30/03/26, PostMarket REPORT

 

Benchmark indices  SENSEX and Nifty faced intense selling pressure for second straight session on March 30 after oil surged above $114 a barrel as an expanding Middle East war sapped risk appetite.

At 3:25 pm, the Sensex was down 1,488.48 points or 2.02% at 72,094.74, and the Nifty was down 446.15 points or 1.96% at 22,373.45. About 791 shares advanced, 3,341 shares declined, and 110 shares were unchanged.

The Nifty 50 and Sensex have lost about 10.5% each in March, putting them on track for their worst month since the COVID-19-led rout in March 2020, as elevated crude prices and record monthly foreign outflows worth $12.3 billion sapped sentiment.

The financial year 2026 ends on Monday. The indices are on course for their worst performance since FY2020, weighed down by India-Pakistan tensions, US trade uncertainty in the first half and the Iran war in the second amid relentless foreign outflows.

Rising crude prices

Brent crude rose 3% to $115.98 a barrel, bringing its gains for the month to 60% and topping the jump that followed Iraq's invasion of Kuwait in 1990. US crude climbed 3 to $102.52, making a monthly rise of 53%.

The US-Israeli war on Iran has entered its fifth week and spread further across the Middle East, with Yemen's Iran-aligned Houthis launching attacks on Israel over the weekend, stoking fears of disruptions to shipping lanes around the Arabian Peninsula and the Red Sea.

Meanwhile, Pakistan said on Sunday it was preparing to host "meaningful talks" in the coming days to end the war, even as Tehran warned it was ready to respond if Washington deployed troops on the ground.

"With the conflict in West Asia entering the fifth week, there are signs of escalation of the war with the Houthi's joining the conflict and the US sending additional troops to reinforce the attack. Brent crude has again shot up to $116. The Goldilocks macro scenario which India had before the war has almost disappeared thanks to the war. Instead of high GDP growth, low inflation, moderate fiscal and current account deficits and expectations of higher corporate earnings growth in FY27, now we face prospects of lower GDP growth, higher inflation, higher fiscal and current account deficits and lower earnings growth for FY27.

"The market has largely discounted these negatives as reflected in the decline in the Nifty trailing PE ratio to about 19.9 times. This is fair but not yet cheap valuations. But there are segments which are attractively valued like financials," said VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.

"Assuming disruptions through Hormuz continue in April, we expect a more than 10% earnings hit for oil marketing companies, airlines, cement, tiles, paints and adhesives," said Mahesh Nandurkar, equity analyst at Jefferies.

FY2027 GDP could ease by 50 basis points, while India's corporate earnings may be cut by 2%-2.5% due the conflict, Nandurkar said.

Bank shares fall

Heavyweight financials, banks, private banks and PSU lenders fell 2%-2.5% on Monday, after the Reserve Bank of India tightened position limits on onshore exposure - a move bankers say could trigger disorderly unwinding of positions and potential losses.

The Reserve Bank of India late Friday directed banks to cap their net open rupee positions in the foreign exchange market at $100 million by the end of each business day, with compliance required latest by April 10.

The RBI's curbs on onshore position limits are expected to lead to dollar selling by banks in the domestic foreign exchange market amid unwinding of existing arbitrage positions.

These arbitrage trades were built by buying dollars onshore and selling them in the NDF market to exploit the spread between the two segments.

This spread had widened significantly amid a pickup in volatility and the fall in rupee on heightened risk aversion and oil-driven pressures linked to the Iran war.

The size of such positions is estimated at $25 billion to over $50 billion.

Selling by foreign investors continues

Foreign investors offloaded Rs 4,367 crore worth of Indian shares on Friday, per provisional data, highlighting continued caution and a risk-off sentiment among global investors.

"FPIs were net sellers on all trading days in March, so far, taking the total FPI selling through exchanges in March through 27th to a record Rs 1,18,093 crore, as per NSDL data. The weakness in global equity markets following the war in West Asia, the steady depreciation of the rupee, fears of decline in remittances from the Gulf region and concerns surrounding the impact of high crude price on India's growth and corporate earnings contributed to the sustained selling by FPIs," said VK Vijayakumar.

Monthly Nifty F&O Expiry

With March 30 being monthly Nifty F&O Expiry, volatility is expected. VIX rose over 8% to 28.78. Markets are shut on March 31 for a holiday.

Weak rupee

The rupee weakened past the 95 per dollar mark for the first time on March 30 to 95.2 per dollar, down 0.3% on day. Rupee has depreciated 4.4% against USD dollar in the March quarter.

India's 10-year benchmark bond yield extended its rise in afternoon trades to cross the 7% handle for the first time in over 21 months, as rupee plunged to another record low, while overnight index swap rates underwent another wave of paying.

The 10-year 6.48% 2035 bond yield hit a high of 7.0121%, the highest for a 10-year paper since July 5, 2024, up from the previous session's close of 6.9419%.

