Sensex Today | Stock Market Highlights: Sensex crashes 2,500 pts, Nifty ends down 3.3% at 23,000; auto, banks lead rout

Brent crude surged close to $117 per barrel amid geopolitical tensions, weighing on oil marketing companies. HPCL fell over 7 percent to a 52-week low, while BPCL and Indian Oil have declined nearly 25 percent so far in March.

HDFC Bank declined more than 5 percent after the resignation of its part-time chairman Atanu Chakraborty. Financial stocks remained under pressure through the session, contributing significantly to the benchmark declines.

Banking stocks were among the key drags, with the Bank Nifty falling 1,875 points to 53,451. Around 10 Nifty 50 stocks, including TCS and Bajaj Finance, closed at their 52-week lows, indicating broad-based weakness in largecaps.

Selling was broad-based across segments, with all major indices falling over 3 percent. India VIX surged more than 21 percent, reflecting heightened volatility. The Nifty Midcap index dropped nearly 1,800 points, while broader markets saw deep cuts across sectors.

Markets snapped a three-day winning streak and posted their sharpest fall in nearly two years, with benchmark indices declining over 3 percent. The Sensex dropped 2,497 points to 74,207, while the Nifty fell 776 points to 23,002. Market breadth was decisively negative, with the advance-decline ratio at 1:7.

Among midcaps, Oil India and Abbott India managed gains, while Go Digit and Gujarat Fluorochemicals saw marginal upticks. On the downside, Petronet LNG fell 6.6 percent, HPCL dropped over 6 percent, and Escorts Kubota, Ola Electric, Godrej Properties and Dixon Technologies declined between 5-6 percent.

Broader markets mirrored the weakness, with the Nifty Midcap 100 falling over 3.1 percent and the Smallcap 100 down nearly 3 percent. Most sectors ended in the red, indicating widespread selling pressure.

Sectorally, auto stocks led the decline, with Nifty Auto falling over 4.2 percent. Banking indices were also weak, with Nifty Bank down 3.4 percent and private banks slipping similarly. Realty and consumer durables indices declined around 3-4 percent.

Selling was intense in financial and auto stocks. Shriram Finance dropped over 7 percent. Bajaj Finance fell 5.4 percent. HDFC Bank declined 5.3 percent. M&M and Bajaj Auto also fell over 4-5 percent, while Larsen and InterGlobe Aviation saw sharp cuts.

Very few stocks closed in the green. ONGC gained 1.55 percent to Rs 269.1 and was the only notable gainer on the Nifty, supported by strength in oil prices.

Markets ended with sharp losses, with the Sensex falling 2,497 points to 74,207 and the Nifty down 776 points at 23,002. Market breadth remained extremely weak, with 3,072 stocks declining against 999 advances, while India VIX rose over 21 percent, indicating elevated volatility.

Volatility surged sharply, with India VIX rising over 22 percent to near 23 levels. The spike reflects heightened investor anxiety amid global cues and rising crude oil prices, which have weighed on overall market sentiment.

Broader markets mirrored the weakness, with the Nifty Midcap 100 and Smallcap 100 indices declining over 3 percent each. Most sectoral indices traded in the red, indicating widespread risk-off sentiment across the market.

Sectorally, the selloff was led by auto stocks, with the Nifty Auto index down over 4.5 percent. Banking stocks also remained under pressure, with Nifty Bank slipping around 3.6 percent and private banks declining similarly. Realty stocks fell over 4 percent, while consumer durables and metals also dropped sharply.

Selling in index heavyweights intensified, with Shriram Finance falling nearly 7 percent, while Bajaj Finance, M&M, HDFC Bank and Bajaj Auto declined between 4–6 percent. ONGC was the only gainer on the Nifty, rising about 1.3 percent amid strength in oil-linked stocks.

Markets remained under heavy pressure in late trade, with the Sensex falling 2,650 points to 74,054 and the Nifty down 820 points at 22,958. Market breadth stayed extremely weak, with 3,048 stocks declining against 870 advances, while India VIX surged over 22 percent, signalling elevated volatility.

The rally followed fresh Iranian missile strikes on energy assets in Qatar, Saudi Arabia, and Kuwait, after Israel’s earlier attack on Iran’s South Pars gas field. The escalation has heightened concerns of a prolonged disruption to global oil supplies, supporting Brent prices in particular.

