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Benchmark indices ended sharply lower, snapping a two-day gaining streak, as heavy selling dragged markets deep into the red. The Sensex plunged 1,690 points to close at 73,583, while the Nifty tumbled 487 points to settle at 22,820—both down over 2%. Selling pressure was widespread, with 26 out of 30 Sensex constituents closing in the red.Market breadth remained decisively weak, with the NSE advance-decline ratio at 1:7, indicating broad-based declines across sectors. All sectoral indices ended lower, led by PSU banks, which bore the brunt of the sell-off. The Nifty Bank index dropped 1,434 points to close at 52,275, while the Midcap index saw steep cuts, falling 1,233 points to end at 54,098.Among Nifty laggards, Shriram Finance, Reliance Industries, Bajaj Finance, Tata Motors (PV), and InterGlobe Aviation emerged as top losers. Tata Motors’ passenger vehicle arm declined 5% after reports indicated another production halt at its JLR plant, weighing on investor sentiment.Volatility spiked sharply during the session, with India VIX surging nearly 9%, reflecting heightened market uncertainty. Meanwhile, the Indian rupee weakened further to hit a record low of 94.84 against the US dollar, adding to the negative sentiment.In the broader market, stocks like Paytm, HUDCO, Bharti Hexacom, MRPL, and UPL featured among the top midcap losers, mirroring the risk-off mood.On the flip side, ONGC rose over 4%, supported by a sharp surge in Brent crude prices, which climbed close to $110 per barrel. LIC Housing Finance also managed to buck the trend, gaining around 2% after HSBC upgraded the stock from ‘Hold’ to ‘Buy’.The week that was: Bears tighten grip as indices slip over 1%Benchmark indices ended the week in the red, extending their losing streak to a fifth consecutive week, with both the BSE Sensex and Nifty 50 slipping over 1% amid broad-based selling pressure. Market sentiment remained weak throughout the week, with declines dominating across sectors.Financial stocks bore the brunt of the sell-off, as the Nifty Bank dropped more than 2%, underperforming the broader market. In contrast, IT stocks offered some respite, with the Nifty IT emerging as the only major gainer, rising over 1% during the week.Sectorally, PSU banks and defence stocks were the worst hit. The Nifty PSU Bank and Nifty India Defence indices declined nearly 4% each, reflecting sustained selling pressure in rate-sensitive and government-linked counters.Among Nifty constituents, heavyweights such as Adani Enterprises, Coal India, Bharat Electronics Limited, Trent, and Shriram Finance featured among the top losers, dragging the benchmarks lower.The midcap segment also saw sharp declines, with stocks like IDBI Bank, Bharat Dynamics Limited, Mazagon Dock Shipbuilders, and Torrent Power emerging as key laggards.Market breadth remained decisively negative, with the NSE advance-decline ratio skewed sharply at 1:7, highlighting the extent of the sell-off across the broader market.Benchmark indices ended sharply lower, snapping a two-day gaining streak, as heavy selling dragged markets deep into the red. The Sensex plunged 1,690 points to close at 73,583, while the Nifty tumbled 487 points to settle at 22,820—both down over 2%. Selling pressure was widespread, with 26 out of 30 Sensex constituents closing in the red.Market breadth remained decisively weak, with the NSE advance-decline ratio at 1:7, indicating broad-based declines across sectors. All sectoral indices ended lower, led by PSU banks, which bore the brunt of the sell-off. The Nifty Bank index dropped 1,434 points to close at 52,275, while the Midcap index saw steep cuts, falling 1,233 points to end at 54,098.

The Indian rupee ended at a record closing low of 94.81 against the US dollar, compared to Wednesday’s close of 93.98. Let’s take a look at the beating indian rupee has been taking in FY26 so far.

The government has said retail pump prices of petrol and diesel will remain unchanged, even as oil marketing companies (OMCs) continue to absorb significant under-recoveries.

It added that keeping Indian fuel pumps adequately supplied will take precedence over export opportunities, signalling a clear domestic-first approach amid ongoing volatility in global energy markets.

