Indian equity markets ended Thursday’s session on a decisively weak note, extending the previous day’s losses as investors reacted to rising crude oil prices and escalating geopolitical tensions involving Iran.
The uncertainty surrounding the reopening of the Strait of Hormuz, a critical global oil shipping route, has triggered fears of prolonged disruptions to global crude supply, significantly impacting market sentiment.
As a result, volatility surged sharply, with India VIX hovering near 21.5, reflecting growing nervousness among investors and traders across Dalal Street.
📊 Benchmark Indices Performance (3:30 PM Close)
The Indian benchmark indices witnessed broad-based selling pressure across sectors.
Index Closing Level Change
NIFTY 50 23,639 🔻 228 Points (-0.95%)
SENSEX 76,034 🔻 829 Points
BANK NIFTY 55,101 🔻 635 Points
The decline highlights growing investor concerns about global economic stability and rising commodity prices.
⚠️ Key Factors Weighing on Market Sentiment
According to the analysis by Riddhi Siddhi Share Brokers, several macroeconomic factors are currently putting pressure on Indian equities.
💱 1. Rupee Weakness
The Indian Rupee continued to weaken and traded around ₹92.28 per US Dollar, adding further pressure on the economy.
A weaker currency typically leads to:
- Higher import costs
- Rising inflation risks
- Pressure on corporate earnings in import-heavy sectors
💰 2. Aggressive FII Selling
Foreign Institutional Investors (FIIs) have remained consistent sellers in Indian equities, leading to significant capital outflows.
FY26 FII Outflows
💸 ₹2,54,712 Crore
Persistent FII selling has been one of the major contributors to the recent market correction.
📈 3. Rising Inflation Concerns
The surge in crude oil prices has raised concerns that inflation could remain elevated globally.
This could complicate the monetary policy outlook for:
- Reserve Bank of India (RBI)
- U.S. Federal Reserve
Any delay in interest rate cuts could further pressure global equity markets.
🌍 4. Escalation in Iran Conflict
The geopolitical situation in the Middle East remains a major risk factor.
Reports suggest that the Strait of Hormuz may take weeks or even months to fully reopen, creating uncertainty in global oil supply chains.
Market speculation indicates that crude oil prices could potentially spike toward $150 per barrel, a level historically associated with global recession fears.
📊 Sectoral Performance
🟢 Top Performing Sectors
Despite overall market weakness, a few sectors managed to remain resilient.
Sector Performance
NIFTY Oil & Gas ▲ 0.48%
NIFTY Metal ▲ 0.35%
NIFTY Media ▲ 0.33%
Energy companies benefited from higher crude oil prices, which could lead to improved realizations.
🔴 Worst Performing Sectors
Some sectors faced intense selling pressure.
Sector Performance
NIFTY Auto ▼ 3.19%
NIFTY FMCG ▼ 1.77%
NIFTY Realty ▼ 1.63%
Auto stocks were particularly impacted due to rising input costs associated with higher crude prices.
📊 Market Internals
Market breadth remained decisively negative, reflecting widespread selling pressure across the broader market.
Key Market Indicators
- Advance – Decline Ratio: 11 / 38
- India VIX: 21.51 ▲ 2.14%
- NIFTY PCR (17 March): 0.70
- NIFTY PCR (30 March): 0.80
- USD/INR Futures (March): ₹92.28 ▲ 0.35%
These indicators suggest that market sentiment remains cautious and risk-averse.
📉 Broader Market Performance
The broader markets also closed in negative territory, though the losses were relatively moderate compared to the benchmark indices.
Index Performance
Nifty Midcap ▼ 0.37%
Nifty Smallcap ▼ 0.67%
Midcap and smallcap stocks showed relative resilience, indicating selective buying interest in certain pockets.
📊 Market Technical Analysis
From a technical perspective, the Nifty index currently remains in a weak trend.
Important Technical Observation
Nifty is trading below all major moving averages, which indicates strong bearish momentum.
Moving Average Level
21 Day MA 25,102
50 Day MA 25,418
100 Day MA 25,674
200 Day MA 25,326
For context, Nifty had touched an all-time high of 26,373.20 on January 5, 2026.
This sharp correction highlights a significant shift in short-term market momentum.
📰 Key Stock Specific Developments
📊 Wipro
Shares ended slightly higher after the company signed a multi-year contract with TruStage to modernize retirement service operations.
⚡ KEC International
The stock gained after the company secured new orders worth ₹1,476 crore in its Transmission & Distribution segment.
🚛 Ashok Leyland
Shares declined despite announcing plans to invest ₹400–500 crore in a battery pack manufacturing facility in Tamil Nadu.
🍽️ Eternal (Parent Company of Zomato)
The stock weakened following reports of commercial LPG cylinder shortages, which could potentially disrupt restaurant operations.
🧪 Aarti Industries
The company surged after announcing a multi-year supply agreement with a global agrochemical innovator.
Key Contract Details
- Contract valid until 31 March 2030
- Estimated revenue ~$150 Million
- Strong improvement in medium-term revenue visibility
🟢 Bulls of the Day
Stocks that attracted strong buying interest:
- COAL INDIA ▲ 5.20%
- NTPC ▲ 2.91%
- POWERGRID ▲ 1.74%
- TECH MAHINDRA ▲ 1.49%
- JIO FINANCIAL ▲ 1.38%
PSU and power sector stocks witnessed notable buying momentum.
🔴 Bears of the Day
Stocks under heavy selling pressure:
- M&M ▼ 4.39%
- EICHER MOTORS ▼ 3.92%
- MARUTI ▼ 3.72%
- BAJAJ FINANCE ▼ 3.44%
- TATA MOTORS DVR ▼ 3.30%
The auto and NBFC sectors remained among the worst performers.
📈 Stocks at 52 Week High
- ABB — ₹6,429.50
- AUROBINDO PHARMA — ₹1,319.80
- COAL INDIA — ₹474
- NTPC — ₹392.40
📉 Stocks at 52 Week Low
ACC
BAJAJ FINSERV
BATA INDIA
BERGER PAINTS
CONCOR
INFOSYS
LTTS
MGL
SHREE CEMENT
SRF
🔎 Market Outlook for Friday
View by Riddhi Siddhi Share Brokers
Investor sentiment remains extremely cautious heading into Friday’s session.
Interestingly, the market enters Friday the 13th, often considered an unlucky trading day by many traders.
From a technical standpoint:
- Nifty remains in bearish territory
- No strong reversal signals have emerged yet
- Global developments continue to dominate sentiment
The geopolitical situation in the Persian Gulf will remain the most important trigger for global markets.
If crude oil prices continue to surge, global growth risks could increase significantly.
Long Story Short
🐻 Bears remain firmly in control of the market.
📊 Nifty Levels to Watch
Nifty Spot: 23,639
Support Levels
23,560
23,333
Resistance Levels
23,822
24,000
Expected Trading Range
📊 23,577 – 23,783
Market Trend
Short-Term Trend: Negative
📈 Stocks Showing Strength
Short-Term Bullish
- ADANI GREEN
- COAL INDIA
- LUPIN
Long-Term Bullish
- CENTUM
- STERLITE TECHNOLOGIES
- HINDALCO
⚠️ Stocks Showing Weakness
- AXIS BANK
- ICICI BANK
- INDUSIND BANK
🚫 Stocks to Avoid in Near Term
- DLF
- NAUKRI
- LTTS
⚠️ Important Disclaimer
Riddhi Siddhi Share Brokers
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