Oil prices surged sharply as escalating attacks on energy infrastructure in the Middle East raised fears of supply disruptions. Brent crude climbed above $115 per barrel in intraday trade, gaining over $7 at its peak, while it was last up about 5.7 percent near $113.5. WTI crude also rose, briefly crossing $100 before easing to around $96-97 per barrel.

US equity futures edged lower after the S&P 500 wiped out its weekly gains in the previous session. Futures on the S&P 500, Nasdaq 100, and Dow Jones declined up to 0.3 percent, reflecting continued risk aversion among global investors.

Crude oil extended its rally, with Brent rising around 5.7 percent to above $113 per barrel, taking gains since the start of the conflict to nearly 48 percent. European natural gas prices surged as much as 35 percent after damage to a key LNG export facility, raising concerns over supply disruptions.

Global equities remained under pressure as a sharp surge in oil and gas prices heightened fears that the Middle East conflict will push up inflation and hurt growth. Europe’s Stoxx 600 fell 1.2 percent to its lowest level this year, while the MSCI Asia Pacific index dropped 2.7 percent and emerging market equities declined 2.6 percent.

Volatility spiked sharply, with India VIX rising nearly 20 percent, indicating heightened market stress. Broader markets saw deeper cuts, with the Nifty Midcap 100 falling over 3 percent and the Smallcap 100 down around 2.7 percent.

Sectoral losses deepened across the board. Nifty Auto fell over 4.1 percent. Realty declined more than 3.4 percent. Metal, IT, and consumer durables indices dropped around 3 percent each, while banking indices were down nearly 3 percent.

Selling pressure intensified in financials and autos. Shriram Finance fell 6.6 percent to Rs 954.5, while Eternal declined 5.7 percent. Bajaj Finance dropped 5.3 percent and Bajaj Finserv fell 4.4 percent. M&M, Bajaj Auto, and InterGlobe Aviation also declined around 4-5 percent.

Very few stocks held gains in a weak market. ONGC rose 1.1 percent to Rs 267.85 and was the only notable gainer on the Nifty, supported by higher crude oil prices.

Benchmark indices remained under sharp pressure in afternoon trade. At 02:10 pm, the Sensex was down 2,155 points, or 2.8 percent, at 74,549, while the Nifty fell 677 points to 23,101. Market breadth remained extremely weak, with 2,940 shares declining against 917 advances.

Benchmark indices extended losses again, with the Sensex slipping below the 75,000 mark and the Nifty weakening further. At 01:11 pm, the Sensex was down 1,727 points, or 2.2 percent, at 74,977, while the Nifty fell 550 points to 23,227, with market breadth weak as 2,757 shares declined against 1,019 advances and pressure seen across sectors, led by auto, IT, and realty stocks.

Volatility remained high with India VIX up over 15 percent. Broader markets continued to lag benchmarks. Nifty Midcap 100 fell 2.3 percent, while Smallcap 100 declined nearly 2 percent.

Sectoral indices stayed broadly in the red. Nifty Auto fell over 3.3 percent. Realty declined more than 3.2 percent. IT dropped 2.5 percent, while banking indices were down around 2-2.2 percent.

Selling pressure remained intense in financials and cyclicals. Shriram Finance fell 6 percent to Rs 960. Eternal declined over 5 percent. Bajaj Finance and Larsen & Toubro dropped around 4 percent. M&M, HDFC Bank, Bajaj Finserv, and Maruti Suzuki also declined over 3 percent.

A few stocks held gains amid the broader selloff. ONGC rose 1.4 percent to Rs 268.8. Coal India gained 0.6 percent to Rs 457.7. Bharti Airtel traded marginally higher around Rs 1,857.

Benchmark indices recovered slightly but remained under pressure in early afternoon trade. At 01:00 pm, the Sensex was down 1,619 points, or 2.1 percent, at 75,085, while the Nifty fell 517 points to 23,261. Market breadth remained weak, with 2,753 shares declining against 1,005 advances.

Patel Engineering said it has secured an order worth Rs 910 crore from Himachal Pradesh Power Corporation for the Renuka Ji dam project, boosting its order book. The company's stock traded around Rs 25.3, up about 1.5 percent amid broader market weakness.

The potential exit from ICICI Prudential Life comes as Prudential Corp looks to gain greater control in its India life insurance business, with discussions underway for acquiring Bharti Axa Life. CNBC-TV18 said responses from ICICI Bank, ICICI Prudential Life, Bharti Group, and Prudential Corp are awaited.

