The key trigger for the session-wide selloff remained the spike in global crude oil prices.
Equity benchmarks remained under pressure in afternoon trade on Thursday, March 12, though both the Sensex and nifty50 clawed back from their opening lows as select energy and power stocks provided support. At 12.40 pm, the Sensex was trading at 76,315.35, down 548.36 points or 0.71 per cent from its previous close of 76,863.71, while the Nifty50 stood at 23,705.70, lower by 161.15 points or 0.68 per cent from Wednesday’s close of 23,866.85 — marking a new 26-week low for the index.
The indices had opened sharply lower, with the Nifty touching 23,598.50 at the opening bell — its weakest level since April 2025 — before recovering some ground. Notwithstanding the partial recovery, the broader market mood remained cautious with the Nifty’s Advance-Decline ratio standing at 16:34. On BSE, 1,739 stocks advanced against 2,261 declines, with 327 stocks hitting 52-week lows compared to just 53 at 52-week highs.
Top gainers and losers
Coal India was the standout gainer on the Nifty50, surging 4.06 per cent to ₹464.90 on volumes of over 1.30 crore shares. Adani Enterprises gained 2.01 per cent to ₹2,014.40, while NTPC rose 1.62 per cent to ₹386.05 on volumes exceeding 1 crore shares. Power Grid Corporation added 1.19 per cent to ₹302.35, and Reliance Industries climbed 1.13 per cent to ₹1,405.90 with nearly 82.51 lakh shares changing hands. The Nifty Oil & Gas index was the best-performing sectoral index, gaining 1.03 per cent.
On the losing side, Eicher Motors was the worst performer, falling 3.63 per cent to ₹6,990.00. Mahindra & Mahindra shed 3.44 per cent to ₹3,059.10 on heavy volumes of 32.60 lakh shares, while Maruti Suzuki declined 2.98 per cent to ₹13,095.00. UltraTech Cement dropped 2.56 per cent to ₹11,168.00, and Trent lost 2.36 per cent to ₹3,541.80. The Nifty Auto index was the worst-performing sectoral index, down 1.93 per cent.
Among broader indices, the Nifty Bank fell 0.97 per cent to 55,187.90, Nifty Financial Services declined 0.86 per cent to 25,699.55, Nifty Smallcap 100 was down 0.63 per cent to 16,311.70, and Nifty Midcap 100 shed 0.44 per cent to 56,211.00.
Crude spike triggers selloff
The key trigger for the session-wide selloff remained the spike in global crude oil prices. Brent crude approached $100 a barrel following geopolitical tensions in West Asia, with attacks on commercial vessels near Iran severely disrupting tanker traffic through the Strait of Hormuit — a chokepoint handling roughly 20 million barrels per day of global supply. For India, which imports over 85 per cent of its crude requirement, the price surge carries direct implications for inflation, the fiscal deficit, and corporate margins. The USD/INR pair was trading near the 92.00–92.50 zone, reflecting continued pressure on the rupee.
Foreign Institutional Investors have pulled out over ₹21,000 crore from Indian markets since the start of March, extending a sustained selling streak that has weighed particularly on banking and large-cap financial stocks. Domestic Institutional Investors have continued to provide a counterbalance, but have been unable to stem the broader decline.
Technical
On the options front, meaningful call writing was observed at the 23,800 and 23,900 strikes, while the 23,700 put held substantial open interest, followed by the 23,600 strike. The Nifty’s Put-Call Ratio stood at 0.70, reflecting a bearish skew. The zone of 23,620–23,600 remains a crucial near-term support for the index, while 23,880–23,900 is the immediate resistance. A slip below 23,600 could open the downside towards 23,470–23,450, while a move above 23,950 may extend the recovery towards 24,050. On the Sensex, support is pegged at 75,900 and resistance at 76,700. With approximately three hours left in the trading session, market participants were watching crude oil movements and any developments from West Asia for directional cues.
Published on March 12, 2026