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The sell-off wiped out nearly ₹15 lakh crore of investor wealth in a single session and about ₹50 lakh crore since the onset of the conflict. Volatility surged significantly, with the India VIX hitting a two-year high, reflecting increased uncertainty in the markets. Weak global cues, rising macro risks, and sustained selling pressure weighed heavily across sectors.Market breadth remained extremely weak, with the NSE advance-decline ratio at 1:14. As many as 16 of the 50 Nifty stocks and 27 of the 100 Midcap stocks hit their 52-week lows, indicating widespread damage across the broader market.The Nifty Bank index tumbled 1,989 points to end at 51,438, while the Midcap index declined 2,138 points to 52,718. Realty stocks were among the worst hit, as fears of a potential rate hike dented sentiment, Lodha fell as much as 9%.Oil & gas stocks remained under pressure amid rising crude prices and concerns around supply disruptions. HPCL, BPCL, IOC, and Petronet LNG declined between 4–8%. Gold financing companies also saw selling pressure, with Muthoot Finance falling 6% and Manappuram Finance down 3%.In contrast, select IT stocks managed to close in the green, supported by the sharp depreciation in the rupee, which hit near 94/$ levels. Power Grid Corporation also recovered from intraday lows to end higher after upbeat capex guidance.Among individual stocks, Kaynes Technology declined 6% following cautious commentary on cash flows.Meanwhile, macro indicators signalled rising stress, Brent crude prices climbed back to $115 per barrel, the rupee weakened sharply, and the 10-year bond yield crossed 6.80%, hitting its highest level in over a year. Precious metals also saw a sharp correction, with gold and silver plunging 7–11%, erasing their gains for 2026.

“These are the kinds of falls you see once in a blue moon. It’s difficult to convince people to either buy or even hold on to their portfolios. I know a lot of HNIs who have sold out their entire portfolios in panic.

Broadly, there are two types of investors in this market — those who are fully invested with no cash, and those who have cash but are not investing. If you have cash and are still not investing in a market like this, you probably never will — you’ll just keep waiting.

For those who are fully invested, this could be a good time to churn the portfolio. Sell stocks where conviction is low and increase allocation to those where confidence is higher. A more concentrated portfolio could yield better returns in a recovery.

Markets cannot remain like this forever. Historically, whenever we’ve seen such phases, returns over the next one to two years have been strong. So, this is not the time to stay out. That said, don’t invest everything at once — stagger your investments, as the bottom is uncertain.”

Benchmark indices ended sharply lower in the Monday session with the Sensex plunging 1,837 points to close at 72,696 and the Nifty tumbling 602 points to settle just above the 22,500 mark at 22,513, both down over 2.5%.

The rupee ended at a record closing low of 93.98/$ on Monday, weakening from Friday’s close of 93.71/$.

The domestic currency remained under pressure amid persistent dollar demand and weak market sentiment.

The rupee ended at a record closing low of 93.98/$ on Monday, weakening from Friday’s close of 93.71/$.

The domestic currency remained under pressure amid persistent dollar demand and weak market sentiment.

“In this kind of uncertain environment, investors typically turn to safe-haven assets like gold and silver, which tend to benefit from rising geopolitical tensions and market volatility.”“We are in uncharted territory, and I was thinking over the weekend about why there is so much nervousness. The conclusion I’ve come to is that while we have seen wars before—Russia-Ukraine, the first Gulf War when Kuwait was invaded, the second Gulf War when Iraq was invaded, and even the Israel-Hezbollah conflict—this situation is very different.The key difference is that the players involved now are very strong on both sides. That’s why there is heightened uncertainty around how energy markets will play out and what kind of supply chain disruptions may emerge. This is also driving the relentless selling we are witnessing.After such a sharp market fall, most investors are in capital preservation mode. They are hesitant to deploy more cash at these levels, as markets could fall another 5% even from here.”

Vedanta Ltd informed that its board has approved an interim dividend of ₹11 per equity share for the financial year. The total payout stands at around ₹4,300 crore, the company said in an exchange filing.

The shares of Bengaluru-based Canara Bank fell over 4%

Sudeep Shah, Head of Technical and Derivative Research, SBI Securities

Eternal

The public-owned bank, Union Bank, slumped by over 4%.

Through an overnight variable rate (VRR) auction, the Reserve Bank of India (RBI) added ₹79,256 crore to the banking system on Monday, March 23.

Stock                                  FY27 P/E                           5-yr avg

KPIT                                      20x                                        43x

Syngene                             35x                                        48x

HPCL                                   5x                                           6x

Coforge                              20x                                        33x

Lodha                                 18x                                        36x

Nifty is currently down 570 points.

