Closing Bell: Nifty 50 Falls Over 2%, Sensex Slides 1,690 Points as Global Tensions Weigh; Rupee Hits Record Low, Crude Near $110

Market Update at 04:10 PM: Indian equity benchmarks ended sharply lower on Friday, March 27, with the Nifty 50 and Sensex declining over 2 per cent each, as weak global cues and fading hopes of a resolution to the Iran conflict dented investor sentiment.

The Nifty 50 opened with a gap-down of 132 points and extended its losses to hit an Intraday low of 22,804.55. Despite witnessing heavy volumes in the final 30 minutes of trade, the index failed to recover meaningfully. It eventually closed lower by 486.85 points, or 2.09 per cent, at 22,819.60. The Sensex dropped 1,690.23 points, or 2.25 per cent, to settle at 73,583.22. On a weekly basis, the Nifty 50 declined by 1.28 per cent.

Broader market sentiment remained weak, with the Bank Nifty falling 2.67 per cent to close at 52,274.60. The India VIX, a measure of market volatility, surged over 8 per cent to close above the 26 mark, reflecting heightened uncertainty among investors.

Global developments continued to weigh on markets. U.S. President Donald Trump indicated an extension of the pause on attacks targeting Iran’s energy infrastructure into April, stating that negotiations were progressing well. However, Iran termed the U.S. proposal as “one-sided and unfair” and continued strikes on U.S. and Israeli bases, keeping geopolitical tensions elevated.

Meanwhile, in response to rising global crude oil prices and pressure on oil marketing companies, the government reduced the Special Additional Excise Duty (SAED) on petrol and diesel by Rs 10 per litre each. The move aims to stabilise retail fuel prices amid the global price surge.

Currency markets also reflected the stress, with the Indian rupee falling to a record low of 94.70 against the U.S. dollar, amid concerns over prolonged geopolitical risks. Brent crude oil prices rose around 2 per cent to hover near USD 110 per barrel.

Sectorally, all 11 major indices ended in the red. The Nifty Midcap and Nifty Smallcap 100 indices declined by 2.23 per cent and 1.74 per cent, respectively. The Nifty PSU Bank index emerged as the top loser, falling 3.86 per cent, with all its constituents ending lower and recording the highest volumes in the past two months. Other sectors including Realty, Auto, Financial Services, and Bank also fell over 2 per cent each.

Among stock-specific movements, HEG and Graphite India surged 13.74 per cent and 7.46 per cent, respectively, after GrafTech International Ltd announced a price hike of USD 600 to USD 1,200 per metric tonne for graphite electrodes. On the downside, Reliance Industries declined 4.6 per cent, impacted by export duty on fuel exports.

In terms of index contributors, Oil and Natural Gas Corporation (ONGC), Bharti Airtel, and Tata Consultancy Services (TCS) supported the Nifty 50, contributing 9.99 points, 5.66 points, and 2.77 points, respectively. However, Reliance Industries, HDFC Bank, and ICICI Bank dragged the index down by 96.05 points, 87.42 points, and 40.53 points, respectively.

Market breadth remained firmly negative. Out of 3,390 stocks traded on the NSE, 505 advanced, 2,814 declined, and 71 remained unchanged. A total of 17 stocks touched their 52-week highs, while 734 hit their 52-week lows. Additionally, 38 stocks were locked in Upper Circuits, whereas 214 stocks hit Lower Circuits.

Market Update at 2:14 PM: Indian equity benchmarks Nifty 50 and Sensex were trading near the day’s low on Friday, weighed down by losses in PSU bank and auto stocks, even as investors assessed mixed signals emerging from ongoing talks between the U.S. and Iran.

The Nifty 50 was trading lower by 402.05 points, or 1.73 per cent, at 22,904.40 as of 14:09 on March 27, 2026. Meanwhile, the Sensex stood at 73,863.67, extending its losses during the session.

Broader markets underperformed the benchmark indices, indicating continued pressure across the wider market. The Nifty MidCap index was down 1.62 per cent, while the Nifty SmallCap index slipped 1.72 per cent.

On the sectoral front, PSU Bank stocks emerged as the top laggards, declining over 3 per cent. Selling pressure was also evident in the Nifty Realty and Nifty Auto indices, which underperformed during the session.

However, some defensive sectors provided support to the market. The Nifty IT and Nifty Pharma indices bucked the broader trend and outperformed amid the ongoing volatility.

Market Update at 12:15 PM: Indian benchmark indices extended losses on Friday, tracking weakness in global equities as investors assessed mixed signals around ongoing talks between the U.S. and Iran.

The Nifty 50 was trading 1.53 per cent, or 355.25 points, lower at 22,945.20. The Sensex declined 1.67 per cent, or 1,260.18 points, to 74,014.96.

Broader markets underperformed the benchmarks, with the Nifty MidCap index falling 1.90 per cent and the Nifty SmallCap index declining 1.81 per cent, indicating broad-based selling pressure.

On the sectoral front, PSU Bank stocks emerged as the top laggards, declining over 3 per cent. The Nifty Realty and Nifty Auto indices also underperformed during the session. However, Nifty IT and Nifty Pharma stocks bucked the trend and showed relative outperformance.

In the commodities market, Brent crude prices declined during the Asian session after U.S. President Donald Trump paused a potential attack on Iran’s energy infrastructure for 10 days, citing progress in talks with the Islamic Republic. He also stated that Iran allowed 10 oil tankers to pass through the Strait of Hormuz as a goodwill gesture toward the U.S.

However, Iran has not officially confirmed any ongoing negotiations with the U.S.

Brent crude’s March expiry contract was trading 0.56 per cent lower at USD 107.41 per barrel.

