BENCHMARKS TRADE WITH MODERATE LOSSES; EUROPEAN MRKT DECLINE

The domestic equity benchmarks traded with modest losses in afternoon trade amid weak sentiment due to FII selling, rising crude oil prices, the escalating conflict in the Middle East, and persistent geopolitical uncertainties. The Nifty 50 index slipped below the 24,000 level.

Auto, FMCG and private bank shares declined while media and oil & gas stocks advanced.

At 13:25 IST the barometer index, the S&P BSE Sensex declined 477.06 points or 0.64% to 76,448.23. The Nifty 50 index fell 121 points or 0.49% to 23,753.

In the broader market, the BSE 150 MidCap Index rose 0.01% and the BSE 250 SmallCap Index shed 0.02%.

The market breadth was strong. On the BSE,1,849 shares rose and 2,218 shares fell. A total of 199 shares were unchanged.

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, jumped 0.65% to 21.20.

In the commodities market, Brent crude for May 2026 settlement jumped $3.83 or 4.16% to $95.81 a barrel.

Gainers & Losers:

Among the Nifty 50 constituents, Coal India (up 4.19%), NTPC (up 2.01%), Adani Enterprises (up 1.93%), Power Grid Corporation of India (up 1.34%), and Reliance Industries (up 1.30%) were the top gainers.

Meanwhile, Mahindra Mahindra (M&M) (down 3.79%), Eicher Motors (down 3.56%), Maruti Suzuki India (down 2.80%), Ultratech Cement (down 2.56%) and Trent (down 2.43%) were the top losers.

IPO Update:

The initial public offer (IPO) of Innovision received bids for 16,65,684 shares as against 61,32,433 shares on offer, according to stock exchange data at 13:15 IST on Thursday (12 March 2026). The issue was subscribed 0.27 times.

The issue opened for bidding on 10 March 2026 and it will close on 12 March 2026. The price band of the IPO is fixed between Rs 521 and 548 per share.

Stocks in Spotlight:

Shares of Eternal, the parent company of Zomato, declined 1.09%, while Swiggy slipped 1.46% during the session. Shares of food delivery companies fell on Thursday as a worsening shortage of commercial LPG cylinders raised concerns about disruptions in restaurant operations. The weakness follows reports that the LPG shortage could force some restaurants and eateries to temporarily shut operations or reduce menu offerings if the situation continues.

Raymond Realty rose 0.87%. The real estate arm of Raymond, said that it has launched Ten X District 9, a 9-acre residential development in Thane with an estimated revenue potential of Rs 2,000 crore.

Precision Wires India plunged 7.19% after the company announced that it is re-routing shipments and putting in place alternate logistics arrangements amid intensifying conflict in the Middle East.

KNR Constructions rose 0.36%. The company announced that it has received a Letter of Acceptance (LoA) worth Rs 50.47 crore from the Greater Hyderabad Municipal Corporation (GHMC) for the construction of a four-lane unidirectional flyover at Rasoolpura in Telangana.

Gopal Snacks rallied 3.22% after the company said its manufacturing operations remain unaffected despite the ongoing gas supply shortage triggered by recent government restrictions on commercial gas usage.

The company added that it has already been using bio-coal as an alternative fuel at these facilities, reducing dependence on conventional gas supplies. This approach allows it to maintain production and ensure timely delivery of products. In a business update, the company said its manufacturing facilities at Modasa and Nagpur are operating normally and are capable of meeting current and future production requirements.

Aarti Industries (AIL) rallied 5.62% after the company has entered into a multi-year supply agreement with a top global agrochemical innovator for a critical agrochemical intermediate used in crop-protection formulations.

The agreement, valid through 31 March 2030, significantly increases volumes over the current annual engagement and is expected to generate revenue of approximately $150 million over the contract period, enhancing AIL�s revenue visibility in the medium to long term.

Uniparts India declined 1.37% after the company�s chief financial officer (CFO), Rohit Maheshwari has resigned with effect from 12 March 2026. Following his resignation the board approved the appointment of Sandeep Taneja as the group CFO, effective from 16 March 2026.

Enviro Infra Engineers jumped 5.59% after the company has secured a new project from Bihar Urban Infrastructure Development Corporation for the development of sewerage network and sewage treatment plant (STP) at Aurangabad. The project is valued at Rs 411.08 crore. The EPC work is scheduled to be completed within 15 months from the date of commencement, followed by an operation and maintenance (O&M) period of 5 years.

Global Markets:

European market declined while Most Asian markets fell on Thursday as investors grappled with volatile oil prices and escalating tensions in the Middle East, even after the U.S. and its allies announced an unprecedented emergency release of crude reserves to calm energy markets.

The International Energy Agency is looking to release 400 million barrels of oil following the supply disruption owed to the Iran war, the largest such action in the organization�s history. The IEA did not set out a timeline for when the stocks would hit the market.

The U.S. will release 172 million barrels of oil from the Strategic Petroleum Reserve to help lower energy costs, Energy Secretary Chris Wright reportedly said Wednesday evening stateside.

The announcement from the Energy Secretary came after President Donald Trump said earlier in the day that he would tap the Strategic Petroleum Reserve to keep a lid on energy prices.

Overnight in the U.S., the Dow Jones Industrial Average fell as investors continued to eye developments in the U.S.-Iran war and oil prices.

The 30-stock index shed 289.24 points, or 0.61%, to close at 47,417.27. The S&P 500 inched down 0.08% to settle at 6,775.80, while the Nasdaq Composite ticked up 0.08% to end the session at 22,716.13.

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