Stock Market Today: Sensex Falls 511 Points, Nifty at 24,625 as Brent Oil Hits $86; ICICI Bank Leads Losses

Overview

• Sensex dropped 511 points while Nifty fell to 24,625 as investors exited on rising geopolitical tensions and higher global oil prices.

• Brent crude surged more than 15% since the Iran conflict began and briefly touched $86 per barrel. Banking stocks dragged the market lower, with ICICI Bank, Axis Bank, HDFC Bank, and SBI declining, while Nifty Bank index fell over 1%.

• IT stocks were among the few sectors that gained today with companies like Persistent Systems, Mphasis, Wipro, and TCS rising despite the broader market decline.

• Defence stocks surged strongly as investors expected higher defence spending due to geopolitical tensions. DCX Systems jumped more than 15% and Mazagon Dock rose nearly 7%.

Indian stock market today, on Friday, March 6, 2026, is under heavy pressure as reality of the conflict between the US, Israel, and Iran sets in. Sensex is down 511 points at 79,504, and Nifty has dropped to 24,625. This downturn is a direct result of investors moving their money out of risky assets. Yesterday’s brief recovery, which was based on hopes for peace talks, has been wiped out by rising oil prices, a stronger US dollar, and a move away from banking stocks toward safer sectors like IT and Defence.

Here’s everything that happened in the stock market today based on Moneycontrol data. 

US-Iran War and Crude Oil: The Big Driver

Brent crude oil prices jumped over 15% since the conflict began last week, touching a 20-month high of $86.28 a barrel on March 5. Brent was trading at $84.21 per barrel, down 1.52% at the time of writing. Meanwhile WTI fell 2.10% to $79.31. The pullback in crude came after US Treasury Secretary Scott Bessent announced a temporary 30-day waiver allowing Indian refiners to buy Russian oil, easing some supply pressure.

Iran has intensified attacks across the Gulf region following US and Israeli strikes. An Iranian missile hit Bahrain's state oil refinery on Thursday, March 5, and Iran has warned that Americans could be targeted ‘wherever they are.’ President Trump said Washington may play a role in shaping Iran's future leadership. The MSCI Asia Pacific Index has dropped about 7.5% since the conflict began, on track for its worst week since March 2020.

Sectoral Snapshot: IT Shines, Banks Sink

Nifty IT index climbed nearly 2%, even as the broader market slipped. Persistent Systems led the gains with a rise of 3%, followed by Mphasis at 2%. Coforge, Oracle Financial Services, HCL Tech, Tech Mahindra, LTIMindtree, Wipro, and TCS each added over 1%, while Infosys rose 0.8%.

However, FPIs (Foreign Portfolio Investors) sold Indian IT stocks worth nearly Rs. 17,000 crore in February, with the Nifty IT index already down close to 20% that month, driven by concerns about AI disruption in the sector.

On the other hand, banking stocks were the biggest drag. Nifty Bank index fell 1.2%, and the Nifty Private Bank index dropped over 1.3%. Nifty Realty index slipped 1.8%, with Godrej Properties falling 3.48% and Raymond declining 3.06%.

Defence stocks were among the biggest winners in today's session, with the Nifty Defence Index rising over 3%. DCX Systems surged 15.33% after getting a Rs. 68 crore order from Hindustan Aeronautics. Mazagon Dock Shipbuilders jumped nearly 7%, extending its weekly gain to around 15%, boosted by a Rs. 99,000 crore defence contract with the Indian Navy. Bharat Dynamics rose 6.82%, Garden Reach Shipbuilders climbed 5.14%, and Bharat Electronics (BEL) gained 2.32%.

BSE Power index rose 1%, with GE Vernova surging 4.41%, JSW Energy gaining 3%, and NTPC climbing 1.84%. Reliance Industries share price was up 2.5% at Rs. 1,403, its second straight day of gains, as the US waiver on Russian oil purchases directly benefits the company, which was reportedly the world's biggest buyer of Russian seaborne crude in 2025 at around 600,000 barrels per day.

India's government ordered IOC, BPCL, and HPCL to prioritise LPG production from propane and butane and stop using these for petrochemical production. Hence, directing all LPG supply to domestic customers only.

Indian pharma exporters are bracing for a Rs. 5,000 crore hit as the war drives freight costs higher, with surcharges of $4,000-$8,000 per shipment reported for routes through West Asia. Dr. Reddy's Laboratories received a clean Establishment Inspection Report (EIR) from the USFDA for its Srikakulam, Andhra Pradesh facility, with a Voluntary Action Indicated outcome. The stock fell 0.17% to Rs. 1,310. Alembic Pharmaceuticals made its first prescription sale of Pivya (pivmecillinam) in the US, its first branded pharma product in the American market. The stock rose 1.10% to Rs. 714.90.

