On Monday, March 23, 2026, Indian stock markets witnessed a sharp decline due to the rising geopolitical tensions between the US, Israel and Iran in the Middle East. The BSE Sensex fell 1,836.57 points or 2.46% to 72,696.39, while the NSE Nifty 50 fell 601.85 points or 2.60% to 22,512.65. These figures match real-time market reports from sources like Bussiness and LiveMint.

The selloff was due to fears of a disruption in global oil supplies following Iran’s actions in the Strait of Hormuz; The strait is a vital route for about 20% of the world’s oil trade. Amidst this conflict, the prices of Brent crude rose. According to reports, the ongoing war (which is now in its fourth week) pushed prices to around or above $100–$108 per barrel in recent sessions, although there was slight variation in the exact prices at the close. US President Donald Trump gave Iran a 48-hour ultimatum to fully reopen the strait, and warned that if it did not do so, tough action would be taken against Iran’s energy infrastructure—including power plants. Iran responded by threatening to target regional energy assets and initially restricted passage to “enemy” ships, further adding to market volatility.

India’s **India VIX** (volatility index) jumped more than 17% to 26.73, indicating increased uncertainty in the market. Broader markets suffered bigger losses: Nifty Midcap fell 3.69%, and Nifty Smallcap was down 4.16%. Sector-wise, construction, realty and metals sectors witnessed the biggest decline (Nifty Construction Durable down over 5%), while IT stocks showed relative strength and losses were minimal.

Technically, analysts saw a ‘bearish’ structure in the market, with ‘lower highs’ and ‘lower lows’ forming, indicating downward momentum in the market. Immediate resistance levels for Nifty lie at 22,650–22,700, while selling pressure is stronger at 22,900–23,000 levels.

Prime Minister Narendra Modi, while addressing Parliament, assured efforts to ensure uninterrupted energy supply through the Strait of Hormuz. These developments have heightened concerns about energy security, potential inflation from higher oil prices and global risk aversion, leading to massive stock market selloffs.