The 3,000-point (+8%) fall in the BSE 500 companies is a testimony to the growing risk-off sentiment in the overall markets, with investors worrying about macro headwinds.
While domestic markets reeled under tariff-related uncertainties for most of 2025, the problem trickled into 2026 until India and the US announced a deal, indicating some headway on the issue. Then came the AI-induced billion-dollar global meltdown after Anthropic launched plug-ins for its Claude Cowork agent, which could automate tasks across legal, sales, marketing and data analysis.
The war has become the latest flashpoint for global equity markets, delivering twin blows: a spike in energy prices and the US Federal Reserve holding policy rates at 3.5%–3.75%. The central bank has hinted at a single 25 bps cut in 2026 compared to two at the beginning of the year.
Crude oil prices jumped to around $116 a barrel on Thursday but corrected sharply to around $105 in early trade on Friday. The development also impacted the Fed’s decision in the meeting that concluded on Wednesday. Its rate-setting panel voted 11:1 to leave rates unchanged.
For India, the problem has compounded because of a falling rupee against the US dollar. The INR opened at a fresh record low of 92.94 versus the greenback.
Commodity and currency expert Anuj Gupta said he sees the rupee in the range of 93–94 in the immediate term, expressing concerns over the sharp spike in crude oil. The INR has depreciated 2.39% against the greenback since the war broke out and is down 3.26% so far in 2026, Gupta said.Read more: Divestment jolt hits IDBI Bank as shares extend decline to 30% in a month. Buy, sell or hold?
Double-digit losers
However, as a caveat, company-specific issues have also been a sentiment dampener. In the case of IDBI Bank, the stock has fallen 35% since the war started after The Economic Times reported that the government’s strategic stake sale in the lender could stall because the financial bids received were reportedly below the floor price set for the deal. It is the worst loser in the pack.
Also read: Nifty Bank logs 3rd-worst March fall since the global financial crisis. HDFC Bank, SBI among top culprits
Among the stocks whose performance is directly tied to the war are Bharat Petroleum Corporation (BPCL), Indian Oil Corporation (IOC), Hindustan Petroleum Corporation (HPCL), Mahanagar Gas, Redington, Aegis Vopak Terminals and Sapphire Foods India (QSR chain which operates KFC and Pizza Hut), which are down between 21% and 16%.
The state-run OMCs are impacted by high fuel prices that affect their margins.
Redington, which is a technology distributor and supply chain solutions provider, has restricted its Gulf operations, while Aegis Vopak, which operates liquid and LPG storage terminals, has also declined on war-led sentiments.
Also read: QSR stocks slump up to 47% as weak investor appetite, rising fuel risks dent mood. Time to bottom fish?
Realty stock Signature Global (India) is also down 19%. The sector is rate-sensitive and impacted by commodity prices.
Nifty stocks that have fallen in double digits include Larsen & Toubro (L&T), Maruti Suzuki, Eicher Motors, UltraTech Cement, State Bank of India (SBI), Max Healthcare Institute and Bajaj Finance.
Widely tracked stocks like Godrej Industries, Ashok Leyland, Tata Motors Passenger Vehicles (TMPV), Netweb Technologies India, Hindustan Copper, Lodha Developers, UCO Bank, Rail Vikas Nigam (RVNL), Canara Bank, Punjab National Bank (PNB), Zee Entertainment Enterprises, Bank of Baroda (BoB), ACC and IDFC First Bank have also corrected over 10% each.
The data reflects changes as of March 19, 2026.
Gainers in the pack
In the BSE 500 index, 86 stocks (18% of counters) have delivered positive returns up to 19%. Adani Power (10%), Mazagon Dock Shipbuilders (10%), Zydus Wellness (11%), Aether Industries (11%), Waaree Energies (18%) and Premier Energies (19%) are top gainers.Multi Commodity Exchange (MCX), Garden Reach Shipbuilders & Engineers (GRSE), NTPC Green Energy, National Aluminium Company (NALCO), Coal India and Tata Power Company delivered single-digit gains in excess of 5%.
On the margins
A closer analysis also reveals 216 stocks at the margins, with returns between -5% and +5%, and a bad session like Thursday or a strong one like Friday could completely change the statistics.Data inputs from Ritesh Presswala
(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times.)