Technical View

"In light of the recent sharp decline, continued weakness in both Nifty 50 and Bank Nifty, along with elevated volatility and cautious global cues, investors are advised to maintain a disciplined and selective approach. It would be prudent to focus on accumulating fundamentally strong stocks on meaningful declines rather than chasing any short-term bounce. Fresh long positions should ideally be considered only once the Nifty decisively breaks above and sustains the 24,000 mark, as such a move would indicate improving market sentiment and could pave the way for a more stable and sustained recovery," said Hitesh Tailor, Research Analyst, Choice Broking.

 With inputs from Reuters   Report by J. Jagannath of Network18 

30/03/26, Market in the Opening

 Benchmark indices  SENSEX and Nifty saw intense selling pressure for second straight session on March 30 as rising crude prices led to risk-off market sentiment.

At 09:18 hrs IST, the Sensex was down 996.80 points or 1.35% at 72,586.42, and the Nifty was down 294.70 points or 1.29% at 22,524.90. About 686 shares advanced, 2212 shares declined, and 176 shares unchanged.

Rising crude prices:

Brent crude rose 3% to $115.98 a barrel, bringing its gains for the month to 60% and topping the jump that followed Iraq's invasion of Kuwait in 1990. US crude climbed 3 to $102.52, making a monthly rise of 53%.

The US-Israeli war on Iran has entered its fifth week and spread further across the Middle East, with Yemen's Iran-aligned Houthis launching attacks on Israel over the weekend, stoking fears of disruptions to shipping lanes around the Arabian Peninsula and the Red Sea.

Meanwhile, Pakistan said on Sunday it was preparing to host "meaningful talks" in the coming days to end the war, even as Tehran warned it was ready to respond if Washington deployed troops on the ground.

Bank shares fall

Bank Nifty fell over 2% as the central bank has tightened limits on lenders' net open forex positions as it moved to curb volatility in the weakening rupee.

The Reserve Bank of India late Friday directed banks to cap their net open rupee positions in the foreign exchange market at $100 million by the end of each business day, with compliance required latest by April 10.

The RBI's curbs on onshore position limits are expected to lead to dollar selling by banks in the domestic foreign exchange market amid unwinding of existing arbitrage positions.

These arbitrage trades were built by buying dollars onshore and selling them in the NDF market to exploit the spread between the two segments.

This spread had widened significantly amid a pickup in volatility and the fall in rupee on heightened risk aversion and oil-driven pressures linked to the Iran war.

The size of such positions is estimated at $25 billion to over $50 billion.

Selling by foreign investors continues

Foreign investors offloaded Rs 4,367 crore worth of Indian shares on Friday, per provisional data.

"FPIs were net sellers on all trading days in March, so far, taking the total FPI selling through exchanges in March through 27th to a record Rs 1,18,093 crore, as per NSDL data. The weakness in global equity markets following the war in West Asia, the steady depreciation of the rupee, fears of decline in remittances from the Gulf region and concerns surrounding the impact of high crude price on India's growth and corporate earnings contributed to the sustained selling by FPIs," said VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.

Monthly Nifty F&O Expiry

With March 30 being monthly Nifty F&O Expiry, volatility is expected. Markets are shut on March 31 for a holiday.

30/03/26, Gold continues to shine as a preferred investment option in India, valued not just for its beauty but also as a reliable hedge against inflation.

 Investors increasingly turn to gold to safeguard their wealth, making it an essential component of many portfolios.

As of today, the price of gold in India stands at:

24K Gold (99.9% purity): ₹14,808 per gram

22K Gold (91.6% purity): ₹13,574 per gram

18K Gold (75% purity): ₹11,106 per gram

These rates are sourced from trusted jewellers across the country and updated daily for informational purposes. Data provided by Goodreturns (OneIndia Money).

Gold prices in major cities (March 30, 2026)

City	24 K	22 K	18 K
Delhi	₹14,821	₹13,589	₹11,121
Mumbai	₹14,808	₹13,574	₹11,106
Chennai	₹14,901	₹13,659	₹11,399
Kolkata	₹14,808	₹13,574	₹11,106
Bengaluru	₹14,808	₹13,574	₹11,106
Hyderabad	₹14,808	₹13,574	₹11,106
Thiruvanathapuram	₹14,808	₹13,574	₹11,106

Silver prices today

Today, silver is trading at ₹244.90 per gram and ₹2,44,900 per kilogram in India.

The price of silver in the country is largely influenced by international market trends, which can fluctuate in either direction.

What's driving the market?

Market watchers pointed to a mix of global and domestic drivers shaping bullion trends. Ongoing geopolitical tensions have supported safe-haven demand, while fluctuations in the rupee have influenced import costs.

Seasonal demand linked to the upcoming wedding and festival period has also lent some support. In addition, investors are closely watching inflation trends and signals from the Reserve Bank of India for further direction.

Report by Matruboomi 

Desclimer: Report is for educational purposes only.. Not of investment advice. Please take advice from certified Financial Expert before investing.

30/03/26, week ahead

Indian equity markets head into the coming week on a cautious but event-heavy footing as the new financial year, FY27, begins on April 1. With several key domestic and global data points lined up, along with holidays interrupting trading sessions, investors are expected to remain selective while tracking macro signals closely.

