Indian equity markets have lost around 4-5% since the outbreak of the US-Iran conflict, as escalating geopolitical tensions, volatile and concerns over global inflation weighed heavily on investor sentiment.
The conflict began on February 28 after the United States and Israel launched airstrikes on Iran, triggering a sharp reaction across global financial markets. The war also sent energy prices soaring after Iran moved to block the , a critical shipping route for global oil and gas supplies.
Before the blockade, the Strait of Hormuz accounted for nearly 20% of global crude oil and liquefied natural gas shipments, making it one of the world’s most strategically important energy corridors. The disruption fuelled concerns about supply shortages and pushed oil prices higher, adding to inflationary pressures across major economies.
Brent crude oil prices edged higher on Friday but were still headed for a weekly decline of around 8%, reflecting easing supply concerns following the ceasefire in Lebanon.
The negotiations, aimed at resolving technical issues related to the Memorandum of Understanding (MoU) signed by the two countries, were scheduled to take place in Switzerland. However, uncertainty resurfaced after planned US-Iran negotiations in Switzerland were reportedly cancelled earlier in the day amid renewed violence in Lebanon, raising doubts over when formal talks could resume.
Indian stock markets on Friday
Meanwhile, Indian stock markets ended lower on Friday, snapping a five-session winning streak. Investors remained cautious amid concerns over the delayed peace talks and weak cues from global technology stocks.
The benchmark fell 607.08 points, or 0.78%, to close at 76,802.90. During intraday trade, the index plunged as much as 940.26 points, or 1.21%, to hit 76,469.72.
The also ended in the red, declining 154.90 points, or 0.64%, to settle at 24,013.10.
Apart from geopolitical concerns, sentiment was dented by a sharp selloff in information technology stocks after global consulting giant Accenture lowered its full-year revenue growth guidance, sparking concerns over demand trends in the sector.
While easing crude oil prices have provided some relief to investors, markets remain highly sensitive to developments surrounding the US-Iran conflict. Any progress in negotiations could support risk appetite and reduce inflation concerns, while further delays or escalation in regional tensions could revive volatility across global and domestic financial markets.
Top Nifty 500 gainers and losers during the US-Iran war period :
Among the top performers between February 27 and June 18, 2026, Ltd. emerged as the biggest gainer with a return of 191.39%. It was followed by ., which surged 108.03%, and Cemindia Projects Ltd., which gained 106.98%.
Other notable gainers included Emmvee Photovoltaic Power Ltd. (70.96%), (69.33%), . (67.61%), Adani Power Ltd. (64.56%), Syrma SGS Technology Ltd. (63.79%), Ltd. (59.05%) and Bharat Heavy Electricals Ltd. (BHEL) (53.20%).
On the flip side, Vedanta Ltd. was the worst performer, declining 57.41% during the period. IDBI Bank Ltd. fell 27.06%, followed by Ashok Leyland Ltd. (24.94%), Force Motors Ltd. (23.33%) and Indian Oil Corporation Ltd. (22.06%).
Other major laggards included Rail Vikas Nigam Ltd. (RVNL), which dropped 21.74%, Pine Labs Ltd. (21.23%), The Ramco Cements Ltd. (21.19%), Mahindra & Mahindra Financial Services Ltd. (20.91%) and JK Tyre & Industries Ltd., which declined 20.72%.
The list of top gainers and losers has been calculated based on the change in stock prices between February 27, 2026, and June 18, 2026 (closing prices).
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.