Market Update at 09:35 AM: Indian equity benchmarks Nifty 50 and Sensex declined in early trade on Friday, tracking losses in global equities as investors assessed mixed signals around the ongoing talks between the U.S. and Iran.

As of 9:18 AM, the Nifty 50 was trading lower by 1.11 per cent or 258.85 points at 23,047.70. The Sensex also slipped 1.18 per cent or 889.02 points to 74,392.45.

Broader markets underperformed the benchmark indices, indicating broader selling pressure. The Nifty MidCap index declined 1.5 per cent, while the Nifty SmallCap index fell 1.55 per cent.

On the sectoral front, PSU Bank stocks emerged as the Top Losers, declining 2.6 per cent. The Nifty Realty and Nifty Media indices also witnessed notable selling pressure, reflecting weak sentiment across rate-sensitive and cyclical segments.

However, the Nifty IT index bucked the broader market trend, gaining 0.61 per cent, supported by defensive buying and potential stability in global tech demand.

In the commodities market, Brent crude prices declined during the Asian session after U.S. President Donald Trump announced a 10-day pause on any attack targeting Iran’s energy infrastructure. He cited progress in talks with Iran and mentioned that Iran allowed 10 oil tankers to pass through the Strait of Hormuz as a goodwill gesture toward the U.S.

Despite these developments, Iran has not officially confirmed any ongoing negotiations with the U.S., leaving uncertainty in the market.

Brent crude was trading 1.26 per cent lower at USD 106.65 per barrel, providing some relief on the inflation front but reflecting ongoing geopolitical uncertainty.

Pre-Market Update at 7:53 AM: Indian benchmark indices Sensex and Nifty 50 are likely to open lower on Friday, March 27, 2026, tracking sharp losses in global markets amid rising tensions in the U.S.–Iran conflict and uncertainty over a potential peace agreement.

As of 7:26 am, GIFT Nifty was trading near the 23,125 level, down by nearly 48 points from the previous close of Nifty futures, indicating a negative start for domestic equities.

Global sentiment remained weak, with Asian markets declining significantly and Wall Street ending sharply lower in the previous session. The Nasdaq fell more than 2 per cent, confirming a correction phase in U.S. equities.

Asian markets traded under pressure on Friday. Japan’s Nikkei 225 declined 1.27 per cent, while the Topix slipped 0.28 per cent. South Korea’s Kospi plunged 2.96 per cent and the Kosdaq dropped 1.33 per cent. Hong Kong’s Hang Seng index futures also indicate a weak opening.

A key trigger for markets remains the ongoing U.S.–Iran tensions. U.S. President Donald Trump stated that attacks on Iran’s energy infrastructure would be paused for 10 days following a request from Tehran, adding that negotiations are progressing “very well.” However, an Iranian official rejected the proposal, calling it one-sided and unfair, keeping geopolitical uncertainty elevated.

Crude oil prices declined after the extension of the negotiation deadline. Brent crude fell 0.76 per cent to USD 107.19 per barrel, while U.S. West Texas Intermediate (WTI) crude dropped 0.43 per cent to USD 94.07.

In Japan, government bond yields surged, with the 5-year yield hitting a record high of 1.77 per cent. The 10-year yield rose to 2.30 per cent and the 2-year yield climbed to 1.35 per cent, nearing a three-decade high, indicating tightening financial conditions.

Goldman Sachs has downgraded Indian equities to ‘marketweight’ from ‘overweight,’ citing weaker macroeconomic conditions and slowing earnings growth. It also reduced the Nifty 50’s 12-month target to 25,900 from 29,300, implying a potential upside of around 13 per cent based on moderate earnings growth and a target PE multiple of 19.5x.

China’s industrial profits rose sharply by 15.2 per cent year-on-year in the first two months, compared to 0.6 per cent growth last year, reflecting improved industrial activity. Meanwhile, the U.S. dollar remained firm near multi-month highs, trading at 99.93 against a basket of currencies and on track for a 2.3 per cent monthly gain.

From a derivatives perspective, the Put-Call Ratio (PCR) stands at 1.25. On the Put side, the 23,000 strike has significant open interest, making it a crucial support level. The 23,300 level also shows notable support. On the Call side, heavy open interest at 23,500 suggests strong resistance, indicating limited upside unless this level is breached.

Technically, Wednesday’s high of 23,465 is expected to act as immediate resistance for Nifty 50. A break below 23,000 could lead to further downside towards 22,800 and 22,650. On the upside, 23,465 remains a key hurdle.

In the F&O segment, SAIL remains under the ban list for March 27.

Institutional flows continue to show divergence. On March 25, Foreign Institutional Investors (FIIs) were net sellers worth Rs 1,805.37 crore, marking their 19th consecutive session of selling. Domestic Institutional Investors (DIIs) bought equities worth Rs 5,429.78 crore, providing some support to the market.

The Indian stock market was closed on Thursday due to Ram Navami. On Wednesday, the indices ended with strong gains, with the Sensex rising 1,205 points or 1.63 per cent to 75,273.45, and the Nifty 50 gaining 394.05 points or 1.72 per cent to close at 23,306.45.

On Wall Street, markets closed sharply lower. The Dow Jones fell 469.38 points or 1.01 per cent to 45,960.11. The S&P 500 dropped 1.74 per cent to 6,477.16, and the Nasdaq declined 2.38 per cent to 21,408.08. Technology stocks led the decline, with Nvidia down 4.16 per cent, AMD falling 7.49 per cent, Meta dropping 7.92 per cent, Alphabet down 3.06 per cent, Microsoft easing 1.37 per cent, and Tesla declining 3.59 per cent.

In commodities, gold steadied around USD 4,400 per ounce after a sharp fall in the previous session, while silver gained 0.5 per cent to USD 68.33.

Disclaimer: The article is for informational purposes only and not investment advice.