Stock Market Crash Highlights: Sensex crashes 1836 pts, Nifty at 22,512; gold, silver crash around 10%

Our coverage on Stock Market & Sensex for 24th March 2026 has shifted here.

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said:

After showing minor bounce back amidst volatility on Friday, Nifty witnessed another day of bloodbath on Monday and closed the day lower by 601 points. After gap down opening, the market slipped into further weakness and later range bound action for better part of the session. An attempt of bounce back has failed to sustain and Nifty eventually closed near the lows.

A long bear candle was formed on the daily chart with gap down opening. This market action signals a decisive breakdown of immediate support around 23000-22900 levels. The bearish pattern like lower tops and bottoms continued on the daily chart and present weakness could be in line with the new lower bottom of the sequence. But, there is no confirmation of any lower bottom reversal forming at the lows yet.

The underlying trend of the market continues to be down. Nifty is currently placed at the edge of the support at 22500 (previous opening upside gap of 11 April 2025). Hence, further weakness from here could drag Nifty down to next crucial lower supports of 22000-21800 levels in the near term. Immediate resistance is now placed at 22700-22800 levels.

Vinod Nair, Head of Research, Geojit Investments said:

"Domestic markets witnessed a sharp decline, mirroring weakness across Asian markets amid escalating tensions in the Middle East and concerns over potential disruptions to global energy supplies. Investor sentiment turned cautious following Trump’s 48-hour ultimatum to Iran on the Strait of Hormuz. Rising global bond yields signalled heightened inflation and fiscal concerns, while the rupee falling to a record low further pressured markets and triggered FII outflows.

Broad-based selling was observed across sectors, with metals, realty, and consumer durables leading the losses, and mid- and small-cap stocks underperforming. In the near term, markets are likely to remain risk-averse until there is greater clarity on de-escalation, though the correction is offering selective long-term opportunities for investors."

Investors lost about ₹14 lakh crore within the first hour of the session as the overall market capitalisation of BSE-listed firms dropped to ₹415 lakh crore from ₹429 lakh crore on Friday.

The Indian rupee fell to a record low on Monday as Indian assets dropped on worries that the Middle East conflict could keep energy supplies disrupted for longer, raising risks for Asia's third-largest economy.

Rupee dives 48 paise to close at fresh all-time low of 94.01 (provisional) against US dollar.

The currency has declined about 3% since the Iran war began on February 28, hurt by an over 50% surge in oil prices and severe disruptions to gas supplies. Analysts reckon more pain could be in store for the rupee and its Asian peers if the war drags on.

Nifty Smallcap 100 and Nifty Midcap 100 lost around 4% each as against over a 2.5% rise in benchmarks.

Sensex ended 1836 points or 2.54% lower at 72,696 while Nifty 50 tanked 602 points or 2.6% to 22,512.65.

Metals and mining major Vedanta Limited announced an interim dividend of ₹11 per share on Monday, March 23, marking the third payout for the financial year 2025-26 (FY26). The total payout by the company amounts to ₹4,300 crore.

The company, in an exchange filing today afternoon, said, “We wish to inform you that the Board of Directors of Vedanta Limited, at its meeting held today i.e. Monday, March 23, 2026, has considered and approved the Third Interim Dividend of ₹ 11/- per equity share on face value of ₹ 1/- per equity share for the Financial Year 2025-26 amounting to c. ₹ 4,300 crores.”

Vedata dividend record date for the purpose of identifying shareholders eligible for the payout is fixed as Saturday, March 28. Anil Agarwal-led company last week, on March 18, had already announced the record date for the said dividend.

Vikas Gupta, CEO & Chief investment Strategist at OmniScience Capital:

"The Strait of Hormuz and the Middle East has become analogous to the central four squares of a chess board. The efforts of both sides to gain control and maintain or stop Oil & Gas flows through it are making the global markets jittery. Oil prices are now at levels which can make the global economy struggle. Many economies would falter if the prices sustain at these levels. Even worse is the issue of supplies. Countries might be willing to pay the price but without the fuel supplies, the situation becomes very grim.

