Meanwhile, the Indian government has slashed additional excise duty on both petrol and diesel on backdrop of 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 litre earlier. The move to cut petrol 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.

Media shares declined, snapping a two-day gaining streak.

At 11:25 IST, the barometer index, the S&P BSE Sensex tumbled 1208.08 points or 1.61% to 74,074.11. The Nifty 50 index declined 344.50 points or 1.48% to 22,960.15.

The broader market underperformed the frontline indices. The BSE 150 MidCap Index fell 1.94% and the BSE 250 SmallCap Index shed 2.05%.

The market breadth was weak. On the BSE, 856 shares rose and 3,217 shares fell. A total of 163 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term rallied 7.62% to 26.52.

The rupee fell to a record low of 94.5500 against the U.S. dollar, compared with its previous close of 93.9600 weighed down by the ongoing conflict in West Asia.

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 32,85,024 shares as against 75,22,486 shares on offer, according to stock exchange data at 11:18 IST on Friday (27 March 2026). The issue was subscribed 0.44 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 3,45,91,410 shares as against 1,89,05,270 shares on offer, according to stock exchange data at 11:18 IST on Friday (27 March 2026). The issue was subscribed 1.83 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 8,96,991 shares as against 2,05,55,171 shares on offer, according to stock exchange data at 11:18 IST on Friday (27 March 2026). The issue was subscribed 0.04 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.

Buzzing Index:

The Nifty Media index tumbled 2.91% to 1,272.95. The index rallied 4.61% in the past two consecutive trading sessions.

Network 18 Media & Investments (down 5.18%), Prime Focus (down 4.98%), Hathway Cable & Datacom (down 3.59%), Sun TV Network (down 3.39%) and Saregama India (down 3.29%) were the top losers. Among the other losers were Zee Entertainment Enterprises (down 3.21%), Nazara Technologies (down 2.93%), D B Corp (down 2.53%), PVR Inox (down 2.13%) and Tips Music (down 1.19%) tumbled.

Stock in Spotlight:

ACME Solar Holdings surged 6.38% after the company announced commissioning of an additional 4 MW capacity at its wind power project in Gujarat.

Hilton Metal Forging surged 17.23% 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.

Global Markets:

Asian market declined on Friday following a volatile session on Wall Street overnight, as the prospect of a peace deal in the Middle East remained murky amid contradictory messaging from the U.S. and Iran.

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.

Iran reportedly rejected the 15-point proposal compiled by the U.S. and offered their own conditions, including a guarantee that the U.S. and Israel won’t resume their attacks on the country and recognition of its authority over the Strait of Hormuz.

Oil prices fell amid easing tensions in the almost month-long conflict. The West Texas Intermediate for May delivery dropped 1.8% to $92.82 per barrel as of 8:30 p.m. ET, while international benchmark Brent crude oil futures fell 1.92% to $105.9 a barrel.

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.