Prudential Corporation is looking to exit its 21.93 percent stake in ICICI Prudential Life Insurance, valued at around Rs 18,500 crore, likely via a block deal or offer for sale, while also exploring acquisition of an 85 percent stake in Bharti Axa Life Insurance from Bharti Life Ventures, sources told CNBC-TV18.

Selling pressure remained broad in midcaps, with Voltas falling 4.8 percent to Rs 1,355, while Hindustan Petroleum and Escorts Kubota declined over 4 percent each. Petronet LNG, KPIT Technologies, Godrej Properties, Dixon Technologies, and Jubilant FoodWorks also saw losses of around 3.8-4.1 percent.

In the midcap space, Gujarat Fluorochemicals rose 3.1 percent to Rs 3,252, while Thermax gained 1.8 percent. Oil India, Bharti Hexacom, Godrej Industries, and Ipca Labs also traded higher with gains of up to around 1.2 percent.

Volatility remained high with India VIX up over 15 percent, signalling continued nervousness in the market, while broader markets stayed under pressure with the Nifty Midcap 100 down 2.3 percent and the Smallcap 100 falling over 2 percent.

Sectoral indices remained broadly in the red, led by auto stocks falling around 3 percent and realty down over 3 percent, while consumer durables slipped nearly 2.9 percent. Banking indices also remained under pressure, with Nifty Bank and private banks down over 2.5 percent.

Selling pressure intensified in financials and cyclicals, with Shriram Finance falling 5.5 percent to Rs 965.1 and Eternal down 5.2 percent. Larsen & Toubro dropped 4.6 percent, while HDFC Bank and Bajaj Finance declined around 4 percent each, alongside weakness in InterGlobe Aviation, Eicher Motors, and Maruti Suzuki.

Oil-linked names continued to show relative strength, with ONGC rising 1.4 percent to Rs 268.7 and Coal India gaining 0.5 percent to Rs 457.65, bucking the broader market trend.

Benchmark indices remained under pressure around noon, with the Sensex and Nifty down over 2.2 percent amid broad-based selling. At 12:00 pm, the Sensex was down 1,728 points at 74,976, while the Nifty fell 539 points to 23,239, with market breadth weak as 2,663 shares declined against 1,012 advances.

Choice Mutual Fund has launched two new schemes -- Choice Nifty 50 Index Fund and Choice Nifty Next 50 Index Fund — aimed at enabling disciplined long-term equity investing, with the new fund offer opening on March 19 and closing on April 2, as the fund house looks to offer simple, rule-based exposure to India’s top listed companies.

NTPC said its arm has declared commercial operation of a 165 MW unit, the fourth part of its 1,200 MW Khavda-II Solar PV project, taking the group’s total installed capacity to 88,709 MW, while the stock traded largely flat around Rs 378 in a weak market.

RailTel Corporation of India said it has secured two orders worth Rs 217 crore, adding to its project pipeline, though the stock remained under pressure amid broader market weakness, trading around Rs 274, down nearly 2.9 percent.

Hindustan Construction Company said it has secured an order worth Rs 1,662 crore from the Brihanmumbai Municipal Corporation in a joint venture, strengthening its order book. The stock was trading around Rs 15.5, down about 1 percent in a weak broader market.

The RBI said it has approved the transition requested by HDFC Bank regarding its part-time chairman and will continue to engage with the bank’s board and management going forward, reiterating that the lender remains a systemically important institution with sound fundamentals.

The Reserve Bank of India said it has taken note of recent developments at HDFC Bank and found no material concerns related to conduct or governance based on its periodic assessments, while noting that the bank remains well-capitalised with satisfactory financials and adequate liquidity.

Volatility remained high with India VIX up 14 percent, indicating continued nervousness in the market. Broader markets also stayed under pressure, with the Nifty Midcap 100 falling 2.1 percent and the Smallcap 100 down nearly 2 percent.

Most sectoral indices traded in the red, with Nifty IT falling 2.5 percent, while realty stocks dropped nearly 3 percent. Banking indices also remained under pressure, with Nifty Bank and private banks down around 2.6-2.7 percent, alongside weakness in auto and consumer durables.

Selling pressure remained intense in financials, with Shriram Finance falling 4.9 percent to Rs 971.5, emerging as the top loser on the Nifty. Eternal declined 4.7 percent, while HDFC Bank fell 4.4 percent. Larsen & Toubro and Bajaj Finance dropped around 3.7 percent each, with InterGlobe Aviation, Grasim, Asian Paints, and Trent also declining 2.9-3.2 percent.

