Nifty Down Nearly 10%; M&M, Eicher Motors, HDFC Bank Gap Down as Oil Surge Hits Sentiment – What to Expect Next Week

The correction in the benchmark index has come amid the ongoing Iran–US–Israel conflict, which has now entered its 14th day, raising concerns over geopolitical instability and potential disruptions in global energy markets. In addition, rising crude oil prices and increasing concerns around rapid artificial intelligence (AI) disruption across industries have further added to the cautious outlook among investors, contributing to the broader market decline. At the same time, the Union Budget presented on February 1, 2026, introduced higher Securities Transaction Tax (STT) rates, which have also impacted trading sentiment in the market.

Nifty 50 falls 315 points as Brent crude crosses $100 amid US-Israel-Iran tensions.

On March 13, 2026, the Nifty 50 fell 315.20 points, which is 1.33% down compared to the previous close of 23,639. As of 11:30 AM, the index was trading at 23,375.30. The decline comes as crude oil prices surged past the $100 mark amid escalating tensions in the US–Israel–Iran conflict, with Brent crude crossing the $100 level, raising concerns over potential global energy supply disruptions and rising inflationary pressures.

Top Nifty Draggers on Friday Early Trade 

India’s equity benchmarks opened lower on Friday, setting the stage for their biggest weekly decline in more than a year as the escalating conflict in West Asia pushed investors away from risk assets.

At the opening few Nifty constituents opened a gap down putting pressure on the index. Following stocks witnessed significant gap down opening on Friday:

Shares of Mahindra & Mahindra Ltd opened at ₹2,965, compared with the previous close of ₹3,031.20, marking a gap-down opening of 2.18%. As of 12:33 IST, the stock was trading at ₹2,963.40, down ₹67.8 or 2.24%, with a traded volume of 41,13,990 shares.

Eicher Motors Ltd also weighed on the index after opening at ₹6,865, lower than its previous close of ₹6,975.50, reflecting a gap-down of 1.58%. The stock slipped further during the session and was trading at ₹6,720, down ₹255.5 or 3.66%, with 3,57,045 shares traded.

Banking heavyweight HDFC Bank Ltd opened at ₹820, compared with its previous close of ₹832.75, indicating a gap-down opening of 1.53%. At 12:33 IST, the stock was trading at ₹817.25, declining ₹15.50 or 1.86%, with a volume of 2,19,37,967 shares.

IT major Infosys Ltd began the session at ₹1,251, against the previous close of ₹1,265.80, registering a gap-down opening of 1.17%. As of 12:33 IST, the stock was trading at ₹1,263, down ₹2.8 or 0.22%, with 2,903,612 shares changing hands.

Meanwhile, HDFC Life Insurance Company Ltd opened at ₹638.25, compared with its previous close of ₹645.70, marking a gap-down of 1.15%. At 12:33 IST, the stock was trading at ₹629.85, down ₹15.85 or 2.45%, with a traded volume of 1,253,410 shares.

The weakness in these heavyweight constituents contributed to the downward pressure on the Nifty 50 during the first half of the trading session.

On the other hand, a few defensive stocks provided some support to the index. Hindustan Unilever emerged as the top gainer, rising 1.95%, followed by Tata Consumer Products, which gained 1.78%. Nestlé India advanced 0.67%, while Trent added 0.62%, reflecting selective buying in FMCG and consumption-orientated stocks even as the broader market remained under pressure.

Investors Focus on Key Global and Domestic Events in the Coming Week

Investors are likely to closely monitor several important economic events scheduled for next week that could influence market sentiment. 

On Monday, India will release its WPI inflation data, where the consensus estimate stands at 2%, slightly higher than the previous reading of 1.81% for February. Later in the week, attention will shift to the US Federal Reserve’s monetary policy decision on Wednesday, March 18, 2026, where the consensus expectation is for the policy rate to remain unchanged at 3.75%, the same as the previous level. 

Additionally, on Thursday, March 19, 2026, the Bank of Japan (BoJ) interest rate decision will also be closely watched by global investors. The consensus estimate stands at 3.75%, the same as the previous rate of 3.75%, indicating expectations that the central bank will likely keep its policy rate unchanged.

Next Week Outlook for Indian Markets

The outlook for Indian equities next week is expected to remain volatile, with investors closely tracking geopolitical developments and crude oil prices. The recent surge in Brent crude oil amid the ongoing US-Israel-Iran conflict has raised concerns about higher inflation, increased import costs and pressure on corporate margins. Since India imports nearly 85% of its crude oil requirements, sustained elevated oil prices could weigh on market sentiment and increase volatility in the Nifty 50 in the near term.

Any signals regarding inflation outlook, interest rates or global liquidity conditions could influence market direction. Overall, markets may remain range-bound with a cautious bias