At home, attention will be on a set of important economic indicators. Industrial production data and updated fiscal deficit numbers are due, offering clues on the pace of manufacturing activity and the government's fiscal position as FY26 ends. March automobile sales figures will also be closely watched, particularly for signs of demand recovery or inventory pressure across passenger vehicles and two-wheelers. Trading, however, will be disrupted by holidays, with markets shut on March 31 for Mahavir Jayanti and again on April 3 for Good Friday.

Global cues are expected to play a significant role, especially with overseas markets also closed on April 3 across the US, UK and the Eurozone. In the United States, markets will track retail sales and ISM manufacturing data scheduled for April 1, followed by trade balance numbers on April 2. These releases could influence expectations around economic momentum and interest rate policy. In the UK, GDP data due on March 31 will provide a snapshot of growth trends, while in the Eurozone, investors will watch inflation data, PMI readings and unemployment numbers for direction on the region's economic health.

Asian markets will also have a packed calendar. China is set to release manufacturing, non-manufacturing and services PMI data, which will be closely analysed for signs of stabilisation or slowdown in the world's second-largest economy. In Japan, Tokyo CPI, industrial production and retail sales figures are expected to shape sentiment around consumption and inflation trends.

On the corporate front, global earnings will see Bank of China announcing its quarterly results. Domestically, Manappuram Finance, Nazara Technologies and IRB Infrastructure are expected to remain in focus, driven by board meetings and key corporate actions. Activity in the primary market will be another area to watch, with Pawarika, Cyperentrals and Amirchand Jagdish Kumar scheduled to list on Indian exchanges. In addition, multiple lock-in expiries during the week could add to stock-specific volatility.

Markets closed the previous week on a weak note, with the Nifty 50 ending Friday at 22,819.60 and the Nifty Bank at 52,274.60. Fund flow data also showed divergence, as foreign portfolio investors were net sellers to the tune of Rs 4,367.30 crore on March 27, while domestic institutional investors offset part of the outflow with net purchases of Rs 3,566.15 crore.

Beyond markets, central bank commentary globally will remain on radar, while April 1 will also see the US Supreme Court hearing arguments related to President Donald Trump's executive order on birthright citizenship, an event that could briefly influence global risk sentiment.

30/03/26, is it Buying Opportunity..???

Retail investors, in fact view the current market correction as a significant buying opportunity, particularly within the small-cap sector. Institutional investors, on the other hand, who generally tend to be risk-averse, prefer to focus their attention on large-cap stocks. Investors who have been waiting for valuations to normalise may now look at stocks that are trading at lower Price-to-Earnings (P/E) multiples.

But it is not clear how long this war will last.

So, which sectors should be avoided? Where do buying opportunities exist? Are there any concerning signs for Indian markets in the long term?

Amid the ongoing conflict and turmoil in West Asia, one factor has emerged as the focal point -- energy supply.
The Iran-Israel-US conflict has disrupted the flow of crude oil and LNG (Liquefied Natural Gas) through the Strait of Hormuz. Approximately 20 million barrels of oil pass through this critical route daily, accounting for 20 per cent of global petroleum consumption and 27 per cent of the global seaborne oil trade. India is directly exposed to the impact of this situation. In the first quarter of CY25, India accounted for approximately 15 per cent of the total crude oil exports passing through this strait; India imports 85 per cent of its crude oil requirements.

Oil prices surged by more than 5 per cent on Wednesday after Iran threatened to attack several energy installations in West Asia. Brent futures rose by USD 5.26 to USD 108.66 per barrel.

"The impact on balance of payment (BoP) is relatively straightforward, with a USD10/barrel change in crude price and related change in natural gas price impacting India's CAD by USD 20 billion (0.5 per cent of GDP) on an annualised basis," says a Kotak report, quoted by ET.

What investors need to do?

Over the pas three weeks, share prices have fallen due to the conflict, as concerns regarding oil and gas supplies -- and their pricess --have nervous investors.

While, a section of fund managers belive that the investors should stick to buying large-cap stocks, whereas, on the other hand, retail investors feel that this is a good time to purchase stocks that have witnessed the sharpest decline in prices, and are looking towards small-cap stocks.

Kotak Institutional Equities and DSP Investment Managers have stated in their reports that the market's reaction is likely disproportionate to the actual economic damage, premising this on the assumption that the conflict will be resolved with in a few weeks.

Fears regarding credit costs for MSMEs are exaggerated, and overall, there are no long-term concerns for Indian markets. The long-term earnings trajectory remains intact, as the Nifty 50 is currently trading at 19 times its FY27E EPS (Earnings Per Share), with EPS growth projected at 16 per cent in FY27 and 15 per cent in FY28.

Banks, which account for approximately 35 per cent of the Nifty 50 index, have declined by 7 per cent over the past 15 days. During this period, these stocks have fallen by an average of 8.1 per cent -- making it one of the most severely affected sectors. The market fears that MSME companies reliant on LPG and natural gas may face margin pressure and credit-related challenges, while elevated energy costs could adversely impact borrowers' cash flows, potentially leading to a rise in NPAs. Consequently, this situation has presented a buying opportunity in battered banking stocks such as IndusInd, IDFC First Bank, and Bandhan Bank.

