, March 30, as surging , a record-weak rupee, and aggressive foreign fund outflows rattled investor sentiment.
The , which closed at 73,583.22 on Friday, opened at 72,565.22 and was trading at 72,576.07, down 1,007.15 points or 1.37 per cent, while the , which ended at 22,819.60, opened at 22,549.65 and slipped to 22,540.80, shedding 278.80 points or 1.22 per cent, as of 9.25 am.
The selloff comes as Asian markets buckled under the weight of escalating West Asia tensions, with Japan’s Nikkei declining over 5 per cent and South Korea’s Kospi falling around 4 per cent.
Yemen’s Houthi movement reportedly launched fresh missile strikes on Israel over the weekend, widening the five-week-old conflict and deepening the risk-off mood globally.
. June Brent futures were trading at $107.86 per barrel, up 2.41 per cent, while WTI May futures rose 2.05 per cent to $101.68.
On the MCX, April crude futures climbed 2.15 per cent to ₹9,597 against a previous close of ₹9,395. Brent prices have surged over 50 per cent through March alone.
Hariprasad K, SEBI-registered Research Analyst and Founder of Livelong Wealth, warned that “some global estimates indicate a potential spike towards $200 per barrel if tensions persist,” a scenario that would severely strain India’s import bill and current account.
, prompting the Reserve Bank of India to direct banks to cap their net open positions in the currency market.
“This move signals heightened concern around currency volatility,” Hariprasad K noted, adding that it “underscores the fragility in external balances amid rising oil prices and capital outflows.”
Rising crude directly feeds into imported inflation, compresses corporate margins, and weighs on consumption demand in the coming quarters.
Foreign Institutional Investors showed no signs of easing their exit, with outflows crossing ₹1.14 lakh crore in March 2026 alone.
On Friday, March 27, FIIs offloaded equities worth ₹4,367 crore, while Domestic Institutional Investors provided partial support, buying approximately ₹3,566 crore worth of shares.
Hitesh Tailor, Technical Research Analyst at Choice Equity Broking, said fresh long positions should “ideally be considered only once the Nifty decisively breaks above and sustains the 24,000 mark.”
Among Nifty 50 stocks, metals led gains. Hindalco Industries opened at ₹876.00 and was trading at ₹890.80, up 2.78 per cent. ONGC rose 1.68 per cent to ₹286.70, while Coal India gained 1.49 per cent to ₹451.70. Defence electronics firm BEL added 1.15 per cent to ₹409.40, and Reliance Industries edged up 0.56 per cent to ₹1,355.60, against its previous close of ₹1,348.10.
Banking and financial stocks bore the brunt of the selling. Axis Bank was the top loser, down 3.81 per cent to ₹1,159.30 against a previous close of ₹1,205.20. Kotak Mahindra Bank fell 3.36 per cent to ₹353.85, while Max Healthcare dropped 2.50 per cent to ₹950.70. SBI Life Insurance slipped 2.20 per cent to ₹1,797.20, and Bajaj Finserv declined 2.18 per cent to ₹1,657.70.
Ponmudi R, CEO of Enrich Money, a SEBI-registered trading and wealth tech firm, said the situation is “not a short-term disruption but could have a broader cyclical impact,” cautioning that “persistently high crude prices and rising input costs are likely to sustain inflationary pressures, potentially compressing margins and dampening consumption.”
Technically, the Nifty 50 holds immediate support at 22,450–22,500, with the RSI at 35.76, below the neutral 50 mark.
The Bank Nifty, down sharply on Friday to close at 52,274.60, faces support at 51,000–51,100, with its RSI at 33.43. Tailor noted that “a break below 51,800 could push the index toward the 51,500–51,000 range.” India VIX was holding near 26.8, keeping the environment hostile for derivatives traders.
Today also marks the monthly Nifty expiry, with markets shut Tuesday for Sri Mahavir Jayanti. Hariprasad K advised traders to remain “cautious of sharp intraday movements driven by both global cues and position unwinding,” adding that “avoiding leveraged overnight positions appears prudent” in the current climate.