Indian equity benchmarks made gap-down opening on Monday tracking losses in global markets and rise in crude oil prices as geopolitical tension intensified following US President Donald Trump’s ultimatum to Iran. US President Donald Trump warned that US would obliterate Iran's power plants if the country didn't open the Strait of Hormuz within 48 hours. In retaliation, Iran also threatened to strike energy infrastructure in the Middle East. Closer home, Sensex and Nifty were trading deeply in red in early deals due to sell-off in the markets led by Metal, Basic Materials and Capital Goods stocks. Traders were cautious as the government data showed that India’s production growth in eight core infrastructure sectors slowed down to 2.3 per cent in February 2026 from 3.4 per cent in the same month last year due to decline in production of crude oil, natural gas, and refinery products. Also, Reserve Bank of India (RBI) said that India's forex reserves dropped $7.052 billion to $709.76 billion during the week ended March 13.

On the global front, Asian markets were trading lower tracking losses on Wall Street on Friday overnight and due to volatile oil prices amid fears of further disruption to global energy supplies.

The BSE Sensex is currently trading at 73073.76, down by 1459.20 points or 1.96% after trading in a range of 72977.34 and 73732.58. There were 2 stocks advancing against 28 stocks declining on the index.

The top losing sectoral indices on the BSE were Metal down by 4.07%, Basic Materials down by 3.27%, Capital Goods down by 3.12%, Telecom down by 3.11% and Industrials down by 3.05%, while there was no gainer on the BSE sectoral front.

The only gainers on the Sensex were HCL Technologies up by 0.44% and TCS up by 0.09%. On the flip side, Tata Steel down by 4.68%, Adani Ports & SEZ down by 3.60%, Bajaj Finance down by 3.34%, Bharat Electronics down by 3.27% and Titan Company down by 3.17% were the top losers.

Meanwhile, amid heightened geo-political tensions, the Confederation of Indian Industry (CII) has highlighted growing stress across sectors dependent on global trade flows and said that Indian companies are facing disruptions ranging from shipment delays to shortages of key raw materials due to the ongoing West Asia conflict. The industry body noted that disruptions have also placed pressure on energy markets and trade, affecting both imports and exports, with ripple-effects being felt across manufacturing and other industries.

CII Director General Chandrajit Banerjee said firms are already seeing ‘downstream effects’ as the conflict disrupts key maritime routes and tightens global supply chains. Banerjee stated ‘The conflict in the West Asia has disrupted critical maritime routes and placed pressure on global supply chains, energy markets, and both imports and exports’.

Despite emerging challenges, CII underscored that India is better placed than in the past to absorb external shocks. Banerjee said the country entered this phase ‘from a position of strength’, supported by structural reforms and the government's push for Atmanirbhar Bharat, which has strengthened domestic resilience.

According to CII, the Indian industry is adapting to the shocks by accelerating energy diversification, optimising supply chains and protecting jobs. It also highlighted the importance of ongoing investments in renewable energy, green hydrogen, biofuels, and energy efficiency, calling them strategic imperatives to reduce vulnerability to geopolitical energy shocks.

The CNX Nifty is currently trading at 22663.00, down by 451.50 points or 1.95% after trading in a range of 22634.55 and 22851.70. There were 4 stocks advancing against 46 stocks declining on the index.

The few gainers on Nifty were ONGC up by 0.64%, HCL Technologies up by 0.61%, TCS up by 0.10% and Tech Mahindra up by 0.01%. On the flip side, Tata Steel down by 4.56%, Shriram Finance down by 3.71%, JSW Steel down by 3.64%, Hindalco down by 3.59% and Adani Ports & SEZ down by 3.52% were the top losers.

Asian markets were trading in red; Nikkei 225 slipped 2108.53 points or 3.95% to 51,264.00, Hang Seng declined 884.32 points or 3.63% to 24,393.00, Taiwan Weighted lost 870.62 points or 2.6% to 32,673.26, KOSPI dropped 345.07 points or 5.97% to 5,436.13, Straits Times fell 104.31 points or 2.11% to 4,844.56 and Shanghai Composite weakened 98.87 points or 2.5% to 3,858.18.