The Nifty 50 fell 222.25 points (0.93%) to close at 23,775.10, while the Sensex dropped 931.25 points (1.20%) to 76,631.65.
The decline was largely triggered by renewed concerns around the US-Iran ceasefire, which added uncertainty to global markets. Heavyweights like Jio Financial Services, InterGlobe Aviation, and Larsen & Toubro were among the top losers, dragging the indices lower.
Despite the headline fall, the broader market told a slightly different story. Midcap and smallcap indices held their ground, indicating that the selling pressure was more concentrated in large-cap stocks rather than across the entire market.
Impact On The Stock Market
Sector-wise, the weakness was clearly visible in banking stocks. The Nifty Bank and Nifty Private Bank indices underperformed, reflecting cautious sentiment among investors in financial stocks.
On the flip side, metal stocks stood out as a bright spot. The Nifty Metal index emerged as the top gainer, signalling strong sectoral momentum even in a weak market environment.
Interestingly, broader indices showed resilience, with the Nifty MidCap rising 0.25% and SmallCap up 0.20%. This suggests that investors are still willing to take selective bets despite overall market uncertainty.
| Sector/Index | Performance |
| IT & BPM sector | 0.22% |
| Healthcare sector | 0.71% |
| Oil & Gas sector | -0.39% |
| Real estate sector | -0.27% |
| PSU Bank in India | -1.27% |
Top gainers today
| Company | Share Price (in ₹) | Change % |
| Hindalco | 985.65 | 3.56 |
| Dr Reddys Labs | 1,211.90 | 1.72 |
| Bajaj Auto | 9,517.00 | 1.61 |
| Bharat Elec | 439.75 | 1.54 |
| Max Healthcare | 954.95 | 1.47 |
Top losers today
| Company | Share Price (in ₹) | Change % |
| Interglobe Avi | 4,449.10 | -3.61 |
| Jio Financial | 238.84 | -3.25 |
| Larsen | 3,896.20 | -2.74 |
| Shriram Finance | 996.30 | -2.63 |
| Eternal | 237.89 | -2.35 |
Market aftermath: Impact on stocks
Metal stocks rally despite weak market
Metal stocks defied the broader market weakness and gained up to 4% during the session, with the Nifty Metal index rising 1.7% intraday. Stocks like Hindalco (+3%), Nalco (+2.9%), and NMDC (+2%) led the rally.
The rally is backed by improving fundamentals. Steel prices have recovered sharply, with hot rolled coil (HRC) prices up ~30% to ₹59,500 per tonne, while rebar prices have risen nearly 29.5% to ₹60,000 per tonne.
Looking ahead, analysts expect continued strength due to infrastructure demand, global supply disruptions, and improving margins. Stocks like Tata Steel, SAIL, and APL Apollo Tubes are being closely watched as potential outperformers.
Meesho stock jumps on strong volumes
Shares of Meesho surged sharply, gaining nearly 13% intraday and trading around ₹165–₹172 levels. The rally was supported by a massive spike in trading volumes, with 50 million shares traded compared to just 4.5 million earlier.
The stock has already delivered strong returns, rising 55% from its IPO price of ₹111. A bullish outlook from Equirus, which gave a target price of ₹190 (15% upside), further boosted investor confidence.
The company’s focus on low-cost, high-volume transactions and its zero-commission model is being seen as a strong growth driver. Analysts believe this approach gives Meesho a unique edge over traditional e-commerce players.
Info Edge slips after weak Q4 update
Info Edge shares declined over 2% to around ₹1,012 after its Q4 business update disappointed investors. The company reported 7.45% YoY billings growth, missing expectations of around 11%.
While its core Naukri business grew 9.5%, other segments like 99acres showed muted growth of just 1.9%, dragging overall performance.
Brokerages remain divided—some maintain a “buy” with targets up to ₹1,525, while others remain cautious due to slowing growth trends and potential margin pressure. The stock has already fallen 19% over the past year, underperforming the broader market.
Crude oil
Crude oil prices surged amid rising geopolitical tensions, adding pressure on global markets. Brent crude rose to $96.66 (+2.02%), while WTI climbed to $97.06 (+2.91%).
On the domestic front, crude futures on MCX also moved higher, with April contracts trading around ₹9,059, up from ₹8,861.
The spike is linked to renewed tensions in West Asia, including Israeli attacks on Lebanon and disruptions in tanker movement through the Strait of Hormuz. Rising oil prices typically increase inflation concerns and can negatively impact markets like India that rely heavily on imports.
Conclusion
Today’s market action highlights a classic divergence—while headline indices corrected due to global concerns, pockets of strength continued to emerge. Metals rallied on strong fundamentals, Meesho attracted momentum-driven buying, and Info Edge reflected how earnings misses can quickly impact sentiment.
The bigger takeaway? Markets are not moving in one direction—they are becoming more selective. With crude oil rising and geopolitical risks back in focus, volatility is likely to stay elevated.
For investors and traders, this is a phase where stock selection matters more than market direction.
