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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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Siddhartha Khemka, Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd

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Dhiraj Nim, an economist and FX strategist at ANZ Research, warns that the adjustment is not yet complete and that the Indian rupee may experience more declines if the current macro headwinds continue.

The Indian Rupee has fallen further, dropping to a new record low of 94.71 against the US dollar.

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