The key equity benchmarks ended with major losses on Friday, extending their decline for the third consecutive day. Market sentiment remained under pressure amid persistent selling by foreign institutional investors (FIIs), a sharp rise in crude oil prices, and escalating geopolitical tensions as the Middle East conflict entered its 14th day. Brent crude hovered around the $100-per-barrel mark, adding to investors’ concerns and further dampening market confidence. The Nifty ended below the 23,200 level.
In the barometer index, 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%.
The broader market underperformed the key equity indices. The BSE 150 MidCap index tumbled 2.61% and the BSE 250 SmallCap index fell 2.67%. The market breadth was weak.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, advanced 5.23% to 22.65.
Among the sectoral indices, the Nifty FMCG index (down 0.55%), the Nifty Realty index (down 1.35%) and the Nifty IT index (down 1.72%) outperformed the Nifty 50 index.
Meanwhile the Nifty Metal index (down 4.82%), the Nifty PSU Bank index (down 3.72%) and the Nifty Auto index (down 3.60%) underperformed the Nifty 50 index.
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 104 points, signaling a positive start for US stocks today.
European markets traded lower on Friday as investors continued to weigh the ongoing conflict in the Middle East and its lasting impact on growth.
Asian markets ended in the red on 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.