Indian Markets Bleed as Global Tensions Rise
The Indian stock market witnessed extreme volatility on March 23, 2026, as escalating geopolitical tensions triggered heavy sell-offs across global indices. Benchmark indices Sensex and Nifty 50 opened sharply lower, slipping nearly 2% within minutes of the opening bell.
The sharp fall came as the ongoing US–Iran war entered its fourth week, fueling fears of rising inflation, supply disruptions, and a possible global recession.
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| Stock Market Crash Gold, Silver Price LIVE |
Geopolitical Shock: The Trigger Behind the Market Crash
The situation worsened after Iran issued a sharp warning that it would target the water and energy systems of Gulf nations if the US attacks its power infrastructure. In response, the US reportedly began deploying thousands of additional troops to the Middle East.
The high-risk standoff intensified after warnings from Donald Trump, which rattled global markets already under pressure.
Asian markets opened lower, tracking last week’s fall in the S&P 500, which closed at a six-month low.
Stock Market Crash LIVE: Key levels to watch
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said:
After showing minor bounce back amidst volatility on Friday, Nifty witnessed another day of bloodbath on Monday and closed the day lower by 601 points. After a gap down opening, the market slipped into further weakness and later remained range-bound for most of the session. An attempt of bounce back failed to sustain and Nifty eventually closed near the lows.
A long bear candle was formed on the daily chart with a gap down opening. This market action signals a decisive breakdown of immediate support around 23000–22900 levels. The bearish pattern of lower tops and bottoms continues on the daily chart, and the present weakness could be in line with the formation of a new lower bottom. However, there is no confirmation yet of any reversal forming at the lows.
The underlying trend of the market continues to be down. Nifty is currently placed near the support zone of 22500 (previous upside opening gap of 11 April 2025). Further weakness from here could drag Nifty to the next crucial supports at 22000–21800 levels in the near term. Immediate resistance is placed at 22700–22800 levels.
Stock Market Crash LIVE: Why markets fell today
Vinod Nair, Head of Research, Geojit Investments said:
“Domestic markets witnessed a sharp decline, mirroring weakness across Asian markets amid escalating tensions in the Middle East and concerns over potential disruptions to global energy supplies. Investor sentiment turned cautious following Trump’s 48-hour ultimatum to Iran on the Strait of Hormuz. Rising global bond yields signalled heightened inflation and fiscal concerns, while the rupee falling to a record low further pressured markets and triggered FII outflows.
Broad-based selling was observed across sectors, with metals, realty, and consumer durables leading the losses, and mid- and small-cap stocks underperforming. In the near term, markets are likely to remain risk-averse until there is greater clarity on de-escalation, though the correction is offering selective long-term opportunities for investors.”
Stock Market Crash LIVE: Investors lose ₹14 lakh crore
Investors lost about ₹14 lakh crore within the first hour of the trading session as the overall market capitalisation of BSE-listed companies fell to ₹415 lakh crore from ₹429 lakh crore on Friday.
Stock Market Crash LIVE: Rupee breaches 94
The Indian rupee fell to a record low on Monday as domestic assets declined amid concerns that the Middle East conflict could prolong disruptions in global energy supplies—posing risks to Asia’s third-largest economy.
Rupee dives 48 paise to close at a fresh all-time low of 94.01 (provisional) against the US dollar.
The currency has fallen nearly 3% since the Iran war began on February 28, impacted by an over 50% surge in oil prices and severe gas supply disruptions. Analysts warn that further weakness may hit the rupee and its Asian peers if the conflict continues.
Stock Market Crash LIVE: Broader markets underperform
Nifty Smallcap 100 and Nifty Midcap 100 fell around 4% each, compared to a decline of over 2.5% in the benchmark indices, signalling sharp underperformance in the broader market.
Stock Market Crash LIVE: Vedanta board announces third interim dividend of ₹11
Metals and mining major Vedanta Limited announced an interim dividend of ₹11 per share on Monday, March 23, marking the third payout for FY26. The total payout amounts to ₹4,300 crore.
The company stated in its exchange filing, “We wish to inform you that the Board of Directors of Vedanta Limited, at its meeting held today i.e. Monday, March 23, 2026, has considered and approved the Third Interim Dividend of ₹11 per equity share on face value of ₹1 per equity share for the Financial Year 2025-26 amounting to approx. ₹4,300 crores.”