Which strategy should investors adopt?

Kotak Institutional Equities advises investors to reduce their exposure to the cement, consumer goods, and 'narrative' stocks -- which are currently trading at high valuations -- and to buy into financial sector stocks whose prices have declined due to unfounded concerns. Within the large-cap segment, stocks with a low price-to-book value -- including OMC shares -- appear attractive. However, if you are investing in small-cap stocks, it would be prudent to prioritise quality -- specifically, stocks that may appear expensive in terms of price-to-book value but feature a significant presence of institutional investors.

Report: The Economic Times 

30/03/26, Russia Offloads 14Tonnes of Gold

 

In a significant shift in economic strategy, Russia has begun selling gold from its central bank reserves for the first time in over two decades.

The move comes as the country faces increasing financial pressure due to its prolonged conflict with Ukraine.

According to reports, Russia sold around 14 tonnes of gold in just two months - January and February 2026. This marks the largest two-month sale since 2002 and highlights the growing strain on the country's finances.

First Major Gold Sale in 25 Years

For years, Russia had steadily increased its gold reserves as part of a long-term strategy to reduce dependence on the US dollar and protect its economy from Western sanctions. Traditionally, transactions between the finance ministry and central bank were largely on paper, without physically moving gold.

However, this time, the central bank has directly sold physical gold in the open market. This marks a clear departure from its earlier approach and signals a more urgent need for liquidity.

As a result of the recent sales, Russia's gold reserves have dropped to about 74.3 million ounces - the lowest level in four years. Despite this, the country still holds over 2,000 tonnes of gold, making it one of the largest holders globally.

War Expenses and Budget Deficit Driving the Move

The ongoing war with Ukraine has significantly increased government spending, especially on military operations. At the same time, Russia is dealing with a widening budget deficit.

Experts estimate that the country ended 2025 with a budget deficit of around 2.6% of its GDP, much higher than the earlier projection of 0.5%. Some analysts believe the real deficit could be even higher, as certain expenses have been pushed into future budgets.

Selling gold appears to be one of the fastest ways for the government to raise cash and manage immediate financial needs.

Falling Energy Revenues Add to Pressure

Russia's economy has traditionally relied heavily on income from oil and gas exports. However, this revenue stream has weakened in recent years due to falling global prices and sanctions imposed by Western countries.

Energy taxes now contribute only about 20% to government revenue, significantly lower than before the Ukraine conflict. This decline has forced the government to explore alternative sources of funding.

Strategic Move or Emergency Measure?

Some experts believe that the timing of the gold sale may also be strategic. Global gold prices have recently surged, crossing $5,000 per ounce, making it a favorable time to sell and maximize returns.

Even so, the decision to sell physical gold once considered a long-term strategic asset suggests deeper economic stress. Russia still has large reserves, but continued military spending could push it to sell more gold or adopt other funding measures such as issuing bonds or increasing taxes.

Overall, this move reflects the growing financial challenges faced by Russia as the war continues, and it raises questions about how long the country can sustain its current level of spending.

News24 Report

29/03/26, FII outflow:

In March, foreign investors pulled out ₹1.14 lakh crore (about $12.3 billion) from domestic equities, making it the worst monthly outflow, dragged down by escalating tensions in West Asia, a weakening rupee, and concerns over the impact of elevated crude oil prices on India's growth.

With one trading session remaining in the month, the outflows could extend further. The previous record for the highest monthly exodus stood at ₹94,017 crore in October 2024.

With the latest withdrawals, total foreign portfolio investors (FPIs) outflow has reached ₹1.27 lakh crore so far in 2026, according to NSDL data.

As per the data, FPIs have remained persistent sellers throughout March, offloading equities worth ₹1,13,380 crore in the cash market till March 27.

The sharp sell-off follows a strong rebound in February, when foreign FPIs pumped in ₹22,615 crore, the highest monthly inflow in 17 months.

Market participants attributed the sustained selling pressure to global macroeconomic headwinds and heightened geopolitical uncertainty.

As per a PTI report, quoting Himanshu Srivastava, Principal - Manager Research at Morningstar Investment Research India, the sell-off has been driven by a combination of elevated US bond yields and tightening global liquidity, which have improved the relative attractiveness of developed market fixed income.

While Indian market valuations have corrected alongside the recent market decline, they continue to remain relatively elevated compared to several emerging market peers, which may still be prompting selective profit booking and reallocation, he added.

Moreover, FPIs were sellers in other emerging markets, too, like Taiwan and South Korea. There is a risk-off trend in equity markets globally after the war broke out in West Asia.

On Friday, the SENSEX plunged 1,690 points or 2.25% at 73,583, and the NIFTY50 tanked 2.09% at 22,819, closing lower for the fifth week straight.

Shriram Finance dragged the NIFTY50 index, slipping 5.54%. It was followed by Tata Motors PV (-4.92%), Reliance Industries (-4.61%), InterGlobe Aviation (-4.48%), and Eternal (-3.91%), which were also among the top losers on March 27.

