Sens͏ex Falls 600 Po͏ints, Nif͏ty Slips Bel͏o͏w 23,500 Amid Crude Oil Surge an͏d US-͏Iran Ten͏sions

M͏umbai, ͏Marc͏h 13: Indian equity ͏ma͏rkets op͏ened sharply low͏er on Friday a͏s globa͏l volatil͏it͏y, rising crude ͏oi͏l p͏rices, and g͏eopolitical tensions͏ in West Asia weighed on investo͏r ͏sentiment. Th͏e BSE Sensex dropped over 600 points ͏to 75͏,488,͏ while the Nifty 5͏0 fell͏ below 23,500, ͏marking the continua͏t͏ion of a ste͏ep͏ weekly decline. Analysts͏ noted ͏that the o͏ngoing US-Iran confli͏ct, combine͏d with surging crude͏ p͏rices͏ and fore͏ign portfolio outfl͏ows, contributed ͏to th͏e heighten͏ed market pressure͏.

Asia͏n Markets Re͏t͏reat ͏Follo͏wing ͏Global Se͏lloff; MSCI A͏si͏a-Pacifi͏c I͏ndex Drops͏ 0.5%

Equities across As͏ia traded ͏lo͏wer on Friday, reflecting͏ o͏vernight losses i͏n the ͏US market͏s. MSCI’s broade͏st͏ Asia-P͏ac͏ific index͏ ͏eased 0.5%, ͏tracking a cum͏ulative w͏eek͏ly decline͏ of 1͏.5%.͏ J͏apan’s Nikkei 225͏ sl͏i͏pped 1.3%, whi͏le South ͏Ko͏rea’͏s te͏ch-heavy KOSPI droppe͏d nearly 2%, and Taiwan equities fel͏l 1͏%. In Aus͏tralia, ͏th͏e S&P/ASX 200͏ gained 0.4%, whereas Hong Kong’͏s Ha͏ng Seng fell 0.5% a͏nd Shanghai C͏omposi͏te ease͏d 0.1%.

The selloff was triggered by escalating geopolitical risks, particularly statements from Iran’s new Supreme Leader, Ayatollah Mojtaba Khamenei, who vowed to continue military operations and leverage the closure of the Strait of Hormuz, a key oil shipping lane, against the US and Israel. Analysts flagged that this geopolitical uncertainty is pressuring energy markets and prompting a risk-off environment globally.

Crude Oil Near $100 Per Barrel Amid Supply Concerns

Global crude prices remained elevated, with Brent crude trading at $99.99 per barrel, down 0.47%, and West Texas Intermediate (WTI) at $95.09, down 0.67%. The US Treasury Department issued a 30-day waiver permitting all countries to purchase stranded Russian oil, offering temporary relief to supply constraints. However, concerns over prolonged Middle East conflicts and potential blockades of the Strait of Hormuz kept prices near the psychologically important $100 mark, sustaining pressure on energy-dependent sectors.

Sensex Opens Over 600 Points Lower as Risk Aversion Escalates

The Sensex tumbled nearly 600 points in the pre-opening session, and the Nifty opened at 23,462, down 178 points from Thursday’s close. The decline followed heavy selling across auto, banking, IT, metal, and realty sectors, while power and energy stocks recorded modest gains. The India Volatility Index (India VIX) rose 0.67% to 21.66, reflecting increased market uncertainty and short-term risk perception.

Foreign Institutional Investors (FIIs) continued selling for the tenth consecutive day, intensifying pressure on equity markets, whereas Domestic Institutional Investors (DIIs) provided limited support. The market is poised to record its largest weekly decline in over a year if the current trend persists.

Key Stock Movements: HDFC Bank and L&T Lead Losses, Adani Total Gas Gains

Among individual stocks, HDFC Bank fell 1.76% to ₹818.10, emerging as one of the top draggers on the Nifty Bank index. The decline was accompanied by losses in other major financials, including Canara Bank and Punjab National Bank, which fell in the range of 1.6–1.7%, reflecting pressure on the banking sector from global volatility and rising crude oil prices. Industrial heavyweights such as Larsen & Toubro (L&T) and Tata Steel also recorded notable declines, contributing to weakness in both infrastructure and metal indices.

The IT sector mirrored this trend, with Tech Mahindra and HCL Technologies falling more than 1%, highlighting a combination of global risk-off sentiment and sector-specific concerns. On the upside, select energy and consumer durable stocks witnessed gains, with Adani Total Gas Ltd. rising 3.16% to ₹626.75 and TTK Prestige Ltd. climbing 2.7% to ₹593.90, indicating targeted buying interest despite overall market weakness. Midcap and smallcap indices were down 1% and 1.03%, respectively, underlining broad-based selling pressure across segments.

Rupee Falls Near Record Low Against US Dollar Amid Oil Rally

The Indian rupee weakened by 16 paise to ₹92.35 against the US dollar, approaching record lows touched on 12 March. The depreciation is attributed to the surge in crude oil prices and persistent foreign outflows, which are adding pressure on import-dependent sectors and currency-linked assets. Rising crude prices above $100 per barrel have also contributed to fears of higher input costs across industrial and transportation sectors.

Auto Sector Struggles Despite JP Morgan Endorsement

Nifty Auto index fell over 1% as most auto and component stocks recorded losses. JPMorgan highlighted rising commodity costs and potential production disruptions due to geopolitical tensions as dual risks for the sector. Stocks such as Maruti Suzuki, Mahindra & Mahindra, and Hyundai India were affected, with cost inflation concerns contributing to broad-based selling pressure.

The Indian market on 13 March 2026 reflected heightened sensitivity to global macroeconomic and geopolitical events. Elevated crude oil prices, persistent foreign outflows, rupee depreciation, and sectoral disruptions contributed to broad-based declines across benchmark indices. Key developments in corporate deals and renewable energy projects signal ongoing activity in domestic sectors despite global volatility.