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Indian equity benchmarks ended lower, extending losses for a second straight session. The Nifty 50 fell 2.1% to close below 22,350 on Monday, while the Sensex dropped more than 1,600 points to settle below 72,000. For March, Sensex and Nifty each slumped 11%, making it their worst March since the Covid period. For the financial year ended March 2026, the Nifty declined more than 5%, while the Sensex fell 7%.
In the currency market, the Indian rupee witnessed its worst fiscal in 14 years after the local currency depreciated 9.9% since April 2025.
Meanwhile, oil prices moved higher after Yemen's Houthis fired missiles at Israel and after the US President Donald Trump said that he wants to seize Iran's oil. Brent crude for May delivery rose more than 3.2% to $116.12 a barrel, while US West Texas Intermediate futures gained 3.4% to $102.96 a barrel. Elsewhere, Europe stocks declined, The pan-European Stoxx 600 opened 0.3% lower but pared losses to trade 0.1% higher. The FTSE 100 was up 0.55%, while Germany's DAX was down 0.22%.
For March, Sensex and Nifty each slumped 11%, making it their worst March since the Covid period.
For the financial year ended March 2026, the Nifty declined more than 5%, while the Sensex fell 7%.
National Aluminium Company and Coal India saw short covering.
Life Insurance Corporation of India and Ashok Leyland saw long unwinding.
Bandhan Bank and AU Small Finance Bank saw short build-up.
Nifty PSU Bank was the worst-performing sectoral index, falling 4.5%.
Nifty Bank fell 3.9%, Nifty Fin Service declined 3.6% and Nifty India Defence was down 3.1%, adding to the broad-based sectoral weakness.
Sensex declined as much as 2.5%, or 1,810 points, to 71,774.
The Indian currency depreciated as much as 0.3% to 95.08 in trade.
The Lok Sabha on Monday, March 30, passed the Insolvency and Bankruptcy Code (Amendment) Bill, 2025
He said the move to sharply reduce Indian banks’ open foreign exchange positions in a short period falls in that category and compared it with RBI action during 1998 when the rupee was under pressure.
Kotak also said that if geopolitical conditions worsen further, there may be a case to consider a new version of the FCNR(B) scheme.
The FTSE 100 was up 0.55%, while Germany’s DAX was down 0.22%.
South Korea’s Kospi fell 2.97% to and Japan’s Nikkei 225 dropped 2.79%.
Hong Kong’s Hang Seng declined 0.81%, while Australia’s ASX 200 slipped 0.65%.
Shanghai was the only gainer in the list, rising 0.24%.
The company said the increase will apply to its mainline portfolio and will not cover premium electric vehicles MG M9 and Cyberster sold through the MG Select channel.
JSW MG Motor India said the price revision is aimed at partly offsetting the impact of rising input costs.
Source: PTI
Investors have been asked to express interest in participating through the offer for sale route.
The exchange has sent expression of interest forms and annexures to shareholders who may want to take part in the OFS, starting the process of assessing seller interest ahead of the IPO.
BPCL turned positive and was up 0.28%, while IOC cut losses to 0.97% and HPCL narrowed its decline to 0.85%.
The company said its total module capacity has now crossed 10 GW.
Dabur slipped 2.05% and United Spirits fell 1.93%, adding to the weakness in the pack.
Emami was the only stock in the list trading higher, up 0.50%.
Banks will work with the National Payments Corporation of India to cut transaction declines, while NPCI will review bank performance and suggest corrective steps.
The sources said transaction failure rates are higher at smaller lenders. The aim is to improve reliability and support wider digital payments adoption.
Bank of India dropped 3.97%, while Bank of Baroda was down 3.88%, adding to the weakness in the pack.
The broader market, represented by the Nifty 500 index, declined 1.6% in trade, underperforming the benchmark Nifty 50 in the session.
