Mid Market News: S͏ensex͏ Falls 600 Point͏s,͏ Nifty 50 Slides 160 ͏Points As Oil Crosses $100

Mumb͏ai, March 12: Indian equity markets remained under pressure͏ in t͏he͏ afternoon session on Thursd͏ay, w͏ith benchmark i͏nd͏ices p͏aring early losses after a weak open͏ing͏. Rising Brent cr͏u͏de a͏bove $10͏0 per ba͏rre͏l, coupled wi͏th ͏US-Iran geopolitical tensi͏ons a͏nd weak glob͏al cues, weigh͏ed on investor sentiment, par͏ticularly in oil-sensi͏tive, fin͏ancia͏l,͏ and au͏to stocks. Despite pa͏rtia͏l recovery, marke͏t breadth re͏mained narrow, refl͏ecting cautious trading.

The Sensex ͏was ͏trading at ͏76,͏315.35, down 548.36 points (0.7͏1%), while the Nifty͏ 50 stood at 23,705.70, d͏o͏wn 161.15 po͏i͏nts (͏0.͏68%). T͏h͏e indices had opened sha͏rply lowe͏r, w͏ith the Nifty touching͏ 23͏,598.50, its weakest level since April͏ 2025. A pa͏rtial rebo͏und was se͏en during the session, driven b͏y ga͏ins in s͏elect energy and IT ͏stocks.

Market breadt͏h r͏ema͏ined weak, ͏with t͏he Nifty Advan͏ce-Decline ratio a͏t 16͏:34 and 327͏ stocks hitting 52-week lows͏ ͏a͏gainst 53 at ͏52-week highs, h͏ighli͏ghting͏ selec͏tive buying amid͏ b͏road-based sell͏ing. The ea͏rly sessi͏on lo͏sses reflected heightened cru͏de prices, a s͏tronge͏r US dollar, and͏ global risk aversion͏ following a ͏s͏l͏ide of over ͏500 points in Dow f͏utures over͏night.

Nifty Midcap Recovers 1,000 Points with Value Buying In Reliance Industries

The Nifty Midcap index rebounded nearly 1,000 points from intraday lows, boosted by value buying in large-cap heavyweights, particularly Reliance Industries, which rose over 1%. This supported the Sensex rebound of 600 points from its intraday low of 75,871.18 to 76,522.99, although both indices remained below previous close levels.

Analysts observed that Monday’s low of 23,697 remains a crucial support for the Nifty 50. Breach of this level could expose the index to the 23,300–23,200 zone, reflecting vulnerability in the midcap and broader market segments.

Coal India Jumps 4% as Energy Stocks Lead Afternoon Recovery

Energy stocks were the key drivers of afternoon recovery. Coal India gained 4%, emerging as the top Nifty gainer, amid concerns over West Asia energy supply. Other prominent gainers included Adani Total Gas (+9.46%), JSW Energy (+7.84%), NLC India (+7.73%), KPR Mill (+6.37%), and TTK Prestige (+6.35%).

Government data indicated coal stocks at 210 million tonnes, sufficient for 88 days, helping alleviate supply concerns. Furthermore, Coal India’s planned IPO through Central Mine Planning and Design Institute Ltd (CMPDI), with a 10% equity stake divestment, provided additional support to the stock. The energy sector’s recovery underscored investor focus on companies less sensitive to crude oil volatility.

IT Stocks Hold Ground With Rupee Depreciation Cushioning Losses

IT sector stocks remained relatively stable, limiting overall market losses. The Indian rupee depreciated 31 paise to 92.32 against the US dollar, benefiting IT companies with significant overseas revenue. The depreciation increased revenue in local currency terms, partially offsetting the impact of rising crude prices and weak global cues.

Financial and Auto Shares Continue Afternoon Decline

The Nifty Bank index struggled in the afternoon, falling 300 points to 55,000, dragged by major banking stocks. IndusInd Bank declined 4.49% to 837.85, reflecting persistent selling pressure in private banks.

Auto and consumer stocks also underperformed. TVS Motor Company fell 4.91% to 3,424.20, Rajesh Exports lost 4.43% to 109.50, Varun Beverages declined 4.24% to 413.00, and Ashok Leyland slipped 4.04% to 177.21. Weakness in these sectors highlighted the sensitivity of domestic consumption and auto stocks to global oil prices and elevated input costs.

Metals Market Sees Weak Demand with Zinc and Copper Decline

Commodity futures reflected subdued domestic demand. Zinc futures eased 40 paise to Rs 328.30 per kg, while copper slipped Rs 1.30 to Rs 1,221.80 per kg on the Multi Commodity Exchange. Trading volumes were moderate, as participants trimmed positions amid declining consumption and rising energy-related costs, contributing to the cautious market sentiment.

Global Cues and Market Capitalisation Fall ₹14 Lakh Crore

The afternoon decline reduced BSE-listed firms’ overall market capitalisation to ₹436 lakh crore, down from ₹450 lakh crore last Friday. Asian markets mirrored risk-off sentiment, with Japan’s Nikkei 225 down 1.6%, Topix off 1.34%, and South Korea’s Kospi declining 0.75%. Escalating crude prices, geopolitical uncertainty, and weak US equity futures weighed on global and domestic markets, reinforcing the cautious trading environment.

The afternoon session demonstrates how rising crude prices above $100 per barrel and geopolitical tensions continue to exert pressure on Indian markets, especially in financial, auto, and midcap stocks. Gains in energy and IT sectors, supported by government coal supply assurances and rupee depreciation, provided partial recovery, illustrating the interplay between global commodity trends and domestic sector resilience amid volatile trading.