The BSE Sensex closed at 81,909.63, down by 270.84 points, or 0.33%, while the NSE Nifty50 settled at 25,157.5, marking a decline of 75 points or 0.3%.
In the broader market, Nifty MidCap 100 saw a larger fall, dipping 1.14%, while Nifty SmallCap ended the day down by 0.9%, indicating that smaller and mid-sized companies were facing tougher challenges during the market downturn.
Impact on the stock market
Sector-wise performance
The sector-specific performance was also notable. Nifty Chemical took the hardest hit, down by 2.12%, followed by Nifty Consumer Durables, which fell 1.66%. Nifty Bank also saw a decline, slipping 1.02%, reflecting some investor unease in the financial sector amidst global uncertainties.
However, it wasn’t all doom and gloom. The Nifty Metal and Oil & Gas sectors stood out by posting positive returns of 0.57% and 0.27%, respectively. Despite a broad decline, these sectors managed to stand tall in today’s market conditions, providing some relief to investors.
| Sector/Index | Performance |
| IT & BPM sector | -0.29% |
| Healthcare sector | -0.60% |
| Oil & Gas sector | 0.27% |
| Real estate sector | -0.71% |
| PSU Bank in India | -1.01% |
Top gainers today
| Company | Share Price (in ₹) | Change % |
| Eternal | 283.50 | 5.16 |
| UltraTechCement | 12,231.00 | 1.43 |
| Interglobe Aviation | 4,857.50 | 1.41 |
| JSW Steel | 1,174.60 | 1.26 |
| Hindalco | 939.20 | 1.20 |
Top losers today
| Company | Share Price (in ₹) | Change % |
| ICICI Bank | 1,349.00 | 1.95 |
| Trent | 3,764.40 | -1.87 |
| TATA Cons. Prod | 1,163.60 | -1.81 |
| Bharat Electronics | 402.65 | -1.64 |
| Apollo Hospital | 6,826.50 | -1.24 |
Market aftermath: Impact on stocks
UltraTech Cement: Strong growth amid price pressures
UltraTech Cement is on track for a healthy Q3FY26 performance, driven primarily by a significant 15-21% year-on-year growth in volumes. This increase is largely attributed to the consolidation of acquired assets and new capacity additions. Brokerages expect UltraTech’s revenue to grow 18.9% YoY, with a projected increase from Rs 17,779 crore in Q3FY25 to Rs 21,142 crore this year.
Despite facing pricing pressures and elevated fuel costs, analysts remain optimistic due to UltraTech’s strong operating leverage, with profits likely to see an 18.3% YoY growth. This, however, could be capped by continued high fuel prices, particularly in the pet-coke segment. The company is also expected to report a 23% YoY growth in EBITDA, driven by strong volume growth.
Kalyan Jewellers: Slump amid aggressive selling
Kalyan Jewellers’ stock faced a massive drop today, losing nearly 14% intraday, hitting a 19-month low. The stock has been in a downward spiral, having fallen over 25% in the past nine sessions, with a 17.6% decline over the past year, underperforming the broader market. Today’s intense trading volume, more than four times the 20-day average, pointed to aggressive selling, possibly indicating institutional investors’ flight from the stock. Kalyan Jewellers is also grappling with increasing promoter pledge and ownership concerns.
The stock has now broken below key technical support levels, and analysts are eyeing the 390-380 range as immediate support. The bearish setup is further confirmed by its movement below all key moving averages, with no sign of reversal yet.
Union Budget 2026: What to expect from agriculture sector
As India gears up for its Union Budget 2026, the agriculture sector is looking for increased investments in green infrastructure, digital adoption, and nutrition-led farming. The sector, despite employing nearly half of India’s workforce, suffers from low productivity and limited value addition. Experts are urging the government to focus on building green irrigation systems, modernizing the value chain, and fostering agritech solutions. The sector’s projected growth of 4% per annum, from Rs 31 lakh crore in FY25 to Rs 38 lakh crore by FY30, could significantly benefit from these proposed reforms.
Crude Oil: Venezuela and US geopolitical tensions
In the global markets, tensions between the US and Venezuela continue to shape the future of crude oil supplies. The US Gulf Coast refineries are expected to gradually increase their intake of Venezuelan crude, displacing some of the Middle Eastern high-sulfur fuel oil. India stands to benefit from this, as Indian refineries are well-equipped to process heavy sour grades like those produced in Venezuela. With Venezuelan crude oil production exceeding 900,000 barrels per day (bpd), Rystad Energy predicts an influx of crude oil into the US, Europe, and India. The shift in crude supply dynamics will have an ongoing impact on oil prices, and India’s refining sector stands poised to absorb more Venezuelan crude in the long run, offering potential cost advantages for Indian refiners.
Conclusion
The Indian stock market closed lower amid geopolitical tensions and ongoing global market uncertainties. While some sectors like Nifty Metal and Oil & Gas performed well, the market was largely weighed down by the decline in Nifty Chemical and Banking sectors. UltraTech Cement showed promising growth despite challenges, while Kalyan Jewellers continued its sharp decline, reflecting investor concerns. Meanwhile, the agriculture sector remains hopeful ahead of Budget 2026, with expectations of increased investment and focus on sustainability. On the global front, the US-Venezuela conflict has placed India in a favorable position to absorb more Venezuelan crude, potentially benefiting the Indian economy in the long term.
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