Geopolitics and Oil Spike Drag Indian Markets

16 Mar 2026 , 06:04 PM

Weekly Musings – Index Performance for the week ended 13 Mar, 2026

Last week saw markets trade with a negative bias, as rising geopolitical tensions and a sharp surge in crude oil prices weighed on investor sentiment. Continued FII outflows of about INR 35,052.03 cr during the week further pressured the benchmark indices. India VIX rose to 22.65, indicating elevated market volatility and growing risk aversion among investors. Weakness across banking, IT, and broader midcap and smallcap stocks dragged the broader market lower, keeping the overall market tone cautious.

BSE SENSEX 30 INDEX – Tech Selloff and Oil Price Surge Trigger Sharp Weekly Decline

Weekly Performance: -5.52%

Date	Open	High	Low	Close
13 Mar, 2026	75444.2	75576.2	74454.6	74563.9
12 Mar, 2026	76369.6	76681.7	75871.2	76034.4
11 Mar, 2026	78238.9	78324.4	76759.3	76863.7
10 Mar, 2026	78375.7	78526.2	77745.5	78206.0
09 Mar, 2026	77056.8	77711.4	76424.5	77566.2
06 Mar, 2026	79659.0	79753.0	78812.2	78918.9

Source: BSE

The BSE SENSEX 30 index declined 5.52% during the week ended 13 March 2026, pressured by heavy selling in IT stocks, rising crude oil prices, and persistent geopolitical tensions that weighed on overall market sentiment. Concerns over potential disruptions from AI-led technological shifts also dampened technology shares, while banking and auto stocks witnessed notable selling pressure during the week. The index hit a high of 79,753.0 and a low of 74,454.6 during the week. It closed at 74,563.9 on 13 Mar, recording a weekly loss of 4,355.0 pts.

NIFTY 50 INDEX – Energy Price Surge and Geopolitical Tensions Weigh on the Index

Weekly Performance: -5.31%

Date	Open	High	Low	Close
13 Mar, 2026	23462.5	23492.4	23112.0	23151.1
12 Mar, 2026	23674.8	23833.2	23556.3	23639.2
11 Mar, 2026	24231.8	24299.0	23834.3	23866.8
10 Mar, 2026	24280.8	24303.8	24080.0	24261.6
09 Mar, 2026	23868.0	24078.2	23697.8	24028.0
06 Mar, 2026	24656.4	24700.9	24415.8	24450.5

Source: NSE

The NIFTY 50 index declined 5.31% during the week ended 13 March 2026, pressured by rising geopolitical tensions and a sharp spike in energy prices amid the ongoing US-Iran conflict and concerns over potential oil supply disruptions. The depreciating rupee and continued foreign institutional investor (FII) outflows further weighed on investor sentiment during the week. The index hit a high of 24,700.9 and a low of 23,112.0 during the week. It closed at 23,151.1 on 13 Mar, recording a weekly loss of 1,299.4 pts.

NIFTY MIDCAP 100 INDEX – Mid‑Cap Slide Amid Inflation and Oil Woes

Weekly Performance: -4.59%

Date	Open	High	Low	Close
13 Mar, 2026	55997.2	56140.6	54633.6	54761.1
12 Mar, 2026	56142.5	56684.3	55378.7	56253.8
11 Mar, 2026	57335.2	57656.9	56363.4	56461.1
10 Mar, 2026	56993.7	57341.8	56573.3	57177.7
09 Mar, 2026	56328.8	56362.8	55341.7	56265.5
06 Mar, 2026	57692.2	58104.5	57336.6	57393.3

Source: NSE

The NIFTY MIDCAP 100 index fell 4.59% during the week ended 13 March 2026, pressured by weakness in key mid-cap stocks, including Vodafone Idea and Waaree Energies, alongside broader market concerns over rising inflation and elevated crude oil prices. The cautious sentiment led to broad-based selling across mid-cap counters during the week. The index hit a high of 58,104.5 and a low of 54,633.6 during the week. It closed at 54,761.1 on 13 Mar, recording a weekly loss of 2,632.2 pts.

NIFTY SMALLCAP 100 INDEX – Trade Tensions and Weak Earnings Drag Small-Caps

Weekly Performance: -3.66%

Date	Open	High	Low	Close
13 Mar, 2026	16246.9	16253.5	15832.9	15895.2
12 Mar, 2026	16337.1	16423.0	16097.5	16305.2
11 Mar, 2026	16521.8	16652.8	16384.2	16414.8
10 Mar, 2026	16339.4	16512.8	16269.0	16473.8
09 Mar, 2026	16199.4	16199.4	15897.0	16132.2
06 Mar, 2026	16524.3	16658.5	16481.7	16498.9

Source: NSE

The NIFTY SMALLCAP 100 index slipped 3.66% during the week ended 13 March 2026, pressured by escalating global trade tensions and weaker December-quarter earnings that weighed on investor sentiment. Retail selling and concerns over stretched valuations further intensified the sell-off across small-cap stocks during the week. The index hit a high of 16,658.5 and a low of 15,832.9 during the week. It closed at 15,895.2 on 13 Mar, recording a weekly loss of 603.7 pts.

