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Indian equity benchmarks resumed their decline on Wednesday after a brief recovery in the previous session, as rising crude oil prices and weak global cues weighed on sentiment. The NSE Nifty 50 dropped 1.6% to settle below the 23,900 mark, while the BSE Sensex fell more than 1,300 points to close marginally above 76,863. The decline followed a one-day breather on Tuesday, when markets had rebounded after oil prices retreated sharply.
The decline in benchmark indices erased nearly Rs 3.2 lakh crore in market capitalisation among companies in the Nifty 50 index during the session. The losses marked a resumption of the recent sell-off that has pushed both the Nifty and the Sensex into correction territory after falling more than 10% from their record highs earlier this week.
Crude oil prices moved higher during the session, reversing part of the earlier decline seen this week. Brent crude traded around $92.32 per barrel, up $4.52 or 5.15%, while US West Texas Intermediate crude was near $88.42 per barrel, up $4.97 or 5.96%. Oil markets have remained volatile since the escalation of the Iran war disrupted energy shipments through the Strait of Hormuz, a critical route for global oil trade.
Weakness in European equities also added to cautious sentiment. The pan-European Stoxx Europe 600 fell nearly 0.8% shortly after the open. London's FTSE 100 dropped 0.7%, Germany's DAX declined 1.2%, and France's CAC 40 slipped 0.6%. Italy's FTSE MIB fell 0.8%. In the United States, stock futures were little changed. Futures linked to the Dow Jones Industrial Average rose 32 points, while S&P 500 futures and Nasdaq 100 futures were up about 0.1%.
Nifty Pharma remains a top sectoral performer, led by strong gains in Ipca Lab and Glenmark Pharma.
Ministry of Petroleum and Natural Gas to hold a press conference at 5:00 p.m. amid LPG/PNG supply disruptions in the country
The Reserve Bank of India has cancelled the certificate of registration of 36 non-banking financial companies (NBFCs) as of March 11, 2026.
In a separate update, the central bank said nine NBFCs voluntarily surrendered their certificates of registration to the regulator.
Source: Bloomberg
Embassy Developments Ltd. said it has added around Rs 495 crore to its revenue following the sale of units in a residential project in North Bengaluru, according to an exchange filing.
Source: Bloomberg
The rupee depreciated by as much as 13 paise to 91.93 against the US dollar in opening trade.
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