On the other hand, the top gainers in the index included Oil & Natural Gas Corporation (4.03%), Wipro (1.22%), Bharti Airtel (0.82%), Tata Consultancy Services (0.42%) and Coal India (0.32%).

Report by Upstox... courtesy Dailyhunt

29/03/26, The focus of global energy markets has, for weeks, been fixed on a single maritime artery -- the Strait of Hormuz. But as the conflict between the United States, Israel and Iran deepens, attention is now shifting southwards to another narrow stretch of water, the Bab el-Mandeb Strait in the Red Sea.

 Thia strait at the southern tip of the Red Sea is now emerging as a second front in what experts describe as the most severe disruption to global energy markets in modern history. With Yemen's Iran-backed Houthis entering the current war involving the US, Israel and Iran, there is risk of major disruptions.

"Bab el-Mandeb has become even more important in the current situation because once Hormuz comes under pressure, attention immediately shifts to the next major choke point that can disrupt both energy flows and global trade. Hormuz is the bigger oil shock point, but Bab el-Mandeb is the broader trade shock point. As the southern gateway to the Red Sea and Suez corridor, any serious threat there affects not only tankers but also container services, breakbulk, dry cargo movements, vessel availability, insurance, war risk premiums, and overall voyage economics on the Asia-Europe route," said Nayeem Noor, Vice President for Business Development at GMS, the world's largest cash buyer of ships.

Marine traffic data sourced from marinetraffic.com showed several oil tankers and cargo ships transiting the strait.
Photo Credit: Marine Traffic

A Second Choke Point Under Threat

The Bab el-Mandeb, Arabic for "Gate of Tears", connects the Red Sea to the Gulf of Aden and the Indian Ocean. At roughly 100 kilometres in length and 30 kilometres in width, it separates Yemen on the Arabian Peninsula from Djibouti and Eritrea in the Horn of Africa.

It is through this passage that a significant share of global trade flows. Ships travelling between Asia and Europe must pass through the Strait en route to the Suez Canal, making it one of the busiest and most strategically important shipping lanes in the world.

Around 10 to 12 per cent of global oil and natural gas shipments move through Bab el-Mandeb. Roughly 12 per cent of global trade transits the strait, while about 10 per cent of global maritime trade -- including 40 per cent of container traffic -- passes through the Suez Canal.

"What makes the present situation particularly serious is that the industry has already seen how quickly shipping patterns change when confidence in the route weakens. A formal closure is not even necessary. Sustained missile or drone threats alone can force ships to divert around the Cape of Good Hope. Once that happens, transit times lengthen, fuel costs rise, round voyages become longer, and freight levels come under pressure. In that sense, Bab el-Mandeb is now the key secondary pressure point after Hormuz. If both are affected at the same time, the fallout goes well beyond oil and becomes a much wider maritime trade disruption issue," Nayeem Noor told NDTV.

The strait as seen from space.
Photo Credit: NASA

An Iranian military official, speaking to the semi-official Tasnim news agency, warned that Tehran could escalate "insecurity in other straits, including the Bab el-Mandeb Strait and the Red Sea" if further attacks are carried out on Iranian energy infrastructure by the US and Israel.

The warning comes as the Strait of Hormuz, through which a fifth of the world's oil typically flows, has been effectively shuttered by the ongoing war.

A Fragile Alternative Route

The Red Sea route, via Bab el-Mandeb, has taken on increased importance precisely because of the disruption in the Strait of Hormuz.

Saudi Arabia, in particular, has relied on pipelines across its territory to move crude oil to the Red Sea port of Yanbu. From there, tankers can transport oil to global markets without passing through Hormuz.

"Bab el-Mandeb is not used only for oil. It is a major commercial shipping artery linking the Indian Ocean with the Red Sea and the Suez route. In 2025, more than 12,700 vessels transited the Suez Canal. On that connected corridor, tankers accounted for the largest share at about 39 per cent of total traffic. Container ships, bulk carriers, general cargo vessels, LNG carriers, Ro/Ro ships, and other vessel types also formed an important part of the mix. So while oil and tanker traffic are a very significant component, this is clearly a broader trade route used for energy, bulk cargo, containerised trade, and overall supply chain connectivity. The wider Red Sea corridor carries about 30 per cent of global container traffic, which underlines the strategic importance of Bab el-Mandeb as a key maritime choke point," Kiran Thorat, Trader, GMS, told NDTV.

GMS operates across 13 maritime hubs and works with shipowners, shipyards and financial institutions to support vessel recycling. The company's shipowning arm, Lila Global, operates a diversified fleet of 38 vessels across dry bulk, tanker, container and multipurpose segments. The company moves more than 25 million tonnes of cargo annually,

If the strait were to be blocked or significantly disrupted, industry experts warn that oil prices could surge to as high as $150 per barrel.

How It impacts India

Even before the current escalation, traffic through the Red Sea had already been sharply reduced. According to data from the Suez Canal Authority, around 26,000 ships transited the canal in 2023. By 2025, that number had fallen to 12,700 following sustained Houthi attacks.

