BENCHMARKS PLUNGE AMID ESCALATING MIDDLE EAST CONFLICT

The key equity benchmarks traded with sharp losses in early afternoon trade amid weak global cues amid escalating tensions in the Middle East and rising crude oil prices. Investor sentiment remained fragile, continuing to weigh on overall risk appetite. The Nifty traded around the 23,250 mark.

Auto shares declined after advancing for three consecutive trading sessions.

At 12:25 IST, the barometer index, the S&P BSE Sensex tumbled 1654.87 points or 2.16% to 75,040.89. The Nifty 50 index plunged 525.35 points or 2.21% to 23,252.45.

The broader market underperformed the frontline indices. The BSE 150 MidCap Index declined 2.14% and the BSE 250 SmallCap Index dropped 1.78%.

The market breadth was strong. On the BSE, 1,104 shares rose and 2,872 shares fell. A total of 187 shares were unchanged.

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, declined 4.11% to 18.98.

In the commodities market, Brent crude for May 2026 settlement surged $5.89 or 5.49% to $113.27 a barrel following Israel attacked Iran�s South Pars gas field on Wednesday, prompting retaliatory missile attacks from Tehran on Qatar�s Ras Laffan liquefied natural gas terminal.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, surged 14.51% to 21.44. The Nifty 30 March 2026 futures were trading at 23,275, at a premium of 22.55 points as compared with the spot at 23,252.45.

The Nifty option chain for the 30 March 2026 expiry showed a maximum call OI of 48.6 lakh contracts at the 24,000 strike price. Maximum put OI of 43.6 lakh contracts was seen at the 22,000 strike price.

West Asia Conflict:

The Middle East war continues to escalate, keeping investors on edge. US President Donald Trump on Wednesday warned that Iran�s key South Pars gas field could be destroyed if there are any further attacks targeting Qatar�s main gas facility. The warning came as Qatar said Iranian missile strikes had caused extensive damage on Ras Laffan Industrial City, the world�s largest LNG export facility in the world.

Israeli defence minister Israel Katz said �significant surprises� are ahead after Iran�s intelligence minister Esmail Khatib was killed in an overnight strike. Iran condemned the attack on its South Pars gas field, with President Masoud Pezeshkian warning of �uncontrollable consequences� that could �engulf the entire world.�

Buzzing Index:

The Nifty Auto index declined 3.17% to 24,787.20. The index surged 6.01% in the three consecutive trading sessions.

Samvardhana Motherson International (down 4.48%), Ashok Leyland (down 3.91%), Bharat Forge (down 3.82%), Tata Motors Passenger Vehicles (down 3.59%), TVS Motor Company (down 3.26%), Eicher Motors (down 3.2%), Maruti Suzuki India (down 3.13%), Hero MotoCorp (down 2.84%), Mahindra & Mahindra (down 2.71%) and Uno Minda (down 2.59%) tumbled.

Stocks in Spotlight:

NHPC rose 0.45%. The company announced that its board of directors has scheduled a meeting on Wednesday, 25 March 2026, to consider a proposal regarding its borrowing plan for the financial year 2026�27.

Nazara Technologies declined 1.47%. The company�s �wholly owned subsidiary, Nazara Technologies UK, has signed definitive agreements to acquire a 50% controlling stake in Bluetile Games S.L. and BestPlay Systems S.L. for a consideration of $100.3 million (around Rs 918 crore).

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