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Bourses add some losses in early afternoon session
Mar-06-2026

Indian markets added some losses in early afternoon session amid fears that inflation will go up amid geopolitical conflict and spike in crude oil prices. Traders took note of think tank the Global Trade Research Initiative’s (GTRI) report stated that ongoing conflict between Iran and US-Israel likely to impact the movement of goods between India and West Asia. It noted that prolonged disruptions to shipping through the Strait of Hormuz beyond a week could rapidly spill over from energy markets to fertiliser supplies, industrial inputs, construction materials and export sectors such as diamonds. Sector wise, sugar sector stocks remained in limelight as the All India Sugar Trade Association said that India's sugar output for the 2025-26 season has been revised down 4.4% to 28.3 million tonnes from an earlier first estimate of 29.6 million tonnes. On the global front, Asian markets were trading mostly in green despite ongoing conflict in the Middle East. 

The BSE Sensex is currently trading at 79431.54, down by 584.36 points or 0.73% after trading in a range of 79394.82 and 79753.03. There were 11 stocks advancing against 19 stocks declining on the index.

The gaining sectoral indices on the BSE were Capital Goods up by 1.76%, Power up by 1.21%, Utilities up by 0.81%, Industrials up by 0.67% and Telecom was up by 0.34%, while Realty down by 1.52%, Bankex down by 1.17%, Auto down by 0.57%, Consumer discretionary down by 0.54% and FMCG was down by 0.36% were the top losing indices on BSE.

The top gainers on the Sensex were Bharat Electronics up by 2.54%, Reliance Industries up by 1.85%, NTPC up by 1.82%, Sun Pharma up by 1.05% and HCL Tech up by 0.85%. On the flip side, ICICI Bank down by 2.56%, Interglobe Aviation down by 2.12%, Bajaj Finserv down by 1.99%, Eternal down by 1.96% and Larsen & Toubro down by 1.86% were the top losers.

Meanwhile, at a time when West Asia conflict spiking prices of global oil and natural gas, the rating agency - Fitch Ratings has said that the $63 per barrel (bbl) estimation for average Brent crude price for 2026 is unlikely to see any significant upside as the Strait of Hormuz closure would be only temporary and global oil market oversupply should limit oil price rises. It noted that the strait is not formally closed but vessels are increasingly avoiding it given the risk of attack by Iran or its proxies. Oil majors have halted shipments for safety reasons, and insurers are cancelling war risk cover for vessels.

The Strait of Hormuz is a narrow 33-kilometre passage connecting the Persian Gulf to the Arabian Sea, and prior to the conflict, around 20 million barrels per day (MMbpd) of crude oil and petroleum products transited the strait, accounting for about a quarter of global seaborne oil trade and a fifth of global oil consumption. Fitch highlighted that oil exports from Saudi Arabia and the UAE accounts for around half of the oil volumes transported through the strait, with the remainder from Iraq, Kuwait and Iran, and around half of these exports go to China and India.

It expects the global oil market to remain over supplied in 2026. It emphasized that any potential supply disruption would be offset by global market oversupply. It pointed that the global supply growth exceeded demand growth in 2025 with supply increasing by around 3MMbpd against below 1MMbpd demand growth. Besides, Iran accounts only for about 3.5% of global crude oil production, producing about 3.5 MMbpd and exporting about 2 MMbpd. However, it noted that the duration and intensity of the increasingly regional conflict remain uncertain, and oil price volatility would rise if there were to be any material disruption to Iranian oil production.

The CNX Nifty is currently trading at 24608.85, down by 157.05 points or 0.63% after trading in a range of 24575.15 and 24700.90. There were 20 stocks advancing against 30 stocks declining on the index.

The top gainers on Nifty were Bharat Electronics up by 2.57%, Reliance Industries up by 1.88%, NTPC up by 1.86%, Grasim Industries up by 1.03% and Sun Pharma up by 0.97%. On the flip side, ICICI Bank down by 2.41%, Max Healthcare Inst down by 2.41%, Interglobe Aviation down by 2.28%, HDFC Life Insurance down by 2.08% and Larsen & Toubro down by 2.02% were the top losers.

Asian markets were trading mostly in green; Hang Seng advanced 424.66 points or 1.68% to 25,746.00, Nikkei 225 surged 262.94 points or 0.47% to 55,541.00, Shanghai Composite strengthened 15.62 points or 0.38% to 4,124.19, Straits Times rose 3.47 points or 0.07% to 4,850.03 and KOSPI was up by 0.97 points or 0.02% to 5,584.87. On the flip side, Taiwan Weighted lost 73.4 points or 0.22% to 33,599.54 and Jakarta Composite was down by 201.44 points or 2.68% to 7,509.10.
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