Broad-based selling hits financials, auto and consumer stocks
Indian equity markets opened sharply lower on Wednesday as escalating tensions in the Middle East dented global risk appetite. The benchmark BSE Sensex fell over 1,700 points at the opening bell, while the Nifty 50 slipped 500 points, reflecting broad-based selling across sectors.
At 9:17 am, the Nifty 50 was down 517.30 points, or 2.06%, at 24,344.05. The Sensex was trading 1,700.08 points lower, or 2.17%, at 78,596.45.
Early signals had already indicated a weak start. GIFT Nifty was quoting at 24,431 — down 551.20 points or 2.21% at 7:25 am — suggesting a sharp gap-down opening as traders braced for heightened volatility.
Markets resumed trading on Wednesday after Tuesday’s Holi holiday (March 3), returning to a fragile global backdrop. On Monday, the Nifty had settled at 24,603, dragged lower by losses in financial, auto and consumer stocks — segments that remained under pressure at the open.
Global markets under pressure
The weakness extended beyond India. In Asia, Kospi dropped 7% in early trade and was last down 6.6% at 5,406.64. Japan’s Nikkei 225 declined as much as 3.23%, while Hong Kong’s Hang Seng fell up to 1.5%.
Overnight in the US, the Dow Jones Industrial Average recovered nearly 800 points from intraday lows but still ended about 400 points lower, underscoring the fragile mood on Wall Street.
Oil surge, rupee weakens
The Indian rupee also came under pressure, opening at a record low of 92.02 against the US dollar, down 55 paise.
Crude oil prices spiked amid fears of supply disruptions. Brent crude futures rose to $82.77 per barrel — the highest level since July 2024 — and have gained nearly 17% over the past four sessions.
Rising oil prices and potential trade disruptions pose a challenge for major importers like India, adding to investor anxiety and contributing to the sharp selloff in domestic equities.
Markets are expected to remain volatile as geopolitical developments continue to unfold.
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