Shriram Finance, Titan, JSW Steel, UltraTech Cement are the top Nifty losers.

Sensex has declined 1,700 points.

PM Modi Says:

Condition Of West Asia At This Time Is Worrisome

West Asia War Is Having A Major Impact On Global Economy

India Is Dependent On Supplies Of Crude Oil & Natural Gas From Affected Regions

Have Had Two Rounds Of Talks With Leaders Of Gulf Nations

We Are Supporting The Indian Diaspora In The Affected Regions

3.75 Lk Indians Have Returned Since Start Of The West Asia War

Govt Is Vigilant And Monitoring The Developments

We’re Focussed On Ensuring Adequate Supplies Of Petrol, Diesel, And Other Fuels

Have Prioritised The Supply Of LPG To Domestic Users

Ensuring Continuous Petrol & Diesel Supplies In The Country

India Has Strategic Reserves Of 53 Lakh Metric Tonnes

Govt In Conversation With Energy Suppliers From Different Nations

Govt Monitoring The Developments At The Strait Of Hormuz

Many Ships Previously Stuck In The Strait Of Hormuz Have Safely Arrived In India

Blending 20% Ethanol In Petrol, Saving Imports Of 4.5 Cr Barrels Of Oil

Energy Is The Spine Of Economic Growth

Continuously Putting In Efforts To Ensure Energy Security

Fundamentals Of The Indian Economy Are Very Strong

We Are In Conversation With All The Sectors

Confident That Efforts From Industry & Govt Together Will Help Us Get Through This Situation

Effort To Ensure Adequate Fertilisers For The Kharif Season

Urea Prices Hit `3,000/bag During COVID, But Farmers Paid Only The Subsidised Rates

Usage Of Solar Pumps In Agriculture Has Led To Reduced Diesel Consumption

Summers Will Lead To Higher Electricity Demand

Power Plants Have Enough Coal Stocks For Now

Focussed Heavily On Renewable Energy, 50% Of Our Installed Capacity Now From Renewables

Compressed Bio Gas Plants Are Helping Reduce Dependence On Fossil Fuels

Focussing On Energy Generation Via Nuclear Energy

India’s Stance Is Clear On The War, Have Spoken To Every Leader In The West Asian Countries

Ensuring Safe Passage Of Indian Ships From The Strait Of Hormuz

India In Favour Of Humanity And Peace

Have Urged Global Leaders To Help De-escalate West Asia Tensions

India Remains Vigilant And Alert On All Fronts To Safeguard Its Security

Copper prices are at their lowest level since December 2025 and are down 11% over the past month.

Metals extend their decline as the ongoing West Asia conflict intensifies inflation fears. A rise in the dollar and US Treasury yields, along with liquidation to offset losses in other asset classes, is adding to the pressure. Markets are now factoring in a 50% probability of one rate hike by year-end.

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The market has managed to mark a minor recovery from the lows of the day.

Stock                                  FY27 P/E                           5-yr avg

Here is a look at the key movers of the Indian markets amid the sell-off.

On Monday, March 23, shares of HDFC Bank Ltd. opened down following a reduction in the stock’s target price by the broking company HSBC. The broker reduced its target from ₹1,070 to ₹990 while maintaining a ‘Buy’ rating.

The expansion of AI-driven data centres and robust structural demand from renewable energy sources, according to Rakesh Arora, founder of GoIndiaStocks.com, indicates that the metals rally is still ongoing. Tight supply and demand will support prices even though short-term volatility can continue.

WATCH HERE 

Rajesh Palviya, VP Technical and Derivative Research Axis Securities, Axis Securities

Quick commerce confronts competition and slower growth, but increasing unit economics and a turn to profitability could help stocks, according to Karan Taurani, EVP of Elara Capital. Concerns about LPG have subsided, and despite competition, platform fees are increasing food delivery profits.

WATCH HERE 

The price of crude standard Brent Crude has hit the $114 mark, furthering the rise in price.

Bosch Announces JV With Tata Auto Comp Systems To Accelerate Future Growth In E-Mobility

On Monday, March 23, shares of Vishal Mega Mart Ltd. fell more than 3% despite an increase in the stock’s rating by broking company Ambit Institutional Equities. The stock has now fallen below ₹100.

On Monday, March 23, Hindustan Zinc Ltd. and Tata Steel announced a collaboration to increase the usage of its low-carbon zinc product, EcoZen, in steel production to lower emissions throughout the value chain.

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