The US Energy Information Administration reported that 12 per cent of global oil shipments passed through Bab el-Mandeb in the first half of 2023. By the first half of 2025, that volume had fallen to less than half. Average daily vessel traffic has dropped from about 75 ships in 2023 to roughly 33 in 2025, according to IMF-Oxford data.

For India, Bab el-Mandeb is commercially very important and strategically significant, and any closure of this transit route would severely impact India's energy imports.

"Oil and gas cargoes moving through the Suez Canal would have to be diverted via the Cape of Good Hope, leading to longer ton-miles, higher transport costs, and delays of at least a month in the arrival of Russian crude. This would directly raise energy and logistics costs for Indian industry, affect manufacturing through higher input costs and supply chain disruption, and add to inflationary pressure. At the same time, because Bab el-Mandeb is the gateway to the Suez route, any disruption would also increase freight and insurance costs, extend transit times, strain supply chains, and weaken the competitiveness of Indian trade in key westbound markets," Nayeem Noor told NDTV.

The Bab el-Mandeb region is already one of the most militarised regions in the world.

29/03/26, PC Jewellers stock to watch on Monday

PC Jewellers share price will remain in focus on Monday after the company announced allotment of shares on conversion of fully convertible warrants and consequential changes in the paid-up equity share capital.

The jewellery stock ended the Friday's trading session in red, closed 1.48% lower at ₹8 apiece on NSE.

PC Jeweller share allotment details

In an exchange filing on March 28, PC Jeweller said that the board has approved the allotment of 20,09,70,560 equity shares following the conversion of fully convertible warrants. The conversion included 2,00,97,056 warrants held by the promoter group and public shareholders, resulting in total fund mobilisation of ₹84.70 crore.

The conversion was carried out upon receipt of the remaining subscription amount, totalling ₹84,70,90,910.40. The exercise price per warrant was set at ₹42.15, which represents 75% of the total issue price, in line with the terms outlined in earlier announcements.

"We would like to further inform that the Board of Directors of the Company vide a resolution passed by Circulation on March 28, 2026 has allotted 20,09,70,560 (Twenty Crore Nine Lakh Seventy Thousand Five Hundred Sixty) equity shares having face value of ₹ 1/- (Rupee One Only) each, on conversion of 2,00,97,056 (Two Crore Ninety Seven Thousand Fifty Six) Warrants, to four Allottees belonging to 'Promoter Group' and 'Non-Promoter, Public Category', after adjusting the number of shares, paid-up value per share and premium per share post sub-division / split of face value of equity shares of the Company from 1 equity share of ₹ 10/- each to 10 equity shares of ₹ 1/- each w.e.f. December 16, 2024, upon receipt of the balance amount aggregating to ₹ 84,70,90,910.40 (Rupees Eighty Four Crore Seventy Lakh Ninety Thousand Nine Hundred Ten and Paise Forty Only) at the rate of ₹ 42.15 (Rupees Forty Two and Paise Fifteen Only) per Warrant (being 75% of the Issue Price per Warrant) pursuant to the exercise of their rights of conversion of Warrants into equity shares in accordance with the provisions of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The newly allotted equity shares shall rank pari-passu with the existing equity shares of the Company," the company said in the filing.

Meanwhile, in another exchange filing on March 27, the company informed the exchanges that it has signed a memorandum of understanding (MoU) with the National Skill Development Corporation under the Ministry of Skill Development & Entrepreneurship, Government of India.

Under the MoU, the company will act as the industry or franchise partner for the Gems & Jewellery Sector for the development and onboarding of up to 2,00,000 micro-entrepreneurs in India over 5 years under the PC Jeweller Brand.

"NSDC is implementing a nation-building initiative - the National Entrepreneurship Drive ('NED'). The initiative aims at contributing towards employment generation, entrepreneurship and local economic development through the creation of entrepreneurs across India and is proposed to span across 15 sectors, with one lead Industry/Franchise Partner identified for each sector to ensure dedicated development, scalability and impact. Our Company has been selected as the Industry/Franchise partner for the Gems & Jewellery Sector," it said in the filing.

PC Jeweller share price trend

The multibagger jewellery stock has largely remained negative in the near term. The stock has shed over 4% in a week and 19.35% in a month.

Furthermore, PC Jeweller shares have descended 14% in terms of year-to-date (YTD) and 41.69% in a year.

However, the jewellery stock has delivered multibagger returns of 202% in the last three years and 193% in the last five years.

Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.

29/03/26, People of America's protest against President Donald Trump

 

29/03/26, The Indian stock market ended the week on a weak note, extending its losing streak for the fifth straight week, as rising crude oil prices, a falling rupee and escalating tensions in the Middle East dampened investor sentiment.

These global factors are now expected to remain the key triggers for market movement in the coming week.

👉On Friday, (March 27), both benchmark indices -- Sensex and Nifty -- saw sharp declines of over 2 per cent each. The Sensex plunged 1,690 points, or 2.25 per cent, to close at 73,583, while the Nifty dropped 487 points, or 2.09 per cent, to settle at 22,819.60. Commenting on Nifty technical outlook, experts said that a decisive breakdown below the 22,700-22,500 range can accelerate selling pressure, potentially dragging the index towards the 22,000-21,744 zone, which aligns with the 52-week low region. 

