The domestic equity benchmarks traded with major cuts in mid-afternoon trade amid weak global cues amid escalating tensions in the Middle East and rising crude oil prices. Investor sentiment remained fragile, continuing to weigh on overall risk appetite. The Nifty traded above the 23,550 mark. Consumer durables shares declined after advancing in the past two trading sessions.
At 14:30 IST, the barometer index, the S&P BSE Sensex tanked 2,130.50 points or 2.78% to 74,573.63. The Nifty 50 index lost 672.05 points or 2.82% to 23,108.25.
In the broader market, the BSE 150 MidCap Index declined 2.86% and the BSE 250 SmallCap Index dropped 2.33%.
Sellers outnumbered buyers. On the BSE, 989 shares rose and 3,164 shares fell. A total of 151 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, zoomed 19.97% to 22.46.
West Asia Conflict:
The Middle East war continues to escalate, keeping investors on edge. US President Donald Trump on Wednesday warned that Iran's key South Pars gas field could be destroyed if there are any further attacks targeting Qatar's main gas facility. The warning came as Qatar said Iranian missile strikes had caused extensive damage to Ras Laffan Industrial City, the world's largest LNG export facility.
Israeli Defense Minister Israel Katz said 'significant surprises' are ahead after Iran's intelligence minister Esmail Khatib was killed in an overnight strike. Iran condemned the attack on its South Pars gas field, with President Masoud Pezeshkian warning of 'uncontrollable consequences' that could 'engulf the entire world.'
Buzzing Index:
The Nifty Consumer Durables index declined 3.21% to 1,305.20. The index rose 2.44% in the past two trading sessions.
PG Electroplast (down 5.71%), Voltas (down 4.41%), Kajaria Ceramics (down 4.34%), Blue Star (down 4.16%), Dixon Technologies (India) (down 4.13%), Cera Sanitaryware (down 3.88%), Kalyan Jewellers India (down 3.57%), Century Plyboards (India) (down 3.41%), Havells India (down 3.33%) and Bata India (down 3.17%) slipped.
Numbers to Track:
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 92.8900 compared with its close of 92.4000 during the previous trading session.
MCX Gold futures for the 2 April 2026 settlement declined 3.58% to Rs 147,578.
The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.13% to 100.16.
The United States 10-year bond yield rose 0.45% to 4.277.
In the commodities market, Brent crude for May 2026 settlement rose $9.06 or 8.44% to $116.44 a barrel amid the US-Iran war.
Stocks in Spotlight:
Nazara Technologies fell 4.02%. The company's wholly owned subsidiary, Nazara Technologies UK, has signed definitive agreements to acquire a 50% controlling stake in Bluetile Games S.L. and BestPlay Systems S.L. for a consideration of $100.3 million (around Rs 918 crore).
Puravankara declined 3.37%. The company said that it has extended a corporate guarantee of Rs 50 crore in favour of SBM Bank (India) on behalf of its wholly owned subsidiary, Starworth Infrastructure & Construction.
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