Indian equities extended their losing streak on Friday as the market remained under sustained pressure throughout the trading session, with benchmark indices ending nearly 2% lower amid heavy selling in global equities. Investor sentiment remained fragile amid the ongoing conflict in the Middle East, which has now entered its second week without any clear signs of de-escalation.

The BSE Sensex declined 1,470.50 points, or 1.93%, to close at its day’s low of 74,563.92, while the Nifty 50 fell 489.25 points, or 2.06%, to settle at 23,152.90. The Nifty and Sensex lost over 5% for the week, registering their biggest weekly loss in four years.

During the session, the Sensex had tumbled as much as 1,580 points to an intraday low of 74,454.60, while the Nifty slipped 527 points to touch an intraday low of 23,112.

The weakness was also visible in the broader markets. The Nifty MidCap and Nifty SmallCap indices declined 2.62% and 2.52%, respectively, reflecting broad-based selling across segments of the market.

Continued exchanges of strikes and heightened geopolitical tensions have kept investors cautious across global financial markets. Adding to the woes, rising energy prices and the uncertainty surrounding the conflict remain the key factors influencing sentiment across equities, currencies, and bond markets.

The market downturn also led to a sharp erosion in investor wealth. The total market capitalisation of companies listed on the BSE fell to around ₹430 lakh crore on Friday from nearly ₹440 lakh crore earlier, translating into a loss of about ₹10 lakh crore.

Sensex pack ends in red

On the BSE Sensex pack, barring HUL and Bharti Airtel, all other 28 stocks ended in red zone. Hindustan Unilever and Bharti Airtel emerged as the top gainers, rising 1.18% and 0.33%, respectively. On the losing side, Tata Steel led the declines with a sharp fall of 5.20%, followed by State Bank of India, which dropped 3.55%.

Other notable laggards included Maruti Suzuki and Bharat Electronics, both down 3.12%, while UltraTech Cement slipped 3.07% and Axis Bank declined 2.96%. Mahindra & Mahindra, HCLTech, Eternal, and Kotak Mahindra Bank also ended lower, falling between 2% and 3% during the session.

Metal, defence, auto lead fall

From a sectoral standpoint, losses were widespread. Metal stocks were the worst performers, dropping more than 4.5%, while defence, auto, media, and PSU banking stocks also recorded declines of over 3%. The broad nature of the sell-off suggests that investors are reducing exposure across sectors rather than shifting funds into defensive pockets.

Meanwhile, global crude prices were trading slightly lower, with oil hovering near the $100-per-barrel mark after the US Treasury Department granted a 30-day waiver allowing countries to purchase Russian oil cargoes currently stranded at sea. The move followed an earlier decision permitting India to import Russian oil that had been loaded onto vessels as of March 5, providing temporary relief to global supply concerns.

Concerns also persist around disruptions in the Strait of Hormuz, a critical energy route through which nearly 20 million barrels of oil pass each day. Any disruption in this corridor could further tighten global supply conditions.

Back home, market volatility has risen sharply. The India VIX has climbed more than 13% this week, signalling heightened uncertainty among investors. At the same time, the Indian rupee hit a fresh all time low today, trading in the 92–92.5 range against the US dollar.

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