Sensex sinks over 800 points, Nifty below 23,100 as Iran war, oil spike trigger broad sell-off

Indian equities opened sharply lower on Friday, tracking global weakness and rising crude oil prices, as escalating tensions in West Asia continued to dampen investor sentiment. The BSE Sensex fell 828.66 points, or 1.10 per cent, to 74,444.79 in early trade, after opening at 74,883.79. The index touched an intraday low of 74,410.66, reflecting broad-based selling across sectors.

Similarly, the Nifty 50 declined 254.70 points, or 1.09 per cent, to 23,051.75, with 42 of its constituents trading in the red, signalling widespread market weakness. IT stocks provide limited support Losses were partially cushioned by gains in information technology stocks, which benefited from a weaker rupee and defensive buying. Shares of Tata Consultancy Services rose over 1 per cent, while Infosys and HCL

Tech also traded higher.

However, gains in IT stocks were not enough to offset declines in heavyweight financial and consumption stocks. Financials, heavyweights drag Banking and financial stocks led the losses, with HDFC Bank, ICICI Bank, State Bank of India, and Axis Bank all trading lower. Among index heavyweights, Reliance Industries slipped nearly 1.5 per cent, while other laggards included Larsen & Toubro, Mahindra & Mahindra, and Tata Steel.

Broader market sentiment was also weak, with only eight Nifty stocks advancing against 42 declines. Iran war, oil spike weigh on sentiment The sell-off comes amid mounting concerns over the ongoing Iran war, which has pushed global crude oil prices above $100 per barrel, raising fears of inflationary pressures and slower economic growth. Asian markets fell about 1.2 per cent, while US equities ended lower, with the Nasdaq confirming a correction.

Elevated oil prices and geopolitical uncertainty have triggered risk aversion among global investors. Foreign portfolio investors have remained persistent sellers, offloading over $12 billion worth of Indian equities in March so far, adding further pressure on domestic markets. Outlook remains cautious Market participants remain on edge as prospects for a diplomatic resolution to the conflict remain uncertain.

Analysts warn that sustained high oil prices could worsen India’s inflation outlook and widen the current account deficit, posing risks to macroeconomic stability. The benchmarks have already declined around 7 per cent since the start of the conflict, reflecting the growing impact of global headwinds on domestic equities. With volatility expected to persist, investors are likely to remain cautious in the near term, closely tracking geopolitical developments and crude oil price movements for further cues.