Post Session: Quick Review

Indian equity benchmarks ended lower on Thursday ahead of the release of India’s Consumer Price Index (CPI) data later in the day. Markets made a gap-down opening as crude oil prices surged, with Brent crude climbing above the crucial $100 per barrel mark, alongside renewed global trade tensions. In the afternoon session, indices trimmed some losses as traders drew support from private reports indicating that Iran would allow Indian oil tankers passage through the Strait of Hormuz. However, the recovery proved to be short levied and markets extended their losses in dying hours of the trade amid persistent concerns over the escalating crisis in West Asia.

Some of the important factors in trade:

FIIs offload Rs 6,267 crore in equities: Market participants were concerned as Foreign Institutional Investors (FIIs) extended their selling streak for the ninth consecutive session and offloaded equities worth Rs 6,267.31 crore on March 11, 2026. 

Iran allows Indian oil tankers through Strait of Hormuz: Some support came after a private report said that Iran has allowed Indian oil tankers to pass through the Strait of Hormuz following talks between External Affairs Minister S Jaishankar and his Iranian counterpart Abbas Araghchi. 

India’s GDP growth moderating to 7.1% in FY27: Traders took a note of Crisil Intelligence’s report stated that real gross domestic product (GDP) growth of India is likely to moderate but remain healthy at 7.1% in fiscal year 2026-27 (FY27) compared with 7.6% in FY26 (revised under the new GDP series). 

On the global front: European equity markets traded in the red, while Asian markets ended mostly lower, as Brent crude oil, the international benchmark, briefly surpassed $100 per barrel amid supply concerns from Iranian attacks on commercial shipping near the Strait of Hormuz.

The BSE Sensex ended at 76034.42, down by 829.29 points or 1.08% after trading in a range of 75871.18 and 76681.71. There were 4 stocks advancing against 26 stocks declining on the index. (Provisional)

The top gaining sectoral indices on the BSE were Utilities up by 3.31%, Power up by 2.51%, Energy up by 1.06%, PSU up by 0.91% and Capital Goods up by 0.55%, while Auto down by 2.92%, FMCG down by 1.62%, Consumer Discretionary down by 1.59%, Realty down by 1.53% and Bankex down by 1.17% were the top losing indices on BSE. (Provisional)

The few gainers on the Sensex were NTPC up by 2.75%, Tech Mahindra up by 1.61%, Power Grid Corp up by 1.54% and HCL Technologies up by 0.71%. On the flip side, Mahindra & Mahindra down by 4.32%, Maruti Suzuki down by 3.76%, Bajaj Finance down by 3.49%, Larsen & Toubro down by 3.19% and Ultratech Cement down by 2.90% were the top losers. (Provisional)

Meanwhile, government think tank Niti Aayog has urged state governments to strictly adhere to prudent fiscal deficit guidelines under the Fiscal Responsibility and Budget Management (FRBM) Act, through disciplined expenditure management, broadening the GST base, and boosting their own tax capacity by curbing committed expenditure to restore fiscal flexibility. It noted that the FRBM Act aims to regulate the country's debt level by restricting fiscal and revenue deficits as a percentage of GDP. It said rationalising subsidies, adopting standard expenditure heads, improving the quality and composition of capital spending, and adopting medium-term fiscal plans can help contain deficits and stabilise debt trajectories. 

The Fiscal Health Index (FHI) 2026 for the financial year 2023-24, released by Niti Aayog Vice Chairman Suman Bery, suggested that states with widening revenue deficits should prioritise aligning revenue expenditure with sustainable revenue growth. According to the index, Odisha, Goa, Jharkhand, Gujarat, Maharashtra Chhattisgarh, Telangana, Uttar Pradesh, Karnataka and Madhya Pradesh have emerged as India's top 10 fiscally-wise states. However, Punjab, West Bengal and Kerala remained at the bottom of the index, while Bihar, Karnataka and Telangana showed a mild recovery. In the previous FHI released in 2025, which ranked states based on their fiscal situation during 2022-23, Odisha ranked first, followed by Chhattisgarh, Goa, Jharkhand and Gujarat. 

The FHI 2026 report said overall, higher-ranked states display stronger fiscal discipline and resource mobilisation efforts, while lower-ranked states exhibit higher non-developmental expenditure and less sustainable fiscal patterns. It said among north-eastern and Himalayan states, Arunachal Pradesh has topped in the index, followed by Uttarakhand, Tripura, Meghalaya, Assam and Mizoram.

The CNX Nifty ended at 23639.15, down by 227.70 points or 0.95% after trading in a range of 23556.30 and 23833.15. There were 11 stocks advancing against 39 stocks declining on the index. (Provisional)

The top gainers on Nifty were Coal India up by 5.07%, NTPC up by 2.83%, JIO Financial Services up by 1.47%, Power Grid Corp up by 1.44% and Adani Enterprises up by 1.30%. On the flip side, Mahindra & Mahindra down by 4.32%, Eicher Motors down by 3.92%, Maruti Suzuki down by 3.72%, Bajaj Finance down by 3.54% and Tata Motors Passenger down by 3.31% were the top losers. (Provisional)

European markets were trading lower; France’s CAC fell 28.71 points or 0.36% to 8,013.10, UK’s FTSE 100 decreased 29.5 points or 0.28% to 10,324.27 and Germany’s DAX lost 14.53 points or 0.06% to 23,625.50.

Asian markets settled mostly lower on Thursday as the US-Israel conflict with Iran has entered its 13th day with no signs of subsiding. Spike in crude oil prices amid worsening supply concerns following Iranian attacks on commercial shipping around the Strait of Hormuz also dampened market sentiments. Iran’s warning that the world should be ready for oil at $200 per barrel also kept traders cautious. Meanwhile, member countries of the International Energy Agency have unanimously agreed to release its largest-ever emergency release of 400 million barrels of oil.