The domestic equity indices traded with major losses in the mid-morning trade as further escalations in the war between Iran and Israel-US, persistent FII selling and other factors weighed. The Nifty traded below the 23,400 level. PSU bank shares extended losses for the third consecutive trading session.
At 11:30 IST, the barometer index, the S&P BSE Sensex, dropped 744.90 points or 0.98% to 75,289.52. The Nifty 50 index fell 251.05 points or 1.06% to 23,385.35.
The broader market underperformed the frontline indices. The BSE 150 MidCap Index tumbled 1.65% and the BSE 250 SmallCap Index slumped 1.83%.
The market breadth was weak. On the BSE, 978 shares rose and 2,900 shares fell. A total of 219 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, added 1.21% to 21.78.
IPO Update:
The initial public offer (IPO) of Innovision received bids for 19,26,207 shares as against 63,99,943 shares on offer, according to stock exchange data at 11:30 IST on Friday (13 March 2026). The issue was subscribed 0.30 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 PSU Bank index fell 2.64% to 8,612.40. The index dropped 4.45% in three consecutive trading sessions.
Bank of Maharashtra (down 3.84%), Union Bank of India (down 3.56%), Canara Bank (down 3.21%), Indian Bank (down 2.85%), Punjab National Bank (down 2.79%), Central Bank of India (down 2.65%), Indian Overseas Bank (down 2.3%), Bank of Baroda (down 2.25%), State Bank of India (down 2.24%) and UCO Bank (down 2.15%) declined.
Stocks in Spotlight:
Balaji Amines declined 2.71% after the company announced that the supply of Liquefied Natural Gas (LNG), a key input used for the production of Ammonia, has been adversely affected due to ongoing war in the Middle East.
Aurionpro Solutions slipped 2.92% after the company said it has secured its largest-ever order in the data centre segment from a leading hyperscale data centre operator.
Global Markets:
Asian market traded lower Friday as oil prices soared on renewed fears that a prolonged conflict in the Middle East could further crimp energy supplies, stoking fears of a global economic downturn.
Iran’s new Supreme Leader Mojtaba Khamenei said in a late Thursday speech that the Strait of Hormuz, a vital artery for global oil trade, should remain shut and that Tehran could open other fronts in the war if the conflict persists.
International benchmark Brent crude jumped 9.22% to close at $100.46 per barrel on Thursday. It was the first time Brent closed above $100 since August 2022. U.S. West Texas Intermediate futures rose 9.72% to settle at $95.73.
Oil prices are likely to remain elevated in the near term as investors price in the risk of a prolonged Middle East conflict, media report said.
U.S. President Donald Trump has sought to downplay the rise in oil prices, saying that the U.S., as the world’s largest oil producer, stands to benefit from higher oil prices, while stressing that his priority would be blocking Iran from obtaining nuclear weapons.
Treasury Secretary Scott Bessent said Thursday night that the U.S. would temporarily allow the purchase of sanctioned Russian crude that is already at sea to stabilize energy markets, while framing the price spike as a "temporary disruption.”
Overnight in the U.S., major stock indexes notched closing lows for 2026, with the Dow Jones Industrial Average falling nearly 740 points to settle below 47,000 for the first time this year.
The S&P 500 shed 1.5% to end the session at 6,672.62, while the Nasdaq Composite lost 1.8% to close at 22,311.98.