Indian equity benchmarks erased some losses in morning deals amid reports that Indian oil will get safe passage through Hormuz. As per a private report, Iran allowed Indian oil tankers to pass through the strategically crucial Strait of Hormuz after talks between External Affairs Minister S Jaishankar and his Iranian counterpart Abbas Araghchi. However, markets continued their trade in red, amid concerns over the widening crisis in West Asia. Besides, weak global market trends and relentless foreign fund outflows dampened sentiments. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 6,267.31 crore on Wednesday, according to exchange data. Traders took a note of Crisil Intelligence’s report stated 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. On the global front, Asian markets were trading mostly in red as investors grappled with volatile oil prices and escalating tensions in the Middle East.

The BSE Sensex is currently trading at 76237.78, down by 625.93 points or 0.81% after trading in a range of 75871.18 and 76369.65. There were 7 stocks advancing against 23 stocks declining on the index.

The few gaining sectoral indices on the BSE were Utilities up by 1.45%, Power up by 0.66%, Energy up by 0.65% and Oil & Gas up by 0.53%, while Auto down by 2.53%, Consumer Discretionary down by 2.05%, Consumer Durables down by 1.61%, Metal down by 1.61% and Realty down by 1.49% were the top losing indices on BSE.

The top gainers on the Sensex were NTPC up by 0.92%, Power Grid Corporation up by 0.90%, Reliance Industries up by 0.64%, HCL Technologies up by 0.46% and Tech Mahindra up by 0.27%. On the flip side, Mahindra & Mahindra down by 3.36%, Eternal down by 2.97%, Trent down by 2.82%, Titan Company down by 2.28% and Bajaj Finance down by 2.20% were the top losers.

Meanwhile, with escalating tensions in West Asia posing risks to global energy supplies, the coal ministry has said that India is fully prepared to meet any unexpected spike in coal demand, citing current coal stocks of about 210 million tonnes, which can meet demand for around 88 days. This year, coal production and supply have outpaced consumption, leading to record-high stocks at thermal power plants and coal mines.

Supplies to the non-regulated sector are up nearly 14 per cent over the previous year. Pithead coal stocks at mines of Coal India (CIL) stood at 106.78 million tonne (MT) on April 1, 2025, rising to 121.39 MT as of March 9 this year. Further, there is around 6.07 MT of coal at the mines of Singareni Collieries Company (SCCL), another 15.12 MT at captive, commercial mines, and about 14 MT in transit, totalling 156.58 MT, the highest ever. 

This is in addition to the coal already available at power plants, which stood at around 54.05 million tonnes as of March 9, 2026, adequate for nearly 24 days at the current rate of consumption. With an aim to ensure reliable coal availability, support uninterrupted operations across key sectors, and meet the country's growing energy needs, the coal ministry remains focused on creating a stable and performance-driven environment through continued policy facilitation, close performance monitoring, and coordinated engagement with stakeholders.

The CNX Nifty is currently trading at 23666.65, down by 200.20 points or 0.84% after trading in a range of 23556.30 and 23696.75. There were 12 stocks advancing against 38 stocks declining on the index.

The top gainers on Nifty were Coal India up by 1.50%, NTPC up by 1.01%, Power Grid Corporation up by 1.00%, Reliance Industries up by 0.70% and Cipla up by 0.45%. On the flip side, Mahindra & Mahindra down by 3.32%, Trent down by 2.93%, Eternal down by 2.78%, Eicher Motors down by 2.49% and Titan Company down by 2.23% were the top losers.

Asian markets were trading mostly in red; Nikkei 225 slipped 870.37 points or 1.58% to 54,155.00, Taiwan Weighted lost 524.26 points or 1.54% to 33,589.93, Shanghai Composite weakened 22.49 points or 0.54% to 4,110.94, KOSPI dropped 36.86 points or 0.66% to 5,573.09, Hang Seng declined 331.76 points or 1.28% to 25,567.00 and Straits Times fell 32.72 points or 0.67% to 4,831.09.

On the flip side, Jakarta Composite gained 38.42 points or 0.52% to 7,427.82.