NIFTY TRADES BELOW 22,500 LEVEL; EUROPEAN MRKT DECLINE

The domestic equity benchmarks traded with major cuts in the afternoon trade as the escalating war between Iran and the U.S.-Israel alliance reignited a surge in crude oil prices, weighing on global market sentiment. The Nifty traded below the 22,500 level.

At 13:30 ST, the barometer index, the S&P BSE Sensex plunged 1,214.02 points or 1.65% to 72,369.20. The Nifty 50 index tumbled 341.40 points or 1.50% to 22,468.45.

The broader market underperformed the frontline indices. The BSE 150 MidCap Index slipped 1.89% and the BSE 250 SmallCap Index fell 1.93%.

Sellers outnumbered buyers. On the BSE, 912 shares rose and 3,374 shares fell. A total of 176 shares were unchanged.

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, surged 4.57% to 28.03.

Gainers & Losers:

Coal India (up 2.81%), Hindalco Industries (up 2.41%), Oil & Natural Gas Corporation (up 1.24%) and Power Grid Corporation of India (up 1.05%) were the major Nifty50 gainers.

Bajaj Finance (down 3.96%), Axis Bank (down 3.57%), Bajaj Finserv (down 3.13%), State Bank of India (down 2.96%) and SBI Life Insurance Company (down 2.84%) were the major Nifty50 losers.

Stocks in Spotlight:

KNR Constructions surged 8.98% after the company announced the receipt of a project award from the National Highways Authority of India.

The company said it has received a Letter of Award for the construction of a four-lane stretch of NH-167 from Gudebellur to Mahabubnagar in Telangana. The project spans 80.01 km and is part of the Hyderabad�Panaji highway corridor. The total project cost stands at Rs 1,734 crore and will be executed under the Hybrid Annuity Mode (HAM), a model that combines government support with private sector participation.

Coal India jumped 2.89% after the company received a letter of award (LoA) from Telangana Power Generation Corporation (TGGENCO) for setting up a battery energy storage system (BESS) plant at Choutuppal, Telangana.

Enviro Infra Engineers rose 4.06% after the company announced that it had received a letter of award (LoA) from NTPC for battery energy storage system (BESS) projects worth Rs 664.33 crore.

Dilip Buildcon rose 2.16% after it had secured a contract worth Rs 698.49 crore from the Narmada Water Resources, Water Supply, and Kalpasar Department, Government of Gujarat.

Global Markets:

European stocks opened in negative territory on Monday as investors grapple with a further escalation in the Iran war and the conflict enters its fifth week.

Retail trade in Spain rose 2.2% YoY in February 2026, slowing from a revised 3.8% in January and below expectations. Growth eased across food and non-food segments, while retail sales dipped 0.1% MoM.

Asian markets traded lower as the Middle East war entered its fifth week, with the conflict escalating despite efforts aimed at finding a diplomatic solution.

In Japan, the Bank of Japan policymakers discussed the need for further rate hikes at their March meeting, as rising oil prices linked to the Middle East conflict add to inflation pressures. One member signaled that tightening may need to be accelerated, according to a summary of opinions released Monday.

There is a risk the BOJ might unintentionally fall behind the curve, one policymaker noted, as second-round effects and a rise in underlying inflation stemming from overseas developments are more likely to emerge.

Meanwhile, Yemen�s Houthi movement said Saturday it had fired missiles at Israel, marking its first direct involvement in the U.S.- and Israeli-led war against Iran.

In a post on a social media platform, Houthi spokesperson Yahya Saree has reportedly said the group launched a barrage of ballistic missiles at what it described as sensitive Israeli military sites, in support of Iran and allied Hezbollah forces in Lebanon.

The strike signals a further escalation in a conflict that began with U.S. and Israeli airstrikes on Iranian targets on Feb. 28.

Last Friday, the Dow Jones Industrial Average tumbled and fell into correction territory. The 30-stock Dow fell 793.47 points, or 1.73%, to close at 45,166.64. The S&P 500 lost 1.67% and ended the session at a seven-month low of 6,368.85. The Nasdaq Composite dropped 2.15% and settled at 20,948.36.

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