The key equity benchmarks ended sharply lower for a second straight session, as selling pressure intensified on Dalal Street. Heightened geopolitical tensions from the Iran'U.S.'Israel conflict, a surge in crude oil prices, and weak global market cues dampened investor sentiment and weighed on Indian equities.

The Nifty settled below the 22,350 mark. All sectoral indices on the NSE closed in the red, with PSU banks, financial services, and private banks declining the most.

As per provisional closing data, the barometer index, the S&P BSE Sensex plunged 1,635.67 points or 2.22% to 71,947.55. The Nifty 50 index tumbled 488.20 points or 2.14% to 22,331.40. In two consecutive trading sessions, the Sensex declined 4.41% while the Nifty fell 4.18%.

The broader market underperformed the frontline indices. The BSE 150 MidCap Index slipped 2.51% and the BSE 250 SmallCap Index fell 2.57%.

Sellers outnumbered buyers. On the BSE, 881 shares rose and 3,558 shares fell. A total of 161 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, surged 4.04% to 27.89.

The rupee weakened past the 95-per-dollar mark for the first time, touching around 95.20 against the US dollar, down 0.3% on the day.

The stock market will remain closed on 31 March 2026 on account of Shri Mahavir Jayanti.

Economy:

India's industrial output accelerated in February 2026, with the Index of Industrial Production (IIP) expanding 5.2 per cent year-on-year, up from 4.8 per cent in January, according to government data released on March 30. The uptick was driven primarily by stronger manufacturing performance, even as mining and electricity recorded more modest gains.

New Listing:

Shares of Central Mine Planning & Design Institute settled at Rs 154.05 on the BSE, representing a discount of 10.44% as compared with the issue price of Rs 172.

The stock debuted at Rs 162.80, marking a discount of 5.37% to the issue price.

The stock has hit a high of Rs 168.40 and a low of Rs 152.30. On the BSE, over 11.50 lakh shares of the company were traded in the counter.

Buzzing Index:

The Nifty PSU Bank index declined 4.56% to 7,873.45. The index tanked 6.20% in the two consecutive trading sessions.

Union Bank of India (down 6.46%), Bank of India (down 5.55%), Punjab & Sind Bank (down 5.52%), Canara Bank (down 5.38%), Bank of Baroda (down 5.01%), Bank of Maharashtra (down 4.93%), Central Bank of India (down 4.85%), UCO Bank (down 4.66%), Punjab National Bank (down 4.34%) and State Bank of India (down 3.9%) declined.

Stocks in Spotlight:

KNR Constructions added 2.10% after the company announced the receipt of a project award from the National Highways Authority of India. The company said it has received a Letter of Award for the construction of a four-lane stretch of NH-167 from Gudebellur to Mahabubnagar in Telangana. The project spans 80.01 km and is part of the Hyderabad'Panaji highway corridor. The total project cost stands at Rs 1,734 crore and will be executed under the Hybrid Annuity Mode (HAM), a model that combines government support with private sector participation.

Coal India jumped 1.09% after the company received a letter of award (LoA) from Telangana Power Generation Corporation (TGGENCO) for setting up a battery energy storage system (BESS) plant at Choutuppal, Telangana.

Enviro Infra Engineers rose 1.30% after the company announced that it had received a letter of award (LoA) from NTPC for battery energy storage system (BESS) projects worth Rs 664.33 crore.

Dilip Buildcon fell 1.21%. The company has secured a contract worth Rs 698.49 crore from the Narmada Water Resources, Water Supply, and Kalpasar Department, Government of Gujarat.

Ceigall India added 1.36%. The company announced that its subsidiary, Ceigall Infra Projects (CIPPL), has secured an order worth Rs 603 crore from the National Highways Authority of India (NHAI) for the construction of a six-lane access-controlled spur road in Punjab. The project, with a bid value of Rs 603 crore, comprises an 18-month construction phase followed by a 15-year operation and maintenance (O&M) period.

RailTel Corporation of India tanked 5.51%. The company announced that it has received a Letter of Intent (LoI) from the Centre for E-Governance for selection as system integrator for the KSWAN 3.0 project. The order, valued at Rs 444.44 crore.

Bharat Heavy Electricals (BHEL) declined 3.87%. The company announced that it has received a notification of award from NTPC for setting up a supercritical thermal power project in Peddapalli in Telangana.

Global Markets:

The US Dow Jones index futures are currently up by 166 points, signaling a positive opening for US stocks today.

Most European stocks traded higher on Monday despite investors grappling with a further escalation in the Iran war and fresh evidence of weaker economic sentiment.

Retail trade in Spain rose 2.2% YoY in February 2026, slowing from a revised 3.8% in January and below expectations. Growth eased across food and non-food segments, while retail sales dipped 0.1% MoM.

Asian markets ended lower as the Middle East war entered its fifth week, with the conflict escalating despite efforts aimed at finding a diplomatic solution.

In Japan, the Bank of Japan policymakers discussed the need for further rate hikes at their March meeting, as rising oil prices linked to the Middle East conflict add to inflation pressures. One member signaled that tightening may need to be accelerated, according to a summary of opinions released Monday.

There is a risk the BOJ might unintentionally fall behind the curve, one policymaker noted, as second-round effects and a rise in underlying inflation stemming from overseas developments are more likely to emerge.

Meanwhile, Yemen's Houthi movement said Saturday it had fired missiles at Israel, marking its first direct involvement in the U.S.- and Israeli-led war against Iran.

In a post on a social media platform, Houthi spokesperson Yahya Saree has reportedly said the group launched a barrage of ballistic missiles at what it described as sensitive Israeli military sites, in support of Iran and allied Hezbollah forces in Lebanon.

The strike signals a further escalation in a conflict that began with U.S. and Israeli airstrikes on Iranian targets on Feb. 28.

Last Friday, the Dow Jones Industrial Average tumbled and fell into correction territory. The 30-stock Dow fell 793.47 points, or 1.73%, to close at 45,166.64. The S&P 500 lost 1.67% and ended the session at a seven-month low of 6,368.85. The Nasdaq Composite dropped 2.15% and settled at 20,948.36.

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