The dividend record date to determine shareholder eligibility is fixed as Saturday, March 28. Last week, on March 18, the company had already announced the record date for this dividend.
Stock Market Crash LIVE: Why are markets falling?
Vikas Gupta, CEO & Chief Investment Strategist at OmniScience Capital, explains:
“The Strait of Hormuz and the Middle East has become analogous to the central four squares of a chessboard. Efforts from both sides to control Oil & Gas flow through this region are making global markets extremely jittery. Oil prices are now at levels that can make the global economy struggle. Many economies would falter if these prices sustain. Even worse is the issue of supplies—countries may be willing to pay high prices, but without fuel availability, the situation becomes grim.
Stock markets are crashing, bond yields are rising, gold and silver are crashing—signalling deep global uncertainty. The global economy is likely to slow down significantly, while inflation may rise. Expectations of interest rate cuts in 2026 by central banks—including the Fed and RBI—stand completely negated due to the war.
The Fed rate hike possibility has pushed FIIs into a risk-off mode, leading to selling across global equity markets. The overall market sentiment is negative. Remember what Prem Watsa (Warren Buffett of Canada) said: ‘Buy when you hear the sound of cannons. Sell when you hear the sound of trumpets.’”
Stock Market Crash LIVE: Dabur India sets board meeting date
Dabur India has announced that its board of directors will meet on May 7, 2026, to consider and approve the company’s financial results for the quarter and full year ended March 31, 2026, according to an exchange filing.
The FMCG major stated that the board will review both standalone and consolidated audited financial results during the meeting. The outcome is expected to provide a clear and detailed picture of the company’s performance for the final quarter as well as the entire financial year.
"The sharp dip in gold prices is a ripple effect of the ongoing tensions in West Asia and the impact has severely hit global economy. The disrupted oil supply has led to a rise in crude prices, triggering inflation concerns and pushing central banks toward caution.
The strengthening USD is also diverting investors away from gold. While long-term gold outlook remains positive, both international and domestic markets will face strong tremors due to the conflict. Gems & jewellery exports are expected to be the most affected. We hope the situation stabilises soon."
• SpiceJet nosedived 10%, hitting the lower circuit at ₹10.85.
• IndiGo fell nearly 6% to ₹3,895 on the BSE.
Earlier this month, IndiGo introduced fuel surcharges on all flights, citing ATF being the highest operational cost.
• 6.48% 2035 G-sec yield rose 9 bps to 6.8261%.
• US 10-year Treasury yield rose to 4.41%, highest in ~8 months.
• Two-year Treasury yield climbed to 3.94%.
Selling pressure intensified across the global debt markets due to inflation concerns.
• Spot gold fell 5.8% to $4,226.16/oz — lowest since Dec 11.
• Gold has dropped 20% from its January 29 record of $5,594.82.
• April futures fell 7.5% to $4,231.80. (Reuters)
• MCX Silver down ₹27,129 to ₹1,99,643/kg.
• MCX Gold down ₹14,897 to ₹1,29,595/10g.
A stronger USD and rising inflation concerns continue to pressure precious metals.
• Sensex crashed 1,973 points to 72,560.19.
• Nifty 50 plunged 636 points to 22,478.
Selling pressure persisted across sectors due to geopolitical tensions and rising crude oil.
• Nikkei 225 fell 3.5% to 51,511.75.
• Taiwan Taiex down 2.5%.
• Kospi plunged 6.5% to 5,404.77.
• Hang Seng fell 4% to 24,279.23.
• Shanghai Composite down 3.7% to 3,811.62.
Trump threatened to “obliterate” Iran’s power plants if the Strait of Hormuz isn’t opened. (AP)
• Gold plunged 3.8% to $4,320.30/oz.
• Down eight straight sessions, worst week since 1983.
Forced selling and rising inflation expectations weighed on the metal. (Bloomberg)
Sector performance:
• Nifty Metal index down 4.25% to 10,927
• All index constituents in the red
Top losers:
• Hindustan Copper: -6.4%
• Hindustan Zinc, Vedanta, SAIL, NMDC: -5%+
Vedanta shares also remained in focus ahead of today’s board meeting on dividend payout.
