Indian equity benchmarks have extended their previous session’s losses with gap-down opening on Thursday as sharp rise in crude oil prices (Brent crude rose above the crucial mark of $100 per barrel) and renewed global trade tensions dampened investors sentiments. Escalating tensions involving Iran and Israel have disrupted tanker movement near the Strait of Hormuz, one of the world’s most important oil routes. In addition, Iran has also started targeting oil tankers and commercial ships in the region. Sensex and Nifty were trading deeply in red with cut of over a percent each in early deals on account of selling in almost all the sector indices except Utilities and Energy. Market participants were also concerned as Foreign Institutional Investors (FIIs) extended their selling streak for the ninth consecutive session and offloaded equities worth Rs 6,267.31 crore on March 11, 2026. 

On the global front, Asian markets were trading mostly lower as oil prices jumped on reports that more ships had been struck in the Strait of Hormuz and in Iraqi waters, fuelling inflation and pushing borrowing costs higher worldwide. Back home, OMCs stocks were in focus as Moody’s Ratings said state-owned fuel retailers IOC, BPCL and HPCL absorbing the impact of elevated global energy prices will lead to heightened margin and cash-flow volatility. The three firms control nearly 90% of retail fuel outlets in the country.

The BSE Sensex is currently trading at 76040.39, down by 823.32 points or 1.07% after trading in a range of 75871.18 and 76369.65. There were 2 stocks advancing against 28 stocks declining on the index.

The only gaining sectoral indices on the BSE were Utilities up by 0.23% and Energy up by 0.17%, while Auto down by 2.45%, Consumer Discretionary down by 2.20%, Consumer Durables down by 1.72%, Realty down by 1.68% and Industrials down by 1.57% were the top losing indices on BSE.

The only gainers on the Sensex were Tech Mahindra up by 0.32% and Reliance Industries up by 0.11%. On the flip side, Eternal down by 4.11%, Mahindra & Mahindra down by 2.97%, Interglobe Aviation down by 2.36%, Maruti Suzuki down by 2.25% and Trent down by 2.19% were the top losers.

Meanwhile, Crisil Intelligence in its latest report has said that real gross domestic product (GDP) growth of India is likely to moderate but remain healthy at 7.1% in fiscal year 2026-27 (FY27) compared with 7.6% in FY26 (revised under the new GDP series). It noted that conflict in West Asia, if prolonged, could pose a downside risk to India's economic outlook due to its impact on crude oil and commodity prices.

It highlights India’s resilience in withstanding shocks while sustaining growth, as strong domestic demand, ongoing public infrastructure spending, and a gradually expanding private sector capex cycle help offset an uncertain external environment marked by rising protectionism and geopolitical tensions. It also expects export growth to maintain momentum, supported by lower US tariffs relative to FY26, steady global growth and robust services exports even as frontloading benefits fade.

It further said the retail inflation is likely to rise to 4.3 per cent on average in FY27 from an estimated 2.5 per cent in FY26. As food prices are expected to remain benign, assuming a normal monsoon in 2026, inflation should normalise from its current lows. It said the reduced weight of food in the new CPI 2024 series should contain the upside to headline from normalising food inflation.

It also said headline retail inflation is likely to remain close to the central value of the RBI's tolerance band. This would allow the central bank to hold the repo rate and focus on transmitting the 125 bps rate cut implemented in calendar year 2025. It expects that policy rates will remain steady in FY27; the cumulative rate cut of 125 bps undertaken in calendar year 2025 will continue to be transmitted to bank lending and deposit rates.

The CNX Nifty is currently trading at 23602.65, down by 264.20 points or 1.11% after trading in a range of 23556.30 and 23690.85. There were 5 stocks advancing against 45 stocks declining on the index.

The top gainers on Nifty were Tech Mahindra up by 0.45%, Coal India up by 0.24%, Reliance Industries up by 0.21%, NTPC up by 0.16% and ONGC up by 0.07%. On the flip side, Eternal down by 4.16%, Mahindra & Mahindra down by 3.09%, Tata Motors Passenger Vehicles down by 2.85%, Trent down by 2.22% and Shriram Finance down by 2.10% were the top losers.

Asian markets were trading mostly in red; Nikkei 225 slipped 950.37 points or 1.73% to 54,075.00, Taiwan Weighted lost 522.59 points or 1.53% to 33,591.60, Hang Seng declined 349.76 points or 1.37% to 25,549.00, KOSPI dropped 67.52 points or 1.2% to 5,542.43, Straits Times fell 32.82 points or 0.67% to 4,830.99 and Shanghai Composite weakened 26.47 points or 0.64% to 4,106.96, while Jakarta Composite was up by 8.93 points or 0.12% to 7,398.33.