Stock Market Today: Equity benchmarks started with a big gap-down on Monday, March 30, 2026, tracking weak cues from global markets. The BSE Sensex opened 1,018 points, or 1.38 per cent, lower at 72,565.22, while the NSE Nifty 50 started 269.95 points, or 1.18 per cent, down at 22549.65.
Asian indices crashed up to 5 per cent in early trade as US-Israel-Iran war entered its fifth week, with no signs of de-escalation in sight. South Korea’s Kospi tanked as much as 5.3 per cent, while Japan’s Nikkei 225 fell up to 5.26 per cent. Hong Kong’s Hang Seng declined up to 2.17 per cent, and China’s CSI 300 slipped as much as 1.23 per cent.
Barring metals and oil & gas, all other major sectoral indices traded in red. Nifty Bank was down 2.50 per cent below the 51,000 level, while Nifty Private Bank, Nifty PSU Bank, and Nifty Financial Services were down by more than 2 per cent.
From the Nifty 50, Kotak Mahindra Bank, Axis Bank, Shriram Finance, Bajaj Finance, Bajaj Finserv, Grasim Industries, SBI Life Insurance, and Tata Steel were the major drags, each falling between 2 per cent and 4 per cent.
On the other hand, Hindalco, Coal India, ONGC, Reliance Industries, and Bharat Electronics traded in green.
What Triggered The Sell-Off
The following are the major triggers for the sell-off in domestic equities on March 30.
Houthis Join Iran War
The sell-off was triggered after the Iran-backed Houthi rebels in Yemen also joined the war, launching a barrage of missiles at Israel on March 28, their first such attack since the onset of the US–Israel war with Iran. The entry of a key Iranian proxy further raises concerns over global trade and economic stability. Notably, the group holds control over Yemen’s Red Sea coastline.
Meanwhile, US President Donald Trump has said the US could "take the oil in Iran," and seize Kharg Island, the country’s major oil export hub. In an interview with the Financial Times, Trump said the US could “easily” seize the island. However, at the same time, he added that a peace deal with Iran could be reached "fairly quickly," suggesting that talks are still a possibility.
RBI Directive To Curb Forex Speculation
Banking stocks came under pressure after the Reserve Bank of India (RBI), in a late-Friday directive on March 26, asked banks to cap their net open rupee positions in the foreign exchange market at $100 million by the end of each trading day. Banks have been given time until April 10 to comply.
Following the directive, selling was seen across the banking pack, with all 14 constituents of the Nifty Bank trading in the red.
US-Israel-Iran War Continues Unabated
US and Israeli attacks on Iran have continued since February 28, keeping the geopolitical situation tense. Trump has said he is holding off on striking Iran’s power plants, but only if Tehran reopens the Strait of Hormuz by April 6.
The Strait of Hormuz is one of the world’s most important energy routes, with nearly one-fifth of global oil and LNG supplies passing through it. This makes any disruption there a major concern for global markets.
Crude Oil Prices Above $115 Per Barrel
The disruptions have already pushed crude oil prices higher by nearly 60 per cent. If the situation persists, it could lead to higher fuel costs, rising inflation, and slower global growth.
The Brent crude oil futures was up 2.40 per cent at $115.25 per barrel in early trade, wile the US oil benchmark West Texas Intermediate (WTI) crude oil traded up by 1.70 per cent at $101.33 a barrel.
Before the beginning of the latest war, Brent quoted $72.48 a barrel, while WTI stood at $67 per barrel.
