The key equity indices traded sharply lower in morning trade tracking negative global cues as rising geopolitical tensions in the Middle East raised concerns about potential disruptions to energy supplies and their impact on global economic growth. Investor sentiment also remained cautious amid a weakening rupee and a spike in market volatility, with the volatility index rising over 14%. Market participants largely adopted a risk-off approach, resulting in broad-based selling pressure across sectors. Nifty dropped below the 22,600 level.
Metal shares plunged after registering gains in the previous trading session, witnessing profit booking.
At 10:25 IST, the barometer index, the S&P BSE Sensex tanked 1803.61 points or 2.42% to 72,729.35. The Nifty 50 index plunged 561.65 points or 2.43% to 22,558.90.
The broader market underperformed the frontline indices. The BSE 150 MidCap Index dropped 3.45% and the BSE 250 SmallCap Index slipped 3.67%.
The market breadth was weak. On the BSE, 597 shares rose and 3,334 shares fell. A total of 197 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term rallied 14.54% to 26.13.
The rupee slipped against the dollar, hovering at 93.9275 versus its previous close of 93.5350, pressured by rising geopolitical tensions in the Middle East and concerns over energy supply disruptions.
New Listing:
Shares of Innovision were currently trading at Rs 436.90 at 10:05 IST on the BSE, representing a discount of 15.82% as compared with the issue price of Rs 519.
The stock debuted at Rs 466, marking a discount of 10.21% to the issue price.
So far, the stock has hit a high of Rs 468.60 and a low of Rs 407.90. On the BSE, over 2.05 lakh shares of the company were traded in the counter so far.
US-Iran Warfare
The ongoing conflict in the Middle East continues to intensify, keeping global investors cautious as the war enters its fourth week, raising concerns about energy security and global economic stability.
According to the chief of the International Energy Agency (IEA), nearly 40 energy assets ‘severely damaged' in conflict; warns of ‘worst’ crisis.
Meanwhile, Donald Trump warned the US will “obliterate” Iran’s power plants if it doesn’t fully open the Strait of Hormuz within 48 hours, In response, Iran stated that any such military action would be met with retaliatory strikes targeting U.S. and Israeli energy and infrastructure facilities in the region.
Buzzing Index:
The Nifty Metal index declined 4.20% to 10,933.35. The index jumped 1.45% in the past trading session.
Hindustan Copper (down 5.22%), NMDC (down 4.93%), Steel Authority of India (down 4.67%), Tata Steel (down 4.56%), Jindal Steel (down 4.48%), Hindustan Zinc (down 4.34%), National Aluminium Company (down 4.3%), Vedanta (down 4.11%), JSW Steel (down 3.94%) and Lloyds Metals & Energy (down 3.92%) tumbled.
Stocks in Spotlight:
DCX Systems surged 7.87% after the company secured an order worth Rs 563.45 crore from a domestic customer for the manufacture and supply of maritime patrol radar systems (MPR) for airborne applications.
Monarch Surveyors and Engineering Consultants declined 1.48%. The company said that it has secured a consultancy contract from the National Highways Authority of India (NHAI) for preparation of a Detailed Project Report (DPR) for a six-lane road project in Haryana.
Piramal Finance tumbled 4.13%. The company has announced that its board of directors will meet on Friday, 27 March 2026, to consider and approve a proposal for raising funds through the issuance of non-convertible debentures (NCDs) on a private placement basis.