A handful of stocks traded in the green, led by ONGC which rose 1.8 percent to Rs 269.85. Coal India gained 0.3 percent, while Power Grid traded marginally higher, reflecting resilience in select energy and PSU names.

Benchmark indices remained under pressure in late morning trade, with the Sensex slipping below the 75,000 mark and the Nifty trading near 23,260. At 11:00 am, the Sensex was down 1,708 points, or 2.2 percent, at 74,997, while the Nifty fell 519 points to 23,259, with market breadth weak as 2,555 shares declined against 962 advances.

Hindustan Petroleum Corporation fell 5.9 percent to Rs 328.7, leading losses on the BSE Midcap index. KPIT Technologies declined 4.5 percent, while Godrej Properties and Petronet LNG fell over 4 percent each. Dixon Technologies and Lloyds Metals also remained under pressure, declining around 3.7-3.9 percent.

Gujarat Fluorochemicals rose 3.6 percent to Rs 3,267, emerging as the top gainer on the BSE Midcap index. Thermax gained 1.7 percent, while Bayer CropScience, Godrej Industries, Bharti Hexacom, and Oil India also traded higher with gains of around 1-1.3 percent.

India VIX eased from early highs but remained elevated, up over 14 percent. Broader markets continued to lag, with the Nifty Midcap 100 falling over 2 percent and the Smallcap 100 down around 1.7 percent.

Most sectoral indices traded in the red, with sharp losses in banking and realty stocks. Nifty Bank and private banks were down nearly 3 percent, while the realty index fell over 3 percent and IT stocks declined around 2 percent.

Financials and heavyweights continued to drag the market lower, with HDFC Bank falling over 4.6 percent. Other key losers included Shriram Finance, Bajaj Finance, Larsen & Toubro, Axis Bank, and InterGlobe Aviation, declining up to 4.5 percent.

Oil-linked and select defensives held gains amid the broader selloff. ONGC rose over 2 percent, while Coal India, Reliance Industries, Power Grid, and NTPC also traded marginally higher.

Benchmark indices remained under pressure in mid-morning trade, with the Sensex and Nifty holding losses of over 2.1 percent. At 10:33 am, the Sensex was down 1,651 points at 75,053, while the Nifty fell 501 points to 23,277, with market breadth weak as 2,549 shares declined against 885 advances.

Zydus Lifesciences said it has launched Aerolife Mini, a portable foldable spacer designed to improve inhaler use for asthma and COPD patients, under an exclusive licensing agreement. The company said the device is India’s first portable foldable spacer aimed at enhancing respiratory drug delivery. The stock was trading down around 1.9 percent amid broader market weakness.

CEO Sashidhar Jagdishan said the bank will continue to maintain stakeholder trust and address any issues or omissions as they arise. He added that regular RBI supervision continues and that operational challenges are handled in a “normal and calm manner”, highlighting the bank’s management depth.

HDFC Bank emphasised that its board oversight remains “fully operational and unwavering”, while reiterating that the institution’s culture is grounded in transparency and integrity. Management said board members are unaware of any issues cited in the resignation letter.

HDFC Bank management and board members said there are no material concerns or governance issues following the resignation of part-time chairman Atanu Chakraborty. Keki Mistry said no specific practices or issues were brought to the board’s attention, adding that disclosures remain complete and in line with regulatory requirements.

Market volatility surged, with India VIX rising over 15 percent, reflecting heightened uncertainty. Broader markets also saw selling pressure, with the Nifty Midcap 100 falling 2.3 percent and the Nifty Smallcap 100 declining nearly 2 percent.

Most sectoral indices traded in the red, led by sharp losses in banking and auto stocks. Nifty Bank fell nearly 3 percent, while Nifty Auto declined around 2.8 percent. Consumer durables and PSU banks also saw significant selling pressure, while FMCG and realty indices were largely flat.

Financials and heavyweights dragged the market lower, with HDFC Bank falling 4.65 percent, emerging as the top loser on the Nifty. Other major laggards included Larsen & Toubro, Shriram Finance, Axis Bank, Bajaj Finance, and M&M, all declining between 2.7 percent and 3.8 percent.

A handful of stocks managed to hold gains amid the broader market selloff. Coal India rose 0.51 percent, while ONGC gained 0.32 percent, supported by higher crude oil prices.

Benchmark indices extended losses in early trade, with the Sensex falling over 1,600 points and the Nifty slipping below 23,300. At 09:21 am, the Sensex was down 1,621.15 points, or 2.11 percent, at 75,082.98, while the Nifty declined 495.90 points, or 2.09 percent, to 23,281.90. Market breadth remained sharply negative, with 2,032 shares declining against 543 advances.

