Indian markets continued to trade lower following weak cues from other Asian markets. Traders remained cautious about inflation amid rising geopolitical tensions. Besides, India’s Consumer Price Index (CPI) data going to be out later in a day. However, losses got trimmed after 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). On the global front, Asian markets were trading mostly in red as confidence among Japanese large companies softened in the first quarter. The business survey index for all industries fell to 4.4 in the first quarter from 4.9 in the fourth quarter. The score is seen falling to 2.0 in the second quarter.

The BSE Sensex is currently trading at 76466.60, down by 397.11 points or 0.52% after trading in a range of 75871.18 and 76576.49. There were 9 stocks advancing against 21 stocks declining on the index.

The top gaining sectoral indices on the BSE were Utilities up by 3.39%, Power up by 2.42%, Energy up by 1.47%, Oil & Gas up by 0.94% and PSU was up by 0.66%, while Auto down by 2.36%, Consumer discretionary down by 1.16%, FMCG down by 1.13%, Bankex down by 0.78% and Healthcare was down by 0.42% were the top losing indices on BSE.

The top gainers on the Sensex were NTPC up by 1.79%, Power Grid up by 1.74%, Reliance Industries up by 1.20%, Tech Mahindra up by 0.71% and HCL Tech up by 0.66%. On the flip side, Mahindra & Mahindra down by 3.19%, Maruti Suzuki down by 2.55%, Ultratech Cement down by 2.25%, Trent down by 2.10% and Hindustan Unilever down by 2.00% were the top losers.

Meanwhile, at a time when the West Asia conflict is spiking global oil and gas prices, Moody’s Ratings has noted that state-owned Oil Marketing Companies (OMCs) - Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL), and Hindustan Petroleum Corporation (HPCL) - will face high volatility in margins and cash flow as they absorb the impact of elevated global energy prices. It pointed out that domestic retail prices of fuels have remained largely steady since April 2022, despite swings in global oil and gas prices and the country's high dependence on imports, reflecting the government's involvement in fuel pricing. 

It highlighted that these three companies operate around 90% of retail fuel outlets in India, and the country high dependency on imported oil and gas exposes the OMCs' cost base directly to movements in global energy prices. During FY 2024-25, India imported 88% and 51% of its oil and gas requirements. It added that the country is stands out among the large Asian economies that rely on crude from West Asia, and holds crude reserves covering 74 days of net oil imports. 

However, the Moody’s has expected that OMCs’ earnings to recover as prices subsequently normalise. Further, the US government has granted a 30-day waiver for India to buy Russian oil stranded at sea to ease global crude supply constraints caused by the closure of the Strait of Hormuz. Besides, the government has directed all refiners in the country to maximise LPG output to ensure continued supply to domestic consumers, and raised LPG prices by Rs 60 per 14.2-kilogram cylinder on March 7, reflecting higher international prices. 

Moreover, Moody’s noted OMCs’ losses will accumulate from selling LPG domestically below market prices, but they could be compensated later by the government. In August 2025, the government approved Rs 30,000 crore in total compensation for the three OMCs, which will be disbursed in 12 equal monthly instalments starting November 2025. The OMCs had incurred losses totalling close to Rs 40,000 crore in fiscal 2024-25.

The CNX Nifty is currently trading at 23749.20, down by 117.65 points or 0.49% after trading in a range of 23556.30 and 23774.00. There were 16 stocks advancing against 34 stocks declining on the index.

The top gainers on Nifty were Coal India up by 4.03%, Adani Enterprises up by 2.28%, NTPC up by 1.86%, Power Grid up by 1.72% and Reliance Industries up by 1.27%. On the flip side, Eicher Motors down by 3.52%, Mahindra & Mahindra down by 3.23%, Maruti Suzuki down by 2.53%, Ultratech Cement down by 2.29% and Trent down by 2.21% were the top losers.

Asian markets were trading mostly in red; Nikkei 225 slipped 811.37 points or 1.5% to 54,214.00, Taiwan Weighted lost 532.33 points or 1.59% to 33,581.86, Hang Seng declined 233.76 points or 0.9% to 25,665.00, KOSPI dropped 26.70 points or 0.48% to 5,583.25, Straits Times fell 14.33 points or 0.29% to 4,849.48 and Shanghai Composite was down by 4.33 points or 0.1% to 4,129.10. On the flip side, Jakarta Composite was up by 30.52 points or 0.41% to 7,419.92.