The key equity benchmarks traded with minor cuts in the early trade, despite positive cues from global peers, as investor sentiment remained subdued. The cautious undertone reflects lingering concerns over the ongoing US-Iran conflict in the Middle East, a sharp rise in crude oil prices, and sustained strength in the US dollar, which continue to weigh on overall risk appetite. Nifty traded below the 23,400 level. IT, PSU bank and oil & gas shares declined, while auto, pharma, and media stocks advanced.
At 09:30 IST, the barometer index, the S&P BSE Sensex, declined 132.19 points or 0.18% to 75,370.66. The Nifty 50 index fell 15.30 points or 0.07% to 23,398.20.
In the broader market, the BSE 150 MidCap Index slipped 0.12% and the BSE 250 SmallCap Index fell 0.19%.
The market breadth was positive. On the BSE, 1,692 shares rose and 1,400 shares fell. A total of 156 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 9,365.52 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 12,593.36 crore in the Indian equity market on 16 March 2026, provisional data showed.
Stocks in Spotlight:
Reliance Industries (RIL) rose 0.35%. The company announced that it has entered into a binding long-term Supply and Purchase Agreement (SPA) with Samsung C&T Corporation, South Korea, for the supply of green ammonia over a 15-year period commencing in the second half of FY2029.
L&T Technology Services shed 0.07%. The company announced the launch of an Nvidia-powered AI Lung Digital Twin platform for advanced respiratory diagnostics.
Sun Pharmaceutical Industries rose 0.53%. The company announced that the US FDA has accepted the supplemental Biologics License Application (sBLA) for ILUMYA to treat active psoriatic arthritis.
Numbers to Track:
The yield on India's 10-year benchmark federal paper rose 0.39% to 6.705 compared with previous session close of 6.679.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 92.4250 compared with its close of 92.2825 during the previous trading session.
MCX Gold futures for 2 April 2026 settlement rose 0.68% to Rs 156,800.
The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.11% to 99.92.
The United States 10-year bond yield rose 0.38% to 4.235.
In the commodities market, Brent crude for May 2026 settlement rose $2.68 or 2.67% to $102.89 a barrel.
Global Markets:
Asian markets rose on Tuesday as auto and tech stocks gained after Nvidia announced a robust revenue forecast for its key chips and partnerships with carmakers from the region.
The gains in the sectors were fueled by the latest comments from the Nvidia CEO. Jensen Huang said that he expects purchase orders between Blackwell and Vera Rubin chips to reach $1 trillion through 2027 at Nvidia's annual developer conference on Monday.
Shares of automakers Hyundai Motor, Nissan Motor, and Isuzu, as well as China's BYD and Geely, rose after Nvidia announced it was partnering with these companies for its autonomous vehicle development business.
Investors also assessed Iran war developments, with U.S. President Donald Trump looking to delay his meeting with Chinese President Xi Jinping by 'a month or so' due to the Middle East conflict. Trump was expected to travel to China at the end of March.
Overnight in the U.S., stocks rose while oil prices pulled back as Wall Street tried to recover from another losing week, with investors monitoring the latest developments of the Iran war.
The Dow Jones Industrial Average added 387.94 points, or 0.83%, closing at 46,946.41. The S&P 500 rose 1.01% to end at 6,699.38, and the Nasdaq Composite gained 1.22% and settled at 22,374.18.
Meta shares gained more than 2% on a reportÑwhich the company has called "speculative"Ñthat it is planning to lay off more than 20% of its workforce.