The domestic equity benchmarks pared all early losses and traded with marginal gains in mid-morning trade amid mixed global cues. Elevated crude oil prices, with Brent holding above $100 per barrel, remained a key concern for investors. Meanwhile, market participants continued to track developments in the ongoing U.S.-Iran conflict, which has entered its third week. Volatility is likely to remain high amid elevated oil prices and lingering uncertainties surrounding the prolonged Middle East conflict. The Nifty traded above the 23,150 mark. Oil & gas shares extended losses for the second consecutive trading session.
At 11:30 IST, the barometer index, the S&P BSE Sensex, rose 43.62 points or 0.06% to 74,612.08. The Nifty 50 index added 19.45 points or 0.08% to 23,171.35.
The broader market underperformed the frontline indices. The BSE 150 MidCap Index tumbled 1% and the BSE 250 SmallCap Index slumped 1.22%.
The market breadth was weak. On the BSE, 1,142 shares rose and 2,912 shares fell. A total of 201 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 3.02% to 21.96.
IPO Update:
The initial public offer (IPO) of GSP Crop Science received bids for 1,51,432 shares as against 89,47,367 shares on offer, according to stock exchange data at 11:25 IST on Monday (16 March 2026). The issue was subscribed 0.02 times.
The issue opened for bidding on 16 March 2026 and it will close on 18 March 2026. The price band of the IPO is fixed between Rs 304 and 320 per share.
The initial public offer (IPO) of Innovision received bids for 35,31,627 shares as against 63,99,943 shares on offer, according to stock exchange data at 11:27 IST on Monday (16 March 2026). The issue was subscribed 0.55 times.
The issue opened for bidding on 10 March 2026 and will now close on 17 March 2026. Innovision has extended the IPO closing date to March 17 and revised its price band following a tepid response from investors. The new price band has been fixed at Rs 494 to Rs 519 per share, compared with the earlier range of Rs 521 to Rs 548 per share.
Buzzing Index:
The Nifty Oil & Gas index fell 1.66% to 11,098.95. The index dropped 3.81% in two consecutive trading sessions.
Adani Total Gas (down 5.5%), Indian Oil Corporation (down 5.2%), Hindustan Petroleum Corporation (down 4.61%), Mahanagar Gas (down 3.86%), Bharat Petroleum Corporation (down 3.82%), Gujarat Gas (down 3.78%), Oil India (down 2.21%), Gujarat State Petronet (down 2.17%), Indraprastha Gas (down 1.9%) and Aegis Logistics (down 1.79%) declined.
Stocks in Spotlight:
SEAMEC rose 1.25% after the company said a consortium comprising SEAMEC and Supreme Hydro Engineering has received a notification of award from Oil and Natural Gas Corporation (ONGC) for operation and maintenance services of the vessel Samudra Sevak.
Adani Power rose 1.16% after the company said that it has received a Letter of Award from Maharashtra State Electricity Distribution Company for the long-term supply of 1,600 MW of thermal power under a power supply agreement (PSA).
Goodluck India said that its subsidiary Goodluck Defence & Aerospace has commenced its first overseas dispatch of 155 mm heavy-caliber empty shells from its manufacturing plant in Uttar Pradesh.
Global Markets:
Asian markets traded lower on Monday as investors assessed elevated oil prices and the latest developments in the escalating U.S.-Iran conflict.
U.S. crude prices topped $100 per barrel as the Trump administration weighed military strikes on Tehran’s Kharg Island, a strategically vital hub often referred to as Iran’s “oil lifeline.”
President Donald Trump on Friday reportedly ordered strikes against Iranian military assets on Kharg Island and warned of further attacks on crude facilities located there. Mike Waltz, the U.S. ambassador to the United Nations, repeated the warning Sunday, as per media reports.
According to a global research house, a surge in energy prices stemming from the war in Iran could shave about 0.3% off global GDP over the next year, while pushing headline inflation higher by roughly 0.5% to 0.6%.
Higher natural gas prices are expected to add further inflationary pressure and growth headwinds, particularly in Europe and Asia, with risks skewed toward larger impacts if the Strait of Hormuz remains closed, the research firm has reportedly said.
On the data front, retail sales in China for the first two months of the year rose 2.8% from a year earlier, beating the widely reported forecast for 2.5% growth, but a notable slowdown from the 4% growth in the January-February period in 2025.
Industrial output climbed 6.3%, also exceeding widely reported expectations for a 5% jump. Industrial production has been a relative bright spot in the world’s second-largest economy, thanks to resilient external demand, particularly from European and Southeast Asian nations.
On Wall Street, US stocks closed red on Friday, despite showing some recovery and optimism after the opening bell.
The S&P 500 shed 0.61%, putting it 5% below its recent high and closing at 6,632.19. The Nasdaq Composite declined 0.93% to end at 22,105.36. The Dow Jones Industrial Average shed 119.38 points, or 0.26%, and settled at 46,558.47.
Rising oil prices tied to geopolitical tensions have weighed on market sentiment, keeping investors cautious.
Meanwhile, a federal judge on Friday rejected the Justice Department’s attempt to subpoena Federal Reserve Chair Jerome Powell, delivering a significant legal victory for the central bank.
US District Judge James Boasberg ruled that the subpoenas issued by US Attorney Jeanine Pirro were improper and appeared to be politically motivated.
Mortgage rates climbed to their highest level since September on Friday as bond yields rose amid escalating tensions related to the war in Iran.
According to media reports, the average rate on a 30-year fixed mortgage reached 6.41%. Mortgage rates tend to track movements in the 10-year US Treasury yield, which moved higher again on Friday, contributing to the latest increase in borrowing costs.