Chakraborty noted that the benefits of HDFC Bank’s merger with HDFC Ltd are yet to fully materialise. The $40-billion merger, completed during his tenure, created one of India’s largest financial services institutions.

Atanu Chakraborty said “certain happenings and practices” within the bank over the past two years were not aligned with his personal values and ethics, without providing further details. His resignation comes despite being reappointed in May 2024 for a term extending till May 2027.

WTI crude continues to trade at its widest discount to Brent in over a decade, reflecting supply dynamics and regional disruptions. While US crude remains pressured by strategic reserve releases and freight costs, Brent prices have surged amid direct exposure to Middle East supply risks.

Iranian missile strikes caused extensive damage to Qatar’s Ras Laffan LNG facility, one of the world’s key gas processing hubs, raising concerns over global energy supply. The UAE shut some energy operations after incidents at key gas and oil facilities, while Saudi Arabia said it intercepted ballistic missiles and a drone attack targeting its infrastructure.

Crude oil prices surged on Thursday after Iran launched attacks on key energy infrastructure across the Middle East, escalating tensions with the US and Israel. Brent crude rose over 3 percent to around $111 per barrel, while WTI crude also gained sharply, as fears of supply disruptions intensified.

The Federal Reserve highlighted a delicate balance in risks, with upside pressures on inflation arguing against rate cuts, while downside risks to the labour market support easing. Powell said current policy stance is “appropriate”, with rates near levels that neither stimulate nor restrict growth significantly.

Jerome Powell indicated that the Fed is unlikely to cut rates unless inflation shows sustained signs of cooling. “If we don’t see that progress, then you won’t see the rate cut,” he said, highlighting the central bank’s focus on inflation before easing policy further.

Fed Chair Jerome Powell said rising energy prices are likely to push overall inflation higher in the near term. He cautioned that it is “too soon to know” the full economic impact of the conflict, adding that the extent and duration of its effects remain uncertain.

The Federal Reserve maintained its projections for one rate cut in 2026 and another in 2027, even as it flagged higher inflation expectations. Policymakers indicated that the outlook remains uncertain, with the Iran conflict adding to concerns around inflation and growth dynamics.

The US Federal Reserve kept its benchmark interest rate unchanged in the 3.5-3.75 percent range, in line with expectations, citing heightened uncertainty amid the ongoing Middle East conflict. The decision was taken with an 11-1 vote, as policymakers assessed the potential economic impact of rising energy prices and geopolitical tensions.

The Bank of Japan voted 8-1 to hold rates, with board member Hajime Takata dissenting in favour of a rate hike for the second consecutive meeting. The split highlights emerging debate within the central bank as inflation and external risks complicate the policy outlook.

The Bank of Japan kept its benchmark interest rate unchanged at 0.75 percent, as policymakers assessed rising risks from the escalating conflict in the Middle East. The decision, taken at the end of a two-day meeting, was in line with expectations. The central bank flagged uncertainty around the economic outlook, particularly amid volatile global conditions.

While momentum indicators have improved marginally, they continue to signal caution. The RSI remains below the 40 mark, while the MACD is still below the zero line, indicating that the broader bearish structure has not yet reversed.

Technical indicators suggest that the Nifty faces a key resistance band in the 23,850-23,900 zone, while immediate support is placed around 23,600-23,500. A sustained move above 23,900 could extend the rally towards 24,050, while a breakdown below 23,600 may trigger fresh selling pressure.

The recent pullback in the Nifty has been largely driven by short covering and value buying at lower levels, helping the index recover over 3.5 percent in three sessions. However, analysts caution that the broader trend remains weak, with the index still forming lower highs and lower lows.

The Indian rupee weakened sharply to close at a record low of 92.63 against the US dollar on Wednesday, breaching the 92.50 mark for the first time. The decline reflects pressure from a stronger dollar and rising crude oil prices amid geopolitical tensions.

Foreign institutional investors remained net sellers, offloading Rs 2,714 crore worth of equities on March 18, according to provisional data. Domestic institutional investors continued to support markets, buying shares worth Rs 3,253 crore, cushioning the downside.

Broader indices continued to outperform frontline benchmarks, indicating improved risk appetite in select segments. The Nifty Midcap 100 index rose around 2 percent, while the Nifty Smallcap 100 gained 1.6 percent in the previous session.