HOME > MARKETS > MARKET COMMENTARY
  MARKET COMMENTARY
EQUITY
Markets magnify opening losses amid West Asia conflict, surging oil prices
Mar-13-2026

Indian equity benchmarks have extended their losses from previous session with negative opening on Friday, tracking weakness in global peers amid concerns over a prolonged conflict between the US and Iran. Additionally, rising tensions in the Middle East have pushed crude oil prices higher, following Iran's recent statement about keeping the Strait of Hormuz closed, which has made investors more cautious. Brent crude oil prices surpassed $100 per barrel. Closer to home, markets have further magnified their opening losses, with both Sensex and Nifty were trading with cut over a percent in early deals. Market participants were concerned due to sustained selling by foreign portfolio investors (FPIs). According to exchange data, foreign institutional investors sold equities worth Rs 7,049.87 crore on a net basis on March 12.

Rising retail inflation also weighed on market sentiments, with government data showing India's retail inflation rose to 3.21% year-on-year in February. This increase was driven by higher prices of food items, personal care products, and precious metals. Furthermore, the rupee slumped 12 paise to its record low of 92.37 against the US dollar in early trade. On the global front, Asian markets were mostly lower as the possibility of an extension of Middle East conflicts raised concerns about a fragile economic outlook.

The BSE Sensex is currently trading at 75262.55, down by 771.87 points or 1.02% after trading in a range of 75213.79 and 75576.20. There were 6 stocks advancing against 24 stocks declining on the index.

The only gaining sectoral index on the BSE was FMCG up by 0.22%, while Metal down by 2.95%, Basic Materials down by 2.20%, Industrials down by 2.14%, Consumer Durables down by 1.71% and Capital Goods down by 1.69% were the top losing indices on BSE.

The top gainers on the Sensex were Hindustan Unilever up by 1.39%, Bharti Airtel up by 0.45%, Trent up by 0.37%, Power Grid up by 0.23% and ITC up by 0.21%. On the flip side, Larsen & Toubro down by 3.59%, Tata Steel down by 2.66%, Bharat Electronics down by 2.29%, Ultratech Cement down by 2.23% and Interglobe Aviation down by 2.20% were the top losers.

Meanwhile, with an aim of strengthening cross-border relations, India and Chile have agreed to enhance cooperation in trade, investment, health and pharmaceuticals, science and technology, and other sectors. The Ministry of External Affairs has said that Minister of State for External Affairs Kirti Vardhan Singh visited Chile from March 10-12, and represented the Government of India at the inauguration ceremony of new President of Chile, Jose Antonio Kast Rist.

During the visit, Singh held a bilateral meeting with President Kast, and also interacted with outgoing president, Gabriel Boric Font. During these meetings, the two sides agreed to further strengthen cooperation in key areas including trade, investment, health and pharmaceuticals, traditional medicines, science and technology, mining and mineral exploration, education, space, agriculture and people to people exchanges.

The two sides also expressed satisfaction at the progress in the ongoing negotiations for a Comprehensive Economic Partnership Agreement between the two countries. They also agreed to diversify bilateral ties in new and emerging areas of contemporary relevance such as digital public infrastructure, innovation and green energy. Meanwhile, the bilateral trade between India and Chile is modest. In 2024-25, India's exports to Chile were down 2.46% to just $1.15 billion. Imports, however, grew 72% to $2.60 billion.

The CNX Nifty is currently trading at 23363.10, down by 276.05 points or 1.17% after trading in a range of 23362.65 and 23492.40. There were 7 stocks advancing against 43 stocks declining on the index.

The top gainers on Nifty were Hindustan Unilever up by 1.31%, Nestle up by 0.83%, Tata Consumer Products up by 0.82%, Bharti Airtel up by 0.34% and Trent up by 0.32%. On the flip side, Hindalco down by 4.48%, Larsen & Toubro down by 3.47%, Tata Steel down by 2.73%, JSW Steel down by 2.66% and Tata Motors Passenger Vehicles down by 2.63% were the top losers.

Asian markets were trading mostly in red; Nikkei 225 slipped 692.96 points or 1.27% to 53,760.00, Jakarta Composite plunged 141.12 points or 1.92% to 7,221.00, Hang Seng declined 135.76 points or 0.53% to 25,581.00, Taiwan Weighted lost 133.65 points or 0.4% to 33,448.21, KOSPI dropped 101.31 points or 1.81% to 5,481.94 and Shanghai Composite weakened 8.96 points or 0.22% to 4,120.14, while Straits Times was up by 3.34 points or 0.07% to 4,858.67.
  RELATED NEWS >>
Most Viewed >>
EXPLORE
© CITRUS INTERACTIVE
Designed & Developed Accord Fintech Pvt. Ltd.