The key equity benchmarks ended with sharp losses on Wednesday, dragged down by selling in select heavyweights. Geopolitical tensions in the Middle East, particularly the ongoing US-Iran conflict, continued to weigh on market sentiment. Despite earlier expectations that the conflict might end soon, the situation in the region remains tense. Sustained selling by overseas investors over the past several sessions also pressured the market, while the rupee weakened further against the dollar. The Nifty ended below the 23,900 level, led by declines in auto, private bank and financial stocks. However, pharma and healthcare stocks bucked the broader weak market trend.

The S&P BSE Sensex tumbled 1,342.27 points or 1.72% to 76,863.71. The Nifty 50 index slumped 394.75 points or 1.63% to 23,866.85.

Axis Bank (down 4.62%), HDFC Bank (down 1.77%) and Reliance Industries (down 1.56%) were major Nifty drags today.

In the broader market, the S&P BSE Mid-Cap index tumbled 1.13% and the S&P BSE Small-Cap index shed 0.32%.

The market breadth was negative. On the BSE, 1,881 shares rose and 2,381 shares fell. A total of 169 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 11.41% to 21.06.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.03% to 6.673 compared with previous session close of 6.671.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 92.00 compared with its close of 91.8500 during the previous trading session.

MCX Gold futures for 2 April 2026 settlement declined 0.71% to Rs 162,161.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.04% to 98.97

The United States 10-year bond yield jumped 0.85% to 4.170.

In the commodities market, Brent crude for May 2026 delivery jumped $3.28, or 3.74%, to $91.8 a barrel.

Global Markets:

The US Dow Jones index futures are currently up by 105 points, signaling a positive opening for US stocks today.

European market declined on Wednesday as investors eyed a report of the release of fresh oil supply and gauged ongoing developments in the conflict in Iran.

German inflation eased slightly to 2.0% in February, the federal statistics office said on Wednesday, confirming preliminary estimates. Inflation, measured by the harmonized index of consumer prices (HICP) to allow comparison with other European Union countries, had stood at 2.1% year-on-year in January.

Most Asian markets ended higher as oil prices retreated from recent highs, although investors remained cautious amid ongoing geopolitical tensions and ahead of key U.S. inflation data.

Overnight in the U.S., the S&P 500 fell slightly in choppy trading as oil prices pulled back and traders kept an eye on the Iran war.

The broad market index dropped 0.21% to end at 6,781.48. The Dow Jones Industrial Average dipped 34.29 points, or 0.07%, and closed at 47,706.51. The Nasdaq Composite inched up 0.01% to settle at 22,697.10.

New Listing:

Shares of Sedemac Mechatronics ended at Rs 1452.10 on the BSE, a 7.40% premium to the issue price of Rs 1,352.

The stock was listed at Rs 1,510, reflecting a premium of 11.69% to the issue price. The stock has hit a high of Rs 1,613.50 and a low of Rs 1,425. On the BSE, over 4.19 lakh shares of the company were traded in the counter.

Stocks in Spotlight:

Shares of kitchen appliance makers advanced as disruptions in imported gas supplies amid the escalating West Asia conflict raised expectations of increased demand for alternative cooking solutions.

TTK Prestige surged 10.37%, while Stove Kraft soared 11.74% and Butterfly Gandhimathi Appliances climbed 12.81% during the session. These companies manufacture products including induction cooktops and microwave ovens, which are seen as substitutes for gas-based cooking during periods of LPG shortage or price volatility.

Nazara Technologies slipped 1.20%, after rising as much as 2.05% in early trade. The Morgan Stanley acquired 0.78% stake in the company via bulk deals on 10 March 2026. The shares were sold by Think India Opportunities Master Fund LP, which held 93.27 lakh shares or 2.52% stake in the company as on 31 December 2026.

Shares of irrigation and water infrastructure companies advanced on Wednesday after the Union Cabinet approved the restructuring and extension of the Jal Jeevan Mission (JJM) until December 2028 with an enhanced total outlay of Rs 8.69 lakh crore.

Shakti Pumps jumped 7.68%, Jain Irrigation Systems surged 9.26% and Prince Pipes and Fittings rallied 6.72%. NCC climbed 2.83% and KEC International advanced 1.97%.

TVS Supply Chain Solutions added 2.50% after the company announced setting up a 40,000 sq. ft. warehousing facility at the Free Trade and Warehousing Zone (FTWZ) in Mannur Village, about 30 km from Chennai.

Infosys slipped 1.48%. The company announced a strategic collaboration with Incora, a supply chain solutions provider in the aerospace and defense industry, to advance the use of artificial intelligence across Incora's global supply chain operations.

3i Infotech rose 0.76% after the company said that secured a managed IT services contract worth Rs 5.66 crore from a prominent Indian engineering and industrial solutions company specializing in power and industrial equipment.

Tips Music added 1.14% after the company informed that Hari Nair, chief executive officer (CEO) and key managerial personnel (KMP), has resigned effective the close of business on 30 April 2026, to pursue new opportunities.

IPO Update:

Innovision received bids for 7,11,288 shares as against 61,32,433 shares on offer, according to stock exchange data at 16:57 IST on Wednesday (11 March 2026). The issue was subscribed 0.12 times.

The issue opened for bidding on 10 March 2026 and it will close on 12 March 2026. The price band of the IPO is fixed between Rs 521 and 548 per share.

Rajputana Stainless received bids for 2,34,08,660 shares as against 2,09,00,000 shares on offer, according to stock exchange data at 16:57 IST on Wednesday (11 March 2026). The issue was subscribed 1.12 times.

The issue opened for bidding on 9 March 2026 and it will close on 11 March 2026. The price band of the IPO is fixed between Rs 116 and 122 per share.

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