Brazil’s sugar output is expected to fall to 40.3 million tonnes from 43.5 million tonnes last season, while ethanol production is seen rising 10.7% to 42.58 billion litres in 2026. The tighter global supply outlook is expected to support sugar prices.
Dwarikesh Sugar rose 11.72%, Dalmia Bharat Sugar gained 9.55%, Mawana Sugar was up 8.14% and Shree Renuka advanced 7.25%. Bajaj Hindusthan rose 3.10% and Avadh Sugar gained 2.99%, while Balrampur Chini slipped 0.49%.
He said price increases by paint companies may now show new trends as input costs move higher.
Soman said companies need to pass on input cost increases immediately.
The company said it evaluates strategic opportunities from time to time.
The Aviation Ministry is in discussions with government stakeholders and will reach out to states to seek lower VAT on ATF. The minister is likely to write to chief ministers and state finance departments, with states and union territories such as Maharashtra and Delhi seen as key for any reduction.
The government is also considering steps to avoid a rise in air fares, including possible relief for passengers through lower airport charges. Discussions with airports are being planned to review levies and charges.
Nifty PSU Bank was the worst performer, down 3.1%. Nifty Bank fell 2.8%, Nifty Fin Service declined 2.5% and Nifty Realty was down 2.3%.
On the other side, Nifty Metal was the top gainer, up 0.4%, while Nifty Oil & Gas also traded in the green.
Hindalco and Coal India saw short covering.
LTF and Syngene saw long unwinding.
Shriram Finance and Kotak Bank saw short build-up.
The stock opened at Rs 160 on the NSE and Rs 162.8 on the BSE, against an issue price of Rs 172 per share.
The IPO raised Rs 1,842 crore through an offer for sale by Coal India, with the full proceeds going to the parent. The issue was subscribed, with qualified institutional buyers bidding 3.48 times, while the non-institutional and retail portions were booked 35% and 33% respectively.
The brokerage said the move may support the rupee, but the unwinding of positions by April 10 could lead to mark-to-market losses in the March quarter. It said positions may be in the $30-40 billion range, led by large Indian banks and select foreign banks.
Jefferies said SBI, ICICI Bank, HDFC Bank, Axis Bank and leading foreign banks in India run gross onshore forex positions that offset each other. It added that every Re 1 move in the rupee against the dollar on a $30-40 billion book could lead to a one-time loss of Rs 3,000 crore to Rs 4,000 crore for the banking sector.
JPMorgan upgraded the stock to Overweight from Neutral, but said a constrained deposit environment could weigh on sentiment and earnings.
The brokerage said the recent valuation reset has created an attractive entry point and added that the bank’s core franchise, asset quality track record and liability franchise remain strong.
Mawana Sugar rose 7.67%, Dalmia Bharat Sugar gained 7.29% and Shree Renuka advanced 4.79%.
Bajaj Hindusthan was up 3.28%, Avadh Sugar gained 2.73% and Balrampur Chini rose 1.42%.
Nalco led the gains in the index, rising 5.81%. Hindalco gained 4.15%, Vedanta was up 3.53%, and SAIL rose 3.24%.
Welspun Corp also advanced 1.89%, while Hind Copper, Tata Steel, JSPL, Jindal Stainless and APL Apollo traded lower.
HPCL led the fall, down 1.14%. BPCL declined 0.41%, while IOC slipped 0.04%.
Axis Bank led the decline, falling 3.45%. Kotak Mahindra Bank dropped 3.10% and IndusInd Bank was down 3.05%.
IDFC First Bank declined 2.91%, while Bank of Baroda fell 2.34%.
Nifty Bank was the worst-performing sectoral index, down 2.1%.
On the other side, Nifty Metal was the top gainer, up 0.4%.
Sensex declined as much as 1,180 points, or 1.6%, to 72,043.
Sensex fell more than 2,000 points ahead of the open.
The brokerage said LPG supply constraints pose a short-term challenge and could have a temporary impact on the company’s performance in Q4.
