Markets opened sharply lower on Friday, March 13, dragged down by surging crude oil prices, sustained foreign selling, and deepening geopolitical tensions in West Asia that rattled global investor confidence overnight.
The Sensex, which closed at 76,034.42 on Thursday, opened at 75,444.22 and slipped further to 75,342.03, down 692.39 points or 0.91 per cent, by 9.20 AM. The Nifty 50, which had settled at 23,639.15 in the previous session, opened at 23,462.50 and fell to 23,423.65, a drop of 215.50 points or 0.91 per cent, in early trade. The GIFT Nifty had signalled the weak start, trading around 23,484, down nearly 243 points or 1.02 per cent.
The trigger for Friday’s selloff came from Wall Street, where the Dow Jones Industrial Average plunged more than 700 points overnight, slipping below the 47,000 mark to touch a fresh low for 2026. Iran’s newly appointed supreme leader, Mojtaba Khamenei, indicated that the Strait of Hormuz could remain closed as a strategic pressure point, pushing Brent crude toward $100 a barrel. The development amplified fears over global inflation, corporate costs, and the Indian rupee.
“With the heightened uncertainty surrounding the West Asian conflict continuing, globally markets are weak and in unchartered territory,” said Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited. “…With Brent crude around $100, bulls are on the defensive.”
Foreign Institutional Investors continued their selling streak on March 13, offloading equities worth over ₹7,000 crore. Domestic Institutional Investors partially cushioned the blow, buying equities worth around ₹7,500 crore. The sustained FII outflow has kept even blue-chip large-cap stocks under pressure.
India VIX hovered around the 21 level, signalling elevated investor caution. Based on the current reading, markets are broadly pricing in an expected 6–7 per cent movement in the Nifty over the next 30 days. The 14-period RSI on the Nifty stood at around 28, near oversold territory, while the MACD remained deep in negative territory. On the Bank Nifty, the RSI was near 27, with the index expected to find immediate support at 54,700 and facing resistance between 55,600 and 55,700.
Among Nifty 50 gainers in early trade, Power Grid Corporation rose 1.28 per cent to ₹307.50, while Coal India gained 0.77 per cent to ₹473.70. ITC edged up 0.38 per cent to ₹305.25, NTPC added 0.29 per cent to ₹391.70, and Sun Pharmaceutical Industries was marginally higher by 0.07 per cent at ₹1,826.50.
“One segment that is weathering the storm is pharmaceuticals,” said Vijayakumar. “…Rupee depreciation is a positive for the sector, which is a major exporter. It appears that portfolio churns are happening in favour of pharmaceuticals.”
On the losing side, Hindalco Industries fell 2.36 per cent to ₹946.85, Larsen & Toubro dropped 2.28 per cent to ₹3,634.60, and Tata Steel declined 2.25 per cent to ₹189.12. UltraTech Cement shed 1.95 per cent to ₹10,873.00, while HDFC Bank slipped 1.80 per cent to ₹817.80.
The broad-based selling across metals, infrastructure, banking, and cement reflects market concern over higher input costs, tighter global financial conditions, and the rupee’s trajectory. Hariprasad K, SEBI-registered Research Analyst and Founder of Livelong Wealth, noted that “…the concern for markets at this stage is higher oil prices and their potential impact on inflation, the rupee, and corporate costs, rather than any disruption to fuel availability.”
Hitesh Tailor, Research Analyst at Choice Broking, advised investors to remain selective. “…Initiating fresh long positions may be considered only after the Nifty decisively breaks and sustains above the 25,000 level,” he said, adding that focusing on fundamentally strong stocks during corrections remains a prudent approach.