- The Nifty 50 ended at 25,178.65, down 311.85 points, or 1.22%.
- The Sensex closed at 81,287.19, down 961.42 points, or 1.17%.
Broader markets followed the same trend:
- The Nifty MidCap index declined 1.14%.
- The Nifty SmallCap index fell 1.10%.
Impact on the stock market
The sectoral data gives more insight into where the pressure was concentrated.
- The Nifty Realty index dropped 2.3%, making it the worst-performing sector of the day.
- The Nifty Financial Services index fell 2.1%.
These two sectors underperformed the broader market by a wide margin.
Financial services stocks are closely linked to credit growth, interest rate expectations, and overall economic momentum. When they decline sharply, it often signals cautious investor sentiment.
Realty stocks, on the other hand, are typically sensitive to funding costs and broader liquidity conditions. A 2.3% fall in the realty index suggests risk appetite was clearly subdued.
The combined fall in financials, real estate, and heavyweight index stocks led to a sharp correction in the benchmarks. With both the Nifty and Sensex losing more than 1%, it was clearly a risk-off session.
| Sector/Index | Performance |
| IT & BPM sector | 0.16% |
| Healthcare sector | -1.41% |
| Oil & Gas sector | -0.24% |
| Real estate sector | -2.26% |
| PSU Bank in India | -0.60% |
Top gainers today
| Company | Share Price (in ₹) | Change % |
| HCL Tech | 1,389.10 | 1.14 |
| Trent | 3,899.50 | 1.13 |
| Infosys | 1,300.10 | 0.85 |
| Apollo Hospital | 7,821.50 | 0.60 |
Top losers today
| Company | Share Price (in ₹) | Change % |
| Sun Pharma | 1,737.00 | –2.73 |
| Bharti Airtel | 1,879.30 | -2.61 |
| HDFC Life | 715.30 | -2.55 |
| M&M | 3,397.40 | -2.50 |
| Dr Reddys Labs | 1,286.30 | -2.50 |
Market aftermath: Impact on stocks
Redington Surges Nearly 15% On Apple Launch Speculation
One of the biggest gainers of the day was Redington Ltd.
- The stock was trading at ₹281.1, up 14.95% on the day.
- It touched intraday gains of almost 17%.
- Its market capitalisation crossed ₹22,000 crore.
The rally was triggered by speculation surrounding Apple’s upcoming product announcements. Apple’s chief executive teased a “big week” of announcements starting next Monday, leading investors to expect new iPhones, refreshed iPads, and updated MacBook models.
Redington is a key distributor of Apple products across India and other emerging markets. Although it does not manufacture devices, it plays a significant role in distributing iPhones, iPads, and MacBooks through its channel network.
Historically, Redington’s stock reacts to Apple’s product cycles. Over the past year, Redington shares have risen about 11.5%, broadly in line with the Nifty 50’s 11.7% gain over the same period. However, Friday’s near-15% jump marks a clear short-term outperformance driven by launch-related optimism.
Investors will now closely watch Apple’s announcements next week to see whether the excitement translates into sustained demand momentum.
Vishal Mega Mart Falls Over 7% After ₹7,915 Crore Block Deal
While Redington rallied, Vishal Mega Mart witnessed heavy selling.
- The stock fell over 7% to around ₹118 per share.
- Around 14.2% equity, worth ₹7,915 crore, changed hands through a block deal.
- A total of 771 million shares were traded in the transaction.
Reports suggested that top shareholder Samayat Services LLP was likely to sell a stake in the company. Earlier indications pointed to a potential sale of nearly 7% stake at ₹115 per share for ₹3,507 crore, but the total deal size increased to over ₹7,500 crore.
Large block deals often create short-term price pressure because of the sudden supply of shares in the market. Even if the company’s business fundamentals remain intact, such transactions can weigh on stock prices.
Vishal Mega Mart operates in the aspirational retail segment, catering to middle- and lower-middle-income consumers. Its product range spans apparel, general merchandise, and fast-moving consumer goods.
According to a Redseer report, India’s aspirational retail market was valued at ₹68–72 lakh crore in 2023 and is projected to reach ₹104–112 lakh crore by 2028, growing at a compound annual growth rate of 9%. While the long-term outlook remains strong, today’s fall was largely driven by supply dynamics linked to the block deal.
IndiGo Falls Over 2% As Refund Norms Become Passenger-Friendly
Shares of Interglobe Aviation Ltd, the parent company of IndiGo, declined over 2%, trading around ₹4,830.
The trigger was regulatory. The aviation regulator revised air ticket refund norms, introducing a 48-hour “look-in option” after booking. Under the new rules:
- Passengers can cancel or amend tickets within 48 hours without additional charges, subject to conditions.
- For domestic bookings, the departure date must be at least 7 days away.
- For international bookings, the departure date must be at least 15 days away.
- Refunds must be completed within 14 working days.
Additionally, airlines cannot levy extra charges for correcting a passenger’s name within 24 hours of booking if the ticket is booked directly on the airline’s website.
These revised norms will apply from March 26.
The move follows rising complaints about refund delays. In December 2025, scheduled airlines received 29,212 passenger-related complaints, with 7.5% related to refunds. During the same month, domestic carriers transported over 1.43 crore passengers. For the full year 2025, domestic airlines carried over 16.69 crore passengers, highlighting the scale of India’s aviation market.
While the rules are passenger-friendly, investors appear concerned about the potential impact on airline revenue from cancellation and amendment charges.
Crude Oil Remains Steady As US-Iran Talks Continue
Crude oil prices were largely flat amid ongoing diplomatic talks.
- May Brent crude was at $70.86, up 0.03%.
- April WTI crude stood at $65.31, up 0.15%.
On the Multi Commodity Exchange:
- March crude futures were trading at ₹5,954, down 1.64% from the previous close of ₹6,053.
- April crude futures were at ₹5,969, down 1.65% from ₹6,069.
The US and Iran held a third round of talks in Geneva regarding Iran’s nuclear programme. While no breakthrough was announced, discussions will continue next week in Vienna. Iran is a major crude oil producer, and any progress in negotiations could influence global supply expectations.
Natural gas futures also saw mild movement, with March contracts trading at ₹258.20, up 0.43% from ₹257.10.
For India, stable crude prices are important because they influence inflation, fuel costs, and fiscal dynamics.
Conclusion
The Indian stock market closed firmly lower, with the Nifty at 25,178.65 and the Sensex at 81,287.19, both down over 1%. Realty and financial services stocks led the decline, while midcaps and smallcaps also slipped around 1%.
At the same time, stock-specific developments created sharp moves. Redington surged nearly 15% on Apple launch expectations. Vishal Mega Mart fell over 7% after a ₹7,915 crore block deal. IndiGo slipped over 2% as new refund norms raised concerns over airline revenue.
Meanwhile, crude oil remained steady around $70–71 per barrel amid ongoing US-Iran negotiations.
Overall, the session reflected cautious sentiment in the broader market, with investors reacting sharply to both sectoral weakness and company-specific triggers.
For more stock market insights, check out the StockGro blog.