Top Gainers: Defence and Energy in Focus

Here is a table showing most active stocks, top gainers and losers on Nifty 50 based on market data available at press time.

Share Market News: Key Corporate Updates

Here are the top headlines you should know based on Moneycontrol Live Updates. 

• Petronet LNG received a Force Majeure notice from QatarEnergy, raising concerns about LNG supply disruptions. The stock fell 0.63% to Rs. 291.

• Morgan Stanley downgraded India to equal-weight, citing exposure to potential Qatari LNG supply disruptions and supply chain risks through the Strait of Hormuz.

• Wipro appointed Laura Marie Miller to its Board of Directors. The stock traded at Rs. 198, up 1.23%.

• Fractal Analytics posted a 10.6% rise in Q3 profit to Rs. 102.6 crore, with revenue jumping 20.8% to Rs. 854.4 crore year-on-year.

• Mazagon Dock officially confirmed negotiations on the Rs. 99,000 crore Indian Navy contract.

• KTM AG prepaid its Rs. 450 million Euro loan to Bajaj Auto's subsidiary BAIH BV, ending the facility agreement.

• JK Tyre board approved an investment of Rs. 5.04 crore for a 26% stake in Sunpulse Power and Rs. 1.53 crore for a 26% stake in FPEL Burning Bright.

• Shilpa Medicare received NCLT approval for the amalgamation of its wholly owned subsidiary Shilpa Therapeutics. The stock rose 2.23% to Rs. 330.

Rupee, Gold, and Global Markets

Indian rupee traded marginally lower at 91.64 per US dollar, compared to the previous close of 91.60. The US dollar index was on track for its best weekly gain since November 2024, up roughly 1.4% for the week, boosted by safe-haven demand from the Middle East conflict.

Gold price held firm at $5,093.63 per ounce, up 0.2%. At the same time, silver rose 0.3% to $82.47 per ounce, after both metals lost over 1% in the previous session.

On Wall Street, the Dow Jones fell 784.67 points or 1.61% on Thursday to 47,954.74. The S&P 500 dropped 0.56% to 6,830.71, and the Nasdaq slipped 0.26% to 22,748.99. US 10-year Treasury yields rose 5 basis points to 4.132%, their fourth straight day of gains.

In Asia, Japan's Topix fell 0.8% and Australia's S&P/ASX 200 lost 1.3%. China's Shanghai Composite rose 0.6%, while Hong Kong's Hang Seng edged up 0.1%.

Also Read: Best Nuclear Power Stocks for Investment in March 2026

Market Outlook

Indian stock market today showed bearishness. Nifty is currently at a critical point. It needs to stay above 24,500 to avoid falling further toward 24,300. A decisive close above 25,000 would signal a stronger recovery. For now, everything depends on oil; if Brent stays around $85, the market can absorb it, but if it spikes toward $100, we could see more pain for Indian stocks. Investors should be careful and focus on stable sectors like Defence. Until the situation in the Middle East calms down, the market will be volatile. It’s a time to be selective and disciplined rather than taking big risks.

Also Read: US Stock Market Today: Oil Spike Lifts Treasury Yields as Markets Cut Fed Rate-Cut Expectations

FAQs

1. Why is the stock market down today?

Indian stock market is down today due to global geopolitical tensions and rising oil prices. The conflict involving the US, Israel, and Iran has increased uncertainty in global markets. Brent crude has risen sharply, which raises concerns about inflation and higher costs for companies. Investors are therefore moving money away from risky assets such as banking stocks.

2. How did Sensex and Nifty perform today?

On March 6, 2026, the Sensex dropped 511 points and is trading around 79,504. The Nifty 50 index also declined and is trading near 24,625. Market analysts say that the Nifty must stay above the 24,500 level to avoid a deeper correction toward 24,300 in the near term.

3. Which sectors are the biggest gainers in share market today?

Even though the overall market is down, a few sectors are performing well. IT stocks are among the top gainers today, with companies such as Persistent Systems and Mphasis rising. Defence stocks are also seeing strong buying interest, as investors expect increased defence spending due to global geopolitical tensions.

4. Why are banking stocks going down?

Banking stocks are under pressure because investors are moving their money into safer sectors during uncertain times. Major banks like ICICI Bank, Axis Bank, HDFC Bank, and SBI have declined today. Rising global uncertainty and higher oil prices can affect economic growth expectations, which is why financial stocks are seeing selling pressure.

5. How does oil prices impact the Indian stock market?

Oil prices are a major factor affecting the stock market today. Brent crude rose sharply after the Iran conflict escalated and recently touched around $86 per barrel. Higher oil prices increase transportation and production costs for many industries. This can hurt corporate profits and economic growth, which is why markets often fall when oil prices rise quickly.