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Markets pare some losses; continue to trade in red
Mar-23-2026

Benchmarks have pared some losses in late afternoon session as investors opted to pick up stocks at lower level. However, benchmarks continued to trade deep in red as high crude prices amid escalating tensions in West Asia weighed on market sentiments. US President Donald Trump warned that US would obliterate Iran's power plants if the country didn't open the Strait of Hormuz within 48 hours. In retaliation, Iran also threatened to strike energy infrastructure in the Middle East. Besides, weakness in Rupee and persistent foreign capital outflows sparked caution among market participants. The Indian rupee has weakened by 41 paise against the US dollar on Monday, while foreign institutional investors offloaded securities worth Rs 5,518.39 crore on Friday.

On the global front, all Asian and European equity markets were trading lower as high crude oil prices raised concern about inflation and economic growth. Investors also worry that prolong high energy prices may trigger interest rate hike by Federal Reserve.

The BSE Sensex is currently trading at 72825.67, down by 1707.29 points or 2.29% after trading in a range of 72558.44 and 73732.58. There were 5 stocks advancing against 25 stocks declining on the index.

The top losing sectoral indices on the BSE were Metal down by 4.93%, Consumer Durables down by 4.89%, Realty down by 4.61%, Basic Materials down by 4.47% and Industrials down by 4.07%. Meanwhile, there were no gainers on BSE sectoral index.

The top gainers on the Sensex were HCL Technologies up by 1.81%, Power Grid Corporation up by 1.01%, Tech Mahindra up by 0.45%, TCS up by 0.22% and Infosys up by 0.09%. On the flip side, Titan Company down by 6.28%, Trent down by 5.41%, Ultratech Cement down by 5.41%, Interglobe Aviation down by 5.16% and Tata Steel down by 4.88% were the top losers.

Meanwhile, at a time when West Asia conflict spiking global energy prices, the Union Minister for coal and mines G Kishan Reddy has highlighted that coal gasification will play an important role in strengthening India's energy security, reducing imports and supporting industrial growth. He described coal gasification as a key transformative technology, and said that it converts coal into Syngas, which can be further used to produce cleaner fuels, chemicals, fertilizers, and hydrogen. He added that this approach enables more efficient and sustainable use of domestic resources while enhancing economic resilience. Further, he pointed that the energy security has become a strategic priority for the country due to its import dependency for energy. He noted that India imports around 83% of crude oil, 50% of natural gas and over 90% of methanol and fertilizers.

The minister highlighted that the Centre has launched the National Coal Gasification Mission with a target of 100 million tonnes of gasification by 2030, in order to promote adoption of Coal Gasification. He added that an incentive framework of Rs 8,500 crore has been introduced to support public and private sector projects, with several large-scale initiatives already underway and investments exceeding Ra 64,000 crore in the pipeline. Besides, advanced technologies such as Underground Coal Gasification were also highlighted for their potential to tap previously inaccessible reserves while reducing environmental impact.

Moreover, he noted that coal gasification spans multiple sectors, including power, oil and gas, and fertilizers, and has called for a collaborative ecosystem involving industry, academia, start-ups, and research institutions. He also reaffirmed the government's commitment to streamlined approvals, supportive policies, and incentives to encourage early participation and investment. He has expressed confidence that with innovation, indigenous technology development, and coordinated efforts, India can emerge as a global leader in clean coal technologies while advancing energy security, sustainability, and self-reliance.

The CNX Nifty is currently trading at 22526.80, down by 587.70 points or 2.54% after trading in a range of 22471.25 and 22851.70. There were 4 stocks advancing against 45 stocks declining on the index.

The top gainers on Nifty were HCL Technologies up by 1.80%, Power Grid Corporation up by 0.84%, Tech Mahindra up by 0.45%, TCS up by 0.21% and ONGC up by 0.00%. On the flip side, Shriram Finance down by 7.10%, Titan Company down by 6.23%, JSW Steel down by 5.48%, Ultratech Cement down by 5.41% and JIO Financial Serv. down by 5.27% were the top losers.

Asian equity markets were trading lower; Nikkei 225 slipped 1869.53 points or 3.63% to 51,503.00, Taiwan Weighted lost 821.38 points or 2.51% to 32,722.50, Hang Seng declined 883.32 points or 3.62% to 24,394.00, KOSPI dropped 375.45 points or 6.95% to 5,405.75, Straits Times fell 112.5 points or 2.33% to 4,836.37 and Shanghai Composite weakened 143.77 points or 3.77% to 3,813.28. Meanwhile, Indonesian market remained closed on account of holiday.

European equity markets were trading lower; UK’s FTSE 100 decreased 175.1 points or 1.77% to 9,743.23, France’s CAC fell 120.62 points or 1.57% to 7,545.00 and Germany’s DAX lost 409.19 points or 1.83% to 21,971.00.
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