Indian markets are seeing some pressure again in Friday's trade after a brief period of recovery earlier this week, amid renewed geopolitical tensions in the Middle East. As of 10 am, Nifty is trading around 1.27% lower at 23,339 and Sensex is trading 1.17% lower at 75,170.
Barring FMCG, all sectors are trading in the red, with Metal leading the losses by nearly 3%. All bank stocks part of the Nifty Bank Index are down. Punjab National Bank and IndusInd Bank were the top losers. On the Nifty 50, HDFC Bank and ICICI Bank were the top drags in terms of points.
Pain is also witnessed in the broader markets, with Nifty Midcap 150 trading with cuts of 1.61%, and the Smallcap 250 index is trading with cuts of 1.67%.
Here are three reasons why markets are falling in trade today.
Weak Global Cues
Asia-Pacific markets are trading lower Friday as oil prices soared on renewed fears that a prolonged conflict in the Middle East could further crimp energy supplies, stoking fears of a global economic downturn. A gauge of Asian shares dropped 0.5% in early trading. Japan's Nikkei 225 dropped 2% while the broad-based Topix fell 1.4%. South Korea's blue chip Kospi slumped almost 3%. Hong Kong's Hang Seng index fell 0.7%.
Major stock indexes also notched closing lows for 2026, with the Dow Jones Industrial Average falling nearly 740 points to settle below 47,000 for the first time this year. The S&P 500 shed 1.5% to end the session at 6,672.62, while the Nasdaq Composite lost 1.8% to close at 22,311.98.
Get all the latest market updates here.
Middle East Tensions
Friday marked the 14th day of the US, Israel-Iran conflict and no indication of de-escalation is visible from either ends. The US Treasury Department announced it was taking steps to further ease sanctions on Russian oil as crude prices surge during the Iran war. The agency said that it was granting a license that authorises the delivery and sale of some sanctioned Russia crude oil and petroleum products for the next month.
Iran's secretive new leader issued his first public statements resolving to keep fighting, promising more pain for Gulf Arab states and threatening to open “other fronts” in a war that has already disrupted world energy supplies, the global economy and international travel.
The hard-line stance revealed by Supreme Leader Ayatollah Mojtaba Khamenei came as Israeli Prime Minister Benjamin Netanyahu said his country's attacks were creating conditions for the Iranian population to topple the government.
Nifty and Sensex have fallen nearly % since the start of the start of the conflict in the Middle East.
Nifty and Sensex since March 2, 2026.
Get all the latest updates on US, Irsrel-Iran war here.
Crude Prices
Global oil markets remain on edge after one of the most turbulent trading weeks in years, with Brent crude hovering near the $100-per-barrel mark as tensions around the Strait of Hormuz intensify.
The international benchmark eased slightly after surging more than 9% in the previous session, while US crude benchmark West Texas Intermediate traded close to $96. The sharp moves reflect growing concerns about supply disruptions as geopolitical tensions escalate in the Middle East.
"Going ahead, 23,550–23,500 will act as a key support zone for the index. A sustained move below 23,500 could trigger further downside towards the 23,350 level," according to Sudeep Shah, head of technical and derivatives research at SBI Securities. On the upside, 23,800–23,850 remains an immediate resistance zone, while a decisive breakout above 23,850 may lead to pullback rally towards the 23,970–24,000 zone.
ALSO READ: Brent Crude Near $100 As Hormuz Crisis Deepens, Markets Brace For Supply Shock
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