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Sensex, Nifty Plunge 400 Points as Global Sell-Off, Oil Volatility Spook Markets

Indian equity benchmarks opened sharply lower, with the Sensex falling around 400 points, tracking a global sell-off and elevated oil prices. Sectorally, realty, metal, PSU banks, and auto stocks led the declines, while IT and oil & gas stocks bucked the trend. Global markets remained weak as US indices fell sharply and Asian markets followed suit, amid ongoing geopolitical uncertainty surrounding Iran. Analysts expect continued volatility, with immediate support for Nifty seen in the 23,050-23,000 zone.

Key Points: Sensex Falls 400 Pts: Global Sell-Off, Oil Prices Hit Indian Markets

  • Sharp fall in Sensex & Nifty
  • Global risk-off mood hits indices
  • Oil prices volatile amid Iran tensions
  • Most sectors trade in the red
2 min read

Sensex, Nifty slip in early trade amid global sell-off and oil volatility

Sensex and Nifty opened sharply lower, tracking weak global cues and volatile oil prices amid Iran conflict uncertainty. Key sectors under pressure.

"Markets are likely to remain volatile amid global uncertainties - Analysts"

Mumbai, March 27

Domestic equity benchmarks opened sharply lower on Friday, tracking weak global cues and elevated Brent crude prices amid fading hopes of a resolution to the Iran conflict.

Nifty opened at 23,173.55, down 132.90 points or 0.57 per cent, while the Sensex fell around 400 points to 74,883.79 in early trade.

Broader markets also remained under pressure, with midcap and smallcap indices traded lower.

Sectorally, most indices traded in the red, led by realty, metal, PSU banks and auto stocks, which fell up to 1 per cent. Financials and consumer durables also witnessed selling pressure.

However, IT and oil and gas stocks bucked the trend and posted modest gains.

Among heavyweights, stocks such as HDFC Bank and Bajaj Finance were among the top laggards.

Market sentiment remained cautious amid ongoing geopolitical tensions. US President Donald Trump said the pause on attacks on Iran's energy infrastructure would be extended, though uncertainty persists after Iran termed a US proposal "one-sided".

Global markets also reflected a risk-off mood. US indices ended sharply lower, with the S&P 500 down 1.74 per cent and Nasdaq falling 2.38 per cent. Asian markets followed suit, with Japan's Nikkei declining over 1 per cent and South Korea's Kospi dropping around 3 per cent.

Crude oil prices remained volatile, although they eased slightly, with Brent crude falling 2.29 per cent to $105.53 per barrel, while WTI crude declined 2.54 per cent to $92.08.

According to analysts, markets are likely to remain volatile amid global uncertainties. Immediate support for Nifty is seen in the 23,050-23,000 zone, while resistance is placed around 23,450-23,500.

Foreign institutional investors (FIIs) continued to remain net sellers, while domestic institutional investors (DIIs) provided support to the market.

Notably, Indian markets resumed trading on Friday after a holiday on Thursday on account of Ram Navami.

- IANS

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Reader Comments

R
Rohit P
Good to see IT stocks holding up. They often act as a hedge when crude is high and rupee weak. But the real worry is inflation if oil stays above $100. Petrol prices will pinch the common man.
A
Aman W
FIIs selling again? But DIIs are buying. Shows domestic confidence is strong. This is a buying opportunity for long-term investors. Corrections are normal, bhai log. Don't panic.
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Sarah B
The article mentions the holiday for Ram Navami. It's interesting how local festivals and global events together influence market openings. The interconnectedness is fascinating, albeit nerve-wracking for traders.
V
Vikram M
Auto and metal stocks down makes sense. High crude impacts input costs for autos, and global slowdown fears hit metals. Hope the government has a plan to shield the economy from this oil shock.
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Karthik V
While the analysis is fine, I wish financial journalism would focus less on daily points and more on what these geopolitical events mean for India's strategic oil reserves and energy independence in the long run.

We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.

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