Morgan Stanley said the issue is an external headwind. It added that if the constraints continue for longer, especially during the IPL season, the impact could extend into Q1.
Citi maintained its Buy rating on Apollo Hospitals with a target price of Rs 9600. It said revenue from the existing and new hospital business is expected to grow 16-17% in FY27 and FY28, with margins of 24-25%.
The brokerage said hospital expansion remains on track and new capacity could break even by the end of FY27. It expects positive EBITDA contribution of 8-10% by FY28.
Citi said the impact from disruption in the Middle East is minimal and recovery is expected in the coming quarters. It also said Bangladesh volumes are recovering, Apollo 24/7 is nearing break-even by Q1FY27, and HealthCo is growing at about 17-18%. It added that the Keimed merger and a future listing could unlock value, and Apollo remains its preferred pick in the Indian hospitals space.
Tata Motors Passenger Vehicles is in focus after saying the disruption at JLR is short term.
Sun Pharma is in focus after the Gliostar trial failed to meet its primary endpoint.
Dilip Buildcon is in focus after winning a Rs 698 crore Narmada project.
KNR Construction is in focus after receiving a Rs 1,734 crore order from NHAI.
Kotak Securities has initiated coverage on Emmvee Photo with an Add rating and a target price of Rs 250.
The brokerage said the company is one of India’s integrated solar cell and module manufacturers and expects delivery to stay on track. It expects profit after tax to grow at a 44% CAGR over FY25-30.
Kotak said growth could be supported by capacity expansion, higher backward integration and better capacity utilisation. It added that higher competition may affect margins and return ratios from FY28.
RailTel is in focus after winning orders worth Rs 444 crore and reporting an order book of Rs 10,166 crore.
Dredging Corp is in focus after highlighting a Rs 1,400 crore order book and major growth plans.
JNK India is in focus after bagging an order valued in the Rs 300 crore to Rs 600 crore range.
Ceigall India is in focus after winning a Rs 603 crore project from NHAI.
Nomura said the government has activated fiscal support by cutting fuel excise duties. It estimated the move could cost the Centre about Rs 1.6 lakh crore to Rs 1.8 lakh crore, or about 0.5% of GDP.
JPMorgan said the excise duty cut could result in a revenue loss of about Rs 1.75 lakh crore, or around 0.5% of GDP, in FY27. It added that if crude prices stay high, the government may need to cut excise duty further or eventually raise pump prices.
JPMorgan said valuations across many financial stocks look attractive after the recent correction.
The brokerage said earnings impact is yet to be fully reflected and sees estimate cuts over the next few months depending on how long the conflict lasts.
JPMorgan said investors should buy the sector selectively with a focus on quality. It prefers companies with a strong record in handling macro pressure and a strong liability franchise, while remaining cautious on NBFCs and selective on higher-yielding and wholesale-funded names.
Jefferies said discussions with 12 NBFCs and housing finance companies pointed to healthy business and asset quality trends, with limited impact from the conflict so far in Q4.
The brokerage said a prolonged conflict could affect asset quality and growth, and added that April collections will give a clearer picture of any stress.
Jefferies said marginal cost of funds is up 20-30 basis points for most companies, though many expect average net interest margins to stay steady year-on-year in FY27. It said valuations have corrected and continues to prefer Bajaj Finance, Shriram Finance and Chola Finance. It added that housing finance companies may see more resilient asset quality.
On Friday, the Sensex dropped 2.3%, or nearly 1,700 points, to close near 73,600. The Nifty fell 2.1% to end marginally above 22,800.
Japan’s Nikkei 225 was down 4.65%, while South Korea’s Kospi fell 3.51%.
Hong Kong’s Hang Seng declined 1.84%, Australia’s ASX 200 dropped 1.18%, and Shanghai slipped 0.67%.
Oil prices moved higher after Yemen’s Houthis fired missiles at Israel and after the US President Donald Trump said that he wants to seize Iran’s oil.
The developments added to concerns over risks to energy flows from the Middle East.
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