The key equity benchmarks traded with major cuts in early afternoon trade as investors assessed fading hopes of an early resolution to the Iran-US-Israel conflict, which has led to the prolonged closure of the Strait of Hormuz. The ongoing geopolitical tensions have heightened concerns over global oil supply disruptions and rising energy prices, keeping market sentiment cautious. The Nifty traded below the 24,050 mark. PSU bank stocks declined after advancing in the past trading session.

At 12:30 ST, the barometer index, the S&P BSE Sensex, dropped 891.83 points or 1.14% to 77,314.15. The Nifty 50 index fell 252.30 points or 1.04% to 24,011.80.

In the broader market, the BSE 150 MidCap Index shed 0.16% and the BSE 250 SmallCap Index gained 0.46%.

The market breadth was positive. On the BSE, 2,273 shares rose and 1,723 shares fell. A total of 195 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, surged 8.05% to 20.43.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, tumbled 14.28% to 20.03. The Nifty 30 March 2026 futures were trading at 24,090.90, at a premium of 79.1 points as compared with the spot at 24,011.80.

The Nifty option chain for the 30 March 2026 expiry showed a maximum call OI of 54.6 lakh contracts at the 25,000 strike price. Maximum put OI of 57.8 lakh contracts was seen at the 24,000 strike price.

Buzzing Index:

The Nifty PSU Bank index shed 0.83% to 743.20. The index rose 2.21% in the past trading session.

Union Bank of India (down 2.2%), Bank of Baroda (down 1.05%), Bank of Maharashtra (down 0.97%), Bank of India (down 0.91%), State Bank of India (down 0.84%), Canara Bank (down 0.83%), Punjab National Bank (down 0.66%), Indian Bank (down 0.52%), UCO Bank (down 0.52%) and Punjab & Sind Bank (down 0.33%) declined.

Stocks in Spotlight:

H.G. Infra Engineering surged 11.31% after the company announced that it has secured an order worth Rs 401.33 crore from Anuppur Thermal Energy (MP) in Madhya Pradesh.

NTPC Green Energy rose 2.18% after the company said that its arm, NTPC Renewable Energy, has declared commercial operation of the third part capacity of 270 MW out of its 1,200 MW Khavda-II solar PV project in Gujarat.

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