Dalal Street investors witnessed one of the worst intraday crashes in the Indian stock market during Thursday’s session, March 19, as key indices bled heavily, falling over 3% amid a broad-based sell-off across sectors, wiping out ₹13 lakh crore of investor wealth.

The markets started with a sharp gap-down, as tensions in the Middle East further escalated, keeping crude oil and gas prices elevated. Meanwhile, the US Federal Reserve, which left its benchmark rate unchanged for the second time, warned that inflation could remain elevated in 2026 due to the Iran conflict, leaving little hope for near-term rate cuts.

In addition to global jitters, the sharp sell-off in heavyweight HDFC Bank added further pressure, as the stock tanked 5.3% following the resignation of Atanu Chakraborty as part-time Chairman of the bank. Today’s decline dragged the stock to its lowest level since July 2024.

The Nifty 50 lost 775 points, or 3.26%, to settle at 23,000, while the Sensex closed at 74,207, down 3.26% from the previous session. The broader markets mirrored the weak trend, with the Nifty Midcap 100 falling 3.32% and the Nifty Smallcap 100 index declining 3%.

All sectoral indices ended in the red, with Nifty Auto leading the losses with a 4% drop, followed by Nifty Realty, Nifty Consumer Durables, Nifty IT, and Nifty Private Bank, all declining over 3%.

Vinod Nair, head of research at Geojit Investments Limited, said, “The domestic market ended sharply lower, giving up the gains of the past three days, as a series of attacks on energy infrastructure in the Middle East triggered a renewed spike in oil prices and dampened investor sentiment. The US Fed adopted a hawkish stance, signalling higher inflation amid elevated geopolitical uncertainty.”

“Relentless FII selling pushed the rupee to a fresh all-time low, while concerns over rising input costs, potential fuel supply disruptions, and slowdown fears led to broad-based selling. Stock-specific pressure was seen in HDFC Bank following the exit of its part-time chairman. Current volatility may persist in the near term due to elevated oil prices and the new wave of attacks in the Middle East,” he further added.

Crude-sensitive, auto and financial stocks lead broad-based sell-off

Today’s losses were led by crude-sensitive stocks, with Hindustan Petroleum falling 7% to ₹324.9 apiece, while its peers Bharat Petroleum Corp. and Indian Oil also closed with sharp losses of 3.4% and 5.5%, respectively.

Auto and ancillary stocks witnessed another round of selling pressure, with all 15 constituents of the Nifty Auto index falling over 3%, led by Ashok Leyland, Bharat Forge, Mahindra & Mahindra, and Samvardhana Motherson International, all sliding over 5%.

In the banking and NBFC space, IDBI Bank tanked 6%, while Bajaj Finance and HDFC Bank each declined over 5.3%. Food delivery players such as Swiggy and Eternal also slipped 4.65% and 5.38%, respectively.

Among metal stocks, Hindustan Zinc shed 4.8% to ₹512 apiece. It was followed by APL Apollo Tubes, Lloyds Metals & Energy, Jindal Stainless, Hindalco Industries, Adani Enterprises, Hindustan Copper, and Welspun Corp., all falling over 3%.

Overall, nearly 110 stocks from the Nifty 500 pack ended the session with losses of over 4%.

Amid heavy selling, select stocks buck the trend

Amid the broad-based sell-off, finding stocks that closed in the green was difficult. However, a few counters managed to withstand the pressure, with Jaiprakash Power Ventures rallying 11.7% to ₹16.8 apiece.

Similarly, Adani Total Gas shares surged 8% to ₹556.2 apiece, while ACME Solar Holdings and ITI gained 5.4% and 3.8%, respectively.

Sugar stocks such as Triveni Engineering and Balrampur Chini Mills also closed higher, gaining 2.2% and 2.1%, respectively.

Meanwhile, Oil and Natural Gas Corporation (ONGC) and Oil India rallied over 1.5%.

Disclaimer: We advise investors to check with certified experts before making any investment decisions.