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Informist, Friday, Mar. 6, 2026

 

By Arya S. Biju

 

MUMBAI – Benchmark equity indices closed sharply lower Friday after crude oil prices rose amid escalation in the US-Iran conflict. The indices slumped sharply towards the close of the session, with the May Brent crude futures contract rising past $87 per barrel, their highest level since July 2024. 

 

Oil prices rose after reports said that Iranian missiles struck Bahrain's largest oil refinery. At 1605 IST, the May Brent Crude Oil futures contract on the Intercontinental Exchange was at $87.09 per barrel, up nearly 2% from the previous close and up over 12% from Monday's close. "A sustained rise in oil prices could weigh on investor sentiment and adversely affect India's twin deficits, inflation trajectory, and the RBI's (Reserve Bank of India's) monetary stance," Vinod Nair, head of research at Geojit Investments, said in a note.

 

The conflict between Iran and the US-Israel combine entered its seventh day Friday, with Iran and Israel launching fresh strikes at each other. In the latest in the series, Israel has launched strikes in the southern suburbs of Beirut and Iran's capital, Tehran. Iran's Revolutionary Guards also launched a wave of drones and missiles at targets in Tel Aviv Friday, according to a report by IRNA, Iran's state news agency.

 

The decline comes a day after global markets rose following reports that Iran had signalled to the US Central Intelligence Agency that it was open to talks on ending the war. However, Iranian Foreign Minister Abbas Araghchi Thursday said Iran is "not asking for a ceasefire" from the US and Israel, adding that "we don't see any reason why we should negotiate" after nearly a week of war, CNBC reported. 

 

Friday, the Nifty 50 closed at 24450.45, down 315.45 points or 1.3%. The BSE Sensex ended at 78918.90, down 1,097 points or 1.4%. The 50-stock index was dragged down primarily by a fall in financial services, banking, and automobile stocks. A rise in information technology and defence stocks limited the fall in the benchmark index. 

 

Adding to the negative sentiment, the rupee closed lower against the dollar, with the rising crude prices continuing to pressure the domestic currency. The Indian unit settled at 91.7400 a dollar on Friday, lower than its previous close of 91.6000. However, the fall in the rupee was limited as state-owned banks sold dollars on behalf of the Reserve Bank of India, according to dealers at the foreign exchange market.

 

All broader market indices closed lower, down 0.2-0.9%. "The Midcap 100 index fell 0.7%, while the Smallcap 100 index declined 0.3%, indicating comparatively limited selling pressure beyond frontline stocks," Siddhartha Khemka, head of research-wealth management at Motilal Oswal Financial Services, said in a note. 

 

Most sectoral indices, barring the Nifty Energy and Nifty IT, ended the session in the red, down 0.1-2.3%. Banking and financial stocks were among the worst hit after regulatory concerns weighed on sentiment. The Nifty Private Bank, Nifty Financial Services, and Nifty PSU Bank closed around 2% lower each after the Reserve Bank of India proposed tighter rules for the sale of insurance products alongside bank loans, which could impact fee income for banks and insurers, Khemka said. 

 

On the other hand, defence stocks rose Friday amid the escalating tensions in West Asia, as heightened global security concerns strengthened expectations of increased defence spending and improved order visibility for the sector. The India Defence Index closed nearly 3% higher, with all of its constituents except Cyient DLM ending the session in green. Shares of most information technology stocks also rose Friday after their recent sharp correction amid rising concerns over artificial intelligence-driven disruption in the IT services sector.

 

Among individual stocks, shares of InterGlobe Aviation, the parent company of IndiGo airline, fell after global brokerage UBS cut its target price by nearly 13% to INR 5,480, while retaining the 'buy' recommendation. The brokerage warned that ongoing geopolitical tensions, higher crude prices and a weaker rupee could hurt airline capacity and earnings in the near to medium term.

 

Shares of railway companies IRCON International and Rail Vikas Nigam rose sharply amid media reports that the Ministry of Railways has moved a formal proposal to merge the two companies. The Ministry of Railways is the administrative authority for both public sector enterprises. However, later in the day, IRCON International clarified that it is not engaged in discussions or negotiations related to a merger with Rail Vikas Nigam.

 

* Of the Nifty 50 stocks, 11 rose and 39 fell

* Of the Sensex stocks, 6 rose and 24 fell

* On the NSE, 1,317 stocks rose, 1,874 fell, and 104 were unchanged

* On the BSE, 1,895 stocks rose, 2,304 fell, and 175 were unchanged

* Nifty Private Bank: down 2.3%; Nifty Bank: down 2.2%; Nifty India Defence: up 2.8%

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BSE                                              NSE

Sensex: 78918.90, down 1097 points or 1.4%       Nifty 50: 24450.45, down 315.45 points or 1.3%