Stock markets are crashing, bond yields are rising, gold and silver are crashing, indicating global uncertainty. Global economy is likely to slowdown significantly, while inflation is likely to rise. The previous view where most Central Banks across the globe, from the Fed to the RBI, were likely to cut interest rates in 2026 is completely negated due to this war.

The Fed rate hike prospects have made the FIIs turn to a risk-off mode and thus driving sales in all equity markets across the globe. Overall market segment is negative. Remember what Prem Watsa (Warren Buffett of Canada) said: Buy when you hear the sound of canons. Sell when you hear the sound of trumpets.”

Dabur India has announced that its board of directors will meet on May 7, 2026, to consider and approve the company’s financial results for the quarter and full year ended March 31, 2026, according to an exchange filing.

The FMCG major said the board will review both standalone and consolidated audited financial results during the meeting. The outcome is expected to provide a detailed picture of the company’s performance for the final quarter as well as the entire financial year.

Colin Shah, MD, Kama Jewelry, on the sharp drop in gold price:

"The sharp dip in gold prices is a ripple effect of the ongoing tensions in West Asia and the impact has severely hit global economy. The disrupted oil supply has led to a rise in the price of crude, which is being perceived as a major inflationary trigger along which will drive cautiousness among the Central Banks. As a result, interest rates to see a rise and directly impact the domestic consumption.

Parallelly, the strengthening of the USD is also pushing investors away from investing into the yellow metal.

While the long-term outlook of the yellow metal continues to remain positive, both international and domestic economies are going to see strong tremors due to the conflict and gems & jewellery exports will be impacted the most. We are hopeful that the tension will settle down and the economies will get back on track."

Airline stocks plunged up to 10 percent on Monday after experts flagged a steep rise in jet fuel prices from April 1, driven by escalating tensions in the Iran–Israel-US conflict that pushed global oil prices higher.

Shares of SpiceJet nosedived 10 percent, briefly hitting the lower circuit at ₹10.85 apiece, while IndiGo declined nearly 6 percent to ₹3,895 on the BSE. Earlier this month, IndiGo had introduced fuel surcharges on both domestic and international flights effective March 14, noting that aviation turbine fuel (ATF) constitutes the largest share of its operating costs.

Indian government bonds plummeted, while the rupee depreciated to a record low on Monday, following a sharp rise in US Treasury yields and a surge in crude oil prices amid prolonged US-Iran war.

The benchmark 6.48% 2035 government bond yield rose 9 basis points to 6.8261%, after closing at 6.7369% on Friday, reflecting selling pressure in the debt market.

In global markets, US Treasury yields advanced amid rising inflation concerns, which have strengthened expectations of potential interest rate hikes by the Federal Reserve.

The 10-year US Treasury yield rose 3 basis points to 4.41%, its highest level in nearly eight months, while the two-year yield climbed 4 basis points to 3.94%.

Gold slid more than 5% on Monday, reaching its weakest level of 2026 after logging its worst week in about 43 years, as an escalating Middle East conflict stoked inflation concerns and raised expectations of higher global interest rates.

Spot gold fell 5.8% to $4,226.16 per ounce as of 0633 GMT, its lowest since December 11, and extended losses into a ninth straight session.

The metal dropped more than 10% last week, its worst week since February 1983, and has also retreated more than 20% from its record peak of $5,594.82 an ounce reached on January 29.

U.S. gold futures for April delivery fell 7.5% to $4,231.80. (Reuters)

Silver price in India extended their sharp fall on Monday, March 23, as rising geopolitical tensions in the Middle East rattled global markets and pushed investors away from precious metals.

On the domestic front, MCX silver prices extended its decline, cracking 12% or ₹27,129 at ₹1,99,643 per kg, while MCX gold also slipped 10.3% or ₹14,897 to ₹1,29,595 per 10 gram, tracking weakness in global markets. Read more