According to the government, recent excise duty reductions have helped offset around ₹10 per litre of the under-recoveries faced by OMCs. However, companies are still bearing a substantial burden.

The combined daily under-recovery being absorbed by OMCs currently stands at approximately ₹2,400 Cr, underscoring the financial strain despite policy support.

The last time markets bottomed out, about a year ago, levels around 22,000 acted as a strong support, given multiple lows around that mark. On long-term charts, 22,000 remains a crucial level. However, the overall structure is weak, which means that even if we see a reversal from 22,000, the risk of it breaking over the next six to nine months remains. In my view, the market is weak. That said, since the fall has been sharp, we could continue to see bounce-backs from oversold levels.

“The company has done well from the perspective that it is the sole financier for Indian Railways, with a book of around ₹4.7 lakh crore. Historically, it has maintained strong asset quality, largely due to this structure, and earns a spread of about 40 basis points. The company is now looking to foray into renewable energy and metro projects to increase the spread to around 100–220 basis points. The stock is currently trading at about 2.2 times adjusted book, which we believe is fair. However, the challenge is that as it enters renewable energy and other segments, underwriting risks could emerge. Our view is that investors should consider exiting the stock, especially given the still-high government stake. Overall, we expect continued supply in the stock.”

The Sensex was trading 1,555.23 points or 2.07% lower at 73,717.9. Nifty 50 was also 1.09% lower at 22,850.65 at 14:58 IST.

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Brent crude’s March contract rose over 1% after reports indicated that Iran’s Islamic Revolutionary Guard Corps (IRGC) urged civilians to evacuate areas where US forces are deployed. It was trading at $110.5/barrel at 14:50 IST.The development comes amid rising geopolitical tensions, with Iran’s IRGC reportedly asking civilians to leave locations where US armed forces are stationed, triggering concerns over potential escalation and impacting crude prices.

The Nifty index has slumped to the day’s low as market sell-off intensifies.

To increase coal quality and lessen reliance on imports, Coal India Ltd. (CIL) said on Friday, March 27, that it would invest about ₹3,300 crore to establish eight new coking coal washeries.

Foreign portfolio investors (FPIs) continue to reduce risk in the world’s fifth-largest market, despite the fact that the most recent sell-off in Indian stocks has reduced the valuation premium that the Nifty 50 commands over its international rivals.

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The shares of Biocon declined over 2% intraday amid a managerial reshuffle.

The Nifty PSU Bank index has fallen over 15% this month, as the index remained under pressure today as well.

After Novo Nordisk contests the brand similarity, Dr. Reddy’s Laboratories renames their Ozempic generic Olymvic, giving Novo Nordisk an early victory in semaglutide branding.

The shares of the holding company of the largest Indian airline, IndiGo, declined as fuel prices remain in focus.

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Rupee extends losses, hits record low of 94.79 against the US Dollar

The steep increase in government bond yields, with India’s 10-year yield getting close to 7%, has been the main cause of the downturn. The rise in yields coincides with an increase in the price of crude oil globally, which has reached $105 per barrel.

The CMD of Prestige Group, Irfan Razack, stated that buyers continue to absorb modest price increases despite cost challenges and expressed optimism that strong home demand will assist the real estate sector in handling rising inflation.

According to the Ministry of Petroleum and Natural Gas (MoPNG), the government has suggested raising the distribution of non-domestic LPG to 70% of pre-crisis levels to boost industrial operations and reduce supply problems.

As the market falls steeply, these are some of the Nifty 500 stocks that moved with large volumes.

Despite a sharp decline from record highs, Oracle Financial Services Software’s $100 million perpetual licensing agreement with a US multinational bank boosts OFSS shares.

With the rupee hitting a historic low of 94.20 per dollar and the 10-year yield approaching the crucial 7% level, India’s bond market is under pressure. Markets are being impacted by rising crude oil prices, ongoing foreign withdrawals, and robust demand for dollars.

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