The key equity indices ended with steep losses today, snapping a two-day gaining streak, mirroring weak global cues amid persistent uncertainty over the de-escalation of Middle East tensions and renewed concerns about inflationary pressures. The rupee also weakened to a fresh record low of 94.85 against US dollar. Investor sentiment remained cautious due to the lack of clarity on the reopening of the Strait of Hormuz. The Nifty closed below the 22,850 mark.
Meanwhile, the Indian government has slashed additional excise duty on both petrol and diesel on the backdrop of the ongoing US-Iran war in West Asia. The additional excise duty on petrol has been lowered to Rs 3 per litre from Rs 13 per litre earlier. Meanwhile, the excise duty on diesel was cut to nil from Rs 10 per liter earlier. The move to cut petrol and diesel excise duty is aimed at providing relief to the oil marketing companies as oil prices continue to trade above $100 per barrel amid the war in the Middle East. Auto shares declined after advancing in the past two trading sessions.
All the sectoral indices on the NSE were ended in red, dragged down by PSU bank, realty and auto shares.
As per provisional closing data, the barometer index, the S&P BSE Sensex tumbled 1,690.23 points or 2.25% to 73,583.22. The Nifty 50 index fell 488.85 points or 2.09% to 22,819.60. In the past two consecutive trading sessions the Sensex and Nifty climbed 3.54% and 3.53%, respectively.
In the broader market, the BSE 150 MidCap Index slipped 2.18% and the BSE 250 SmallCap Index declined 1.82%.
The market breadth was weak. On the BSE, 831 shares rose and 3,534 shares fell. A total of 146 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term rallied 8.77% to 26.80.
The rupee was hovering at 94.7200 against the U.S. dollar, compared with its previous close of 93.9600 weighed down by the ongoing conflict in West Asia.
In the commodities market, Brent crude for May 2026 settlement added $1.98 or 1.83% to $109.99 a barrel.
US-Iran Warfare
As the Middle East conflict continues without clarity, uncertainty remains a key concern for investors.
According to media reports, U.S. President Donald Trump has decided to extend the pause on potential strikes targeting Iran’s energy infrastructure into April, stating that the decision was taken at Tehran’s “request.” However, subsequent media reports suggested that Iran had not formally sought any such pause.
Meanwhile, Iran is said to have rejected a 15-point proposal put forward by the United States and instead presented its own set of conditions. These reportedly include assurances that the U.S. and Israel would not resume military actions against Iran, along with recognition of Iran’s control over the Strait of Hormuz.
IPO Update:
The initial public offer (IPO) of Sai Parenteral’s received bids for 66,69,722 shares as against 75,22,486 shares on offer, according to stock exchange data at 15:33 IST on Friday (27 March 2026). The issue was subscribed 0.89 times.
The issue opened for bidding on 24 March 2026 and it will close on 27 March 2026. The price band of the IPO is fixed between Rs 372 and 392 per share.
The initial public offer (IPO) of Amir Chand Jagdish Kumar (Exports) received bids for 5,96,56,660 shares as against 1,89,05,270 shares on offer, according to stock exchange data at 15:33 IST on Friday (27 March 2026). The issue was subscribed 3.16 times.
The issue opened for bidding on 24 March 2026 and it will close on 27 March 2026. The price band of the IPO is fixed between Rs 201 and 212 per share.
The initial public offer (IPO) of Powerica received bids for 2,90,10,331 shares as against 2,05,55,171 shares on offer, according to stock exchange data at 15:33 IST on Friday (27 March 2026). The issue was subscribed 1.41 times.
The issue opened for bidding on 24 March 2026 and it will close on 27 March 2026. The price band of the IPO is fixed between Rs 375 and 395 per share.
Stocks in Spotlight:
Tata Motors Passenger Vehicles tumbled 4.90% after reports said its luxury arm, Jaguar Land Rover (JLR), has temporarily halted production at its Solihull plant in the United Kingdom due to a parts supply disruption.
Larsen & Toubro declined 2.16%. The company said its buildings & factories (B&F) vertical has secured multiple orders across several states in India, with the total value classified as ‘significant’ (Rs 1,000 crore – Rs 2,500 crore).
Royal Orchid Hotels (ROHL) fell 4.54%. The company announced the signing of a new upscale hotel project in Mundra, further strengthening its presence in key industrial and port cities across the country.
ACME Solar Holdings jumped 6.01% after the company announced commissioning of an additional 4 MW capacity at its wind power project in Gujarat. The capacity addition has been executed through its subsidiary, ACME Eco Clean Energy, at Surendranagar district. With this, the total commissioned capacity at the project has reached 92 MW out of the planned 100 MW.
Hilton Metal Forging hit upper circuit of 20% after the company secured an order worth approximately Rs 720 crore for the supply of 3,60,000 standard 155mm M107 empty bomb artillery shells.
Azad Engineering advanced 1.12% after the company signed an 8-year long-term contract and price agreement with Mitsubishi Heavy Industries (MHI), Japan, to supply complex hot-section nozzle vane segments for gas turbine engines.
Sula Vineyards fell 2.56% after has signed a definitive agreement with Moët Hennessy India to acquire the wine production facility and estate of Chandon in Dindori, Nashik, as part of its expansion strategy. Spread across 19 acres, the estate houses a state-of-the-art winery with an annual production capacity of 4.5 lakh litres, which can be scaled up to 13 lakh litres
Global Markets:
European market declined as investors struggled to decipher mixed messages on the status of Middle East peace talks.
Asian market ended mixed on Friday despite president Donald Trump’s postponing of strikes on Iran brought some relief, although concerns over a prolonged conflict kept some regional markets under pressure.
President Donald Trump extended his Friday deadline to attack Iran’s energy infrastructure by 10 days to April 6 to allow more time for negotiations.
The extension was at the request of the government of the Islamic Republic, Trump said, and it was granted in exchange for 10 oil tankers that passed through the Strait of Hormuz as a “present” from Tehran. Washington has in recent days signaled it wants a negotiated end to the conflict and insisted that peace talks with the Islamic Republic had been ongoing. Tehran has denied that it is in direct talks with the U.S.
Meanwhile, China’s industrial profits jumped 15.2% from a year earlier in the January-February period, the National Bureau of Statistics data showed Friday, extending a sharp rebound from a 5.3% jump in December.
Overnight on Wall Street, the S&P 500 fell on Thursday, weighed by higher oil prices, as traders followed the latest developments out of the Middle East.
The broad market index declined 1.74% to end at 6,477.16, while the Nasdaq Composite shed 2.38% and closed at 21,408.08. The tech-heavy index closed in correction territory, down more than 10% from its high. The Dow Jones Industrial Average dipped 469.38 points, or 1.01%, and settled at 45,960.11.