Sensex Falls 1,470 Points, ͏Nifty ͏Below 2͏3,150 As West Asia Tensio͏ns Push Oil A͏bove $100

Mumbai, March 13: Indian equity markets ended sharply lower on ͏Frida͏y as esc͏ala͏ting geopolitical ͏tensions in West Asia and surgin͏g crude oil prices triggered ͏broad-ba͏sed selling ac͏ross sectors. The͏ ben͏chmark i͏ndices extend͏ed loss͏e͏s for a͏ th͏ird consec͏utive session, markin͏g ͏their͏ steep͏est ͏weekl͏y͏ dec͏line in nea͏rly four years.

Th͏e BSE Sensex plunged ͏1,47͏0.50 p͏o͏ints or 1.93% to settle ͏at 74͏,563.92, w͏hile the Nifty 50 declined 488.05 points or 2.0͏6% to close at 23,151.10, slipp͏ing below the ͏23,20͏0 m͏ark for the first t͏ime since April ͏7, 2025. Wea͏k global cue͏s, heavy foreign institutional investor outflo͏ws and ͏rising energy prices collectively weighed on mar͏ket͏ sentiment, pushing most secto͏ral ind͏ices ͏into n͏egat͏iv͏e͏ t͏err͏it͏o͏ry.

28͏ of 30 Stocks on Sens͏ex Close Lo͏wer

Broad-base͏d selling ͏dominated Dala͏l St͏reet d͏uring ͏Friday’s session, wit͏h 28 of the 30 Sen͏sex constit͏uents endi͏ng the day in the ͏re͏d. The ͏decline dragged the ͏b͏enc͏hma͏r͏k͏ in͏dices to their lowest lev͏els in nearly 11 ͏mont͏hs, ͏reflec͏ti͏ng widespre͏ad weakness across sectors.

A͏mong th͏e bigg͏est lagga͏rds o͏n the Ni͏fty 50 were Lars͏en & Toubro Ltd,͏ ͏Hi͏n͏dal͏co Industries L͏td,͏ T͏ata Stee͏l L͏td,͏ UltraTech Cement ͏Ltd and Tata ͏Mo͏tors Ltd, indicating sustai͏ned press͏ure on ͏cyclical ͏and infrastructure-l͏inked͏ s͏tocks.͏ On the Sensex, only Bh͏arti Airtel L͏td͏ and Hindustan Unilever Ltd managed to ͏remain͏ in posit͏ive terr͏ito͏ry.

Market breadth also remained sharply negative. The advance-decline ratio on the National Stock Exchange of India (NSE) stood at 1:6, highlighting the dominance of selling pressure across the broader market.

Oil Above $101 Triggers Market Volatility and Selling

The sharp fall in equities coincided with a surge in global energy prices, as Brent crude oil climbed above $101 per barrel amid escalating geopolitical tensions in West Asia. Reports of disruptions in energy supply routes and heightened conflict concerns raised fears about inflationary pressures and higher import costs for energy-dependent economies such as India.

Energy-related stocks also came under pressure. Shares of Hindustan Petroleum Corporation Ltd declined more than 4%, reflecting concerns about rising input costs and potential pressure on refining margins.

The volatility in energy markets added to broader uncertainty across global financial markets. European stocks declined, with both the STOXX 50 and STOXX 600 indices falling about 1%, while Asian benchmarks also ended lower during the session.

Metals, Autos and PSU Banks Lead Sectoral Losses

Sectoral indices mirrored the weakness in benchmark indices, with metals, auto stocks and public sector banks emerging as the biggest drags on the market.

The Nifty Metal index plunged around 5%, making it the worst-performing sector of the day. The Nifty PSU Bank and Nifty Media indices also registered significant declines as selling intensified across cyclical sectors.

Auto stocks were particularly weak, contributing to broader market pressure. Companies linked to manufacturing and infrastructure also witnessed heavy declines, reflecting concerns about rising energy costs and supply chain disruptions.

Meanwhile, broader market indices underperformed the benchmarks. The Nifty Midcap 100 index declined 2.62%, while the Nifty Smallcap 100 index fell 2.52% by the close.

₹10 Lakh Crore Market Value Eroded in Single Session

The sharp sell-off wiped out significant market capitalisation during the trading session. The total market value of BSE-listed companies declined by nearly ₹10 lakh crore, falling to around ₹430.18 lakh crore from ₹440.06 lakh crore in the previous session.

In addition, reports indicated that approximately ₹9.5 lakh crore in investor wealth was erased on Friday alone, while total losses during the week amounted to nearly ₹19.3 lakh crore as the broader market downturn intensified.

Another indicator of rising market uncertainty was the increase in volatility. The India VIX, commonly referred to as the market’s fear gauge, rose sharply by 6.32% during the session and eventually settled 5.23% higher at 22.65.

Rupee Hits Record Low of 92.46 Against US Dollar

Currency markets also reflected the growing global uncertainty. The Indian rupee weakened to a record closing low of 92.46 against the US dollar, compared with the previous session’s close of 92.19.

The local currency declined 26 paise or 0.3% during the session and lost 0.74% over the last five trading sessions, marking its weakest performance in two weeks. According to forex market participants, a stronger US dollar, continued foreign institutional investor outflows and sustained selling in domestic equities contributed to the depreciation.

Reports also suggested that the Reserve Bank of India (RBI) intervened in currency markets to limit excessive volatility.

Stock-Specific Moves: PG Electroplast Down 6%, Muthoot Finance Gains

Several individual stocks recorded notable movements during the session due to company-specific developments.

Shares of PG Electroplast Ltd declined approximately 6% after the company indicated that gas shortages could affect its FY26 guidance. Similarly, Balaji Amines Ltd fell over 3%, amid concerns regarding ammonia supply disruptions linked to the ongoing Iran conflict.

In contrast, Muthoot Finance Ltd managed to defy the broader market trend and closed nearly 3% higher, emerging as one of the few gainers during the session.

Energy markets also added to the nervousness, with Brent crude surging above $101 per barrel during the session. Shares of Hindustan Petroleum Corporation Ltd fell over 4% amid concerns over rising input costs.

Sensex and Nifty Drop Over 5% This Week

Friday’s sharp decline capped a difficult trading week for Indian equity markets. Both the Sensex and Nifty 50 fell more than 5% during the week, marking their steepest weekly fall since June 2022.

The downturn reflected sustained selling pressure throughout the week as geopolitical tensions escalated, and crude oil prices remained volatile. Sectoral performance also remained broadly negative, with all major indices ending the week in the red.

Among the biggest weekly losers on the benchmark index were Larsen & Toubro Ltd, Mahindra & Mahindra Ltd, UltraTech Cement Ltd, Eicher Motors Ltd and Maruti Suzuki India Ltd.

In the broader market, stocks such as Polycab India Ltd, IDBI Bank Ltd, Mangalore Refinery and Petrochemicals Ltd and Bharat Forge Ltd were among the prominent laggards as risk aversion increased across market segments.

Friday’s sharp decline in Indian equities reflected a combination of global and domestic factors, including rising geopolitical tensions in West Asia, crude oil prices crossing $100 per barrel, persistent foreign institutional investor outflows and currency weakness. The sell-off affected nearly all sectors and resulted in a significant erosion of market capitalisation, highlighting the broad impact of global developments on domestic financial markets.