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Stock market recap: Indian equity benchmarks, Sensex and the Nifty 50, slumped more than 3% on Thursday in their worst session since June 2024, dragged down by heavyweight HDFC Bank after the abrupt exit of its chairman and by a surge in crude prices following attacks on West Asian energy facilities.

The Nifty 50 fell 3.26% to 23,002.15 points, while the BSE Sensex also lost as much to settle at 74,207.24.

On the Sensex, Eternal, Bajaj Finance, Mahindra & Mahindra, HDFC Bank, Larsen & Toubro and Bajaj Finserv were among the major laggards. HDFC Bank dropped 5.13% after its chairman, Atanu Chakraborty, resigned, citing ethical concerns.

Brent crude, the global oil benchmark, soared 6.75% to $114.8 per barrel after Iran attacked a key natural gas facility in Qatar as well as two oil refineries in Kuwait.

Best stocks to buy today (All Buy trades are rates of Equity & Sell rates are based on F&O)

IPCALAB: Buy above ₹1550, stop ₹1500 target ₹1680 (Multiday)

GESHIP: Buy above ₹1445, stop ₹1380 target ₹1540 (Multiday)

COLPAL: Sell below 1880, stop ₹1940 target ₹1760(Multiday)

Indian equity markets suffered a sharp selloff on Thursday, March 19, 2026, as persistent global risk-off sentiment and a surge in crude oil prices triggered broad-based losses. The NSE Nifty 50 plunged 776 points, or nearly 3.3%, to close just above the key 23,000 level at 23,002.

Weakness was widespread: the Nifty Auto index fell over 4%, while Banking, IT, Metal, and Consumer Durable sectors dropped between 3% and 4%, highlighting intense risk aversion. Market breadth was heavily negative, with declining stocks outnumbering gainers by more than three to one. Volatility spiked, with the India VIX climbing over 21% to its highest level in months.

Analysts pointed to escalating geopolitical tensions and rising crude prices as key triggers, which heightened inflation worries and weighed on risk appetite across both global and domestic markets.

Volatility dominated the market throughout the week, with global developments—particularly war-related trends—driving sentiment. Local news offered little to stabilize the swings. The moves were significant enough to draw traders in, only for positions to be reversed the following day, making trading especially challenging. Few participants would have emerged unscathed.

Daily charts show the market testing the gap support region that had previously offered some hope. An inverted hammer at these levels is a positive signal, but external factors could easily sway the outcome. Overall clarity remains elusive, and the sharp decline in market sentiment reflects ongoing uncertainty. The charts indicate a return to the trends seen at the start of the week. Supply at higher levels continues to weigh on confidence, but swift recoveries from lower levels suggest that previous highs could be challenged once again. The market continues to attempt carving out a bullish possibility.

As we approach the weekly expiry, some inconsistency is expected near key inflexion points. Participation remains limited, leaving trends circumspect. The Nifty now looks to test support around 22,800 amid mounting selling pressure, while Bank Nifty aims to hold 53,000 to ease market uncertainty.

We are now observing that the Max Pain Point has shifted to 23300 as the PCR remains well above below 1 despite the selling pressure stepping up once again. As trends are spending some time to hold on to the bullish bias seen on Monday, we continue to witness some encouraging triggers thus leading the trends through some challenging times. Time for being alert as trends are getting clearer.

While the trends in the indices are still unclear there is plenty of action as far as the stocks are concerned. We should now restrain from entering fresh short positions in the Nifty and await some confirmation as Nifty attempts to hold above 22800. One can maintain that , viewing any sustained move below that level as a clear sign that bearish mindset has intensified.

IPCALAB (current market price - Rs 1,544.40) - Buy above ₹1550, stop ₹1500 target ₹1680 (Multiday)

GESHIP (current market price ₹1,441.30) - Buy above ₹1445, stop ₹1380 target ₹1540 (Multiday)

COLPAL (current market price ₹1,889.70) - Sell below 1880, stop ₹1940 target ₹1760(Multiday)

Raja Venkatraman is co-founder, NeoTrader.

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