Indian markets continued to reel under selling pressure in early afternoon session amid weak global cues, surging crude oil prices and rising geopolitical tensions. Besides, traders were awaiting India’s Industrial Production data scheduled to be released later in the day. Sentiments were downbeat as Reserve Bank of India’s (RBI) report stating that India’s forex reserves dropped by $11.413 billion to $698.346 billion during the week ended March 20, due to a sharp decline in gold reserves. In the previous reporting week, the overall reserves had fallen by $7.052 billion to $709.759 billion.  Meanwhile, Finance Ministry’s the Department of Economic Affairs in its Monthly Economic Review for March has said that the near-term outlook remains uncertain, with external shocks particularly the West Asia crisis posing downside risks to growth through elevated input costs and potential supply disruptions.

On the global front, Asian markets were trading mostly in red though Shanghai Composite index surged after China’s industrial profits increased 15.2% year-on-year in January-February, a significant acceleration from the modest 0.6% growth recorded across 2025. 

The BSE Sensex is currently trading at 72706.27, down by 876.95 points or 1.19% after trading in a range of 72326.54 and 73165.32. There were 4 stocks advancing against 26 stocks declining on the index.

The few gaining sectoral indices on the BSE were Metal up by 1.07%, Energy up by 0.77% and Oil & Gas was up by 0.63%, while Bankex down by 2.51%, Realty down by 2.26%, Industrials down by 1.75%, Telecom down by 1.75% and Consumer discretionary was down by 1.73% were the top losing indices on BSE.

The top gainers on the Sensex were Power Grid up by 0.61%, Bharat Electronics up by 0.54%, Reliance Industries up by 0.06% and NTPC up by 0.03%. On the flip side, Bajaj Finance down by 3.39%, Axis Bank down by 3.32%, SBI down by 2.72%, Kotak Mahindra Bank down by 2.32% and Bajaj Finserv down by 2.30% were the top losers.

Meanwhile, industry body -- Confederation of Indian Industry (CII) has praised the government for its response to disruptions caused by West Asia crisis, and said it is timely, measured and reassuring. It reflects a whole of government approach that has focused on keeping supply chains functional, supporting exporters, protecting households and maintaining macroeconomic stability. Besides, CII pointed that while the policy response has mitigated immediate risks, the evolving situation requires continued coordination between the government and industry. It added that that the present situation represents a supply side disruption, with pressures transmitted through energy costs, logistics and working capital cycles.

In order to mitigate these disruptions and complement the governments, the industry body has come out with a 12-point agenda for India Inc. The 12-point agenda include -- collaboration between industry and government in building strategic reserves and buffer mechanisms for critical raw materials, fuels and intermediate goods; maintaining price stability by ensuring that the benefits of stable fuel prices and moderated logistics costs are transmitted to end consumers and downstream partners; strengthening the supply chain resilience by identifying alternative sourcing corridors; accelerating investments in energy transition, including renewables, green hydrogen and industrial energy efficiency; switching from LPG to natural gas and other efficient energy options; adoption of innovative approaches to reduce fuel intensity; prioritising the protection of employment and livelihoods by using internal efficiencies and cost management. 

The agenda also includes support from larger firms to MSME partners through faster payments, better credit terms and improved order visibility; enhancing energy efficiency and operational optimisation across processes; investing in technology and data systems that improve supply chain visibility and operational flexibility; and reviewing procurement and contracting practices to build greater flexibility in sourcing, pricing and delivery timelines. Meanwhile, CII has emphasized that the strong enabling framework created by the government and said the industry can complement this by ensuring continuity, supporting smaller enterprises and maintaining confidence across the economy. It added that such a coordinated approach will help India navigate the present situation while strengthening long-term resilience.

The CNX Nifty is currently trading at 22558.30, down by 261.30 points or 1.15% after trading in a range of 22453.00 and 22714.10. There were 7 stocks advancing against 43 stocks declining on the index.

The top gainers on Nifty were Hindalco up by 3.13%, Coal India up by 3.04%, ONGC up by 2.07%, Bharat Electronics up by 0.62% and Power Grid up by 0.61%. On the flip side, Axis Bank down by 3.34%, Bajaj Finance down by 3.32%, Shriram Finance down by 2.74%, SBI down by 2.67% and Kotak Mahindra Bank down by 2.46% were the top losers.

Asian markets were trading mostly in red; Nikkei 225 slipped 1677.07 points or 3.24% to 51,696.00, Taiwan Weighted lost 594.43 points or 1.83% to 32,518.16, KOSPI dropped 161.57 points or 3.06% to 5,277.30, Hang Seng declined 133.88 points or 0.54% to 24,818.00 and Jakarta Composite was down by 33.96 points or 0.48% to 7,063.10. On the flip side, Straits Times rose 7.92 points or 0.16% to 4,906.10 and Shanghai Composite was up by 8.93 points or 0.23% to 3,922.65.