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S&P BSE Sensitive Index	Nifty 50
Lifetime High: 86159.02 (Dec. 1, 2025)	: Lifetime High: 26373.20 (Jan. 5, 2026)
Record Close High: 85836.12 (Sept. 26, 2024)	: Record Close High: 26328.55 (Jan. 2, 2026)
2026 1st day close: 85188.60 (Jan. 1)	: 2026 1st day close: 26146.55 (Jan. 1)
2026 Closing High: 85762.01 (Jan. 2)	: 2026 Closing High: 26328.55 (Jan. 2)
2026 Closing Low: 79116.19 (Mar. 4)	: 2026 Closing Low: 24480.5 (Mar. 4)
2026 High (intraday): 85883.50 (Jan. 5)	: 2026 High (intraday): 26373.20 (Jan. 5)
2026 Low (intraday): 78443.20 (Mar. 4)	: 2026 Low (intraday): 24305.40 (Mar.4)
2025 1st day close: 78507.41 (Jan. 1)	: 2025 1st day close: 23742.90 (Jan. 1)
2025 Closing High: 85720.38 (Nov. 27)	: 2025 Closing High: 26215.55 (Nov. 27)
2025 Closing Low: 72989.93 (Mar. 4)	: 2025 Closing Low: 22082.65 (Mar. 4)
2025 High (intraday): 86159.02 (Dec. 1)	: 2025 High (intraday): 26325.80 (Dec.1)
2025 Low (intraday): 71425.01 (Apr. 7)	: 2025 Low (intraday): 21743.65 (Apr. 7)
2024 1st day close: 72271.94 (Jan. 1)	: 2024 1st day close: 21741.90 (Jan. 1)
2024 Closing High: 85836.12 (Sept. 26)	: 2024 Closing High: 26216.05 (Sept. 26)
2024 Closing Low: 70370.55 (Jan. 23)	: 2024 Closing Low: 21238.80 (Jan. 23)
2024 High (intraday): 85978.25 (Sep. 27)	: 2024 High (intraday): 26277.35 (Sept. 27)
2024 Low (intraday): 70001.60 (Jan. 24)	: 2024 Low (intraday): 21137.20 (Jan. 24)
2023 1st day close: 61167.79 (Jan. 2)	: 2023 1st day close: 18197.45 (Jan. 2)
2023 Closing High: 72410.38 (Dec. 28)	: 2023 Closing High: 21778.70 (Dec. 28)
2023 Closing Low: 59288.35 (Feb. 27)	: 2023 Closing Low: 17311.80 (Oct. 17)
2023 High (intraday): 72484.34 (Dec. 28)	: 2023 High (intraday): 21801.45 (Dec. 28)
2023 Low (intraday): 58699.20 (Jan. 30)	: 2023 Low (intraday): 17098.55 (Jan. 17)
2022 1st day close: 59183.22 (Jan. 3)	: 2022 1st day close: 17625.70 (Jan. 3)
2022 Closing High: 63284.19 (Dec. 1)	: 2022 Closing High: 18812.50 (Dec. 1)
2022 Closing Low: 51360.42 (Jun. 17)	: 2022 Closing Low: 15293.50 (Jun. 17)
2022 High (intraday): 63583.07 (Dec. 1)	: 2022 High (intraday): 18887.60 (Dec. 1)
2022 Low (intraday): 50921.22 (Jun. 17)	: 2022 Low (intraday): 15183.40 (Jun. 17)
2021 Closing High: 61305.95 (Oct. 14)	: 2021 Closing High: 18338.55 (Oct. 14)
2021 Closing Low: 46285.77 (Jan. 29)	: 2021 Closing Low: 13634.60 (Jan. 29)
2021 High (intraday): 61353.25 (Oct. 14)	: 2021 High (intraday): 18350.75 (Oct. 14)
2021 Low (intraday): 46160.46 (Jan. 29)	: 2021 Low (intraday): 13596.75 (Jan. 29)
2020 Closing High: 47751.33 (Dec. 31)	: 2020 Closing High: 13981.95 (Dec. 30)
2020 Closing Low: 25981.24 (Mar. 23)	: 2020 Closing Low: 7610.25 (Mar. 23)
2020 High (intraday): 47896.97 (Dec. 31)	: 2020 High (intraday): 14024.85 (Dec. 31)
2020 Low (intraday): 25638.90 (Mar. 24)	: 2020 Low (intraday): 7511.10 (Mar. 24)
2019 High (intraday): 41809.96 (Dec. 20)	: 2019 High (intraday): 12293.90 (Dec. 20)
2019 Low (intraday): 35287.16 (Feb. 19)	: 2019 Low (intraday): 10583.65 (Jan. 29)
2018 High (intraday): 38938.91(Aug. 28))	: 2018 High(intraday): 11760.20 (Aug. 28)
2018 Low (intraday): 32483.8 (Mar. 23)	: 2018 Low (intraday): 9951.9 (Mar. 23)
2017 High (intraday): 34005.37 (Dec. 26)	: 2017 High(intraday): 10515.10 (Dec. 26)

 

End

 

US$1 = INR 91.7400

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Saji George Titus

 

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