Stock market: Sensex plunges 698 pts, Nifty cracks below 23,450; L&T, IndiGo lead losers
If selling pressure persists and the index makes new lower lows, the next major structural support will appear near the 22,500 level, where a broader rising trendline is positioned, said Ponmudi R, CEO of Enrich Money.
- Mar 13, 2026,
- Updated Mar 13, 2026 9:22 AM IST
Domestic benchmark indices Sensex and Nifty extended their losing streak on Friday, opening lower amid weak global cues and a sharp rise in crude oil prices, with Brent crude climbing past the $100 per barrel mark due to the ongoing conflict in West Asia, which weighed on investor sentiment.
At 9:19 am, the BSE Sensex tumbled 601.11 points, or 0.79%, to 75,433.31, after falling as much as 698 points. The NSE Nifty plunged 185.80 points, or 0.79%, to 23,453.35, briefly touching a low of 23,419.10.
The cautious start follows a sharp sell-off in US markets overnight, as rising crude oil prices fuelled global risk-off sentiment, said Hariprasad K, SEBI-registered research analyst and founder at Livelong Wealth.
If selling pressure persists and the index makes new lower lows, the next major structural support will appear near the 22,500 level, where a broader rising trendline is positioned, said Ponmudi R, CEO of Enrich Money.
Among Sensex constituents, Larsen & Toubro (L&T) slipped 2.03% to Rs 3645.30. InterGlobe Aviation (IndiGo) was down 1.60%, while UltraTech Cement, HDFC Bank and Tata Steel declined 1.59%, 1.56% and 1.42%, respectively.
Broader Asian markets traded lower. Japan’s Nikkei 225 slipped 1.22% to 53,786.40, while South Korea’s Kospi dropped 1.29% to 5,510.99, and Hong Kong’s Hang Seng declined 0.46% to 25,597.29.
Wall Street ended the overnight session mostly lower, with two of the three major indices closed in the red zone. The S&P 500 plunged 1.52% to settle at 6,672.62, while the Dow Jones Industrial Average slumped 1.56% to close at 46,677.85. The Nasdaq Composite nosedived 1.78% to end at 22,311.98.
“The weakness was largely triggered by renewed tensions in energy markets after Iran’s newly appointed supreme leader, Mojtaba Khamenei, indicated that the Strait of Hormuz could remain closed as a strategic pressure point, raising concerns over potential disruptions to global oil supply,” Hariprasad said.
Meanwhile, oil prices jumped today. At last check, US crude prices surged 0.79% to $96.49 per barrel, while Brent crude futures climbed 0.62% to $101.08 per barrel.
In the last session on Thursday, the Sensex tanked 829.29 points, or 1.08%, to settle at 76,034.42, while the Nifty tumbled 227.70 points, or 0.95%, to end at 23,639.15.
Hariprasad said that based on the current VIX reading, the market is broadly pricing in a 6-7% increase in the Nifty over the next 30 days, indicating that participants anticipate continued turbulence.
“One segment that is weathering the storm is pharmaceuticals. This sector is not impacted by external headwinds. In fact, rupee depreciation is a positive for the sector, which is a major exporter. It appears that portfolio churns are happening in favour of pharmaceuticals,” said VK Vijayakumar, chief investment strategist at Geojit Investments Limited.
Domestic benchmark indices Sensex and Nifty extended their losing streak on Friday, opening lower amid weak global cues and a sharp rise in crude oil prices, with Brent crude climbing past the $100 per barrel mark due to the ongoing conflict in West Asia, which weighed on investor sentiment.
At 9:19 am, the BSE Sensex tumbled 601.11 points, or 0.79%, to 75,433.31, after falling as much as 698 points. The NSE Nifty plunged 185.80 points, or 0.79%, to 23,453.35, briefly touching a low of 23,419.10.
The cautious start follows a sharp sell-off in US markets overnight, as rising crude oil prices fuelled global risk-off sentiment, said Hariprasad K, SEBI-registered research analyst and founder at Livelong Wealth.
If selling pressure persists and the index makes new lower lows, the next major structural support will appear near the 22,500 level, where a broader rising trendline is positioned, said Ponmudi R, CEO of Enrich Money.
Among Sensex constituents, Larsen & Toubro (L&T) slipped 2.03% to Rs 3645.30. InterGlobe Aviation (IndiGo) was down 1.60%, while UltraTech Cement, HDFC Bank and Tata Steel declined 1.59%, 1.56% and 1.42%, respectively.
Broader Asian markets traded lower. Japan’s Nikkei 225 slipped 1.22% to 53,786.40, while South Korea’s Kospi dropped 1.29% to 5,510.99, and Hong Kong’s Hang Seng declined 0.46% to 25,597.29.
Wall Street ended the overnight session mostly lower, with two of the three major indices closed in the red zone. The S&P 500 plunged 1.52% to settle at 6,672.62, while the Dow Jones Industrial Average slumped 1.56% to close at 46,677.85. The Nasdaq Composite nosedived 1.78% to end at 22,311.98.
“The weakness was largely triggered by renewed tensions in energy markets after Iran’s newly appointed supreme leader, Mojtaba Khamenei, indicated that the Strait of Hormuz could remain closed as a strategic pressure point, raising concerns over potential disruptions to global oil supply,” Hariprasad said.
Meanwhile, oil prices jumped today. At last check, US crude prices surged 0.79% to $96.49 per barrel, while Brent crude futures climbed 0.62% to $101.08 per barrel.
In the last session on Thursday, the Sensex tanked 829.29 points, or 1.08%, to settle at 76,034.42, while the Nifty tumbled 227.70 points, or 0.95%, to end at 23,639.15.
Hariprasad said that based on the current VIX reading, the market is broadly pricing in a 6-7% increase in the Nifty over the next 30 days, indicating that participants anticipate continued turbulence.
“One segment that is weathering the storm is pharmaceuticals. This sector is not impacted by external headwinds. In fact, rupee depreciation is a positive for the sector, which is a major exporter. It appears that portfolio churns are happening in favour of pharmaceuticals,” said VK Vijayakumar, chief investment strategist at Geojit Investments Limited.