Sensex drops 829 pts, Nifty below 23,700 as crude surges, rupee slides

The domestic share market indices continued their downward trend for the second straight session on Thursday, with rising geopolitical tensions pushing crude oil above the USD 100 mark, alongside weak global cues, a declining rupee, and sustained FII selling.At close, the Sensex was down 829.29 points or 1.08 percent at 76,034.42, and the Nifty was down 227.70 points or 0.95 percent at 23,639.15. About 1653 shares advanced, 2401 shares declined, and 159 shares unchanged.
Coal India, Jio Financial, Adani Enterprises, NTPC, Power Grid Corp were the top gainers on the Nifty, while losers included Eicher Motors, M&M, Maruti Suzuki, Bajaj Finance, UltraTech Cement.On the sectoral front,among sectors, Auto index slipped more than 3%, FMCG index shed 1.7% and Private Bank index declined 1.6%, while Power index gained 2.5%, Energy index rose 2%, Oil & Gas, Metal, Capital Goods rose 0.5% each.The Nifty midcap index fell 0.4% and smallcap index shed 0.7%.
Rupee Close:
On 12 Mar'26,the Indian rupee recovered from record low levels and settled at 16 paise lower to close at 92.17 against the US dollar on Thursday, as global crude oil prices stayed on an upward trajectory amid the raging war in West Asia.A stronger greenback and volatility in the domestic equity markets further weighed on the rupee, which was already on a weak footing in early trade due to heavy foreign fund outflows, forex traders said.
Trading Guide:
Vinod Nair, Head of Research, Geojit Investments stated geopolitical tensions in the Middle East continue to dampen global risk appetite, as fresh attacks on oil-shipping vessels have pushed crude prices closer to $100 per barrel, intensifying concerns over inflation and gas supply constraints.The market is witnessing broad-based consolidation, although selective buying has emerged in renewables and utility stocks.In the near term, sustained risk-off sentiment and ongoing FII outflows are likely to keep both equities and the INR under pressure. However, the premium valuation of India has narrowed during the year, making it highly investable for a long-term investor, thus reducing the downside risk.
Market experts recommended five shares to buy on Thursday- Aether Industries, Aster DM Healthcare, Blue Star, Supreme Industries, and Timken India.

(Business Correspondent)