The domestic equity market fell sharply, with Sensex and Nifty dropping over 2%, as a combination of global and domestic factors weighed on sentiment. Escalating US-Iran tensions triggered a surge in crude oil prices, raising inflation concerns, while weak global cues and sustained foreign investor selling added pressure. Banking stocks tumbled after RBI imposed limits on forex positions, fuelling fears of mark-to-market losses. The rupee hitting record lows and volatility linked to monthly F&O expiry further exacerbated the selloff, leading to a broad-based decline across sectors. The Nifty settled below the 22,350 mark dragged by banking shares.
The S&P BSE Sensex tanked 1,635.67 points or 2.22% to 71,947.55. The Nifty 50 index plunged 488.20 points or 2.14% to 22,331.40. In two consecutive sessions, the Sensex declined 4.41% while the Nifty fell 4.18%.
The broader market underperformed the frontline indices. The BSE 150 MidCap Index dropped 2.51% and the BSE 250 SmallCap Index slipped 2.57%.
The market breadth was weak. On the BSE, 876 shares rose and 3,563 shares fell. A total of 161 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, surged 4.04% to 27.89.
The stock market will remain closed on Tuesday, 31 March 2026, on account of Shri Mahavir Jayanti.
Economy:
India's Index of Industrial Production (IIP) grew 5.2% year-on-year in February, up from 4.8% in January, according to government data released on 30 March 2026. The rise was led by stronger manufacturing output, while mining and electricity posted moderate growth.
Manufacturing output expanded 6.0% during the month. Mining output rose 3.1%, while electricity generation increased 2.3%.
Numbers to Track:
In the foreign exchange market, the partially convertible rupee was hovering at 94.78 compared with its close of 94.8525 during the previous trading session. It hit a record low of 95.2275 against the dollar today.
The yield on India's 10-year benchmark federal paper rose 0.95% to 6.998 compared with the previous session close of 6.960.
MCX Gold futures for 5 June 2026 settlement added 0.89% to Rs 148,497.
The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.10% to 100.25.
The United States 10-year bond yield declined 0.88% to 4.402.
In the commodities market, Brent crude for May 2026 settlement jumped $2.68 or 2.38% to $115.25 a barrel.
Global Markets:
The US Dow Jones index futures are currently up by 242 points, signaling a positive opening for US stocks today.
Most European stocks traded higher on Monday despite investors grappling with a further escalation in the Iran war and fresh evidence of weaker economic sentiment.
Retail trade in Spain rose 2.2% YoY in February 2026, slowing from a revised 3.8% in January and below expectations. Growth eased across food and non-food segments, while retail sales dipped 0.1% MoM.
Asian markets ended lower as the Middle East war entered its fifth week, with the conflict escalating despite efforts aimed at finding a diplomatic solution.
In Japan, the Bank of Japan policymakers discussed the need for further rate hikes at their March meeting, as rising oil prices linked to the Middle East conflict add to inflation pressures. One member signaled that tightening may need to be accelerated, according to a summary of opinions released Monday.
There is a risk the BOJ might unintentionally fall behind the curve, one policymaker noted, as second-round effects and a rise in underlying inflation stemming from overseas developments are more likely to emerge.
Meanwhile, Yemen's Houthi movement said Saturday it had fired missiles at Israel, marking its first direct involvement in the U.S.- and Israeli-led war against Iran.
The strike signals a further escalation in a conflict that began with U.S. and Israeli airstrikes on Iranian targets on Feb. 28.
Last Friday, the Dow Jones Industrial Average tumbled and fell into correction territory. The 30-stock Dow fell 793.47 points, or 1.73%, to close at 45,166.64. The S&P 500 lost 1.67% and ended the session at a seven-month low of 6,368.85. The Nasdaq Composite dropped 2.15% and settled at 20,948.36.
New Listing:
Shares of Central Mine Planning & Design Institute settled at Rs 154.05 on the BSE, a discount of 10.44% compared with the issue price of Rs 172.
The stock debuted at Rs 162.80, marking a discount of 5.37% to the issue price. The stock has hit a high of Rs 168.40 and a low of Rs 152.30. On the BSE, over 11.50 lakh shares of the company were traded in the counter.
Stocks in Spotlight:
Banking stocks declined sharply on Monday after the Reserve Bank of India capped banks' Net Open Position in Rupee at $100 million, triggering broad-based selling across lenders.
