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The domestic equity benchmarks traded with deep cuts in the afternoon trade as investors reacted to escalating tensions in the Middle East, with reports of intensified U.S.'Israeli strikes on Iran prompting a sharp rise in crude oil prices and triggering risk-off sentiment that led Indian markets to fall over 1%. The Nifty traded below the 24,750 mark. Consumer durables shares declined after advancing in the past three consecutive trading sessions. At 12:26 ST, the barometer index, the S&P BSE Sensex, plunged 1,483.13 points or 1.82% to 79,806.13. The Nifty 50 index fell 449.60 points or 1.79% to 24,727.30. The broader market underperformed the frontline indices. The BSE 150 MidCap Index slumped 2.03% and the BSE 250 SmallCap Index tanked 2.49%. The market breadth was weak. On the BSE, 607 shares rose and 3,561 shares fell. A total of 192 shares were unchanged. Derivatives: The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, soared 17.55% to 16.11. The Nifty 30 March 2026 futures were trading at 24,916.80, at a premium of 189.50 points as compared with the spot at 24,727.30. The Nifty option chain for the 30 March 2026 expiry showed a maximum call OI of 65.2 lakh contracts at the 26,000 strike price. Maximum put OI of 60.5 lakh contracts was seen at 25,000 strike price. Middle East Tension: Middle East tensions escalated sharply following unconfirmed reports that Iran's Supreme Leader Ali Khamenei may have been killed in joint U.S.'Israeli strikes on Tehran, although Iranian authorities have not issued any official confirmation. Media outlets also cited remarks attributed to Donald Trump claiming that several Iranian leaders were killed in ongoing operations, but these assertions remain independently unverified. Social media speculation pointed to Ayatollah Arafi as a possible interim successor, without credible confirmation. Meanwhile, reports indicated that Iran launched missiles toward Israel and other regional locations, heightening concerns of a broader regional conflict. Buzzing Index: The Nifty Consumer Durables index fell 2.52% to 36,639. The index added 0.33% in the past three consecutive trading session. Bata India (down 3.44%), Havells India (down 3.34%), Dixon Technologies (India) (down 3.26%), Kalyan Jewellers India (down 3.07%), Voltas (down 2.93%), Cera Sanitaryware (down 2.68%), Kajaria Ceramics (down 2.64%), Crompton Greaves Consumer Electricals (down 2.64%), Whirlpool of India (down 2.55%) and Century Plyboards (India) (down 2.48%) dropped. Stocks in Spotlight: KVS Castings hit jumped 6.43% after the company announced the commencement of commercial operations at its new manufacturing facility, Unit-2, from 2 March 2026. Hyundai Motor India slipped 1.56%. The company has recorded total sales of 66,134 units in February 2026, thereby registering a year-on-year growth of 12.6%. Zydus Lifesciences declined 2.29%. The company said it has received final approval from the United States Food and Drug Administration (USFDA) for Ivermectin Tablets USP, 3 mg, and Dapsone Tablets USP, 25 mg and 100 mg. Powered by Capital Market - Live News
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