Steel stocks:
• Tata Steel, JSW Steel, Jindal Steel fell 4.3–4.9%
Dividend background:
• First interim dividend: ₹7 per share (June 18, 2025)
• Second interim dividend: ₹16 per share (August 2025)
Total payouts so far for FY26:
• First dividend cost: ₹2,400 crore
• Second dividend cost: ₹6,200 crore
(Source: BSE filings)
Recent performance:
• 30-day rise: +56%
• WTI crude: $98.75 per barrel (+52 cents)
On the MCX (India), crude oil futures were trading:
• Up 1.12%
• At ₹9,360 per barrel
• BSE listing price: ₹466
• NSE listing price: ₹467
• IPO GMP was -₹92, indicating expected listing near ₹427.
Innovision IPO debut turned out weaker than market expectations.
Additional recent orders:
• ₹12.81 crore contract for cable & wire harness assemblies
• ₹68.05 crore order from Hindustan Aeronautics for custom antennas and power supplies
Key points:
• Gold and bonds also crashing due to global risk-off sentiment
• Investors advised not to panic but stay patient
• Rupee depreciation may benefit exporters like pharma & autos
• IT sector may also rebound from oversold levels
• MCX gold opened 3% lower at ₹1,40,158
• Hit a low of ₹1,36,403 — down ₹8,089 (5.59%)
• Trading at ₹1,36,884 — down ₹7,608 (5.27%)
• MCX silver crashed 6%
• Down ₹13,606 to ₹2,13,166 per kg
• Sensex plunged 1,555 points to 72,977.34
• Nifty crashed 480 points to 22,634.55
Asian markets were deep in the red, and US markets had ended last week at a six-month low.
• Spot gold was down 2.5% at $4,372.86 per ounce.
• Losses extended for a ninth straight session, over 10% last week.
• U.S. gold futures for April delivery fell 4.4% to $4,375.60. (Reuters)
Dr. Ravi Singh (Master Capital Services Ltd.) said:
• Bank Nifty has breached its previous swing low → strong bearish shift.
• 53,000 is the “make-or-break” level.
• Breakdown below 53,000 may trigger fall toward 52,000.
• Upside hurdles: 54,100 and 55,000.
Strategy: “Sell on rise” unless Bank Nifty reclaims 55,000.
Vinay Rajani (HDFC Securities) noted:
• Weekly chart formed a “Doji” → possible reversal signal.
• RSI shows positive divergence → trend turnaround likely.
• Critical support: 22,930.
• Resistance levels: 23,378 and 23,868.
• Dollar index: 99.53 (+0.03%)
• Yen: 159.11 (+0.06%)
• Euro: $1.1563 (−0.06%)
• Sterling: $1.3331 (−0.06%)
Hitesh Tailor (Choice Equity Broking) said:
• Support zone: 73,900 – 74,000.
• Resistance zone: 75,000 – 75,200.
• Near-term outlook is neutral; sustained upside needed for momentum.
• Failure to hold support may increase volatility.
• COMEX Gold corrected from its $5,300–$5,500 peak and now trades at $4,450–$4,520.
• COMEX Silver trades in a subdued $62–$70 range after dropping from $93–$97.
Key levels:
• Silver support: $60–$65 → breakdown may extend fall to $50.
• Silver resistance: $75–$80; extended target: $85–$90.
Broader bullish bias intact but depends on support holding.
• Metals entered pullback phase after testing previous highs.
• Trend cautious as event risks increase.
• Buy-on-dips near major support zones advised.
• Upside capped by dollar strength and easing geopolitical tensions.
• March selling alone: ₹88,180 crore (NSDL data).
• Japanese 10-year JGB: 2.315% (+5.5 bps).
• 20-year JGB: 3.180% (+6 bps).
• 5-year JGB: 1.720% (+5 bps).
• 2-year JGB: 1.29% (+2.5 bps).
• MSCI Asia-Pacific ex-Japan: −1.2%
• Nikkei 225: −5%
• Topix: −4.4%
• Kospi: −6%
• Kosdaq: −5%
• Hang Seng futures indicated lower opening.
• Brent: $111.87 (−0.29%)
• WTI: $98.59 (+0.37%)
• Spot gold: $4,340.09 (−3.3%)
• US gold futures (April): −5% to $4,347
• Spot silver: $65.55 (−3.3%)