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The Indian stock market has remained under severe pressure since the onset of the US-Iran war, with benchmark indices — Sensex and Nifty 50 — shedding around 10% each in March, marking the worst monthly fall since 2020.

The indices have closed lower for a fourth straight month, led by multiple pressures, including a weakening Indian rupee, rising crude oil prices, and sustained foreign investor outflows amid escalating conflict in the Middle East.

The US-Israel conflict with Iran has now entered its fifth week and continues to widen across the region.

Siddhartha Khemka - Head of Research, Wealth Management, Motilal Oswal Financial Services, said, “Escalating tensions in West Asia continued to weigh heavily on markets, as the ongoing US–Israel conflict with Iran entered its fifth week and expanded across the region. Fresh attacks, including disruptions around key shipping routes near the Arabian Peninsula and the Red Sea, have intensified concerns over global energy supply, keeping investor risk appetite subdued. The move in bond yields towards the 7% mark, the rupee weakening past 95 against the US dollar, and rising crude oil prices emerged as key drivers of the risk-off sentiment, reflecting tightening financial conditions and weighing on market performance.”

Khemka further opined that March 2026 witnessed massive cumulative FII selling, with outflows exceeding ₹1 lakh crore, underscoring sustained global risk aversion and pressure on domestic equities.

“Going ahead, markets are likely to remain fragile, with crude prices, currency trends and foreign flows driving near-term direction with volatility expected to stay elevated amid an uncertain backdrop,” he added.

That said, certain stocks have managed to buck the trend and delivered massive gains for investors. According to BSE data, five stocks have delivered up to 226% returns in a month despite weak market sentiment amid the US-Iran war.

Alfavishion Over share price ended the Monday's session 1.87% higher at ₹13.08. The stock has delivered over 226% returns in March 2026.

Noble Polymers share price closed 1.72% higher at ₹1.72. The stock has given nearly 187% returns in a month.

D & H India share price was up 1.42% on Monday, ending the session at ₹293.85. The stock has gained as much as 108.55% over the past month.

Integrated Proteins' share price closed the day 2% higher on Monday at ₹72.75. The stock has given 94% returns to its investors in a month.

Titan Biotech share price surged as much as 5% to ₹457.70 on Monday. The stock has given a whopping return of 89% in a month.

Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.Vaamanaa covers business and stock market news. Started in 2020, she has been producing news on digital platforms for over 4.5 years now. She writes on markets, commodities, IPOs, and industry. She has worked for news channels like Jagran New Media and Business Insider India. You can reach out to her at vaamanaa.sethi@htdigital.in.

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