of 92.3025 set last week. It traded at 92.25, down from March 6’s close of 91.74. The Reserve Bank of India (RBI) is believed to have stepped in to support the currency at lower levels, per Reuters. A weaker rupee makes India's oil import bill even more expensive, compounding the pressure.
Gold, which is usually a safe-haven bet, saw unusual pressure today. Spot gold fell 1.7% to $5,082.51 per ounce as a stronger US dollar weighed on bullion. US gold futures for April delivery were down 1.4% at $5,099.40. Silver dropped 3.51% to $81.34 per ounce. The dollar index climbed above 99 and hit a three-month high against the euro, trading at $1.1518.
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Most analysts caution against panic selling but advise strict risk management. If Nifty closes below 23,535, a further fall toward 22,000 cannot be ruled out. Fresh long positions are best initiated only after a clear breakout above 25,000. If crude eases and the Strait of Hormuz reopens, a sharp price correction in oil, and relief for markets could follow quickly. Defence and pharma stocks are relatively resilient bets during this period of global uncertainty.
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The Indian stock market fell sharply because crude oil prices surged above $115 per barrel. The rise came after Iran blocked the Strait of Hormuz, which is a key route for global oil supply. Higher oil prices increase India’s import costs and inflation risks. This created panic among investors, leading to heavy selling across banking, auto, aviation, and oil stocks.
Sensex is trading around 77,083 after falling about 1,835 points in the latest session. At the same time, Nifty 50 index slipped below the 23,900 mark and is currently around 23,874. Both indices saw heavy declines during the session, with Sensex briefly dropping to around 76,573 and Nifty touching nearly 23,739 at its lowest point.
Crude oil prices surged because Iran blocked the Strait of Hormuz, a key global shipping route for oil. Around 20% of the world’s oil supply passes through this route every day. When the supply route faces disruption, traders expect shortages in the market. This pushes oil prices higher and creates pressure on global economies.
PSU banks were among the worst performers today, with the PSU Bank index falling over 5%. Auto stocks also dropped sharply because higher oil prices increase fuel and manufacturing costs. Oil marketing companies like BPCL, HPCL, and IOC fell as much as 9%. Aviation stocks such as IndiGo also declined due to rising fuel costs.
Market experts believe investors should avoid panic selling but stay cautious. If Nifty closes below 23,535, analysts say the index could fall further toward 22,000. However, if oil prices stabilize or tensions in the Strait of Hormuz ease, the market could recover quickly. Sectors like defence and pharma may remain more stable during this uncertain period.
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