NIFTY BANK INDEX – Banking Stocks Continue to Correct Heavily

Weekly Performance: -6.97%

Date	Open	High	Low	Close
13 Mar, 2026	54592.1	54713.8	53675.7	53757.9
12 Mar, 2026	55008.2	55636.9	54760.6	55100.9
11 Mar, 2026	56790.4	56938.4	55631.9	55735.8
10 Mar, 2026	56583.9	57097.1	56387.2	56950.8
09 Mar, 2026	56121.4	56274.1	55270.6	56019.8
06 Mar, 2026	58629.6	58807.1	57696.4	57783.2

Source: NSE

The NIFTY BANK index fell 6.97% during the week ended 13 March 2026, pressured by rising crude oil prices, heightened geopolitical tensions, and increased market volatility that dampened investor sentiment. Heavyweight lenders, including HDFC Bank and ICICI Bank, led the decline, dragging the banking index lower during the week. The index hit a high of 58,807.1 and a low of 53,675.7 during the week. It closed at 53,757.9 on 13 Mar, recording a weekly loss of 4,025.4 pts.

NIFTY IT INDEX – AI Disruption Fears and FII Outflows Pressure IT Stocks

Weekly Performance: -3.54%

Date	Open	High	Low	Close
13 Mar, 2026	29381.7	29508.4	28936.8	29071.3
12 Mar, 2026	29587.1	29790.8	29322.8	29579.4
11 Mar, 2026	30043.8	30231.4	29598.3	29651.7
10 Mar, 2026	30337.6	30360.2	29741.1	30024.1
09 Mar, 2026	29688.1	30241.1	29533.9	30162.1
06 Mar, 2026	30074.6	30664.9	30062.8	30138.4

Source: NSE

The NIFTY IT index dropped 3.54% during the week ended 13 March 2026, pressured by concerns over potential AI-driven disruption in the sector, weakness in large-cap IT stocks, and continued foreign institutional investor (FII) outflows. The cautious sentiment led to selling pressure across major IT counters during the week. The index hit a high of 30,664.9 and a low of 28,936.8 during the week. It closed at 29,071.3 on 13 Mar, recording a weekly loss of 1,067.1 pts.

NIFTY OIL & GAS INDEX – Crude Surge Dampens Energy Market Sentiment

Weekly Performance: -4.25%

Date	Open	High	Low	Close
13 Mar, 2026	11506.1	11560.0	11260.1	11286.8
12 Mar, 2026	11444.5	11652.5	11350.1	11538.3
11 Mar, 2026	11518.3	11620.4	11450.4	11483.1
10 Mar, 2026	11611.9	11619.0	11423.6	11462.5
09 Mar, 2026	11610.6	11620.7	11383.6	11507.8
06 Mar, 2026	11863.0	11890.5	11763.2	11787.3

Source: NSE

The NIFTY OIL & GAS index fell 4.25% during the week ended 13 March 2026, pressured by rising crude oil prices and heightened geopolitical tensions in the Middle East that weighed on investor sentiment. Higher oil prices raised concerns over increased import costs and inflation risks, adding pressure on energy-related stocks during the week. However, select city gas distributors benefited due to the government’s priority to maintain supplies for those sectors. The index hit a high of 11,890.5 and a low of 11,260.1 during the week. It closed at 11,286.8 on 13 Mar, recording a weekly loss of 500.5 pts.

NIFTY FMCG INDEX – Corrects With the Broader Market

Weekly Performance: -4.1%

Date	Open	High	Low	Close
13 Mar, 2026	48047.8	48642.9	47852.2	47924.1
12 Mar, 2026	48909.8	48929.0	48036.5	48189.1
11 Mar, 2026	49649.6	49685.5	48964.9	49059.7
10 Mar, 2026	49627.5	49717.6	49288.1	49603.6
09 Mar, 2026	49299.4	49321.6	48740.9	49192.4
06 Mar, 2026	49847.6	50173.6	49679.5	49970.6

Source: NSE

The NIFTY FMCG index fell 4.10% during the week ended 13 March 2026, pressured by a broad correction across key FMCG stocks. The index hit a high of 50,173.6 and a low of 47,852.2 during the week. It closed at 47,924.1 on 13 Mar, recording a weekly loss of 2,046.5 pts.