The domestic equity benchmarks ended sharply lower on Monday, as escalating tensions between the US and Iran, rising crude oil prices and a weakening rupee weighed heavily on investor sentiment. After a strong rebound on Friday, markets opened gap-down and remained under sustained selling pressure throughout the session, with the Nifty briefly slipping below the 22,500 mark intraday for the first time since 9 April 2025 before closing below 22,550. The decline was broad-based, led by consumer durables and metal stocks, amid weak global cues and persistent foreign fund outflows, reflecting heightened risk aversion.

The S&P BSE Sensex tanked 1,836.57 points or 2.46% to 72,696.39. The Nifty 50 index plunged 601.85 points or 2.60% to 22,512.65.

The broader market underperformed the frontline indices. The BSE 150 MidCap Index dropped 3.81% and the BSE 250 SmallCap Index slipped 3.86%.

The market breadth was weak. On the NSE, 331 shares rose and 3,007 shares fell. A total of 82 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, surged 17.17% to 26.73.

US-Iran Warfare:

On the geopolitical front, sentiment remained fragile despite a temporary breather. GIFT Nifty is currently up over 3% after US President Donald Trump announced a five-day pause on planned strikes against Iranian energy infrastructure following what he described as productive talks. This signals a temporary de-escalation in Middle East tensions.

While this signals a short-term de-escalation, the situation remains fluid, with risks lingering as the conflict enters its fourth week. Iran has warned that any attack on its southern coast could disrupt key Gulf shipping routes, raising concerns over global energy supply. The International Energy Agency noted that nearly 40 energy assets have already been severely damaged, amplifying fears of a deeper energy shock.

Numbers to Track:

In the currency market, the rupee weakened and hovered around 93.50 against the dollar after hitting a record low of 94.1125 during the day, pressured by geopolitical tensions and oil price concerns.

The yield on India's 10-year benchmark federal paper rose 1.97% to 6.870 compared with the previous session close of 6.737.

MCX Gold futures for 2 April 2026 settlement tumbled 6.74% to Rs 134,751.

The US Dollar Index (DXY), which tracks the greenback s value against a basket of currencies, was up 0.45% to 100.10.

The United States 10-year bond yield rose 0.66% to 4.439.

In the commodities market, Brent crude for May 2026 settlement jumped $1.31 or 1.17% to $113.50 a barrel.

Global Markets:

While Dow Jones futures surged over 1,100 points following signs of diplomatic progress, Asian indices ended lower as investors trimmed exposure to risk assets. European markets recovered modestly.

Earlier, US markets had closed lower, with the Dow falling 0.96%, the S&P 500 declining 1.51% and the Nasdaq ending weaker. The S&P 500 has now slipped below its 200-day moving average, while the Dow logged its first four-week losing streak since 2023, underscoring persistent global uncertainty.

New Listing:

Shares of Innovision ended at Rs 372.80 on the BSE, representing a discount of 28.17% as compared with the issue price of Rs 519.

The stock debuted at Rs 466, marking a discount of 10.21% to the issue price. The stock has hit a high of Rs 468.50 and a low of Rs 372.80. On the BSE, over 4.30 lakh shares of the company were traded in the counter.

Stocks in Spotlight:

DCX Systems surged 7.32% after the company secured an order worth Rs 563.45 crore from a domestic customer for the manufacture and supply of maritime patrol radar systems (MPR) for airborne applications.

InterGlobe Aviation fell 4.85% to Rs 3946.55 after a foreign brokerage trimmed its target price on the stock while maintaining a 'Buy' rating. The brokerage cut its target price to Rs 5,200 from Rs 6,000, citing rising fuel costs and near-term weakness in traffic from the Middle East region.

HDFC Bank fell 4.70% to Rs 743.75 on Monday, extending losses for a fourth straight session. The decline follows reports that the bank has terminated three senior employees after an internal investigation into alleged mis-selling of AT1 bonds to NRI clients.

Airfloa Rail Technology slipped 4.62%. The company said that it has secured a Rs 22.91 crore contract from BEML for supplying lighting systems for metro coaches under Phase II of the Chennai Metro Rail Project.

Waaree Energies dropped 3.19%. The company announced a top-level management reshuffle, appointing Jignesh Devchandbhai Rathod as whole-time director and chief executive officer (CEO) and Abhishek Pareek as chief financial officer (CFO), both effective 21 March 2026.

Ashok Leyland fell 4.11%. The company announced that the company has approved an investment of up to GBP 30 million (approximately Rs 375 crore) in its UK-based subsidiary, Optare Plc, to be made as equity in one or more tranches.

Monarch Surveyors and Engineering Consultants dropped 2.67%. The company said that it has secured a consultancy contract from the National Highways Authority of India (NHAI) for preparation of a Detailed Project Report (DPR) for a six-lane road project in Haryana.

Piramal Finance lost 3.19%. The company announced that its board of directors will meet on Friday, 27 March 2026, to consider and approve a proposal for raising funds through the issuance of non-convertible debentures (NCDs) on a private placement basis.

IPO Update:

The initial public offer (IPO) of Central Mine Planning & Design Institute received bids for 2,02,84,720 shares as against 7,97,89,500 shares on offer, according to stock exchange data at 17:00 IST on Monday (23 March 2026). The issue was subscribed 0.25 times.

The issue opened for bidding on 20 March 2026 and it will close on 24 March 2026. The price band of the IPO is fixed between Rs 163 and 172 per share.

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