👉"On the upside, 23,000-23,100 now acts as immediate resistance, followed by a stronger supply zone in the 23,300-23,500 range," an analyst mentioned. The broader markets also remained under pressure, with midcap and smallcap indices ending lower. The ongoing geopolitical tensions in the Middle East have emerged as a major concern for global markets.

Uncertainty around possible negotiations between the United States and Iran continues to keep investors on edge. Rising crude oil prices are further weighing on sentiment. Brent crude has surged above $112 per barrel, marking a sharp rally since the conflict began. Higher oil prices are a concern for India, which depends heavily on imports, as they can fuel inflation and widen the trade deficit. The Indian rupee has also been under pressure, slipping past the 94 mark against the US dollar.

At the same time, safe-haven demand has pushed gold and silver prices higher. Both metals saw strong buying interest on Friday, rising over 3 per cent, as investors looked for protection amid global uncertainty. The movement in precious metals indicates continued risk aversion in global markets.

Report by Latestly 

29/03/26, Pinc Diamond vs Gold

In a dramatic shift for the luxury investment market, natural pink diamonds have emerged as a powerhouse asset. Once admired purely for their aesthetic beauty, these rare gemstones are now capturing the attention of high-net-worth luxury investors due to their fabulous returns and extreme scarcity.

The petal-toned diamonds mined in Argyle are considered among the highest quality in the world, all because of their unique, warm colour.

The surge in interest is largely driven by a simple economic reality: extreme scarcity. According to reports from Robb Report India and The Financial Times, the global supply of these stones has hit a critical bottleneck.

Since the permanent closure of Western Australia's Argyle mine in November 2020, the world has lost its only consistent source of pink diamonds. Before shutting down, the Rio Tinto-owned mine was responsible for a staggering 90% of the world's supply.

Due to their great rarity, these delicately tinted diamonds can reportedly cost up to 50 times as much as white diamonds. As a result, pink diamonds are no longer being purchased only for use in high-end jewellery but also as an investment with a long-term horizon.

According to the Australian Diamond Portfolio, pink diamonds show almost zero correlation with traditional stock markets or the banking sector, making them a “crisis-proof” hedge for ultra-high-net-worth individuals (UHNWIs).

Better than Gold?

In the world of high-stakes investing, a new rivalry has emerged between the traditional haven of gold and the ultra-rare allure of pink diamonds.

Recent reports from the Australian Diamond Portfolio and Robb Report India suggest that pink diamonds are now the “ultimate luxury investment,” boasting a 391% increase in value since 2005 and a staggering 18.6% average annual appreciation.

However, for the Indian investor, these figures require a reality check. While pink diamonds are winning the “rarity” race, gold's performance in the Indian domestic market, fuelled by a weakening Rupee, presents a challenge to the outperformance narrative.

A key difference between monetising Gold and Pink is that of liquidity. While gold can be liquidated rather conveniently at a jewellery store or bank-linked platform across India, selling a rare pink diamond requires organising sales at a specialised auction house (like Sotheby's or Christie's) or a private collector network, which in itself can be a nifty investment.

Although Gold has recorded a much higher increment in value since 2005 as compared to pink diamonds, experts writing for Robb Report argue that the value of pink diamonds is likely to soar higher than Gold.

The report published by Robb Report India claims that the value of pink diamonds is primarily fueled by the diamond's extreme scarcity and quality. While gold is still being actively mined, the primary source of pink diamonds in the world was permanently closed in 2020.

As per experts writing for Robb Report and the Australian Diamond Portfolio group, pink diamonds present themselves as a rather stable investment option, as these rare gems are less susceptible to global developments and crises, unlike gold.

Experts interviewed by The Financial Times note that the Asian market, in particular, has become a major driver for consumption, viewing these stones as a stable “alternative investment” in an increasingly volatile global economy.

Note: Not all pink diamonds are the same

While Argyle-certified stones soar, data from the Fancy Colour Research Foundation (FCRF) reveals that uncertified pink diamonds from other regions, such as Russia, Africa, or Brazil, recorded a mere 1% value gain over the last five years.

This suggests that the value a rare stone will fetch is intrinsically tied to the possession of valid verification and authentication certificates. Experts note that the “Argyle” name alone adds immense salability, with auction prices for pink diamonds in general doubling in the last five years.

Since 1985, the Argyle diamond mine in Western Australia has produced over 90% of the world’s supply of natural pink diamonds. Some of the most outstanding examples of coloured diamonds ever mined from the Argyle were pink, but only a select few were saved, polished, and authenticated.

As supply continues to dwindle and global admiration grows, there is an expectation that the valuation of authentic, naturally scarce colored diamonds is likely to keep rising, suggesting that in 2026, all that glitters isn't always gold; sometimes, it's a rare shade of pink.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Please consult a qualified professional before making investment decisions

28/03/26, Four weeks into US Israel war: BrentCrude up 45%, Nifty and Sensex fall over 9%, wiping out over Rs40 lakh crore in market capital

 The US-Israel-Iran war has been ongoing for four weeks as of March 28. On February 28, the US, along with Israel, launched a massive attack on Iran called Operation Epic Fury.

