The Nifty ended below the 23,050 mark. All sectoral indices on the NSE ended in the red, with auto, realty and consumer durables stocks declining the most.

As per provisional closing data, the barometer index, the S&P BSE Sensex tanked 2,496.89 points or 3.26% to 74,207.24. The Nifty 50 index lost 775.65 points or 3.26% to 23,002.15.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index slipped 3.04% and the BSE 250 SmallCap Index fell 2.58%.

The market breadth was weak. On the BSE, 1,057 shares rose and 3,186 shares fell. A total of 161 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, zoomed 21.79% to 22.80.

In the commodities market, Brent crude for May 2026 settlement rose $7.51 or 6.99% to $114.89 a barrel amid the US-Iran war.

West Asia Conflict:

The Iran conflict has escalated into a full-blown energy crisis, with direct attacks on key oil and gas infrastructure across the Middle East, including Iran’s South Pars field and Qatar’s Ras Laffan LNG hub. This marks a shift from a military confrontation to economic warfare, putting nearly 20% of global energy supplies at risk. Oil and gas prices have surged sharply, while the disruption has exposed vulnerabilities, particularly in Europe, where gas-dependent economies are grappling with rising electricity costs. With supply chains strained and the Strait of Hormuz effectively compromised, global energy markets remain on edge, and the fallout is expected to persist.

Adding to tensions, Israeli Defense Minister Israel Katz said “significant surprises” lie ahead following an overnight strike that reportedly killed Iran’s intelligence minister. Esmail Khatib. Iran condemned the attack on its South Pars gas field, with President Masoud Pezeshkian warning of “uncontrollable consequences” that could "engulf the entire world."

New Listing:

Shares of Rajputana Stainless ended at Rs 113 on the BSE, marking a 7.38% discount to the issue price of Rs 122.

The stock was listed at Rs 123.95, reflecting a discount of 1.60% to the issue price. The stock has hit a high of Rs 123.95 and a low of Rs 111.25. On the BSE, over 4.88 lakh shares of the company were traded in the counter.

Buzzing Index:

The Nifty Auto index slipped 4.25% to 24,509.90. The index surged 5.7% in the past three trading sessions.

Ashok Leyland (down 5.05%), Bharat Forge (down 4.95%), Mahindra & Mahindra (down 4.93%), Samvardhana Motherson International (down 4.65%), Tata Motors Passenger Vehicles (down 4.48%), Hero MotoCorp (down 4.17%), Bajaj Auto (down 4.11%), Maruti Suzuki India (down 3.43%), Eicher Motors (down 2.81%) and Uno Minda (down 2.76%) tumbled.

Stocks in Spotlight:

HDFC Bank declined 5.05%. The bank announced that its part-time chairman and independent director, Atanu Chakraborty, has resigned with immediate effect from 18 March 2026. In his resignation letter, he stated that certain happenings and practices within the bank over the last two years were not in congruence with his personal values and ethics. The Reserve Bank of India has approved the appointment of Keki Mistry as interim part-time chairman for a period of three months, effective 19 March 2026. Chakraborty joined the board in May 2021, and his tenure oversaw the merger with HDFC.

Vedanta fell 1.43%. The company said that its board will meet on 23 March 2026 to consider and approve the third interim dividend for the financial year 2025-26. The company has fixed 28 March 2026 as the record date to determine the eligibility of shareholders for the proposed dividend, if declared.

G R Infraprojects tumbled 5.45%. The company announced that it has emerged as the L1 bidder for an NHAI construction project worth Rs 2,441 crore.

DCX Systems fell 4.82%. The company announced that it has secured an order worth Rs 12.8 crore for the supply of cable and wire harness assemblies.

Zydus Lifesciences declined 2.40%. The company announced the launch of Aerolife Mini, a next-generation pressurized metered-dose inhaler (pMDI) enhancer, marking a key step in the company’s strategy to drive drug-device-led innovation in respiratory care.

Hindustan Construction Company fell 3.07%. The company has won a major infrastructure contract valued at approximately Rs 1,662.27 crore from the Brihanmumbai Municipal Corporation for the construction of the Goregaon-Mulund Link Road (GMLR) Phase IV.

Nazara Technologies slipped 4.94%. The company’s wholly owned subsidiary, Nazara Technologies UK, has signed definitive agreements to acquire a 50% controlling stake in Bluetile Games S.L. and BestPlay Systems S.L. for a consideration of $100.3 million (around Rs 918 crore).

TARC shed 0.80%. The company announced the launch of TARC Ishvara, a residential project located in Sector 634, Gurugram, with an estimated gross development value (GDV) of Rs 3,600 crore.

Mahindra Lifespace Developers rose 0.50%. The company said that it has launched residential phases 1 and 2 of Mahindra Rainforest, a premium mixed-use township on LBS Marg, Kanjur, Mumbai.

Puravankara dropped 3.79%. The company said that it has extended a corporate guarantee of Rs 50 crore in favor of SBM Bank (India) on behalf of its wholly owned subsidiary, Starworth Infrastructure & Construction.

Glenmark Pharmaceuticals fell 3.73%. The company received final approval from the United States Food and Drug Administration for its Fluticasone Propionate Nasal Spray (OTC), marking its entry into the US over-the-counter nasal spray segment.

Ahluwalia Contracts (India) fell 2.33%. The company said that it has secured a construction order worth Rs 393.04 crore from the Airports Authority of India for the development of a new greenfield airport at Bundi in Kota district, Rajasthan.

Global Markets:

European shares traded lower on Thursday as the Iran war escalates following attacks on Iranian and Qatari energy infrastructure.

The European Central Bank and the Bank of England are expected to keep interest rates unchanged, maintaining a cautious stance amid rising inflation risks and geopolitical uncertainty.

The Swiss National Bank also held its policy rate at 0% and signaled readiness to intervene in currency markets, while inflation remains subdued but may rise due to higher energy prices.

Meanwhile, the UK unemployment rate remained steady at 5.2%, with employment rising and economic inactivity declining.

Asian markets ended in red, tracking losses on Wall Street that saw the Dow Jones Industrial Average touch a new closing low for the year.

The Bank of Japan kept the interest rates steady at 0.75% but noted that inflation risks now are tilted to the upside due to the Iran war.

Malaysia’s annual inflation eased to 1.4% in February 2026 from 1.6% in January, coming in below market expectations of 1.6% and marking the lowest level since November. The moderation was driven by slower price increases across key segments, including food, health, and education. Core inflation also softened to 2% from 2.3%, the lowest in six months. On a monthly basis, consumer prices rose 0.2% in February, compared with a 0.1% rise in the previous month.

Overnight in the U.S., the 30-stock Dow Jones Industrial lost 1.63%, ending at 46,225.15, reaching a new low this year. The index also closed below its 200-day moving average. The S&P 500 fell 1.36%, while the Nasdaq Composite dropped 1.46%.

The Federal Reserve held its key policy rate steady at 3.5% to 3.75%, with Chair Jerome Powell watering down rate-cut expectations, saying that inflation was not coming down as much as ‘hoped.’

The U.S. central bank’s “dot plot” projects a cut in 2026 and another in 2027, even though the timing is unclear.

The producer price index—which tracks the change in wholesale prices—rose 0.7% in February, well above the 0.3% that economists polled by Dow Jones had estimated.