Sensex Cra͏shes 1,700 Points, Nifty Dow͏n 500͏ As Oil Surges in Midmarket Session

Mumbai, March 19: Ind͏ian equities slumped sharp͏ly in͏ Th͏ursd͏ay’s a͏fternoon sess͏ion, wit͏h benchmark indices BS͏E Sensex and NSE Nifty 5͏0 tumbling amid a surge in cr͏ude͏ oil prices and li͏ng͏ering global uncertainties. The market reacte͏d to escala͏tin͏g ten͏sions in t͏he Middle East and th͏e US Feder͏al Reserve’s͏ decis͏ion͏ to ͏mainta͏in ͏interest ͏rates, intensifying volatility ac͏ross͏ domesti͏c stocks.

͏Sense͏x Fall͏s 1,727 P͏oin͏ts, Nifty Slides 550 Points͏ by Ea͏rly Afternoon

͏Dur͏ing early aftern͏oo͏n trade, th͏e BSE͏ Sensex͏ declined 1,727͏ p͏o͏ints, or 2.2%, to 74,977, while the NSE Nifty 50͏ fel͏l 550 points to 23,227. Market ͏breadth rema͏ined weak, with 2,757 shares declining͏ against 1͏,019 adva͏nces, indicating br͏oad-based sel͏li͏ng acros͏s sec͏tors.

IT st͏ocks͏ slip͏p͏ed over͏ 2.6%, while r͏ealty shares dropped more than 3.4%. Banki͏ng a͏nd autom͏otive sectors al͏so faced͏ pres͏sure, with leading companies includ͏ing HDFC Ban͏k, Bajaj Finserv, Larsen & ͏Toubro͏, Mahin͏dr͏a & ͏Mahindr͏a, a͏nd Maruti Suzuki retreati͏ng between͏ 3%–6%.

Crude Oil Surges Past $113 Amid Middle͏ East Tensio͏ns

Brent crude futures jumped nearly 6% to $113.8 per barrel, marking a sharp escalation in energy costs after Iran struck key LNG infrastructure in Qatar. The May Brent contract was quoted at $113.23 per barrel, up 5.5% by midday. WTI crude also rose 2.97% to $99.18 per barrel, reflecting rising geopolitical risk and potential disruptions to global energy supply.

The escalation follows US threats to Iran’s South Pars gas field, signalling a potential intensification of the Middle East conflict. Rising crude prices contributed to domestic inflationary concerns and weighed heavily on risk assets, including Indian equities.

NSE Nifty 50 Falls 527 Points, Sensex Below 75,000

By 1 PM IST, the Nifty 50 was down 527.60 points, or 2.22%, at 23,150.20, while the Sensex traded at 75,019.17, down 1,678 points or 2.61%. Volatility surged, with India VIX rising nearly 16%, signalling elevated uncertainty in equity markets.

Midcap and smallcap stocks underperformed broader benchmarks, with Nifty Midcap 100 down 2.3% and Smallcap 100 losing nearly 2%. Sectoral declines were led by autos, IT, realty, and private banks, with losses ranging 2–3.5%, reflecting risk-off sentiment in domestic equities.

Induction Appliance Stocks Jump Up to 14% Amid Energy Crisis

Household appliance stocks surged in Thursday’s afternoon session as global gas shortages drove demand for electric alternatives. Butterfly Gandhimathi Appliances rose 13.64% to ₹673.95, TTK Prestige gained 5.3% to ₹503, and Stove Kraft jumped 6.4% to ₹525.75. The rally followed missile strikes on Qatar’s Ras Laffan Industrial City, the world’s largest liquefied natural gas (LNG) facility, raising concerns over energy supply.

Products such as induction cooktops, electric kettles, and other household appliances became a focus as rising gas and energy costs increased their relative demand, providing a sectoral boost even as broader equities declined.

Natural Gas Stocks Gain 12% Amid Rising Oil Prices

Natural gas companies recorded strong gains in the afternoon session, reflecting rising crude oil prices and potential supply disruptions. Adani Total Gas climbed nearly 12% to ₹575.75, Gujarat Gas rose 8.8% to ₹387.20, and Gujarat State Petronet advanced 6.6% to ₹275.60. Mahanagar Gas added over 3% to ₹1,032, while Oil & Natural Gas Corporation (ONGC) shares increased 2.15% to ₹270.70. The rally was driven by expectations of higher industrial and transport demand for natural gas amid the ongoing Middle East energy crisis, positioning the sector as a relative outperformer despite broad market weakness in domestic equities.

Precious Metals Slump with Silver ETFs Down 6%

Precious metals came under pressure on Thursday, weighed down by a stronger US dollar and a hawkish stance from the US Federal Reserve, which signalled no near-term interest rate cuts. Silver exchange-traded funds (ETFs) led the decline, falling up to 6%, while Hindustan Zinc shares, India’s largest silver producer, dropped 4.5% to ₹513.35. Gold ETFs also retreated, losing between 2.5% and 3% across major funds. Spot gold prices fell 1.1% to $4,764.27 per ounce, marking their lowest level since early February, while spot silver declined 4.3% to $72.14 per ounce.

The sell-off reflected reduced safe-haven demand as investors reacted to rising crude oil prices and ongoing geopolitical tensions in the Middle East. Market participants noted that stronger energy costs and the firm US dollar have increased the opportunity cost of holding non-yielding metals, intensifying the pressure on both gold and silver prices across global and domestic markets.

Volatility Persists with Weak Market Breadth

Market volatility remained elevated, with India VIX above 21, while midcap and smallcap stocks continued to lag benchmarks. Weak breadth, with more declining than advancing shares, reinforced the widespread selling across sectors.

Financials, IT, automotive, and realty indices led losses, whereas energy and gas-related stocks provided some relative support. This divergence illustrates the impact of global energy developments and domestic sectoral responses during the afternoon session.

The afternoon session highlighted a sharp market correction driven by rising crude prices, geopolitical risks, and leadership changes in major financial institutions. Volatility and broad-based declines suggest continued sensitivity to global developments, with energy, natural gas, and essential appliance sectors showing relative resilience amid ongoing market turbulence.