US President Donald Trump justified the attack, stating that Iran posed "an imminent threat" to the US and its allies.

On the first day of the military strike, Iran's supreme leader, Ayatollah Ali Khamenei, who had led the country since 1989, was killed along with several senior leaders. Iran responded to these strikes with its ballistic missiles and drones targeting Israel and US military bases in Gulf countries such as Bahrain, Kuwait, Qatar and Saudi Arabia.

Soon, the regional conflict escalated into a global geopolitical crisis. The crucial oil shipping route, the Strait of Hormuz, which carries over 20 million barrels of crude oil per day, was shut down by Iran; several flights were cancelled, and global stock markets were significantly impacted.

The US-Israel-Iran war has caused significant volatility and a decline in the global stock markets, including India. Crude oil prices have surged nearly 50% in the last four weeks amid supply disruption concerns, while safe-haven assets like gold and silver saw unexpected declines, even as the US dollar has rapidly appreciated.

Here is a brief overview of how different assets and benchmark indices performed since the start of the Iran war.

Performance of benchmark indices over the last four weeks

Indices	February 27 close	March 27 close	Change*
NIFTY50	25,178	22,819	▼9.3%
SENSEX	81,287	73,583	▼9.4%
NIFTY Bank	60,529	52,274	▼13.6%
Dow Jones	48,977	45,166	▼7.7%
S&P 500	6,878	6368	▼7.4%
Nasdaq	22,668	20,948	▼7.5%

*Change calculated based on February 27 and March 27 closing. February 28 was a market holiday.

As seen from the above table, major global and Indian indices have corrected sharply in the last one month since the start of the Iran war. NIFTY50 and SENSEX declined 9.3% and 9.4% respectively, while the NIFTY Bank index declined 13.6%. Over ₹40 lakh crore in market cap has been wiped out of the markets since February 27. Meanwhile, US markets like the Dow Jones, S&P 500 and Nasdaq are down between 7% and 8%.

Key factors behind the market fall

US-Israel-Iran war: Geopolitical tensions increased uncertainty across markets. Investors usually avoid risky assets like stocks during such times and prefer safer assets like US Treasuries and commodities.

Surge in crude oil prices: Oil prices have risen sharply due to supply concerns. Higher oil prices negatively affect import-dependent countries like India as the rising inflation impacts the overall economy, leading to weak market sentiments.

Rising bond yields: Both the US and Indian bond yields have gone up in the last few weeks. The yield on India's 10-year G-Sec climbed from 6.6% in February 2026 to around 6.9% in March 2026, which is the highest level since July 2024. Meanwhile, the US 10Y Treasury yield jumped from 3.96% to 4.43% in the last four weeks. When bond yields rise, fixed-income investments become more attractive compared to risky assets like stocks, causing money to shift out of equity markets.

Banking stocks under pressure: The NIFTY Bank and NIFTY PSU Bank indices have witnessed the steepest decline of 13.6% and 16%, respectively. Rising bond yields reduce the value of government bonds held by banks, impacting their profitability.

Consistent FIIs sell-off: High bond yields and a weak Indian rupee have triggered further selling by foreign institutional investors (FIIs). The Indian rupee breached 94 per dollar on March 27. The depreciation of the Indian rupee against the US dollar reduces the overall return for foreign investors, driving them to reduce their exposure to Indian markets. FIIs have sold Indian equities worth ₹1.11 lakh crore in March so far.

How different assets performed in the last four weeks

Assets	February 27	March 27	Change
Gold	$5278/ troy ounce	$4493/ troy ounce	14.8%
Silver	$93.76/ troy ounce	$69.74/ troy ounce	25.6%
Brent crude	$73.2/barrel	$106.2/barrel	45%
Indian rupee	₹91.02/dollar	₹94.75/dollar	4.0%
India 10-year bond yield	6.66%	6.93%	4.0%
US Dollar Index	97.33	99.98	2.7%

*Change calculated based on Feb 27 and March 27 closing.

Gold and silver fall despite uncertainty: Safe-haven assets declined despite the geopolitical crisis and market uncertainty, as rising bond yields reduced the appeal of non-interest assets like gold. Besides this, the strong US dollar also made gold expensive for buyers.

Ahead of the war, gold and silver touched an all-time high in January 2026. Hence, investors likely booked profits. Silver prices declined over 25% as its demand is linked to industrial use, and a war-like situation generally weakens economic growth and demand.

US dollar Index strengthened: The US Dollar Index, which measures the price of the dollar against a basket of currencies, rose from 97.61 to 100.15 in the past four weeks as investors moved to the US dollar as a safe-haven asset during global uncertainty. Higher US yields also supported the dollar index.

As the US-Israel-Iran war enters its fourth week, US President Donald Trump has announced de-escalation talks with Iran. The US administration has presented Iran with a 15-point proposal outlining the terms for ending the conflict. Markets are looking forward to more clues in the coming week.

Upstox report