The Nifty Bank index dropped 3.82% to 50,275.35, with losses seen across both public and private sector lenders.
Union Bank of India fell 6.55%, Canara Bank dropped 5.21%, and Bank of Baroda declined 5.07%. IDFC First Bank slipped 4.88%, while IndusInd Bank and AU Small Finance Bank fell 4.86% and 4.66%, respectively. Yes Bank lost 4.64% and Punjab National Bank dropped 4.12%, while State Bank of India declined 3.80%. Kotak Mahindra Bank fell 3.59%, Federal Bank dropped 3.34%, and Axis Bank slipped 3.05%. HDFC Bank declined 2.80%, while ICICI Bank fell 1.78%.
The RBI's move, aimed at curbing currency exposure and stabilising the forex market, has raised concerns over unwinding of arbitrage positions and potential mark-to-market losses, which could impact bank earnings.
Shares of domestic aluminium producers rose on Monday as global prices surged following supply disruptions in the Middle East.
National Aluminium Company gained 4.14%, while Hindalco Industries advanced 2.04%, tracking a sharp rally in international aluminium prices, which approached four-year highs on the London Metal Exchange.
The surge followed Iranian attacks on key Gulf smelters, with Emirates Global Aluminium and Aluminium Bahrain assessing damage, while Aluminium Bahrain confirmed a strike on 28 March 2026 that caused minor injuries. The disruption has raised concerns over global supply, as Gulf producers account for about 9% of output, with shipping also impacted due to tensions around the Strait of Hormuz.
Urban Company rose 3.49% after the company reported that its quick-service housekeeping vertical, InstaHelp, crossed 1 million monthly delivered bookings ahead of month-end. The milestone follows over 50,000 daily orders in February, making it the fastest-growing vertical in the company's history. Currently operational across major cities including Mumbai, Bengaluru, Delhi NCR, Hyderabad, and Pune, the service offers on-demand housekeeping tasks such as cleaning and laundry within 10-15 minutes, reflecting strong consumer adoption.
Jubilant FoodWorks dropped 4.23% after the company flagged supply disruptions due to ongoing Middle East tensions. It said commercial LPG distribution has been impacted, constraining cylinder supply to some stores, though the operational impact remains limited and manageable. The company is taking steps to conserve LPG and shift towards alternate energy sources such as electricity and piped natural gas, while remaining in close coordination with oil marketing companies to monitor the evolving situation.
KNR Constructions added 2.10% after the company announced the receipt of a project award from the National Highways Authority of India. The company said it has received a Letter of Award for the construction of a four-lane stretch of NH-167 from Gudebellur to Mahabubnagar in Telangana. The project spans 80.01 km and is part of the Hyderabad'Panaji highway corridor. The total project cost stands at Rs 1,734 crore and will be executed under the Hybrid Annuity Mode (HAM), a model that combines government support with private sector participation.
Coal India rose 1.15% after the company received a letter of award (LoA) from Telangana Power Generation Corporation (TGGENCO) for setting up a battery energy storage system (BESS) plant at Choutuppal, Telangana.
Enviro Infra Engineers rose 1.92% after the company announced that it had received a letter of award (LoA) from NTPC for battery energy storage system (BESS) projects worth Rs 664.33 crore.
Dilip Buildcon rose 0.19%. The company has secured a contract worth Rs 698.49 crore from the Narmada Water Resources, Water Supply, and Kalpasar Department, Government of Gujarat.
Ceigall India added 0.73%. The company announced that its subsidiary, Ceigall Infra Projects (CIPPL), has secured an order worth Rs 603 crore from the National Highways Authority of India (NHAI) for the construction of a six-lane access-controlled spur road in Punjab. The project, with a bid value of Rs 603 crore, comprises an 18-month construction phase followed by a 15-year operation and maintenance (O&M) period.
RailTel Corporation of India tanked 5.51%. The company announced that it has received a Letter of Intent (LoI) from the Centre for E-Governance for selection as system integrator for the KSWAN 3.0 project. The order, valued at Rs 444.44 crore.
Bharat Heavy Electricals (BHEL) declined 3.65%. The company announced that it has received a notification of award from NTPC for setting up a supercritical thermal power project in Peddapalli in Telangana.
4 mins read . Mar 24, 2026
4 mins read . Mar 20, 2026
4 mins read . Mar 20, 2026
